Group 1: Report's Industry Investment Rating - The investment rating for methanol is "Short - term bullish" [1] Group 2: Report's Core View - In the short - term, methanol rebounded from a low level and is expected to run strongly. In the medium - term, the high supply pressure of the 01 - contract methanol in China is the main contradiction, and the price upside in December may be limited. In 2026, the overall fundamental situation of methanol may improve in the first quarter. The MTO fundamental is weak, and the production profit is continuously compressed. The fundamental pressure level is currently at 2,150 - 2,200 yuan/ton. The lower valuation of methanol mainly refers to the cash - flow cost line of coal - based plants in Henan, which is around 2,000 - 2,050 yuan/ton [5] Group 3: Summary According to the Catalog 1. [Fundamental Tracking] - In the futures market, the closing price of the methanol main contract was 2,136 yuan/ton, up 1 yuan from the previous day; the settlement price was 2,121 yuan/ton, down 5 yuan; the trading volume was 1,027,056 lots, up 83,284 lots; the open interest of the 01 - contract was 1,003,722 lots, down 45,066 lots; the number of warehouse receipts was 3,800 tons, unchanged; the trading volume was 2.178178 billion yuan, up 0.171558 billion yuan; the basis was - 18, up 7; the spread between MA01 and MA05 was - 96, down 12. In the spot market, the Inner Mongolia price was 1,970 yuan/ton, up 5 yuan; the northern Shaanxi price was 1,955 yuan/ton, down 5 yuan; the Shandong price was 2,180 yuan/ton, up 10 yuan [2] 2. [Spot News] - The methanol spot price index was 2,065.15, up 4.37. Among them, the Taicang spot price was 2,118, up 8, and the Inner Mongolia northern line price was 1,995, up 2.5. Among the 20 large and medium - sized cities monitored by Longzhong, 10 cities saw varying degrees of price increases, with increases ranging from 2.5 to 55 yuan/ton. As of November 26, 2025, the sample inventory of Chinese methanol ports was 1.3635 million tons, a decrease of 0.1158 million tons from the previous period, a month - on - month decrease of 7.83%. The overall unloading of foreign vessels was lower than expected, and the visible unloading during the period was only 152,000 tons [4]