Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - For oil prices, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, it's not advisable to be overly bearish in the short - term. A range strategy of buying low and selling high is maintained, but it's recommended to wait and see as the OPEC's export price - support intention needs to be tested [3] - For methanol, due to slow import unloading, slowed port inventory accumulation, and potential supply disruptions from winter gas - head device shutdowns, the downward momentum of the futures price is expected to be limited. It's recommended to wait and see [6] - For urea, with supply - side device maintenance resuming and demand - side compound fertilizer production increasing, the inventory build - up speed has slowed. Although consumption lacks positive factors, there are still some potential positive factors in the future. It's recommended to wait and see or consider long - position opportunities at low prices [10] - For rubber, the upward momentum driven by the typhoon will weaken. With different views from bulls and bears, it's recommended to gradually exit short - term long positions, wait and see, and partially build positions for the hedging strategy of buying RU2601 and selling RU2609 [12][13][17] - For PVC, the supply - demand situation is poor with strong supply and weak demand. Although the valuation has declined to a low level, it's difficult to support the current situation. It's recommended to consider short - position opportunities in the medium - term [20] - For pure benzene and styrene, the BZN spread has room for upward repair. The port inventory of styrene is at a high level, and its price may stop falling periodically. It's recommended to wait and see [23] - For polyethylene, the cost - side supports the rebound of crude oil prices. The inventory is being reduced from a high level, and the price may maintain a low - level oscillation. It's recommended to wait and see [26] - For polypropylene, under the background of weak supply and demand, the inventory pressure is high. The cost - side supply surplus suppresses the futures price. It's recommended to wait and see [29] - For PX, with high load and difficult inventory reduction, and PTA's low processing fee having a potential negative feedback risk, it's recommended to wait and see [30] - For PTA, short - term supply will accumulate slightly, and the processing fee is difficult to expand. With potential negative feedback risks, it's recommended to wait and see [31][32] - For ethylene glycol, the supply is high, and the inventory is expected to accumulate in the fourth quarter. It's recommended to consider short - position opportunities [33] Group 3: Summary by Relevant Catalogs Crude Oil - **Market Information**: The main crude oil futures contract on INE closed up 10.90 yuan/barrel, a 2.40% increase, at 464.90 yuan/barrel. European ARA weekly data showed that the total refined oil inventory decreased by 2.44 million barrels to 43.83 million barrels, a 5.28% decrease [2] - **Strategy Viewpoint**: Although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, it's not advisable to be overly bearish in the short - term. A range strategy of buying low and selling high is maintained, but it's recommended to wait and see as the OPEC's export price - support intention needs to be tested [3] Methanol - **Market Information**: The price in Taicang decreased by 10 yuan, remained stable in Inner Mongolia, decreased by 2.5 yuan in southern Shandong. The 01 contract on the futures market decreased by 32 yuan, at 2272 yuan/ton, with a basis of - 44. The 1 - 5 spread changed by - 8, at - 45 [5] - **Strategy Viewpoint**: Due to slow import unloading, the port inventory accumulation has slowed. The current port inventory is 151.22 tons, a 2.08 - ton increase. The domestic production has declined, and the overall traditional demand has weakened. Although there are potential positive factors, it's recommended to wait and see [6] Urea - **Market Information**: The spot price increased by 20 yuan in Shandong and Henan, remained stable in Hubei. The 01 contract on the futures market increased by 4 yuan, at 1642 yuan, with a basis of - 82. The 1 - 5 spread changed by - 5, at - 77 [8] - **Strategy Viewpoint**: With supply - side device maintenance resuming and demand - side compound fertilizer production increasing, the inventory build - up speed has slowed. Although consumption lacks positive factors, there are still