1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The fundamentals of methanol are still weak in the short - term. Despite the implementation of positive factors such as the shutdown of Rongxin Phase I methanol plant in the inland and the startup of Xingxing MTO plant at the port, the price remains weak due to high inventory. [3][85] - There is an expectation of improvement in methanol fundamentals on a month - on - month basis, but the supply pressure is still large. Whether the inventory can be effectively reduced after the startup of downstream MTO plants is a key point. [3][85] - In the long run, it may still be necessary to wait for a buying opportunity. It is recommended to adopt a weak - oscillation mindset, close previous short positions, and wait for lower prices or clear driving factors for long positions. [3][85] 3. Summaries According to Relevant Catalogs 3.1 Spot Market - Methanol spot market prices declined this week. The basis quote on Friday was around 01 - 95 yuan/ton, and the basis quote for mid - October paper goods was 01 - 60 yuan/ton. [8] 3.2 Basis and Spread - **Methanol Basis**: The basis quotes of methanol oscillated this week. The basis quote for paper goods in late October was around 01 - 60 yuan/ton. The inland basis of methanol oscillated, and the prices in the inland and northwest markets oscillated this week. [8][16][32] - **Regional Spread**: The spread between East China and inland regions of methanol weakened in an oscillatory manner. [41] - **Near - far Month Spread**: It is recommended to temporarily wait and see for the spread. [49] - **PP - 3MA Spread**: The PP - 3MA spread rebounded in an oscillatory manner this week. Attention can be paid to the opportunity of shorting PP and going long on MA in the later stage. [57] 3.3 Industrial Chain Profit - **Methanol Production**: Many new methanol plants were under maintenance, and the methanol operating rate declined slightly. However, many maintenance plants resumed production, and methanol production began to increase. [62][65] - **Methanol Downstream**: The operating rate of dimethyl ether oscillated, the operating rate of formaldehyde rebounded in an oscillatory manner, and the operating rate of methanol - to - olefins in the northwest oscillated at a high level. [72] - **MTO**: The operating rate of methanol - to - olefins plants oscillated this week, and MTO profits continued to recover. [75] 3.4 Market Expectation - **Unilateral Strategy**: Adopt a weak - oscillation mindset, close previous short positions. Wait for lower prices or clear driving factors for long positions. [4][86] - **Hedging Strategy**: Wait and see. [5][87]