Report Investment Rating - The industry investment rating is a bullish consolidation [2] Core View - This week, the methanol market saw significant long - short battles, centered around regional disparities and core supply - demand contradictions. Inland prices have strong resilience in the short - term due to tight supply and pre - holiday stocking demand. Although the port is suppressed by high inventory, potential Middle East maintenance expectations and some downstream replenishment demand provide support. The cost side is generally stable with some support, but the profitability differentiation in downstream industries may limit the upside potential. It is recommended to focus on arbitrage opportunities between inland and port price differences and closely monitor the Middle East situation, oil price fluctuations, and pre - holiday stocking progress. In the short term, adopt a range - trading approach and avoid over - chasing the upside [2] Summary of Each Section Supply - This week, the methanol supply side showed a stable situation under the game of supply and demand. Domestically, some new plant maintenance and the resumption of previously shut - down plants led to a slight fluctuation in the overall operating load, limiting supply growth. At the import end, the short - term import volume shrank due to factors like lower - than - expected unloading of foreign vessels, weakening the supply replenishment. In the port market, supported by inland demand and cargo back - flow, the port inventory decreased significantly this week but remained at a relatively high level. Next week, with the expected increase in arrivals, there may be pressure to build up inventory. Overall, domestic supply remained stable due to the game of plant start - stop, and the short - term import contraction interacted with port inventory depletion [2] Demand - This week, methanol demand generally showed a pattern of "major rigid demand providing a base, traditional downstream sectors differentiating". The load of the main downstream methanol - to - olefins (MTO) adjusted slightly, with stable external procurement demand. Traditional downstream sectors were divided. Some products saw increased demand due to plant recovery or terminal rigid demand, while others had limited demand contribution due to inventory pressure or weak terminal consumption. Regionally, inland downstream procurement enthusiasm improved slightly due to port price transmission and short - term buying sentiment, while coastal areas had rigid demand replenishment but insufficient trading volume, with overall demand being moderate and not strongly driving the market [2] Inventory - This week, methanol inventory generally showed a pattern of "significant port depletion, regional differentiation inland". At the port end, inventory decreased significantly due to slower unloading of foreign vessels and cargo back - flow for pick - up supported by inland demand, but it was still at a relatively high level, and there was pressure to build up inventory next week. In the inland market, inventory performance varied. Some regions saw inventory decline due to plant load reduction and smooth sales, while others had a slight inventory build - up due to factors like poor long - term contract pick - up and reduced olefins external procurement demand, but there were no large - scale extreme inventory situations [2] Methanol Profit - This week, methanol industry profits showed obvious process differentiation. The cost - price game dominated the profit trend. For coal - to - methanol, raw coal prices fluctuated slightly, with relatively stable cost support. Although the methanol spot price rebounded slightly, the profit improvement was limited, remaining in a weak range. Natural gas - to - methanol faced persistent cost pressure due to high raw material gas prices, and the profit continued to be under pressure as the methanol price increase could not cover the cost increase. Coke - oven gas - to - methanol achieved a small profit repair due to its low - cost advantage and local methanol price increases [2] Downstream Profit - This week, methanol downstream profits showed significant differentiation. Most industries' profits were under pressure due to the cost increase driven by the rising methanol price. Among them, the profit of methanol - to - olefins (MTO) declined notably, and the profits of formaldehyde, dimethyl ether, and chloromethane also narrowed, mainly because of insufficient terminal demand support and difficulty in cost transmission to the terminal. A few industries performed well, such as glacial acetic acid, whose profit improved due to supply reduction from some plant maintenance and downstream stocking demand; MTBE also had a slight profit repair [2] Investment View - The market is expected to have a bullish consolidation. It is recommended to focus on arbitrage opportunities between inland and port price differences and closely follow the Middle East situation, oil price fluctuations, and pre - holiday stocking progress. In the short term, use a range - trading approach and avoid over - chasing the upside [2] Trading Strategy - Unilateral trading: Bullish consolidation; Arbitrage: Wait - and - see; Areas to watch: Downstream demand, olefins external procurement, spring maintenance situation, geopolitics [2] Spot Prices - The report provides methanol spot prices in different regions on November 26 - 28, 2025, including prices in Taicang (import, different time periods), Hebei, Jiangsu, Inner Mongolia, Henan, Sichuan, Dongying, Shandong (southern region), Sichuan - Chongqing region, Anhui, Shaanxi, and Shanxi, along with their daily and one - day - ago price changes and percentage changes [4] Market Charts - The report includes charts of the methanol futures main contract (showing price and trading volume), basis and monthly spread, methanol production, plant operating rate, factory inventory, port inventory, and downstream profit and operating rate from 2020 - 2025 [5][8][14][26][38][49]

