Report Summary 1. Investment Rating - The provided content does not mention the industry investment rating. 2. Core View - The PVC market shows mixed trends. Supply - side: this week, the impact of shutdowns at Beiyuan and Jinchuan expands, and new maintenance at Ningxia Yinglite and Haohua is added, likely causing a significant drop in capacity utilization. In the long - term, 900,000 tons of new installations from Bohua, Gansu Yaowang, and Qingdao Gulf are planned to be put into production in September, increasing supply pressure. Demand - side: due to pre - holiday stocking in China, the operating rate of some product enterprises has increased recently. However, the weak real - estate market continues to drag down domestic demand, and the upcoming anti - dumping policy in India has led to a wait - and - see attitude in the export market. Also, high caustic soda profits weaken the cost support of calcium carbide and ethylene. With the upcoming favorable policies for key industries, industrial products rose on the day. Technically, the daily K - line of V2601 should pay attention to the pressure around 4975 yuan/ton [3]. 3. Directory Summaries 3.1 Futures Market - The closing price of PVC futures is 4921 yuan/ton, up 45 yuan/ton; trading volume is 990,616 hands, up 346,696 hands; open interest is 1,200,474 hands, down 35,157 hands. The net long position of the top 20 futures holders is - 130,878 hands, up 19,831 hands [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC is 4995 yuan/ton, unchanged; the price of calcium - carbide - based PVC is 4701.54 yuan/ton, unchanged. In the South China region, the price of ethylene - based PVC is 4920 yuan/ton, unchanged; the price of calcium - carbide - based PVC is 4793.75 yuan/ton, up 3.12 yuan/ton. The CIF price of PVC in China is 700 dollars/ton, unchanged; the CIF price in Southeast Asia is 650 dollars/ton, unchanged; the FOB price in Northwest Europe is 690 dollars/ton, unchanged. The basis of PVC is - 211 yuan/ton, down 15 yuan/ton [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China is 2700 yuan/ton, up 50 yuan/ton; in North China, it is 2640 yuan/ton, unchanged; in Northwest China, it is 2438 yuan/ton, unchanged. The mainstream price of liquid chlorine in Inner Mongolia is - 575 yuan/ton, unchanged. The mid - price of VCM CFR in the Far East is 509 dollars/ton, up 6 dollars/ton; in Southeast Asia, it is 546 dollars/ton, up 7 dollars/ton. The mid - price of EDC CFR in the Far East is 189 dollars/ton, unchanged; in Southeast Asia, it is 201 dollars/ton, unchanged [3]. 3.4 Industry Situation - The weekly operating rate of PVC is 79.94%, up 2.81 percentage points; the operating rate of ethylene - based PVC is 81.31%, up 3.17 percentage points; the operating rate of calcium - carbide - based PVC is not clearly presented in a comparable way in the table. The total social inventory of PVC is 79.39 million tons, down 0.14 million tons [3]. 3.5 Downstream Situation - The social inventory of PVC in the East China region is 47.83 million tons, up 0.02 million tons; in the South China region, it is 5.33 million tons, down 0.16 million tons. The national real - estate climate index is 93.34, down 0.26. The cumulative value of new housing construction area is 352.06 million square meters, up 48.4168 million square meters; the cumulative value of real - estate construction area is 6.38731 billion square meters, up 54.0957 million square meters; the cumulative value of real - estate development investment is 2810.593 billion yuan, up 363.043 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC is 8.81%, down 0.07 percentage points; the 40 - day historical volatility is 20.28%, down 0.01 percentage points. The implied volatility of at - the - money put options is 14.98%, down 0.06 percentage points; the implied volatility of at - the - money call options is 14.98%, down 0.05 percentage points [3]. 3.7 Industry News - On September 15th, the spot price of East China PVCSG5 rose by 20 - 60 yuan/ton compared to last Friday, ranging from 4620 - 4800 yuan/ton. From September 6th to 12th, China's PVC capacity utilization was 79.94%, up 2.81% from the previous period. As of September 11th, the PVC social inventory increased by 1.75% to 934,200 tons. Last week, the downstream operating rate of PVC increased by 4% to 47.5%, with the pipe operating rate up 4.13% to 37.61% and the profile operating rate up 0.83% to 39.22% [3].