Group 1: Report Industry Investment Rating - Not provided in the document Group 2: Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A low - buy and high - sell range strategy is maintained, but it's advisable to wait and see for now to test OPEC's export price - support willingness [3] - For methanol, the port price is falling rapidly, the inventory is high and hard to deplete, supply is increasing while demand is weakening. With the unfulfilled expectation of overseas winter production cuts, if the high - inventory problem persists, there may be a further decline in the market. It's recommended to wait and see [6] - For urea, supply and demand are both increasing, but the market is still in a relatively loose pattern. The price has limited upside and downside potential, so it's advisable to wait and see [9] - For rubber, when the price approaches the previous low, it's recommended to set a stop - loss and conduct short - term long trades. Also, partial position - building is suggested for the hedging strategy of buying RU2601 and selling RU2609 [15] - For PVC, the supply is strong while demand is weak, with poor export expectations. There is a continuous inventory accumulation pressure, and it's advisable to look for short - selling opportunities in the medium term [16] - For pure benzene and styrene, the BZN spread has a large upward repair space. The port inventory of styrene is decreasing, and the price may stop falling temporarily [20] - For polyethylene, the price may maintain a low - level oscillation. The long - term contradiction has shifted from cost - driven decline to South Korea's ethylene clearance policy [23] - For polypropylene, in the context of weak supply and demand, the high inventory pressure and cost - side supply surplus pattern suppress the market, and there is no prominent short - term contradiction [26] - For PX, in November, PXN is under pressure, but it is supported by aromatics blending for gasoline and the long - term supply - demand structure. It's recommended to wait and see [29] - For PTA, the supply - side maintenance is expected to increase, and there may be inventory depletion in November, but the processing fee expansion is limited. Attention should be paid to the opportunity of processing fee repair [31] - For ethylene glycol, the supply is high, imports are increasing, and the port is accumulating inventory. It's recommended to short - sell on rallies [34] Group 3: Summaries by Related Catalogs Crude Oil - **Market Information**: The main INE crude oil futures closed down 1.70 yuan/barrel, a 0.37% decline, at 463.50 yuan/barrel. China's weekly crude oil data showed a 2.40 - million - barrel inventory reduction to 210.04 million barrels, a 1.13% decline. Gasoline, diesel, and total refined oil inventories increased [2] - **Strategy Viewpoint**: Although the geopolitical premium has disappeared and OPEC's production increase is small, short - term oil prices should not be overly bearish. A low - buy and high - sell range strategy is maintained, but it's advisable to wait and see to test OPEC's export price - support willingness [3] Methanol - **Market Information**: The price in Taicang dropped 22 yuan, Inner Mongolia dropped 12.5 yuan, and Lunan dropped 30 yuan. The 01 contract on the futures market dropped 28 yuan to 2115 yuan/ton, with a basis of - 35. The 1 - 5 spread changed by - 14 to - 110 [5] - **Strategy Viewpoint**: The port price is falling rapidly, the inventory is high and hard to deplete, supply is increasing while demand is weakening. If the high - inventory problem persists, there may be a further decline in the market. It's recommended to wait and see [6] Urea - **Market Information**: The spot price in Shandong increased by 10 yuan, Henan increased by 10 yuan, and Hubei decreased by 10 yuan. The 01 contract on the futures market increased by 7 yuan to 1630 yuan, with a basis of - 70. The 1 - 5 spread increased by 6 to - 80 [8] - **Strategy Viewpoint**: Supply and demand are both increasing, but the market is still in a relatively loose pattern. The price has limited upside and downside potential, so it's advisable to wait and see [9] Rubber - **Market Information**: The rubber price returned to near the starting point and was in a weak consolidation. As of October 30, 2025, the operating rate of all - steel tires in Shandong was 65.33%, up 0.04 percentage