1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Short - term, methanol price rebounds from a low valuation due to Iranian methanol plants' gas - limit shutdowns and short - covering caused by concentrated short positions. Medium - term, the methanol fundamentals still face pressure, and future focus should be on port inventory and Iranian plant operations [4] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - In the futures market, on November 26, 2025, the closing price of methanol's main 01 contract was 2,094 yuan/ton, up 27 from the previous day; the settlement price was 2,089 yuan/ton, up 19; the trading volume was 1,611,623 lots; the open interest was 1,154,690 lots, down 45,683; the number of warehouse receipts was 3,800 tons, up 1,400; the trading volume was 3,366,024 ten - thousand yuan, up 725,702 ten - thousand yuan. The basis was - 6, up 1, and the spread between MA01 and MA05 was - 107, up 14 [1] - In the spot market, on November 26, 2025, the price in Inner Mongolia was 1,970 yuan/ton, up 5; the price in northern Shaanxi was 1,940 yuan/ton, up 5; the price in Shandong was 2,125 yuan/ton, unchanged [1] 3.2 Spot News - The methanol spot price index was 2052.81, up 7.14. Among them, the Taicang spot price was 2088, up 28, and the Inner Mongolia northern line price was 1990, up 2.5. Thirteen out of 20 monitored cities saw price increases ranging from 2.5 to 36 yuan/ton. The futures market was in high - level narrow - range fluctuations, with general spot negotiations and mainly far - month futures - cash transactions. The spot market remained active, but market optimism weakened due to expectations of plant restarts and incoming cargoes. Downstream demand was rational, and high - level inventories from previous low - price purchases provided limited support [3] - As of November 26, 2025, China's methanol port inventory was 136.35 million tons, down 11.58 million tons from the previous period, a month - on - month decrease of 7.83%. The overall unloading of foreign vessels was lower than expected, with only 15.20 million tons of visible unloading. Supported by reverse flow, Jiangsu's riverside warehouses had good pick - up, and the load of some major downstream enterprises increased slightly; Zhejiang's demand was stable. The inventory in South China ports continued to decline. In Guangdong, both imported and domestic cargoes arrived, and the pick - up from major warehouses was stable. In Fujian, with no incoming vessels, the inventory decreased due to stable consumption [3] 3.3 Trend Intensity - The methanol trend intensity was 1, indicating a relatively weak positive trend [5]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - In the short term, the valuation of methanol prices has rebounded from a low level. The reasons are that the 1.65 million tons/year methanol plant of Iran's Sabalan has shut down over the weekend, and the concentrated short - positions left the market due to marginal positive factors [3]. - In the medium term, the methanol fundamentals still face pressure. Attention should be paid to the port inventory of methanol and the start - stop progress of Iranian plants [3][4]. Group 3: Summary According to Related Catalogs 1. Methanol Fundamental Data - **Futures Market**: The closing price of methanol's main 01 contract is 2,077 yuan/ton (up 73 from the previous day), the settlement price is 2,057 yuan/ton (up 42), the trading volume is 2,086,334 lots (up 1,000,738), the open interest is 1,312,680 lots (down 89,794), the number of warehouse receipts is 2,400 tons (up 2,400), and the trading volume is 429,055.7 million yuan (up 210,279.9 million yuan). The basis is - 24 (down 20), and the monthly spread (MA01 - MA05) is - 121 (up 13) [1]. - **Spot Market**: The price in Inner Mongolia remains at 1,920 yuan/ton, the price in northern Shaanxi is 1,935 yuan/ton (up 20), and the price in Shandong is 2,070 yuan/ton (unchanged) [1]. 2. Spot News - The methanol spot price index is 2033.52, up 11.62. The spot price in Taicang is 2053, up 53, and the price in northern Inner Mongolia is 1987.5, up 2.5. Among 20 large and medium - sized cities monitored by Longzhong, 14 cities saw price increases ranging from 2.5 to 75 yuan/ton [3]. - The domestic methanol market followed the upward trend of futures. The short - position reduction of the 01 contract drove up the futures price, but the high inventory supply in the coastal area still exists, and the basis weakened as the price rose. Attention should be paid to the expected arrival of imported ships at some northern ports [3]. - The inland production areas showed a phased upward trend, supported by tightened spot volume, low upstream production - end inventory, and a small amount of external procurement by some olefins. However, it is necessary to be vigilant against the restart of some methanol projects and the weakening of olefin external procurement [3].