Report 1: Polyolefin Industry Spot and Futures Daily Report Core Viewpoints - The supply and demand structure of polyolefins is loose, and the upside space of the 01 contract is limited. The prices of PP and PE are under pressure due to the weak macro - atmosphere, cost, and supply - demand performance [2]. Summary by Catalog - **Prices and Price Differences** - On October 17, the closing prices of L2601, L2509, PP2601, and PP2509 decreased compared to the previous day, with declines ranging from - 0.79% to - 1.04%. The differences between L2509 - 2601 and PP2509 - 2601 also changed, with L2509 - 2601 down 24.00% and PP2509 - 2601 up 12.33% [2]. - Spot prices of East China PP fiber and North China LDPE film decreased, with declines of - 0.62% and - 0.73% respectively. The basis of North China LL and East China PP also changed [2]. - Non - standard prices of PE and PP mostly decreased, such as the East China LDPE price down - 0.54% [2]. - **Inventory and Production** - PE enterprise inventory and social inventory increased by 27.67% and 4.02% respectively. PP enterprise inventory and trader inventory increased by 30.96% and 39.48% respectively [2]. - PE device operating rate decreased by 2.61%, while the downstream weighted operating rate increased by 1.26%. PP device operating rate increased by 0.6%, and the powder operating rate increased by 5.4% [2]. Report 2: Methanol Industry Spot and Futures Daily Report Core Viewpoints - In the methanol market, under the game of supply and demand, prices may continue to fluctuate. Attention should be paid to the stability of overseas device operation, the customs clearance efficiency of sanctioned vessels, and the actual arrival performance, as well as the port destocking rhythm and the implementation effect of overseas gas restriction expectations [4]. Summary by Catalog - **Prices and Price Differences** - On October 17, the closing prices of MA2601 and MA2605 decreased, with declines of - 2.03% and - 1.51% respectively. The MA15 spread increased by 200.00%, and the Taicang basis decreased by - 18.18% [4]. - Spot prices in Inner Mongolia's northern line, Henan Luoyang, and Taicang Port decreased, with declines ranging from - 0.35% to - 1.31% [4]. - **Inventory and Production** - Methanol enterprise inventory increased by 6.33%, while port inventory decreased by - 3.36%, and social inventory decreased by - 1.61% [4]. - The upstream domestic enterprise operating rate decreased by - 1.86%, and the overseas exchange and northwest enterprise sales - to - production ratio changed. Downstream, the operating rates of some devices such as acetic acid and MTBE decreased [4]. Report 3: Pure Benzene - Styrene Daily Report Core Viewpoints - The weekly supply - demand of pure benzene is weak, and the price drive is weak in October. The price of styrene is also under pressure in the short term due to the weak supply - demand and oil price expectations [6]. Summary by Catalog - **Upstream Prices and Price Differences** - On October 17, the prices of Brent crude oil, WTI crude oil, CFR Japan naphtha, etc. changed. The price differences between pure benzene - naphtha and ethylene - naphtha also changed [6]. - The spot price of pure benzene in East China decreased by - 0.7%, and the BZ futures 2603 decreased by - 1.4% [6]. - **Styrene - Related Prices and Price Differences** - The spot price of styrene in East China decreased by - 1.8%, and EB futures 2511 and 2512 also decreased [6]. - The EB basis (03) increased by 950.0%, and the styrene import profit increased by 114.6% [6]. - **Inventory and Production** - The port inventories of pure benzene and styrene in Jiangsu decreased by - 1.1% and - 2.7% respectively. The operating rates of some devices in the pure benzene and styrene industry chains changed [6]. Report 4: Polyester Industry Chain Daily Report Core Viewpoints - For PX, the supply - demand is repaired to some extent in the fourth quarter but remains weak overall, with limited short - term drive and mainly low - level fluctuations. PTA also has limited short - term drive and low - level fluctuations. Ethylene glycol is expected to accumulate inventory, and its price is under pressure. Short - fiber and bottle - chip prices also face different supply - demand situations [7]. Summary by Catalog - **Upstream Prices** - On October 17, the prices of Brent crude oil, WTI crude oil, CFR Japan naphtha, etc. changed. The exchange rate remained basically unchanged [7]. - **PX - Related Prices and Price Differences** - CFR China PX price decreased by - 0.4%. PX spot price in RMB decreased by - 1.6%, and PX futures 2511 and 2601 also decreased [7]. - **PTA - Related Prices and Price Differences** - PTA East China spot price decreased by - 0.3%, and TA futures 2601 and 2605 decreased [7]. - PTA basis (01) and TA01 - TA05 spread changed [7]. - **MEG - Related Prices and Price Differences** - MEG East China spot price decreased by - 0.1%, and EG futures 2601 and 2605 decreased [7]. - MEG basis (01) increased by 261.3%, and MEG import profit increased by - 48.5% [7]. - **Inventory and Production** - MEG port inventory increased by 6.7%, and the arrival expectation increased by 27.5%. The operating rates of various devices in the polyester industry chain changed, such as the PTA operating rate increasing by 2.3% [7].