1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The Middle - East situation is tense, and the methanol basis is firm. The price increase of aromatics is due to supply - side issues in the Middle - East, leading to a decline in Asian refinery and cracking operations. In ports, the basis remains high and firm, and the de - stocking in ports is related to the duration of Iranian methanol plant shutdowns. Coal - based methanol production has high profits, and the spring inspection scale is limited. Inland factory inventories continue to decline, and traditional downstream operations are good [1][3]. 3. Summary According to the Catalog I. Methanol Basis & Inter - period Structure - Multiple figures show the basis between methanol spot in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) and the main futures contract, as well as the price differences between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01) [6][7][19] II. Methanol Production Profit, MTO Profit, and Import Profit - Figures display the production profit of Inner Mongolia coal - based methanol, the MTO profit in East China (PP&EG type), and the import price differences such as Taicang methanol - CFR China, CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [6][23][25] III. Methanol Start - up and Inventory - Figures present the total port inventory of methanol, the MTO/P start - up rate (including integrated ones), the inland factory sample inventory, and the start - up rate of Chinese methanol (including integrated ones) [6][30][37] IV. Regional Price Differences - Figures show price differences between regions, such as the price difference between North Shandong and Northwest, East China and Inner Mongolia, Taicang and Lunan, etc. [6][34][41] V. Traditional Downstream Profits - Figures illustrate the production profits of traditional downstream products, including Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [6][43][52]

Report Summary 1. Investment Rating - **Unilateral**: Neutral - **Inter - period**: None - **Inter - commodity**: None [4] 2. Core View - The situation between the US and Iran remains a focus, but the lack of further escalation has dragged down the market sentiment. Attention should be paid to its subsequent development. - In the port area, the loading volume from Iran in February continued to decline, leading to expectations of a destocking cycle in March. However, port inventories still slightly accumulated after the Spring Festival, and the inventory pressure persists. The winter - shutdown devices in Iran are recovering, and the resumption rhythm of the remaining devices in early March should be monitored. Some downstream MTO devices are under maintenance, and their resumption progress should be followed. - In the inland area, inland factory inventories have rapidly increased seasonally after the Spring Festival. Coal - based methanol maintains high - level operation, while the traditional downstream is in a seasonal off - peak period, waiting for the post - festival load increase of formaldehyde [3]. 3. Summary by Directory 3.1 Market News and Key Data - **Inland Area**: Q5500 Ordos thermal coal is priced at 515 yuan/ton (unchanged), and the production profit of coal - based methanol in Inner Mongolia is 325 yuan/ton (down 38 yuan). Inner Mongolia's northern line methanol is 1830 yuan/ton (down 38 yuan), with a basis of 220 yuan/ton (up 2 yuan); the southern line is 1850 yuan/ton (down 10 yuan). Shandong Linyi is at 2175 yuan/ton (down 18 yuan), with a basis of 165 yuan/ton (up 22 yuan); Henan is 2030 yuan/ton (down 20 yuan), with a basis of 20 yuan/ton (up 19 yuan); Hebei is 2075 yuan/ton (up 20 yuan), with a basis of 125 yuan/ton (up 59 yuan). Longzhong's inland factory inventory is 535,410 tons (up 195,030 tons), northwest factory inventory is 346,600 tons (up 177,500 tons); inland factory pending orders are 206,751 tons (down 108,280 tons), and northwest factory pending orders are 82,500 tons (down 77,500 tons) [1]. - **Port Area**: Taicang methanol is priced at 2197 yuan/ton (down 35 yuan), with a basis of - 13 yuan/ton (up 4 yuan), CFR China is 267 US dollars/ton (down 2 US dollars), and the East China import spread is - 24 yuan/ton (up 13 yuan). Changzhou methanol is 2255 yuan/ton; Guangdong methanol is 2202 yuan/ton (down 33 yuan), with a basis of - 8 yuan/ton (up 6 yuan). Longzhong's total port inventory is 1,446,697 tons (up 14,514 tons), Jiangsu port inventory is 722,915 tons (up 36,232 tons), Zhejiang port inventory is 321,282 tons (down 36,718 tons), and Guangdong port inventory is 225,000 tons (up 23,000 tons). The downstream MTO operating rate is 84.08% (unchanged) [2]. - **Regional Spreads**: The spread of Lubei - Northwest - 280 is 25 yuan/ton (up 5 yuan), Taicang - Inner Mongolia - 550 is - 183 yuan/ton (up 3 yuan), Taicang - Lunan - 250 is - 228 yuan/ton (down 18 yuan); Lunan - Taicang - 100 is - 122 yuan/ton (up 18 yuan); Guangdong - East China - 180 is - 175 yuan/ton (up 2 yuan); East China - Sichuan and Chongqing - 200 is - 128 yuan/ton (down 35 yuan) [2]. 3.2 Market Analysis - The US - Iran situation is a focus, and the lack of further escalation has affected the market sentiment. - In the port area, the expected destocking cycle in March may be affected by the slight post - festival inventory accumulation. The recovery of Iranian winter - shutdown devices and the maintenance of downstream MTO devices are key factors. - In the inland area, the rapid seasonal increase in factory inventories, high - level operation of coal - based methanol, and the low - season of the traditional downstream are the main characteristics [3]. 