some potential positive factors in the future. It's recommended to wait and see or consider long - position opportunities at low prices [10] Rubber - **Market Information**: The rubber price rose due to the typhoon and positive factors in the stock market, but the positive impact of the typhoon will weaken. Bulls and bears have different views on the market [12][13] - **Strategy Viewpoint**: It's recommended to gradually exit short - term long positions, wait and see, and partially build positions for the hedging strategy of buying RU2601 and selling RU2609 [17] PVC - **Market Information**: The 01 contract decreased by 22 yuan, at 4708 yuan. The spot price of Changzhou SG - 5 was 4600 yuan/ton, a 10 - yuan decrease. The basis was - 108 yuan/ton, a 12 - yuan increase. The 1 - 5 spread was - 299 yuan/ton, a 1 - yuan increase. The overall production rate was 76.6%, a 0.1% decrease. The factory inventory was 33.4 tons, a 2.7 - ton decrease, and the social inventory was 103.5 tons, a 0.1 - ton increase [17] - **Strategy Viewpoint**: The supply - demand situation is poor with strong supply and weak demand. Although the valuation has declined to a low level, it's difficult to support the current situation. It's recommended to consider short - position opportunities in the medium - term [20] Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene decreased by 12 yuan/ton, and the futures price also decreased. The spot price of styrene increased by 100 yuan/ton, while the futures price decreased. The BZN spread decreased by 11.63 yuan/ton, and the EB non - integrated device profit decreased by 5 yuan/ton [22] - **Strategy Viewpoint**: The BZN spread has room for upward repair. The port inventory of styrene is at a high level, and its price may stop falling periodically [23] Polyethylene - **Market Information**: The main contract's closing price decreased by 30 yuan/ton, the spot price increased by 15 yuan/ton, and the basis strengthened by 45 yuan/ton. The upstream production rate was 81.28%, a 0.56% decrease. The production enterprise inventory decreased by 1.49 tons, and the trader inventory decreased by 0.04 tons [25] - **Strategy Viewpoint**: The cost - side supports the rebound of crude oil prices. The inventory is being reduced from a high level, and the price may maintain a low - level oscillation [26] Polypropylene - **Market Information**: The main contract's closing price decreased by 29 yuan/ton, the spot price decreased by 15 yuan/ton, and the basis strengthened by 14 yuan/ton. The upstream production rate was 75.17%, a 0.16% increase. The production enterprise inventory decreased by 4.02 tons, the trader inventory decreased by 1.86 tons, and the port inventory decreased by 0.11 tons [28] - **Strategy Viewpoint**: Under the background of weak supply and demand, the inventory pressure is high. The cost - side supply surplus suppresses the futures price [29] PX - **Market Information**: The 01 contract increased by 26 yuan, at 6522 yuan. The PX CFR increased by 4 dollars, at 815 dollars. The Chinese load was 85.9%, a 1% increase, and the Asian load was 78.5%, a 0.5% increase. The PTA load was 78.8%, a 2.8% increase [29] - **Strategy Viewpoint**: With high load and difficult inventory reduction, and PTA's low processing fee having a potential negative feedback risk, it's recommended to wait and see [30] PTA - **Market Information**: The 01 contract increased by 10 yuan, at 4518 yuan. The spot price in East China increased by 25 yuan, at 4450 yuan. The PTA load was 78.8%, a 2.8% increase. The downstream load was 91.4%, unchanged. The social inventory on October 17 was 217.6 tons, a 1.6 - ton increase [30] - **Strategy Viewpoint**: Short - term supply will accumulate slightly, and the processing fee is difficult to expand. With potential negative feedback risks, it's recommended to wait and see [31][32] Ethylene Glycol - **Market Information**: The 01 contract decreased by 18 yuan, at 4077 yuan. The spot price in East China increased by 14 yuan, at 4187 yuan. The supply - side load was 73.3%, a 3.7% decrease. The port inventory was 57.9 tons, a 3.8 - ton increase [32] - **Strategy Viewpoint**: The supply is high, and the inventory is expected to accumulate in the fourth quarter. It's recommended to consider short - position opportunities [33]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For oil prices, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet expanding, it's not advisable to be overly bearish