1. Report Industry Investment Rating - No investment rating provided in the report [1] 2. Core View of the Report - The recent rise in oil prices may drive a rebound in methanol prices, but the magnitude is likely to be limited. It's advisable to wait before going long on methanol. Methanol prices are relatively high in terms of valuation compared to upstream coal and downstream polyolefin prices. In terms of short - term upward drivers, they are also limited due to high port inventory pressure and insufficient downstream restocking drivers. The inventory turning point may occur around mid - November, and potential future drivers mainly lie in possible supply reductions such as the expected gas restrictions in Iran. Overall, it's recommended to wait before going long on methanol, and the trading strategy is to stay on the sidelines [1] 3. Summary by Relevant Catalogs 3.1 Futures and Spot Prices and Their Differences - **Methanol Futures Prices (Closing Prices)**: MA01 increased from 2261 yuan/ton to 2292 yuan/ton, a rise of 31 yuan/ton or 1.37%; MA05 rose from 2300 yuan/ton to 2329 yuan/ton, up 29 yuan/ton or 1.26%; MA09 increased from 2259 yuan/ton to 2285 yuan/ton, up 26 yuan/ton or 1.15% [1] - **Methanol Regular Prices (Daily Averages)**: Prices in Shandong, Guangdong, and Shaanxi increased, with Shaanxi rising 15 yuan/ton or 0.74%. Prices in Sichuan - Chongqing and Hubei remained unchanged, while the price in Inner Mongolia increased by 2.5 yuan/ton or 0.12%. The price in Taicang decreased by 5 yuan/ton or 0.22% [1] - **Spread**: The spread between Taicang spot and MA decreased from - 16 yuan/ton to - 52 yuan/ton, a decrease of 36 yuan/ton [1] 3.2 Upstream Costs - **Coal Spot Prices**: The price of Ordos Q5500 increased from 575 yuan/ton to 580 yuan/ton, up 5 yuan/ton or 0.87%; the price of Datong Q5500 rose from 652.5 yuan/ton to 662.5 yuan/ton, up 10 yuan/ton or 1.53%. The price of Yulin Q6000 remained unchanged [1] - **Industrial Natural Gas Prices**: Prices in Hohhot and Chongqing remained unchanged at 3.21 yuan/cubic meter and 3.14 yuan/cubic meter respectively [1] 3.3 Profit Situation - **Methanol Production Profits**: Coal - based methanol profit decreased from 244.4 yuan/ton to 238.1 yuan/ton, a decrease of 6.3 yuan/ton or 2.58%. Natural gas - based methanol profit remained unchanged at - 472 yuan/ton [1] - **MTO Profits**: Northwest MTO profit increased from - 37 yuan/ton to - 2 yuan/ton, a rise of 35 yuan/ton or 94.59%. East China MTO profit increased from - 802.07 yuan/ton to - 770.57 yuan/ton, up 31.5 yuan/ton or 3.93% [1] - **Methanol Downstream Profits**: Acetic acid profit decreased from 505.52 yuan/ton to 477 yuan/ton, a decrease of 28.52 yuan/ton or 5.64%. Formaldehyde profit decreased from - 263.6 yuan/ton to - 273.6 yuan/ton, a decrease of 10 yuan/ton or 3.79%. MTBE and ethylene glycol profits remained unchanged [1] 3.4 Information - **Domestic Information**: The main methanol contract MA2601 fluctuated upwards, opening at 2260 yuan/ton and closing at 2292 yuan/ton, up 27 yuan/ton. Trading volume was 704,659 lots, and open interest was 1,066,380, with increased volume and decreased open interest [1] - **Foreign Information**: The reference negotiation price for non - Iranian methanol vessels arriving in the far - month is 257 - 264 US dollars/ton. There is a lack of active bids and offers. For methanol vessels from other Middle - East regions arriving in the far - month, the reference negotiation is at - 1 - 0.5%. Buyers intend to purchase discounted goods, but sellers are cautious. Attention should be paid to the methanol plants and cargo - discharging situation in a Middle - East country [1]

Report Industry Investment Rating - The report does not provide an industry investment rating [1] Core Viewpoints - The recent rise in oil prices may drive a rebound in methanol prices, but the extent of the rebound is likely to be limited, and it is advisable to wait before going long on methanol [1] - Methanol prices are relatively high in terms of valuation, mainly compared to upstream coal and downstream polyolefin prices; in terms of drivers, the short - term upward momentum for methanol is limited due to high port inventory pressure and insufficient downstream restocking drivers [1] - The inventory turning point may occur around mid - November, and subsequent drivers may come from potential supply reductions, such as the expectation of gas restrictions in Iran [1] - The trading strategy is to remain on the sidelines [1] Summary by Relevant Catalogs Futures and Spot Prices - Methanol futures prices (closing prices) on October 23, 2025: MA01 was 2292 yuan/ton, up 31 yuan or 1.37% from the previous day; MA05 was 2329 yuan/ton, up 29 yuan or 