Group 1: Report Industry Investment Rating - No information provided on the industry investment rating Group 2: Core Views - PVC exports remain resilient, with September exports reaching 346,400 tons, a 21.94% month - on - month increase and a 24.53% year - on - year increase. Cumulative exports are 2.9215 million tons, a 50.58% year - on - year increase. However, PVC exports of products may be affected by India's anti - dumping investigation on PVC wallpapers [3] - The PVC futures price is under pressure due to high inventory of futures warrants, but it may rebound with macro - sentiment after a decline. Attention should be paid to anti - involution policies and the National Politburo meeting [3] - The spot price of caustic soda is stable with both increases and decreases. The supply is expected to increase slightly, while the demand side has mixed signals. The cost support exists due to the increase in Shandong's electricity price in October and the rise in liquid chlorine price [3] Group 3: Summary by Related Catalogs Market News and Important Data PVC - Futures price: The closing price of the PVC main contract is 4,702 yuan/ton (+14). The East China basis is - 72 yuan/ton (-14), and the South China basis is - 2 yuan/ton (-14) [1] - Spot price: The East China calcium carbide method quotation is 4,630 yuan/ton (+0), and the South China calcium carbide method quotation is 4,700 yuan/ton (+0) [1] - Upstream production profit: The blue carbon price is 690 yuan/ton (+0), the calcium carbide price is 2,830 yuan/ton (+0), the calcium carbide profit is - 12 yuan/ton (+0), the PVC calcium carbide method gross profit is - 713 yuan/ton (-91), the PVC ethylene method gross profit is - 553 yuan/ton (-14), and the PVC export profit is - 0.6 dollars/ton (-3.8) [1] - Inventory and start - up: The PVC in - plant inventory is 360,000 tons (-23,000), the PVC social inventory is 556,000 tons (-1,000), the PVC calcium carbide method start - up rate is 74.73% (-7.03%), the PVC ethylene method start - up rate is 76.10% (-2.44%), and the PVC start - up rate is 75.14% (-5.66%) [1] - Downstream orders: The pre - sales volume of production enterprises is 556,000 tons (-28,000) [1] Caustic Soda - Futures price: The closing price of the SH main contract is 2,380 yuan/ton (+36), and the Shandong 32% liquid caustic soda basis is 183 yuan/ton (-67) [1] - Spot price: The Shandong 32% liquid caustic soda quotation is 820 yuan/ton (-10), and the Shandong 50% liquid caustic soda quotation is 1,280 yuan/ton (-10) [1] - Upstream production profit: The Shandong caustic soda single - variety profit is 1,571 yuan/ton (-31), the Shandong chlor - alkali comprehensive profit (0.8 tons of liquid chlorine) is 988.3 yuan/ton (+48.8), the Shandong chlor - alkali comprehensive profit (1 ton of PVC) is 226.28 yuan/ton (-31.25), and the Northwest chlor - alkali comprehensive profit (1 ton of PVC) is 1,241.75 yuan/ton (+0.00) [2] - Inventory and start - up: The liquid caustic soda factory inventory is 403,300 tons (-17,900), the flake caustic soda factory inventory is 24,500 tons (+3,400), and the caustic soda start - up rate is 81.40% (-2.90%) [2] - Downstream start - up: The alumina start - up rate is 86.22% (-0.10%), the East China printing and dyeing start - up rate is 66.76% (+0.13%), and the viscose staple fiber start - up rate is 88.61% (-1.02%) [2] Market Analysis PVC - Supply: Some maintenance enterprises have resumed, and new production capacities are gradually being put into production. The supply is abundant [3] - Demand: The downstream start - up has generally returned to the pre - holiday level, and the point - price transactions have improved when the price falls. The social inventory has decreased slightly, but the absolute value of inventory is still high [3] - Export: The export shows resilience, but the export of PVC products may be affected by India's anti - dumping investigation [3] - Futures: The futures warrants are at a high level, and the hedging pressure on the market persists [3] Caustic Soda - Supply: New production capacities have been put into production, and the supply is expected to increase slightly as many maintenance enterprises have resumed [3] - Demand: The Shandong alumina orders are stable, but the Henan large - scale alumina plant's load reduction has increased the expectation of alumina plant production cuts. Non - aluminum end start - up continues to rise, with rigid demand for procurement [3] - Inventory: The national liquid caustic soda inventory decreased last week, and the Shandong inventory decreased due to increased maintenance and procurement by Hebei alumina plants [3] Strategy PVC - Unilateral: Wait and see - Inter - delivery spread: Sell V01 and buy V05 when the spread is high - Inter - commodity spread: None [4] Caustic Soda - Unilateral: Wide - range oscillation - Inter - delivery spread: Wait and see - Inter - commodity spread: None [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - PVC is affected by the sentiment of the black sector and follows a downward trend. In the short - term, attention should be paid to the impacts from the macro and cost sides. The supply pressure is large in the long - term, and the demand remains weak. The cost of coal and ethylene is strengthening, and its impact on PVC cost needs to be continuously monitored [4]. - The spot price of caustic soda is mainly stable. The supply is affected by maintenance, and the demand is expected to increase. Attention should be paid to the restocking rhythm during the peak season and the production start - up rhythm of alumina in Guangxi [4]. Summary by Relevant Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract is 4949 yuan/ton (-50), the East China basis is -249 yuan/ton (+10), and the South China basis is -149 yuan/ton (+10) [2]. - Spot price: The East China calcium carbide - based PVC is quoted at 4700 yuan/ton (-40), and the South China calcium carbide - based PVC is quoted at 4800 yuan/ton (-40) [2]. - Upstream production profit: The price of semi - coke is 630 