points from the previous week and 3.23 percentage points from the same period last year. The operating rate of semi - steel tires was 74.69%, up 0.20 percentage points from the previous week and down 4.27 percentage points from the same period last year. As of October 26, 2025, China's natural rubber social inventory was 103.89 tons, a 1% decline [12][13] - **Strategy Viewpoint**: When the price approaches the previous low, it's recommended to set a stop - loss and conduct short - term long trades. Also, partial position - building is suggested for the hedging strategy of buying RU2601 and selling RU2609 [15] PVC - **Market Information**: The PVC01 contract dropped 10 yuan to 4670 yuan. The spot price of Changzhou SG - 5 was 4560 yuan/ton, a 10 - yuan drop. The basis was - 110 yuan, unchanged. The 1 - 5 spread was - 299 yuan, a 3 - yuan increase. The overall operating rate was 78.3%, up 1.7%. Factory inventory increased by 0.4 tons to 33.8 tons, and social inventory decreased by 0.5 tons to 103 tons [15] - **Strategy Viewpoint**: The supply is strong while demand is weak, with poor export expectations. There is a continuous inventory accumulation pressure, and it's advisable to look for short - selling opportunities in the medium term [16] Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene in East China dropped 28 yuan/ton to 5410 yuan/ton, and the active contract closed at 5438 yuan/ton, a 28 - yuan drop. The spot price of styrene remained unchanged at 6450 yuan/ton, and the active contract closed at 6354 yuan/ton, a 92 - yuan drop. The upstream operating rate was 66.72%, a 2.53% decline, and the Jiangsu port inventory decreased by 0.95 tons to 19.30 tons [19] - **Strategy Viewpoint**: The BZN spread has a large upward repair space. The port inventory of styrene is decreasing, and the price may stop falling temporarily [20] Polyethylene - **Market Information**: The main contract closed at 6879 yuan/ton, a 9 - yuan drop. The spot price remained unchanged at 6980 yuan/ton. The upstream operating rate was 81.28%, a 0.56% decline. The production enterprise inventory decreased by 1.49 tons to 51.46 tons, and the trader inventory decreased by 0.04 tons to 5.00 tons [22] - **Strategy Viewpoint**: The price may maintain a low - level oscillation. The long - term contradiction has shifted from cost - driven decline to South Korea's ethylene clearance policy [23] Polypropylene - **Market Information**: The main contract closed at 6560 yuan/ton, a 16 - yuan drop. The spot price remained unchanged at 6640 yuan/ton. The upstream operating rate was 75.17%, a 0.16% increase. The production enterprise inventory decreased by 4.02 tons to 63.85 tons, the trader inventory decreased by 1.86 tons to 22.00 tons, and the port inventory decreased by 0.11 tons to 6.68 tons [24] - **Strategy Viewpoint**: In the context of weak supply and demand, the high inventory pressure and cost - side supply surplus pattern suppress the market, and there is no prominent short - term contradiction [26] PX - **Market Information**: The PX01 contract increased by 20 yuan to 6660 yuan. The PX CFR dropped 3 dollars to 816 dollars. The Chinese PX operating rate was 87%, a 1.1% increase, and the Asian operating rate was 78.1%, a 0.4% decline [28] - **Strategy Viewpoint**: In November, PXN is under pressure, but it is supported by aromatics blending for gasoline and the long - term supply - demand structure. It's recommended to wait and see [29] PTA - **Market Information**: The PTA01 contract increased by 8 yuan to 4604 yuan. The East China spot price dropped 15 yuan/ton to 4520 yuan. The PTA operating rate was 78%, a 0.8% decline. The downstream operating rate was 91.7%, a 0.3% increase [30] - **Strategy Viewpoint**: The supply - side maintenance is expected to increase, and there may be inventory depletion in November, but the processing fee expansion is limited. Attention should be paid to the opportunity of processing fee repair [31] Ethylene Glycol - **Market Information**: The EG01 contract dropped 69 yuan to 3901 yuan. The East China spot price dropped 62 yuan to 4002 yuan. The supply - side operating rate was 76.2%, a 2.9% increase. The port inventory increased by 3.9 tons to 56.2 tons [33] - **Strategy Viewpoint**: The supply is high, imports are increasing, and the port is accumulating inventory. It's recommended to short - sell on rallies [34]