3.3 Strategy - **Unilateral**: Neutral - **Inter - period**: No strategy - **Inter - commodity**: No strategy [4] 3.4 Figures in the Report - **Methanol Basis & Inter - period Structure**: Figures 1 - 11 show various basis and inter - period spreads of methanol [6]. - **Methanol Production Profit, MTO Profit, Import Profit**: Figures 12 - 17 show the production profit of coal - based methanol in Inner Mongolia, MTO profit in East China, and import spreads [6]. - **Methanol Operation & Inventory**: Figures 18 - 21 show the total port inventory of methanol, MTO/P operating rate, inland factory inventory, and China's methanol operating rate [6]. - **Regional Spreads**: Figures 22 - 27 show different regional spreads of methanol [6]. - **Traditional Downstream Profit**: Figures 28 - 31 show the production profits of traditional downstream products such as formaldehyde, acetic acid, MTBE, and dimethyl ether [6].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The post - holiday port inventory of methanol has slightly increased, with expectations for the port to enter a destocking cycle in March as China's arrivals continue to decline and Iran's February shipment volume drops more than expected. The restart of Iran's winter - shutdown plants is slow. Downstream MTO plants such as Xingxing and Shenghong are under maintenance, and their restart progress needs attention [2][3]. - After the holiday, the inventory of inland factories has rapidly increased seasonally. Coal - based methanol maintains high - level operation, and the traditional downstream is in the seasonal off - season, waiting for formaldehyde to increase production after the holiday [3]. 3. Summary by Relevant Catalogs I. Methanol Basis & Inter - period Structure - The report includes multiple figures related to methanol basis and inter - period spreads, such as methanol Taicang basis and main contract, methanol basis in different regions against the main futures, and spreads between different methanol futures contracts [6][7][13] II. Methanol Production Profit, MTO Profit, and Import Profit - Figures show the production profit of Inner Mongolia coal - based methanol, the profit of East China MTO (PP&EG type), and various import spreads like Taicang methanol - CFR China import spread, and price differences between different international regions and CFR China [6][24][25] III. Methanol Operation and Inventory - It presents data on methanol port total inventory, MTO/P operation rate (including integrated ones), inland factory sample inventory, and China's methanol operation rate (including integrated ones) [6][31][38] IV. Regional Price Differences - The report shows regional price differences such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, and other similar spreads [6][35][45] V. Traditional Downstream Profits - It includes figures on the production gross profit of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [6][47][51]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The port inventory of methanol has risen again, and the decline cycle has not been realized. The import volume in February has dropped to a seasonal low, but the downstream is also in the off - season, and the MTO maintenance of some enterprises has dragged down the demand [2] - In the inland area, the coal - based methanol plants maintain high operation rates. The downstream pending orders are in good condition, and the inland factory inventory has declined again, failing to achieve the pre - holiday seasonal inventory build - up. The traditional downstream is in the seasonal off - season [3] Summary by Directory I. Methanol Basis & Inter - period Structure - The report presents multiple charts related to methanol basis, including methanol Taicang basis and the main contract, and the basis of methanol in different regions compared with the main futures contract. It also shows the price differences between different methanol futures contracts, such as the 01 - 05, 05 - 09, and 09 - 01 contracts [6][12][19] II. Methanol Production Profit, MTO Profit, and Import Profit - The report includes charts on the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, and the import price differences, such as the price difference between Taicang methanol and CFR China, as well as the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [23][24][29] III. Methanol Operation and Inventory - Charts show the total port inventory of methanol, the MTO/P operation rate (including integrated enterprises), the inland factory sample inventory, and the overall methanol operation rate in China [31][38] IV. Regional Price Differences - The report provides charts on regional price differences, such as the price difference between northern Shandong and northwest, East China and Inner Mongolia, Taicang and southern Shandong, etc. [35][43][45] V. Traditional Downstream Profits - Charts display the production gross profits of traditional downstream products, including formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan [47][51]

1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The slowdown in Chinese arrivals has materialized, leading to a decline in port inventories this week. However, the winter maintenance units in Iran have started to resume production, and ZPC has restarted one production line. Attention should be paid to the subsequent resumption progress, as the resumption of Iranian units may suppress the market, while also keeping an eye on the development of the geopolitical situation in Iran. [2] - The coal - based methanol plants maintain high - level operation. The downstream pending orders are performing well, and the inventory of inland factories has further decreased, without realizing the seasonal inventory build - up before the Spring Festival. [3] - In the traditional downstream sector, acetic acid remains in a loss - making and low - load operation state, formaldehyde continues to reduce its load seasonally, and the MTBE production rate shows a good performance. [3] - The MTO units are in the maintenance period, and Xingxing and Shenghong are still under maintenance. [2] 3. Summary According to the Directory 3.1 Methanol Basis and Inter - period Structure - The report presents multiple figures related to methanol basis, including the basis between methanol in Taicang and the main contract, and the basis between spot methanol in different regions and the main futures contract, such as in Lunan, Inner Mongolia North Line, Henan, Hebei, and