yuan/ton (+0), the price of calcium carbide is 2730 yuan/ton (+0), the calcium carbide profit is -64 yuan/ton (+0), the gross profit of PVC calcium carbide - based production is -223 yuan/ton (+8), the gross profit of PVC ethylene - based production is -592 yuan/ton (-52), and the PVC export profit is 16.4 US dollars/ton (+5.2) [2]. - Inventory and production start - up: The in - factory inventory of PVC is 30.6 tons (-2.1), the social inventory is 50.8 tons (+1.5), the production start - up rate of PVC calcium carbide method is 76.07% (-3.14%), the production start - up rate of PVC ethylene method is 72.44% (-5.48%), and the overall production start - up rate of PVC is 75.02% (-3.82%) [2]. - Downstream order situation: The pre - sales volume of production enterprises is 72.5 tons (-6.6) [2]. Caustic Soda - Futures price and basis: The closing price of the SH main contract is 2699 yuan/ton (-4), and the basis of 32% liquid caustic soda in Shandong is 20 yuan/ton (+35) [2]. - Spot price: The price of 32% liquid caustic soda in Shandong is 870 yuan/ton (+10), and the price of 50% liquid caustic soda in Shandong is 1350 yuan/ton (+0) [2]. - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1728 yuan/ton (+31), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 744.5 yuan/ton (+31.3), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 682.53 yuan/ton (+1.25), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 1458.45 yuan/ton (+70.71) [3]. - Inventory and production start - up: The factory inventory of liquid caustic soda is 39.64 tons (-4.14), the factory inventory of flake caustic soda is 2.36 tons (+0.03), and the production start - up rate of caustic soda is 83.20% (-0.90%) [3]. - Downstream production start - up: The production start - up rate of alumina is 85.78% (+0.14%), the production start - up rate of printing and dyeing in East China is 63.86% (+2.40%), and the production start - up rate of viscose staple fiber is 86.22% (+0.18%) [3]. Market Analysis PVC - Supply side: Maintenance increases, and the production start - up rate decreases month - on - month. However, the overall production start - up is at a high level under the support of chlor - alkali profits. With the gradual mass production of new production capacity, the long - term supply pressure is still large [4]. - Demand side: The production start - up of downstream products remains at a low level, and enterprises maintain just - in - time procurement. The export signing and delivery volume increase week - on - week. Affected by the rush to export before the implementation of anti - dumping duties, the PVC export in July exceeded expectations. After India announced an increase in anti - dumping duties, the rush to export is expected to continue, and the export expectation in the fourth quarter weakens [4]. - Inventory: The social inventory continues to accumulate and is relatively high year - on - year. The 09 contract has a large warehouse receipt pressure [4]. - Cost: The prices of coal and ethylene have strengthened recently, and their impact on the PVC cost needs to be continuously monitored [4]. Caustic Soda - Supply side: The maintenance of chlor - alkali enterprises increases, and the production start - up rate decreases month - on - month, but it is still at a high level in the same period. The production start - up in Shandong increases slightly, also at a high level in the same period. After the maintenance of Yantai Wanhua, the production start - up may decline slightly [4]. - Demand side: The profit of alumina is good, and the production start - up is stable month - on - month. The delivery volume of caustic soda to alumina plants, the main downstream, gradually increases, and the spot price remains stable. The non - aluminum downstream production start - up increases slightly month - on - month, and the procurement is acceptable. Affected by the military parade in late August, the transportation of caustic soda is restricted, and the factory inventory may accumulate later. With the approaching of the peak season expectation, the pending orders in Shandong are acceptable [4]. - Cost and profit: The price of liquid chlorine is weak, but there is still cost support. The chlor - alkali profit is at a medium level in the same period [4]. Strategy PVC - Single - side: Wait and see [5][6] - Inter - period: Wait and see; for SH10 - 01, consider a long - spread strategy when the price difference is low [5][6] - Inter - variety: No strategy [5][6]

Report Industry Investment Rating - Not mentioned in the provided content Core Views - The PVC market remains weak with high supply pressure due to production resumptions, new capacity, and high inventory, while demand is low with weak downstream and export prospects [3] - The caustic soda market sentiment is temporarily stable. Although upstream production is high, there are some potential declines in local areas. Demand is showing positive signs, and inventory pressure is decreasing [4] Summary by Relevant Catalogs PVC Market Data - Futures price: The closing price of the PVC main contract was 5,001 yuan/ton, down 53 yuan [1] - Spot price: The East China calcium carbide method was quoted at 4,730 yuan/ton, down 50 yuan; the South China calcium carbide method was quoted at 4,820 yuan/ton, down 40 yuan [1] - Production profit: The calcium carbide method production gross profit was -231 yuan/ton, up 21 yuan; the ethylene method production gross profit was -540 yuan/ton, down 51 yuan; the export profit was 18.2 dollars/ton, up 2.2 dollars [1] - Inventory: Factory inventory was 32.7 million tons, down 1.0 million tons; social inventory was 49.3 million tons, up 1.2 million tons [1] -开工率: The overall PVC operating rate was 78.84%, up 1.09% [1] - Downstream orders: Production enterprise pre - sales volume was 79.1 million tons, down 4.1 million tons [1] Market Analysis - Supply: With the return of previous maintenance and new capacity coming online, PVC production is expected to continue to rise, and supply pressure is high [3] - Demand: