Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - Methanol may fluctuate weakly in the short term. Upstream coal - head profits are still high, while downstream comprehensive profits are relatively poor, making methanol valuation relatively expensive. The supply - demand drive of methanol is not strong currently, and the basis in the East China region needs to converge. The basis may converge through a decline in the East China spot price. It is recommended to wait for an opportunity to go long on MTO profits, and the 09 contract is expected to operate in the range of 2300 - 2500, with a unilateral suggestion to wait and see [1] Group 3: Summary by Relevant Catalogs 1. Price Changes - **Methanol Futures Prices**: MA01 increased from 2420 yuan/ton to 2434 yuan/ton, a rise of 14 yuan/ton (0.58%); MA05 rose from 2334 yuan/ton to 2348 yuan/ton, a rise of 14 yuan/ton (0.60%); MA09 (closing price) increased from 2384 yuan/ton to 2404 yuan/ton, a rise of 20 yuan/ton (0.84%) [1] - **Methanol Spot Prices**: In different regions, prices showed various changes. For example, in Taicang, it decreased from 2540 yuan/ton to 2465 yuan/ton, a drop of 75 yuan/ton (- 2.95%); in Shandong, it increased from 2240 yuan/ton to 2260 yuan/ton, a rise of 20 yuan/ton (0.89%) [1] - **Coal Spot Prices**: Ordos Q5500 and Datong Q5500 remained unchanged at 430 yuan/ton and 490 yuan/ton respectively; Yulin Q6000 decreased from 495 yuan/ton to 492.50 yuan/ton, a drop of 2.50 yuan/ton (-0.51%) [1] - **Industrial Natural Gas Prices**: Prices in Hohhot and Chongqing remained unchanged at 3.94 yuan/cubic meter and 3.30 yuan/cubic meter respectively [1] 2. Profit Situation - **Methanol Production Profits**: Coal - to - methanol profit remained at 433.40 yuan/ton, and natural - gas - to - methanol profit remained at - 460.00 yuan/ton [1] - **MTO Profits**: Northwest MTO profit remained at 527.00 yuan/ton, and East China MTO profit remained at - 1054.57 yuan/ton [1] - **Downstream Profits of Methanol**: Profits of acetic acid, MTBE, formaldehyde, etc. remained unchanged [1] 3. Important Information - In the international market, 90% of methanol plants in a Middle - Eastern country are restarting. In the domestic market, the main methanol contract MA2509 rose, opening at 2386 yuan/ton, closing at 2404 yuan/ton, up 30 yuan/ton, with a trading volume of 696,255 lots and a position of 736,158 lots, showing a decrease in volume [1] 4. Trading Strategy - Unilateral trading is advised to wait and see. It is recommended to wait for an opportunity to go long on MTO profits. The 09 contract is expected to operate in the range of 2300 - 2500. This week, attention should be paid to potential macro - level disturbances, such as whether the US tax - cut bill will be passed and whether the US non - farm payroll data will deteriorate [1]