Guangdong. It also shows the inter - period spreads between different futures contracts like methanol 01 - 05, 05 - 09, and 09 - 01. [6][7][13] 3.2 Methanol Production Profit, MTO Profit, and Import Profit - Figures show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), the import price difference between Taicang methanol and CFR China, and the price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China. [6][26][27] 3.3 Methanol Production Rate and Inventory - The report shows data on the total methanol port inventory, MTO/P production rate (including integrated units), inland factory sample inventory, and China's methanol production rate (including integrated units). [6][34][41] 3.4 Regional Price Differences - It includes price differences such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, Lunan - Taicang - 100, Guangdong - East China - 180, and East China - Sichuan - Chongqing - 200. [6][38][46] 3.5 Traditional Downstream Profits - The report presents the production profits of traditional downstream products, such as the production profit of formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan. [6][50][54]

Report Industry Investment Rating - Not provided in the given text Core Viewpoints - Chinese methanol port inventory begins to show a lagging de - stocking, with a significant decline in port inventory this week and a slowdown in arrivals being gradually realized [2] - The MTO in the downstream is in the maintenance period, causing the de - stocking of the port not to be fully realized, and some downstream MTO devices are still under maintenance [2] - Coal - based methanol in the inland maintains high - level operation, downstream pending orders perform well, and inland factory inventory further decreases, without realizing the seasonal inventory build - up before the Spring Festival [3] - Traditional downstream industries: acetic acid maintains a loss - making and low - load state, formaldehyde continues to reduce its load seasonally, and MTBE operation shows good performance [3] Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis and inter - period spreads, including the basis between methanol in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) and the main futures contract, as well as the spreads between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01) [6][7][20] 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), and the import spread between Taicang methanol and CFR China, as well as the price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [6][24][25] 3. Methanol Operation and Inventory - The report provides data on methanol port total inventory, MTO/P operation rate (including integrated ones), inland factory sample inventory, and China's methanol operation rate (including integrated ones) [6][31][38] 4. Regional Price Differences - Figures show the price differences between different regions, such as the price difference between North Shandong - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [6][35][42] 5. Traditional Downstream Profits - The report presents the production gross profits of traditional downstream products, including the production gross profit of formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [6][48][51]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Inter - variety: None [4] Core View - Downstream MTO maintenance continues to increase, with Tianjin Bohua MTO advancing its maintenance to January 23, Xingxing shutting down for maintenance on January 12, and Ningbo Fude under maintenance from early December to late January. Port MTO maintenance drags down port demand. Supply disturbances depend on the Iranian situation, which has slowed down for now. Methanol port inventory has slightly increased this week, with Jiangsu de - stocking and Zhejiang stocking. Coal - based production maintains high - pressure operation, and southwest gas - based production is gradually restarting. Inland factories are in an inventory recovery cycle, and traditional downstream industries are in a seasonal off - season [3] Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including methanol Taicang basis and methanol main contract, methanol spot - main futures basis in different regions, and the basis between methanol in Taicang, Lunan, Inner Mongolia North Line, Henan, Hebei, and Guangdong and the main futures, as well as the price differences between different methanol futures contracts [7][9][13] 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures show Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), Taicang methanol - CFR China import price difference (excluding surcharges), and price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [24][25][30] 3. Methanol Start - up and Inventory - It includes figures on methanol port total inventory, MTO/P start - up rate (including integrated), inland factory sample inventory, and China methanol start - up rate (including integrated) [32][39] 4. Regional Price Differences - Figures display price differences such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, Lunan - Taicang - 100, Guangdong - East China - 180, and East China - Sichuan and Chongqing - 200 [36][43][45] 5. Traditional Downstream Profits - Figures show the production gross margins of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [47][51]