Downstream product operating rates are low, with only rigid demand. Export orders are decreasing, and after September, export prospects are weak [3] - Inventory: Social inventory is increasing, and the absolute inventory level is high. The 09 contract has large warehouse receipt pressure [3] Strategy - Unilateral: Neutral - Inter - period: V09 - 01 reverse spread - Inter - variety: None [5] Caustic Soda Market Data - Futures price: The closing price of the SH main contract was 2,598 yuan/ton, up 31 yuan [1] - Spot price: The Shandong 32% liquid caustic soda was quoted at 840 yuan/ton, unchanged; the 50% liquid caustic soda was quoted at 1,330 yuan/ton, up 10 yuan [2] - Production profit: The single - variety profit in Shandong was 1,634 yuan/ton, unchanged; the comprehensive profit in Shandong (0.8 tons of liquid chlorine) was 730.8 yuan/ton, up 40.0 yuan; the comprehensive profit in Shandong (1 ton of PVC) was 593.78 yuan/ton, down 20.00 yuan; the northwest comprehensive profit (1 ton of PVC) was 1,377.74 yuan/ton, down 50.00 yuan [2] - Inventory: Liquid caustic soda factory inventory was 43.78 million tons, down 2.39 million tons; flake caustic soda factory inventory was 2.33 million tons, up 0.12 million tons [2] - Operating rate: The overall caustic soda operating rate was 84.10%, down 1.00% [2] - Downstream operating rate: Alumina operating rate was 85.64%, down 0.09%; printing and dyeing operating rate in East China was 61.46%, up 2.18%; viscose staple fiber operating rate was 86.04%, up 1.07% [2] Market Analysis - Supply: Although upstream production is high, there are local production cuts and planned maintenance, so future production may decline slightly [4] - Demand: Alumina production is stable, non - aluminum downstream demand is increasing, and downstream inventory replenishment sentiment is improving [4] - Inventory: Enterprise inventory pressure is decreasing [4] Strategy - Unilateral: Wait - and - see - Inter - period: SH10 - 01 positive spread at low prices - Inter - variety: None [5]

1. Report Industry Investment Rating - PVC: Unilateral - Neutral; Inter - period - Wait and see; Inter - commodity - None [5] - Caustic soda: Unilateral - Cautiously bullish; Inter - period - Go long on SH10 - 01 at low prices; Inter - commodity - None [6] 2. Core View of the Report - The sentiment of the caustic soda market has improved, while the PVC market continues to be weak. The supply of PVC is under pressure, and the demand is sluggish, with a weak supply - demand situation. The caustic soda market has good demand and reduced inventory pressure, but attention should be paid to the downstream restocking rhythm and production capacity release [3][4] 3. Summary by Relevant Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract was 5054 yuan/ton (+100), the East China basis was - 274 yuan/ton (-120), and the South China basis was - 194 yuan/ton (-130) [1] - Spot price: The East China calcium carbide - based PVC was quoted at 4780 yuan/ton (-20), and the South China calcium carbide - based PVC was quoted at 4860 yuan/ton (-30) [1] - Upstream production profit: The semi - coke price was 630 yuan/ton (+0), the calcium carbide price was 2755 yuan/ton (-25), the calcium carbide profit was - 39 yuan/ton (-25), the gross profit of PVC calcium carbide - based production was - 231 yuan/ton (+21), the gross profit of PVC ethylene - based production was - 540 yuan/ton (-51), and the PVC export profit was 16.1 US dollars/ton (+2.9) [1] - PVC inventory and operation rate: The in - factory PVC inventory was 32.7 tons (-1.0), the social PVC inventory was 49.3 tons (+1.2), the calcium carbide - based PVC operation rate was 79.21% (+1.38%), the ethylene - based PVC operation rate was 77.92% (+0.37%), and the overall PVC operation rate was 78.84% (+1.09%) [1] - Downstream order situation: The pre - sales volume of production enterprises was 79.1 tons (-4.1) [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract was 2567 yuan/ton (+28), and the basis of 32% liquid caustic soda in Shandong was 58 yuan/ton (+35) [1] - Spot price: The price of 32% liquid caustic soda in Shandong was 840 yuan/ton (+20), and the price of 50% liquid caustic soda in Shandong was 1320 yuan/ton (+10) [2] - Upstream production profit: The profit of a single caustic soda variety in Shandong was 1634 yuan/ton (+63), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 690.8 yuan/ton (-137.5), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was 613.78 yuan/ton (+67.50), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 1427.74 yuan/ton (-50.00) [2] - Caustic soda inventory and operation rate: The liquid caustic soda factory inventory was 43.78 tons (-2.39), the flake caustic soda factory inventory was 2.33 tons (+0.12), and the caustic soda operation rate was 84.10% (-1.00%) [2] - Caustic soda downstream operation rate: The alumina operation rate was 85.64% (-0.09%), the dyeing operation rate in East China was 61.46% (+2.18%), and the viscose staple fiber operation rate was 86.04% (+1.07%) [2] Market Analysis PVC - Supply side: After the previous maintenance, production resumed, and the overall operation rate was at a high level supported by chlor - alkali profits. Coupled with the gradual mass production of new production capacity, the PVC output is expected to continue to rise, and the supply - side pressure is still high [3] - Demand side: The operation rate of downstream products remained at a low level, and enterprises maintained rigid procurement. The export orders decreased month - on - month. India announced a new anti - dumping duty on imported PVC, with a general increase of 46 - 52 US dollars/ton in the Chinese mainland compared with the previous level. There is expected to be a rush to export in September, and the export is expected to weaken after September [3] - Inventory: The social PVC inventory continued to accumulate, and the absolute inventory value was high. The warehouse receipts continued to increase, and the pressure of the 09 contract warehouse receipts was