Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Demand for logs is picking up, prices are rising, with increased outbound shipments, normal supply, reduced port inventories, and rising shipping costs contributing to the price rebound. The 2026 government work report aims to stabilize expectations, adjust the structure, prevent risks, and promote reforms, with a more pragmatic GDP growth target and an increased scale of policy - based financial instruments [1][3] Group 3: Summary of Each Section Fundamental Tracking - **Futures Contracts**: For the 2605 contract, the closing price was 823 on March 24, 2026, with a daily increase of 0.1% and a weekly increase of 2.1%. The trading volume decreased by 52.4% daily and increased by 4% weekly, while the open interest increased by 1.7% daily and 22% weekly. Similar data is presented for the 2607 and 2609 contracts [1] - **Spreads**: The spreads between different contracts showed various changes, such as the 2605 - 2607 spread changing from - 1.5 to 1.5, a - 200.0% daily change and - 130% weekly change [1] - **Log Spot Market**: Prices of different types of logs in Shandong and Jiangsu markets had different changes. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market increased by 1.3% daily and weekly [1] - **Timber Square Spot Market**: Prices of different types of timber squares in different regions remained mostly unchanged, with a 0.0% daily and weekly change in most cases [1] Macro and Industry News - Demand for logs is rising, outbound shipments are increasing rapidly, supply is at a normal level, port inventories are decreasing, and shipping costs are rising, leading to a rebound in log prices. The 2026 government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms, with a more practical GDP growth target and an increased scale of policy - based financial instruments [3] Trend Intensity - The trend intensity of logs is 1, indicating a relatively neutral to slightly positive outlook [4]

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report Polyester Sector - In the short - term, the supply - demand situation has no significant improvement, the rebound momentum of the polyester sector is limited, and the oil price affects the market fluctuation rhythm. It is necessary to pay attention to the OPEC+ meeting results [30]. - In the medium - to - long - term, the supply is expected to increase, the demand peak season is not significant, and the polyester sector is under overall pressure [30]. Methanol Sector - In the short - term, with the continuation of high supply, unresolved high port inventory, and weakened main demand support, methanol may continue to decline in a volatile manner [49]. - In the medium - to - long - term, the inflection point of port inventory is the core point of the market. If the medium - to - long - term signals are positive, methanol may rebound [49]. 3. Summary by Relevant Catalogs Polyester Sector Macro and Crude Oil Information - The Fed cut the federal funds rate target range by 25 basis points to 3.75% - 4.00% on October 30. The outlook for December's rate action is uncertain, and market risk appetite has weakened [5]. - China and the US reached a joint arrangement on economic and trade issues, which helps improve oil demand expectations [5]. - Russia's crude oil exports in October are expected to remain at about 2.33 million barrels per day, alleviating concerns about supply disruptions [5]. - As of the week ending October 24, US crude oil production increased, and commercial crude and refined product inventories decreased. OPEC+ may continue to increase production [6]. Futures and Spot Prices - WTI crude oil futures prices decreased by 2.40% week - on - week, while PX601, TA601, PF512, and PR601 futures prices increased [8]. - The spot prices of PX, PTA, and polyester products showed different changes, with PX and PTA prices rising [8]. Supply and Demand of Each Product - **PX**: Domestic PX capacity utilization and production increased this week. Next week, a 700,000 - tonne device of Dalian Fujia will restart, and supply is expected to continue to increase [15]. - **PTA**: Domestic PTA supply increased this week. Although some devices reduced production, new devices are about to be put into operation, and supply is expected to increase slightly next week [17]. - **Ethylene Glycol**: Domestic supply decreased this week, but is expected to increase next week. Port inventory increased slightly this week and may continue to accumulate next week [18]. - **Polyester End**: The average weekly polyester start - up rate increased slightly by 0.03 percentage points [19]. - **Polyester Inventory**: Short - fiber inventory increased slightly, while long - fiber inventory continued to decline [22]. - **Terminal**: As of October 31, the start - up rate of Jiangsu and Zhejiang looms increased, the order days of weaving enterprises increased, and the inventory of grey cloth decreased [28]. Methanol Sector Price Trends - The futures price of MA2601 decreased by 4.05% week - on - week, and the spot prices of methanol and its downstream products showed different changes [33]. Cost and Profit - The profits of coal - based and coke - oven gas - based methanol production continued to decline, while the profit of natural gas - based production was basically flat. The downstream gross profit continued to decline, and MTO remained in a deep loss state [39]. Supply - As of October 30, the domestic methanol start - up rate was 86.7%, and production increased. This week, the number of returning devices was greater than that of overhauled devices. Next week, some devices are planned to resume production, and there are no new overhaul plans [42]. Demand - Affected by profit squeeze, the overall demand start - up load continued to weaken. The MTO start - up load decreased slightly, and there is still an overhaul expectation in the next period. The traditional downstream was generally flat [45]. Inventory - As of October 29, port inventory decreased slightly, while inland inventory increased. Port inventory remained stable at a high level, and inland inventory accumulated but was still at a low level compared to previous years [48].

Core Insights - The UAE Energy Minister emphasizes that OPEC is making every effort to manage oil supply but requires assistance from others and must remain vigilant regarding demand recovery [1] Group 1 - OPEC is actively working to address oil supply challenges [1] - There is a noted recovery in demand for oil, which could become alarming if not addressed through investment [1] - The need for external support in managing oil supply and demand dynamics is highlighted [1]