Report Industry Investment Ratings - Propylene, Polypropylene, Styrene, PVC, Methanol: ★☆☆ (One star, indicating a bullish/bearish bias with a driving force for price increase/decrease, but limited operability on the trading floor) [1] - PTA, Ethylene Glycol, Short Fiber, Bottle Chip, Urea, Caustic Soda, Glass: ☆☆☆ (White star, indicating a relatively balanced short - term bullish/bearish trend and poor operability on the trading floor, suggesting waiting and seeing) [1] - Pure Benzene: Not rated in the table, but with analysis in the report [3] - PX: ☆☆☆ [1] - Soda Ash: The symbol in the table is unclear [1] Core Viewpoints - The chemical market shows a mixed trend, with different products having different price trends and supply - demand situations. Some products are affected by factors such as inventory, cost, demand, and policies, and their short - term and medium - term trends vary [2][3][5] Summary by Related Catalogs Olefins - Polyolefins - Propylene futures rose, with controllable enterprise inventories and stable offers. Downstream follow - up was okay, and the trading range was stable [2] - Polyethylene futures rose, but the market was waiting for news, with cost support weakening and supply pressure. Sellers mostly offered small discounts [2] - Polypropylene futures rose. Although the supply pressure decreased due to more upstream maintenance, the demand improvement in the peak season was limited, and the high - level inventory was slowly digested. The supply - demand contradiction may increase, and the price may remain low for a long time [2] Pure Benzene - Styrene - Pure benzene futures prices rebounded above 5500 yuan/ton. The spot price in East China rebounded, and the low - level transactions in Shandong improved. The short - term price may rebound, but the high import volume in the medium term is the main pressure [3] - Styrene futures rose, but there were only expected device shutdowns. The inventory remained high, and the upward price momentum was limited [3] Polyester - PX and PTA rebounded with reduced positions. The short - term price may continue to rebound, mainly depending on oil prices. In the medium term, with the weakening demand and expected inventory accumulation, the strategy is mainly reverse arbitrage [5] - Ethylene glycol rebounded with increased positions. The short - term price has a rebound expectation, but there is still inventory accumulation pressure in the medium term, suggesting shorting at high prices [5] - Short fiber continued to be a bullish allocation. The new production capacity was limited, the inventory was decreasing, and the downstream备货 sentiment was improved [5] - Bottle chip demand weakened, with inventory accumulation and pressure on processing margins. The long - term pressure is over - capacity [5] Coal Chemical Industry - Methanol fluctuated at a low level. The short - term coastal market may fluctuate within a range, and the price may be bullish in the medium - to - long term as the import supply pressure is expected to decrease [6] - Urea futures prices rose slightly. The short - term market is expected to fluctuate strongly within a range, supported by the marginal improvement of supply - demand and coal prices [6] Chlor - Alkali - PVC showed a fluctuating trend. The supply may increase, and it may operate at the bottom range due to weak domestic demand and potential export policy pressure [7] - Caustic soda fluctuated narrowly. The supply fluctuated slightly, and it is recommended to be cautious when shorting due to non - aluminum downstream restocking and a high basis [7] Soda Ash - Glass - Soda ash fluctuated strongly. The supply was still high, and it is recommended to short at high prices after a rebound [8] - Glass fluctuated narrowly. The inventory continued to accumulate, and the downward range is expected to be limited. It is advisable to pay attention to selling out - of - the - money put options [8]