large. The chlor - alkali profit still has room for compression, and the supply - demand situation remains weak [3] Caustic Soda - Supply side: The upstream operation rate remained at a high level, and the operation rate in Shandong was also high. However, some local enterprises had device load reduction situations, and combined with the planned maintenance of Wanhua in Yantai, the operation rate may decline slightly in the later period. Attention should be paid to the operation rate in Shandong from late August to September [4] - Demand side: The profit of alumina was good, and the operation rate was stable month - on - month. The delivery volume of caustic soda to the main downstream alumina plants was lower than the daily consumption, and downstream manufacturers raised the purchase price, causing the spot price to continue to rise. The non - aluminum operation rate increased slightly month - on - month, and the procurement was acceptable. Affected by the military parade in mid - to - late August, the transportation of caustic soda was restricted, and downstream enterprises stocked up in advance, improving the market sentiment. With the approaching of the peak season, the pending orders in Shandong were acceptable, and the enterprise inventory pressure decreased [4] - Future attention points: Attention should still be paid to the restocking rhythm of downstream enterprises during the "Golden September and Silver October" peak season and the production capacity release rhythm of alumina in Guangxi. The subsidy for liquid chlorine increased, and the cost support still exists. The comprehensive chlor - alkali profit is at a medium level compared with the same period [4] Strategy PVC - Unilateral: Neutral - Inter - period: Wait and see - Inter - commodity: None [5] Caustic Soda - Unilateral: Cautiously bullish - Inter - period: Go long on SH10 - 01 at low prices - Inter - commodity: None [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The upward trend of the chlor - alkali industry is limited due to insufficient fundamental drivers [1]. - For PVC, the short - term market is dominated by macro - sentiment, and it may shift to fundamental logic later. The fundamentals have not improved significantly, with high upstream production and new production expectations in July - August, leading to large supply - side pressure. The demand is weak, and the cost side lacks support. There is pressure to compress chlor - alkali profits [4]. - For caustic soda, the macro - atmosphere related to the renovation of old facilities has weakened, and the market is oscillating weakly. The supply pressure is large, the demand has both rigid support and off - season weakness, and the inventory pressure is increasing [4]. 3. Summary by Relevant Catalogs Market News and Important Data PVC - **Futures and Basis**: The closing price of the PVC main contract is 5159 yuan/ton (- 33), the East China basis is - 119 yuan/ton (+ 53), and the South China basis is - 119 yuan/ton (+ 13) [2]. - **Spot Price**: The East China calcium carbide - based PVC is quoted at 5040 yuan/ton (+ 20), and the South China calcium carbide - based PVC is quoted at 5040 yuan/ton (- 20) [2]. - **Upstream Production Profit**: The semi - coke price is 540 yuan/ton (+ 5), the calcium carbide price is 2780 yuan/ton (+ 0), the calcium carbide profit is 58 yuan/ton (- 4), the calcium carbide - based PVC production gross profit is - 134 yuan/ton (+ 181), the ethylene - based PVC production gross profit is - 506 yuan/ton (+ 89), and the PVC export profit is - 11.3 US dollars/ton (+ 5.8) [2]. - **Inventory and Operation Rate**: The in - factory PVC inventory is 35.7 tons (- 1.0), the social PVC inventory is 42.7 tons (+ 1.6), the calcium carbide - based PVC operation rate is 79.21% (+ 1.69%), the ethylene - based PVC operation rate is 66.95% (- 1.36%), and the overall PVC operation rate is 75.81% (+ 0.84%) [2]. - **Downstream Orders**: The pre - sales volume of production enterprises is 79.5 tons (+ 9.9) [2]. Caustic Soda - **Futures and Basis**: The closing price of the SH main contract is 2613 yuan/ton (- 29), and the basis of 32% liquid caustic soda in Shandong is - 19 yuan/ton (+ 29) [2]. - **Spot Price**: 32% liquid caustic soda in Shandong is quoted at 830 yuan/ton (+ 0), and 50% liquid caustic soda in Shandong is quoted at 1330 yuan/ton (+ 0) [2]. - **Upstream Production Profit**: The single - variety profit of caustic soda in Shandong is 1603 yuan/ton (+ 0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 739.5 yuan/ton (+ 0.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 737.53 yuan/ton (+ 50.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 1819.75 yuan/ton (+ 135.41) [3]. - **Inventory and Operation Rate**: The liquid caustic soda factory inventory is 40.84 tons (+ 2.45), the flake caustic soda factory inventory is 2.31 tons (- 0.09), and the caustic soda operation rate is 84.00% (+ 1.40%) [3]. - **Downstream Operation Rate**: The alumina operation rate is 85.45% (+ 1.84%), the dyeing operation rate in East China is 58.89% (+ 0.00%), and the viscose staple fiber operation rate is 84.97% (+ 0.42%) [3]. Market Analysis PVC - The short - term market is dominated by macro - sentiment. As the atmosphere weakens and approaches the delivery month of 09, it may shift to fundamental logic. The fundamentals have not improved, with large supply - side pressure, weak demand, and lack of cost support. There is pressure to compress chlor - alkali profits [4]. Caustic Soda - The macro - atmosphere related to the renovation of old facilities has weakened, and the market is oscillating weakly. The supply pressure is large, the demand has both rigid support and off - season weakness, and the inventory pressure is increasing [4]. Strategy PVC - **Single - side**: Hold a wait - and - see attitude. - **Inter - period**: Do reverse arbitrage when the V09 - 01 spread is high [5]. Caustic Soda - **Single - side**: Hold a wait - and - see attitude. - **Inter - period**: Do reverse arbitrage for SH2509 - SH2601 [6].