Report Industry Investment Rating - Unilateral: Neutral; No rating for inter - period and cross - variety [4] Core Viewpoints - After the situation in Iran eased, the methanol futures price on the port has continuously corrected. The port inventory has started to decline, and the port basis has rebounded. However, attention should be paid to the downstream MTO maintenance situation. Overseas, Iranian methanol plants are still undergoing winter maintenance [3]. - In the inland areas, coal - based methanol plants maintain high - pressure operation, and southwest gas - based plants are gradually restarting. Inland factories are in a period of continuous inventory increase, and the traditional downstream is in the seasonal off - season [3]. Summary by Directory I. Methanol Basis & Inter - period Structure - This section includes multiple figures showing the basis between methanol in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) and the main futures contract, as well as the price differences between different methanol futures contracts (e.g., 01 - 05, 05 - 09, 09 - 01) [6][7][22] II. Methanol Production Profit, MTO Profit, and Import Profit - Figures in this part display the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), and the import price differences between Taicang methanol and CFR China, as well as the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [6][26][27] III. Methanol Start - up and Inventory - It shows the total port inventory of methanol, the start - up rate of MTO/P (including integrated plants), the sample inventory of inland factories, and the start - up rate of methanol in China [6][33][39] IV. Regional Price Differences - The section presents the price differences between different regions, such as the price difference between northern Shandong and the northwest, the price difference between Taicang and Inner Mongolia, and the price differences between other regions [2][6][36] V. Traditional Downstream Profits - Figures show the production gross profit of formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [6][49][52]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The methanol market is affected by multiple factors. In the port area, the geopolitical situation in Iran is an important variable for the methanol market. Currently, the total inventory pressure at Chinese methanol ports is high, dragging down the port basis, and there are maintenance expectations for MTO units, which may weaken the future de - stocking expectations. In the inland area, coal - based methanol maintains high - level operations, and the inventory of inland factories is in a continuous recovery cycle, while the traditional downstream is in a seasonal off - season [2][3]. Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents various charts related to methanol basis and inter - period spreads, including the basis between methanol in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) and the main futures contract, as well as the spreads between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01) [6][7][21] 2. Methanol Production Profit, MTO Profit, Import Profit - Charts show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), and import spreads such as the difference between Taicang methanol and CFR China, as well as spreads between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [6][25][26] 3. Methanol开工, Inventory - Information on methanol port total inventory, MTO/P开工 rate (including integrated units), inland factory sample inventory, and China's methanol开工 rate (including integrated units) is presented through charts [6][32][41] 4. Regional Price Differences - The report provides charts on regional price differences, such as the difference between Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [6][38][46] 5. Traditional Downstream Profits - Charts show the production gross margins of traditional downstream products, including formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [6][52][54]

1. Report Industry Investment Rating - The investment rating for the methanol industry is neutral for both unilateral and inter - period strategies, and there is no recommendation for cross - variety strategies [4] 2. Core Viewpoints of the Report - The total port inventory of methanol remains high, with a divergence where inventory in Zhejiang accumulates further and that in Jiangsu starts to decline. The inventory pressure is still significant, and the market is waiting for the expected peak and decline of the arrival volume. Attention should also be paid to the duration of the winter shutdown in Iran. There are concerns about the subsequent centralized maintenance of MTO due to low MTO profits. The expected maintenance of Xingxing in mid - January means large inventory pressure in January, and the possible maintenance of Shenghong and Bohua MTO in February - March and the first half of the year may weaken the de - stocking expectation from February to April [3] - The supply pressure on the mainland persists. Coal - based production maintains high operation rates, and attention should be paid to the resumption progress of Southwest gas - based production in the second half of the month. The traditional downstream is in a seasonal off - season with general performance, and the mainland factories are in a cycle of continuous inventory increase [3] 3. Summary According to Relevant Catalogs 3.1 Methanol Basis & Inter - period Structure - There are multiple figures showing the basis between methanol in different regions (such as Taicang, Lunan, Inner Mongolia North Line, Henan, Hebei, Guangdong) and the main futures contract, as well as the spread between different methanol futures contracts (01 - 05, 05 - 09, 09 - 01) [7][13][20] 3.2 Methanol Production Profit, MTO Profit, and Import Profit - Figures display the coal - based methanol production profit in Inner Mongolia, the MTO profit in East China (PP&EG type), and the import spread (e.g., Taicang methanol - CFR China, CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, FOB Rotterdam - CFR China) [24][25][29] 3.3 Methanol Start - up Rate and Inventory - The figures cover the total port inventory of methanol, the MTO/P start - up rate (including integrated ones), the mainland factory sample inventory, and the overall methanol start - up rate in China [31][38] 3.4 Regional Price Differences - The report presents regional price differences such as Lubei - Northwest - 280, Taicang - Inner Mongolia - 550, Taicang - Lunan - 250, Lunan - Taicang - 100, Guangdong - East China - 180, and East China - Sichuan - Chongqing - 200 [35][43][47] 3.5 Traditional Downstream Profits - The production gross profits of traditional downstream products like Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether are shown [45][53]