in the short - term. A range - trading strategy of buying low and selling high is maintained, but it's recommended to wait and see for now and verify OPEC's export price - support intention when oil prices fall [2]. - For methanol, the import unloading process is slow, port inventory accumulation has slowed. The market's key contradiction is the unexpected import reduction. There are potential bullish factors, and it's recommended to wait and see [3]. - For urea, the supply - side device maintenance is over, and demand from compound fertilizer production has increased. High inventory has reduced price volatility, and it's recommended to wait and see or consider long - position opportunities on dips [7]. - For rubber, prices have risen due to typhoon and stock - market factors. Bulls and bears hold different views. It's recommended to set a stop - loss for short - term long positions and partially build positions for the RU2601 - RU2609 spread hedge [9][10][12]. - For PVC, the supply - demand situation is poor with strong supply and weak demand, and it's recommended to consider short - position opportunities on rallies in the medium - term [16]. - For pure benzene and styrene, the BZN spread has room for upward repair. Styrene port inventory is high, but prices may stop falling in stages [19]. - For polyethylene, prices may remain range - bound at low levels. Cost - side support has emerged, but high - level warehouse receipts suppress the market [22]. - For polypropylene, in a situation of weak supply and demand, high inventory and high - level warehouse receipts suppress the market [25]. - For PX, the load is high, and it's difficult to reduce inventory. It mainly follows oil price fluctuations, and it's recommended to wait and see [26]. - For PTA, the supply is increasing slightly, and demand shows signs of weakness. It's recommended to wait and see [27]. - For ethylene glycol, the industry is expected to continue to accumulate inventory in the fourth quarter, and it's recommended to consider short - position opportunities on rallies [29]. 3. Summaries by Related Catalogs Energy - **Market Quotes**: INE's main crude oil futures rose 11.00 yuan/barrel, or 2.52%. High - sulfur fuel oil futures rose 56.00 yuan/ton, or 2.13%, and low - sulfur fuel oil futures rose 71.00 yuan/ton, or 2.32%. US EIA data showed that commercial crude oil inventories decreased by 0.96 million barrels to 422.82 million barrels, SPR increased by 0.82 million barrels to 408.56 million barrels, gasoline inventories decreased by 2.15 million barrels to 216.68 million barrels, diesel inventories decreased by 1.48 million barrels to 115.55 million barrels, fuel oil inventories increased by 0.50 million barrels to 21.93 million barrels, and aviation kerosene inventories decreased by 1.49 million barrels to 42.93 million barrels [1]. Methanol - **Market Quotes**: On October 24, 2025, the price in Taicang increased by 6 yuan, that in Inner Mongolia increased by 2.5 yuan, and that in southern Shandong remained stable. The 01 - contract price on the futures market increased by 31 yuan to 2292 yuan/ton, and the basis was - 44. The 1 - 5 spread increased by 2 to - 37 [2]. - **Strategy**: Import unloading is slow, port inventory accumulation has slowed. The current port inventory is 151.22 tons, a week - on - week increase of 2.08 tons. Domestic production has declined, and port olefin production has remained stable. Traditional demand has generally weakened. It's recommended to wait and see [3]. Urea - **Market Quotes**: On October 24, 2025, the spot price in Shandong, Henan, and Hubei increased by 10 yuan. The 01 - contract price on the futures market increased by 17 yuan to 1638 yuan, and the basis was - 98. The 1 - 5 spread decreased by 2 to - 72 [5]. - **Strategy**: Supply - side device maintenance is over, and demand from compound fertilizer production has increased. Enterprises' inventory accumulation has slowed, with the current inventory at 163.02 tons, a week - on - week increase of 1.48 tons. It's recommended to wait and see or consider long - position opportunities on dips [7]. Rubber - **Market Quotes**: On October 24, 2025, rubber prices rose due to typhoon and stock - market factors. The typhoon affected rubber - producing areas in Hainan, Yunnan, Vietnam, and Thailand [9]. - **Strategy**: Bulls believe in limited production growth, seasonal price increases, and improved demand in China. Bears are concerned about macro - uncertainty, seasonal