Group 1: Report Industry Investment Rating - No industry investment rating information provided in the report Group 2: Core View of the Report - The main factors affecting the market trends of PVC and caustic soda are "anti - involution" and the rectification of old devices. The market sentiment has improved, and the futures prices of both have risen. However, the fundamentals of both still face challenges, and the future trends need to pay attention to policy implementation [3] - For PVC, the supply pressure is high, the demand is weak, the cost support is insufficient, and there is pressure to compress the comprehensive profit of chlor - alkali [3] - For caustic soda, the supply pressure is large, the demand has rigid support from the alumina industry but is weak in non - aluminum fields, and the inventory pressure is increasing [3] Group 3: Summary of PVC - related Content Market News and Important Data - Futures price: The closing price of the PVC main contract was 5,192 yuan/ton (+43). The East China basis was - 172 yuan/ton (- 83), and the South China basis was - 132 yuan/ton (- 43) [1] - Spot price: The East China calcium carbide - based PVC was quoted at 5,020 yuan/ton (- 40), and the South China calcium carbide - based PVC was quoted at 5,060 yuan/ton (+0) [1] - Upstream production profit: The semi - coke price was 535 yuan/ton (+0), the calcium carbide price was 2,780 yuan/ton (+0), the calcium carbide profit was 62 yuan/ton (+0), the gross profit of calcium carbide - based PVC production was - 134 yuan/ton (+181), the gross profit of ethylene - based PVC production was - 506 yuan/ton (+89), and the PVC export profit was - 17.1 US dollars/ton (+11.1) [1] - Inventory and production: The in - factory PVC inventory was 35.7 tons (- 1.0), the social PVC inventory was 42.7 tons (+1.6), the calcium carbide - based PVC operating rate was 79.21% (+1.69%), the ethylene - based PVC operating rate was 66.95% (- 1.36%), and the overall PVC operating rate was 75.81% (+0.84%) [1] - Downstream orders: The pre - sales volume of production enterprises was 79.5 tons (+9.9) [1] Market Analysis - The short - term PVC futures price is mainly driven by macro sentiment. The fundamentals have not improved significantly. The supply pressure is high, the demand is weak, and the cost support is insufficient. There is pressure to compress the comprehensive profit of chlor - alkali [3] Strategy - Unilateral: Wait and see - Inter - period: Do reverse spreads when the V09 - 01 spread is high - Inter - variety: No strategy Group 4: Summary of Caustic Soda - related Content Market News and Important Data - Futures price: The closing price of the SH main contract was 2,642 yuan/ton (+49), and the basis of 32% liquid caustic soda in Shandong was - 48 yuan/ton (- 49) [1] - Spot price: The price of 32% liquid caustic soda in Shandong was 830 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong was 1,330 yuan/ton (+0) [2] - Upstream production profit: The single - variety profit of caustic soda in Shandong was 1,603 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 739.5 yuan/ton (+80.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was 687.53 yuan/ton (+0.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 1,684.34 yuan/ton (- 50.00) [2] - Inventory and production: The liquid caustic soda factory inventory was 40.84 tons (+2.45), the flake caustic soda factory inventory was 2.31 tons (- 0.09), and the caustic soda operating rate was 84.00% (+1.40%) [2] - Downstream operating rate: The alumina operating rate was 85.45% (+1.84%), the printing and dyeing operating rate in East China was 58.89% (+0.00%), and the viscose staple fiber operating rate was 84.97% (+0.42%) [2] Market Analysis - The price trend of caustic soda futures is volatile. The supply pressure is large, the demand has rigid support from the alumina industry but is weak in non - aluminum fields, and the inventory pressure is increasing [3] Strategy - Unilateral: Wait and see - Inter - period: Do reverse spreads for the SH2509 - SH2601 spread - Inter - variety: No strategy

Group 1: Report Industry Investment Ratings - PVC: Cautious short-selling hedging [4] - Caustic soda: Neutral [4] Group 2: Core Views of the Report - The macro atmosphere for PVC has faded, and the market is mainly trading based on fundamentals. The supply is increasing due to restarted devices and new capacity, while demand is weak both domestically and externally, leading to continued inventory accumulation and potential compression of chlor-alkali comprehensive profits [3]. - For caustic soda, the price of liquid chlorine in Shandong has stabilized and rebounded, and the overall supply is expected to remain high. Demand lacks continuous support, and the inventory in factories is increasing. The chlor-alkali comprehensive profit still has room for compression, and the upward movement of the futures price is limited [3]. Group 3: Summary by Related Catalogs PVC Market News and Important Data - Futures price and basis: The closing price of the PVC main contract was 4,955 yuan/ton (+21), with an East China basis of -105 yuan/ton (-21) and a South China basis of -115 yuan/ton (-21) [1]. - Spot price: The East China calcium carbide method was quoted at 4,850 yuan/ton (+0), and the South China calcium carbide method was quoted at 4,840 yuan/ton (+0) [1]. - Upstream production profit: The semi-coke price was 535 yuan/ton (+0), the calcium carbide price was 2,825 yuan/ton (+0), the calcium carbide profit was 107 yuan/ton (+0), the gross profit of PVC calcium carbide method production was -445 yuan/ton (+107), the gross profit