Report Summary 1) Report Industry Investment Rating - No information provided on the report industry investment rating. 2) Core View of the Report - The high - production and high - inventory pattern of caustic soda continues, and the market keeps shorting the chlor - alkali profit. The alumina production and reduction expectations have offsetting effects on caustic soda. The winter is the off - season for chlor - alkali enterprise maintenance, and the supply - demand gap caused by stockpiling may be limited. Non - aluminum downstream support is limited, and exports are under pressure, increasing domestic supply pressure. The valuation of caustic soda is always suppressed by the alumina reduction expectation. The cost increase due to liquid chlorine price reduction can only lead to a low - level valuation repair, and the rebound space of caustic soda is limited without production cuts. In the long run, alumina production reduction will cause negative feedback in the industrial chain. [2] 3) Summary According to Relevant Catalogs [Fundamental Tracking] - On November 11, 2025, the 01 contract futures price of caustic soda was 2349, the price of the cheapest deliverable 32% caustic soda in Shandong was 780, the Shandong spot 32% caustic soda folded to the futures price was 2438, and the basis was 89. [1] [Spot News] - On November 10, the caustic soda market in Shandong showed a differentiated trend. In the western market, due to increased supply and poor demand, some transaction prices continued to decline. In the eastern market, the sales were average, and it remained stable for the time being supported by alumina. [2] [Market Condition Analysis] - The high - production and high - inventory pattern of caustic soda persists, and the market is shorting the chlor - alkali profit. Alumina's production and reduction expectations offset each other's impact on caustic soda. The winter is an off - season for chlor - alkali enterprise maintenance, and the supply - demand gap caused by stockpiling is limited. Non - aluminum downstream support is weak, and exports face pressure, increasing domestic supply pressure. The valuation of caustic soda is suppressed by alumina production reduction expectations. Cost increase from liquid chlorine price reduction can only repair low - level valuations, and the rebound space is limited without production cuts. Long - term alumina production reduction will cause negative feedback in the industrial chain. [2] [Trend Intensity] - The trend intensity of caustic soda is 0, indicating a neutral trend. [2]