weak demand, and potential under - performance of supply - side positives. It's recommended to set a stop - loss for short - term long positions and partially build positions for the RU2601 - RU2609 spread hedge [10][12]. PVC - **Market Quotes**: On October 24, 2025, the PVC01 contract rose 11 yuan to 4730 yuan. The spot price of Changzhou SG - 5 was 4610 (+10) yuan/ton, the basis was - 120 (-1) yuan/ton, and the 1 - 5 spread was - 300 (+2) yuan/ton. The overall operating rate was 76.7%, a week - on - week decrease of 5.9%. Factory inventory was 36 tons (-2.3), and social inventory was 103.4 tons (-0.3) [14]. - **Strategy**: The enterprise's comprehensive profit has declined to a low level this year. Supply - side maintenance is limited, production is at a historical high, and new devices are about to start trial operation. Domestic demand is weak, and export expectations are poor. It's recommended to consider short - position opportunities on rallies in the medium - term [16]. Pure Benzene and Styrene - **Market Quotes**: On October 24, 2025, the spot price of pure benzene in East China was 5560 yuan/ton, a decrease of 44 yuan/ton. The closing price of the active contract was 5604 yuan/ton, a decrease of 44 yuan/ton. The spot price of styrene was 6600 yuan/ton, an increase of 100 yuan/ton. The closing price of the active contract was 6545 yuan/ton, an increase of 7 yuan/ton. The upstream operating rate was 71.88%, a decrease of 1.73%. Jiangsu port inventory increased by 0.60 tons to 20.25 tons [18]. - **Strategy**: The BZN spread has room for upward repair. Styrene port inventory is high, but prices may stop falling in stages [19]. Polyethylene - **Market Quotes**: On October 24, 2025, the closing price of the main contract was 6999 yuan/ton, an increase of 63 yuan/ton. The spot price was 7000 yuan/ton, an increase of 30 yuan/ton. The upstream operating rate was 80.98%, a decrease of 0.09%. Production enterprise inventory decreased by 1.49 tons to 51.46 tons, and trader inventory decreased by 0.04 tons to 5.00 tons [21]. - **Strategy**: Prices may remain range - bound at low levels. Cost - side support has emerged, but high - level warehouse receipts suppress the market [22]. Polypropylene - **Market Quotes**: On October 24, 2025, the closing price of the main contract was 6691 yuan/ton, an increase of 72 yuan/ton. The spot price was 6615 yuan/ton, an increase of 25 yuan/ton. The upstream operating rate was 75.3%, an increase of 0.7%. Production enterprise inventory decreased by 4.02 tons to 63.85 tons, trader inventory decreased by 1.86 tons to 22.00 tons, and port inventory decreased by 0.11 tons to 6.68 tons [24]. - **Strategy**: In a situation of weak supply and demand, high inventory and high - level warehouse receipts suppress the market [25]. PX, PTA, and MEG PX - **Market Quotes**: On October 24, 2025, the PX01 contract rose 46 yuan to 6496 yuan. The CFR price rose 13 dollars to 811 dollars. The Chinese operating rate was 84.9%, a decrease of 2.5%. The Asian operating rate was 78%, a decrease of 1.9%. Some devices were under maintenance. In mid - and early - October, South Korea's PX exports to China were 25.6 tons, an increase of 1.9 tons year - on - year [25]. - **Strategy**: The load is high, and it's difficult to reduce inventory. It mainly follows oil price fluctuations, and it's recommended to wait and see [26]. PTA - **Market Quotes**: On October 24, 2025, the PTA01 contract rose 26 yuan to 4508 yuan. The East - China spot price rose 55 yuan to

Group 1: Report Core Views - Although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not surging, oil prices are not easy to be overly bearish in the short - term. A range strategy of buying low and selling high is maintained, but it is recommended to wait and see for now [2] - For methanol, the import unloading is delayed, leading to a short - term decline in arrivals and a reduction in port inventory. Domestic supply drops slightly, coal prices rebound, and demand remains weak. The pattern of high inventory and weak reality persists, and it is advisable to wait and see, with potential upward drivers from winter gas restrictions [4] - Regarding urea, short - term malfunctioning devices increase, production declines, and demand is weak. The price is at a low level with low valuation, and it is expected to fluctuate within a narrow range. It is recommended to wait and see or consider long - position opportunities on dips [7] - Rubber prices are rising