of PVC ethylene method production was -621 yuan/ton (+74), and the PVC export profit was -5.7 US dollars/ton (+6.2) [1]. - Inventory and operation: PVC factory inventory was 38.2 tons (-0.5), PVC social inventory was 39.3 tons (+2.0), the PVC calcium carbide method operation rate was 77.52% (+0.59%), the PVC ethylene method operation rate was 68.31% (-1.92%), and the PVC operation rate was 74.97% (-0.10%) [1]. - Downstream orders: The pre-sales volume of production enterprises was 69.0 tons (+3.2) [1]. Market Analysis - Supply: Some devices have restarted, and the intensity of maintenance has weakened, with high production volume. The new production capacity of Bohua and Wanhua Fujian, totaling 900,000 tons, is expected to be put into production, increasing supply pressure [3]. - Demand: It is the off-season for domestic downstream demand, and the operation rate of downstream products is at a low level compared to the same period. Domestic demand remains weak, and export orders have declined month-on-month. The Indian BIS policy has been extended for 6 months, and the anti-dumping policy has not been implemented. If implemented, it may affect PVC exports [3]. - Inventory: PVC social inventory continues to accumulate [3]. Caustic Soda Market News and Important Data - Futures price and basis: The closing price of the SH main contract was 2,484 yuan/ton (+18), and the basis of 32% liquid caustic soda in Shandong was 141 yuan/ton (-18) [1]. - Spot price: The price of 32% liquid caustic soda in Shandong was 840 yuan/ton (+0), and the price of 50% liquid caustic soda was 1,370 yuan/ton (+0) [2]. - Upstream production profit: The single-product profit of caustic soda in Shandong was 1,634 yuan/ton (+0), the comprehensive profit of chlor-alkali in Shandong (0.8 tons of liquid chlorine) was 690.8 yuan/ton (+0.0), the comprehensive profit of chlor-alkali in Shandong (1 ton of PVC) was 425.78 yuan/ton (-10.00), and the comprehensive profit of chlor-alkali in the Northwest (1 ton of PVC) was 1,368.33 yuan/ton (+0.00) [2]. - Inventory and operation: Liquid caustic soda factory inventory was 38.39 tons (+0.96), flake caustic soda factory inventory was 2.40 tons (+0.04), and the caustic soda operation rate was 82.60% (+2.20%) [2]. - Downstream operation: The alumina operation rate was 83.28% (+1.72%), the printing and dyeing operation rate in East China was 58.89% (+0.00%), and the viscose staple fiber operation rate was 84.55% (+6.75%) [2]. Market Analysis - Supply: The price of liquid chlorine in Shandong has stabilized and rebounded, and upstream enterprises that previously reduced production due to high liquid chlorine subsidies have gradually increased their loads. The supply is expected to remain high, and there is still supply pressure with the expected new capacity in July - August [3]. - Demand: The price of alumina has increased, and the profit has been repaired, with an increase in operation rate but still lower than the same period. New production capacity is coming to an end, and non-aluminum demand remains weak, mainly for rigid consumption. Demand lacks continuous support, and the inventory in liquid caustic soda factories is increasing [3].

1. Report Industry Investment Rating - Both PVC and烧碱 are rated as neutral [5] 2. Core Viewpoints of the Report - For PVC, influenced by the macro - environment, the short - term futures price is strong, but the supply pressure is difficult to ease, demand is weak, inventory is accumulating, and cost support is weak [4] - For烧碱, the low price of liquid chlorine leads to cost increase. The supply is expected to tighten, driving the price up. The demand shows limited improvement, and the supply pressure may intensify later [4] 3. Summary According to Relevant Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract is 5040 yuan/ton (+77), the East China basis is - 160 yuan/ton (-7), and the South China basis is - 110 yuan/ton (+3) [2] - Spot price: The East China calcium carbide - based PVC is quoted at 4880 yuan/ton (+70), and the South China calcium carbide - based PVC is quoted at 4930 yuan/ton (+80) [2] - Upstream production profit: The profit of calcium carbide is 100 yuan/ton (-5), the gross profit of PVC calcium carbide - based production is - 552 yuan/ton (-48), the gross profit of PVC ethylene - based production is - 695 yuan/ton (-2), and the PVC export profit is - 5.2 dollars/ton (+1.7) [2] - Inventory and operation rate: The in - plant inventory of PVC is 38.6 tons (-0.9), the social inventory is 37.3 tons (+1.1), the calcium carbide - based operation rate is 76.93% (-3.80%), the ethylene - based operation rate is 70.23% (+4.77%), and the overall operation rate is 75.07% (-1.43%) [2] - Downstream order situation: The pre - sales volume of production enterprises is 65.8 tons (+2.8) [2] 烧碱 - Futures price and basis: The closing price of the SH main contract is 2507 yuan/ton (+53), and the basis of 32% liquid caustic soda in Shandong is 56 yuan/ton (-22) [2] - Spot price: The price of 32% liquid caustic soda in Shandong is 820 yuan/ton (+10), and the price of 50% liquid caustic soda in Shandong is 1320 yuan/ton (+10) [2] - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1571 yuan/ton (+31), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 428.3 yuan/ton (+31.3), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 328.28 yuan/ton (+88.25), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 1273.53 yuan/ton (+30.00) [3] - Inventory and operation rate: The inventory of liquid caustic soda factories is 37.43 tons (-0.99), the inventory of flake caustic soda factories is 2.36 tons (+0.06), and the operation rate of caustic soda is 80.40% (-0.10%) [3] - Downstream operation rate: The operation rate of alumina is 81.56% (+0.89%), the operation rate of printing and dyeing in East China is 58.89% (-1.36%), and the operation rate of viscose staple fiber is 77.80% (+2.63%) [3] Market Analysis PVC - The short - term futures price is strong due to the macro - environment. The supply pressure is high with new capacity expected to be put into production. The demand is weak both domestically and internationally, and the inventory is accumulating. The cost support is weak [4] 烧碱 - The low price of liquid chlorine leads to cost increase and supply tightening expectation. The demand from alumina is stable, but the overall demand improvement is limited. The supply pressure may increase later [4] Strategy - For PVC, maintain a neutral view, focus on macro - export policies and downstream demand recovery [5] - For烧碱, maintain a neutral view, pay attention to the price trend of liquid chlorine and the inventory - building rhythm of the main downstream [5]

Report Industry Investment Rating - PVC: Neutral [4] - Caustic Soda: Neutral [4] Core Viewpoints - PVC's supply - demand fundamentals are difficult to improve significantly, and its trend will continue to be weak. Caustic soda's upward space may be limited, and its later performance is affected by the price trend of liquid chlorine [3][4] Summary by Related Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of PVC's main contract is 4,892 yuan/ton (-14), the East China basis is -112 yuan/ton (+4), and the South China basis is -62 yuan/ton (-16) [1] - Spot price: The East China calcium carbide - based PVC is quoted at 4,780 yuan/ton (-10), and the South China calcium carbide - based PVC is quoted at 4,830 yuan/ton (-30) [1] - Upstream production profit: The semi - coke price is 575 yuan/ton (+0), the calcium carbide price is 2,875 yuan/ton (-5), the calcium carbide profit is 125 yuan/ton (-5), the gross profit of PVC's calcium carbide method is -552 yuan/ton (-48), the gross profit of PVC's ethylene method is -695 yuan/ton (-2), and the PVC export profit is -9.0 US dollars/ton (-1.6) [1] - PVC inventory and operation: The in - factory inventory of PVC is 38.6 tons (-0.9), the social inventory is 37.3 tons (+1.1), the operation rate of PVC's calcium carbide method is 80.73% (+0.30%), the operation rate of PVC's ethylene method is 65.46% (-1.92%), and the overall operation rate is 76.50% (-0.31%) [1] - Downstream order situation: The pre - sales volume of production enterprises is 65.8 tons (+2.8) [1] Caustic Soda - Futures price and basis: The closing price of SH's main contract is 2,408 yuan/ton (+28), and the basis of Shandong's 32% liquid caustic soda is 61 yuan/ton (+35) [1] - Spot price: Shandong's 32% liquid caustic soda is quoted at 790 yuan/ton (+20), and Shandong's 50% liquid caustic soda is quoted at 1,270 yuan/ton (+20) [2] - Upstream production profit: The single - variety profit of Shandong's caustic soda is 1,478 yuan/ton (+63), the comprehensive profit of Shandong's chlor - alkali (0.8 tons of liquid chlorine) is 374.5 yuan/ton (-137.5), the comprehensive profit of Shandong's chlor - alkali (1 ton of PVC) is 139.53 yuan/ton (+59.50), and the comprehensive profit of Northwest's chlor - alkali (1 ton of PVC) is 1,294.03 yuan/ton (+0.00) [2] - Caustic soda inventory and operation: The inventory of liquid caustic soda factories is 38.42 tons (-0.62), the inventory of flake caustic soda factories is 2.30 tons (-0.28), and the operation rate of caustic soda is 80.50% (-2.00%) [2] - Downstream operation of caustic soda: The operation rate of alumina is 81.56% (+0.89%), the operation rate of printing and dyeing in East China is 60.25% (-0.13%), and the operation rate of viscose staple fiber is 75.17% (-3.40%) [2] Market Analysis PVC - Supply side: In July, upstream devices are under centralized maintenance, but the overall operation rate is expected to decline slightly due to chlor - alkali profit support. New production capacities are expected to be put into operation, so the supply pressure remains [3] - Demand side: It is the off - season for domestic downstream demand, and the operation rate of downstream products is at a low level. The domestic demand is weak, and the export orders are decreasing. Uncertain anti - dumping policies may affect exports [3] - Cost side: The calcium carbide market is expected to be weak, and the cost support for PVC's calcium carbide method is weak. The cancellation of the US export restriction on ethane to China may reduce the cost of PVC's ethylene method later [3] Caustic Soda - The sharp decline in Shandong's liquid chlorine price increases the marginal cost of caustic soda, suppressing the comprehensive profit of chlor - alkali. The weak demand and increasing supply of liquid chlorine may lead to further price drops and potential passive production cuts of caustic soda [3] - A Shandong alumina factory has raised the purchase price of liquid caustic soda, and downstream low - price restocking supports a slight rebound in the near - term spot price, but the overall demand improvement is limited [3] - Supply side: The operation rate of caustic soda is decreasing due to device maintenance, but new production capacities are expected to be put into operation, increasing supply pressure [3] - Demand side: The operation rate of the main downstream alumina is rising steadily, while the non - aluminum downstream demand is still weak [3] Strategy - PVC: After the macro - sentiment eases, PVC's trend returns to the fundamentals. It is expected to continue weak and volatile in the short term. With the inventory expected to accumulate, a short - selling strategy on rallies is recommended, and attention should be paid to macro - export policies and downstream demand recovery [4] - Caustic Soda: There is still room for the comprehensive profit of chlor - alkali to be compressed, the inventory reduction is difficult, and the fundamentals lack positive drivers. The upward space is limited, and attention should be paid to the price trend of liquid chlorine [4]