1.26%; MA09 was 2285 yuan/ton, up 26 yuan or 1.15% [1] - Methanol spot prices (daily average) on October 23, 2025: prices in Taicang, Shandong, Guangdong, Shaanxi, Inner Mongolia increased by - 0.22%, 0.22%, 0.22%, 0.74%, 0.12% respectively compared to the previous day, while prices in Sichuan - Chongqing and Hubei remained unchanged [1] - The basis of Taicang spot - MA was - 52 yuan/ton on October 23, 2025, down 36 yuan from the previous day [1] Upstream Costs - Coal spot prices on October 23, 2025: Ordos Q5500 was 580 yuan/ton, up 5 yuan or 0.87%; Datong Q5500 was 662.5 yuan/ton, up 10 yuan or 1.53%; Yulin Q6000 remained unchanged at 635 yuan/ton [1] - Industrial natural gas prices in Hohhot and Chongqing remained unchanged at 3.21 yuan/cubic meter and 3.14 yuan/cubic meter respectively on October 23, 2025 [1] Profit Situation - On October 23, 2025, coal - based methanol profit was 238.1 yuan/ton, down 6.3 yuan or 2.58% from the previous day; natural gas - based methanol profit remained unchanged at - 472 yuan/ton [1] - On October 23, 2025, the profit of Northwest MTO was - 2 yuan/ton, up 35 yuan or 94.59% from the previous day; the profit of East China MTO was - 770.57 yuan/ton, up 31.5 yuan or 3.93% [1] - On October 23, 2025, the profit of downstream products such as acetic acid, formaldehyde decreased by 5.64%, 3.79% respectively compared to the previous day, while the profit of MTBE and ethylene glycol remained unchanged [1] Important Information - Domestic futures: The main methanol contract MA2601 fluctuated upwards, opening at 2260 yuan/ton, closing at 2292 yuan/ton, up 27 yuan/ton, with a trading volume of 704,659 lots and an open interest of 1,066,380, showing increased volume and decreased open interest [1] - Foreign information: The reference negotiation price for non - Iranian methanol vessels arriving in the far - future is 257 - 264 US dollars/ton, with a lack of active bids and offers; the reference negotiation price for methanol vessels from other Middle - East regions arriving in the far - future is - 1 - 0.5%, with buyers looking for discounted goods and sellers being cautious. Attention should be paid to the methanol plants and shipping schedules in a certain Middle - East country [1]

Group 1: Report Industry Investment Rating - No information provided about the report industry investment rating Group 2: Core Viewpoint - The recent rise in oil prices may drive a rebound in methanol prices, but the amplitude is likely to be limited, and it is still necessary to wait before going long on methanol. The methanol price is relatively high in terms of valuation, and the short - term upward driving force is limited due to high port inventory pressure and insufficient downstream restocking drive. The inventory turning point may be around mid - November, and subsequent driving forces may come from possible supply reductions such as Iran's gas - restriction expectations. Overall, it is recommended to wait before going long on methanol, and the current trading strategy is to wait and see [1] Group 3: Summary by Relevant Catalogs 1. Price Changes - Methanol futures prices: MA01 decreased by 7 yuan/ton (-0.31%) to 2261 yuan/ton; MA05 increased by 12 yuan/ton (0.52%) to 2300 yuan/ton; MA09 increased by 7 yuan/ton (0.31%) to 2259 yuan/ton [1] - Methanol spot prices: Prices in different regions had various changes, with the largest decrease in Shandong (-17.50 yuan/ton, -0.77%) and the largest increase in Inner Mongolia (15 yuan/ton, 0.75%) [1] - Coal and natural gas prices: Coal prices in some regions increased slightly, while industrial natural gas prices in Hohhot and Chongqing remained unchanged [1] 2. Profit Situation - Coal - to - methanol profit decreased by 6.30 yuan/ton (-2.51%) to 244.40 yuan/ton; natural - gas - to - methanol profit remained unchanged at -472.00 yuan/ton [1] - MTO profit: Northwest MTO profit increased by 69 yuan/ton (65.09%) to -37 yuan/ton; East China MTO profit increased by 133 yuan/ton (14.22%) to -802.07 yuan/ton [1] - Other product profits: Acetic acid profit increased by 197.69 yuan/ton (38.15%) to 715.85 yuan/ton, while MTBE, formaldehyde, and dimethyl ether profits remained unchanged [1] 3. Market Information - Domestic market: The main methanol contract MA2601 showed weak upward momentum, opening at 2276 yuan/ton, closing at 2261 yuan/ton, up 4 yuan/ton, with trading volume of 579,308 lots and open interest of 1,097,780, showing reduced volume and increased open interest [1] - Foreign market: Two methanol plants with a total capacity of 3.3 million tons in a Middle - Eastern country are currently shut down, and attention should be paid to the later natural gas supply and recent tendering situations in the Middle East [1]