1. Report Industry Investment Rating - PVC: Neutral [4] - Caustic Soda: Neutral [4] 2. Core Viewpoints of the Report - After the macro - sentiment eases, PVC's trend returns to fundamentals. Its supply - demand pattern remains weak, and inventory is expected to continue accumulating. For caustic soda, the current chlor - alkali comprehensive profit still has room for compression, inventory removal is difficult, and the fundamentals lack positive drivers with limited upward momentum [3][4] 3. Summary by Relevant Sections Market News and Important Data PVC - Futures price and basis: The closing price of PVC's main contract is 4,914 yuan/ton (-16); the East China basis is -134 yuan/ton (+36); the South China basis is -64 yuan/ton (+16) [1] - Spot price: The East China calcium carbide - based PVC is quoted at 4,780 yuan/ton (+20); the South China calcium carbide - based PVC is quoted at 4,850 yuan/ton (+0) [1] - Upstream production profit: The semi - coke price is 575 yuan/ton (+0); the calcium carbide price is 2,880 yuan/ton (+0); the calcium carbide profit is 130 yuan/ton (+0); the gross profit of calcium carbide - based PVC production is -504 yuan/ton (-10); the gross profit of ethylene - based PVC production is -693 yuan/ton (-53); the PVC export profit is -5.2 dollars/ton (-4.8) [1] - Inventory and operation rate: The in - factory PVC inventory is 39.5 tons (-0.6); the social PVC inventory is 36.2 tons (+0.7); the operation rate of calcium carbide - based PVC is 80.73% (+0.30%); the operation rate of ethylene - based PVC is 65.46% (-1.92%); the overall PVC operation rate is 76.50% (-0.31%) [1] - Downstream order situation: The pre - sales volume of production enterprises is 62.9 tons (-1.9) [1] Caustic Soda - Futures price and basis: The closing price of SH's main contract is 2,380 yuan/ton (-11); the basis of 32% liquid caustic soda in Shandong is 26 yuan/ton (+11) [1] - Spot price: The price of 32% liquid caustic soda in Shandong is 770 yuan/ton (+0); the price of 50% liquid caustic soda in Shandong is 1,250 yuan/ton (+0) [1] - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1,415 yuan/ton (+0); the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 512.0 yuan/ton (-40.0); the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 80.03 yuan/ton (+0.00); the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 1,284.03 yuan/ton (+0.00) [2] - Inventory and operation rate: The inventory of liquid caustic soda factories is 38.42 tons (-0.62); the inventory of flake caustic soda factories is 2.30 tons (-0.28); the operation rate of caustic soda is 80.50% (-2.00%) [2] - Downstream operation rate: The operation rate of alumina is 80.67% (-0.07%); the operation rate of printing and dyeing in East China is 60.25% (-0.13%); the operation rate of viscose staple fiber is 75.17% (-3.40%) [2] Market Analysis PVC - Supply side: Previous maintenance continues, and the overall PVC operation rate declines slightly. Many enterprises have planned maintenance, but the chlor - alkali profit prevents significant production cuts. New production capacities such as Bohua, Yaowang, and Wanhua are expected to be put into operation, offsetting some of the maintenance losses. The supply side is under pressure [3] - Demand side: The operation rate of downstream products continues to decline, and domestic demand remains weak. Export orders are stable, and exports continue to increase. India's BIS standard policy is postponed for 6 months, supporting the short - term export market, but the anti - dumping policy is still uncertain [3] - Cost side: The calcium carbide market is weak due to more downstream maintenance, and the cost support for calcium carbide - based PVC is weak. The lifting of the US ban on ethane exports to China may reduce the cost of ethylene - based PVC later, but the impact is lagged [3] - Inventory: Due to sufficient supply and poor downstream demand, the social PVC inventory continues to accumulate [3] Caustic Soda - Supply side: The price of liquid chlorine drops significantly, increasing the marginal cost of caustic soda. There are concerns about potential passive production cuts. The operation rate of caustic soda decreases due to more maintenance, but the production cut intention is low. After maintenance, the operation rate is expected to rise, and new production capacities are planned to be put into operation, increasing supply pressure [3] - Demand side: The operation of the main downstream alumina is stable, with new production capacities expected in Shandong. The delivery volume of a Shandong alumina plant decreases, and the stocking enthusiasm declines. Non - aluminum downstream demand is weak [3] - Inventory and profit: The chlor - alkali comprehensive profit still has room for compression, inventory removal is difficult, and the fundamentals lack positive drivers [3] Strategy - PVC: Maintain a neutral stance. After the macro - sentiment eases, pay attention to macro - export policies and downstream demand recovery [4] - Caustic Soda: Maintain a neutral stance. With limited upward momentum, consider shorting on rallies [4]