due to typhoons and stock market bullishness. Bulls and bears have different views. It is recommended to set stop - losses for short - term long positions and partially build positions for the RU2601 - RU2609 spread [12][14] - For PVC, the enterprise's comprehensive profit is at a low level, supply is high, demand is weak, and export expectations are poor. It is recommended to consider short - position opportunities on rallies [15] - In the case of pure benzene and styrene, the cost side shows a potential supply surplus. The BZN spread has room for upward repair, and styrene prices may stop falling stage - by - stage [19] - For polyethylene, the cost side supports the price, but high - level warehouse receipts suppress the market. It is expected to maintain a low - level oscillation [22] - For polypropylene, the cost side may face an expanding supply surplus, supply pressure is high, and it is in a situation of weak supply and demand with high inventory [25] - For PX, the load is high, downstream PTA has many short - term overhauls, and it is recommended to wait and see for now [28] - For PTA, the supply side may accumulate inventory slightly, demand is showing signs of weakness, and it is recommended to wait and see [29] - For ethylene glycol, the supply is high, imports are increasing, and ports are accumulating inventory. It is recommended to consider short - position opportunities on rallies [31] Group 2: Industry Investment Ratings - No industry investment ratings are provided in the report Group 3: Market Information Summaries Crude Oil - INE's main crude oil futures rose 11.00 yuan/barrel, a 2.52% increase, to 447.20 yuan/barrel. Related refined oil futures also had price increases [9] Methanol - The price in Taicang decreased by 20 yuan, in Inner Mongolia increased by 10 yuan, and remained stable in southern Shandong. The 01 - contract of the futures market decreased by 7 yuan to 2261 yuan/ton, with a basis of - 19 [3] Urea - Spot prices in Shandong and Henan remained stable. The 01 - contract of the futures market increased by 12 yuan to 1621 yuan, with a basis of - 91 [6] Rubber - Rubber prices rose due to the influence of Typhoon Fengshen on major production areas. As of October 16, 2025, the operating load of all - steel tires in Shandong increased by 18.70 percentage points week - on - week, and that of semi - steel tires increased by 23.50 percentage points week - on - week [12] PVC - The 01 - contract of PVC rose 20 yuan to 4719 yuan. The overall operating rate was 76.7%, a 5.9% decrease from the previous period. Factory and social inventories decreased [14] Pure Benzene and Styrene - The spot price of pure benzene decreased by 118 yuan/ton, and the futures price also decreased. The spot price of styrene increased by 50 yuan/ton, and the futures price increased by 100 yuan/ton [18] Polyethylene - The main - contract closing price of polyethylene rose 53 yuan/ton to 6936 yuan/ton, and the spot price rose 25 yuan/ton. The upstream operating rate decreased slightly, and inventories decreased [21] Polypropylene - The main - contract closing price of polypropylene rose 36 yuan/ton to 6619 yuan/ton, and the spot price remained unchanged. The upstream operating rate decreased, and inventories decreased [23] PX - The 01 - contract of PX rose 118 yuan to 6450 yuan. The Asian and Chinese operating loads decreased. Some domestic and overseas devices were under maintenance [27] PTA - The 01 - contract of PTA rose 68 yuan to 4482 yuan. The operating load increased by 1.6%, and downstream load decreased slightly. Social inventory increased [28] Ethylene Glycol - The 01 - contract of ethylene glycol rose 47 yuan to 4051 yuan. The supply - side operating load increased, downstream load decreased slightly, and port inventory increased [30]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For crude oil, although the geopolitical premium has disappeared and OPEC's production increase is minimal with supply not yet surging, short - term oil prices are not advisable to be overly bearish. A low - buy and high - sell range strategy is maintained, but it is recommended to wait and see for now, waiting for a decline in OPEC exports when oil prices fall for verification [3]. - For methanol, with reduced import disturbances, prices are expected to return to be priced by its own fundamentals. Supply is high due to increased domestic production and rising imports, while demand is weak. Although the current fundamental situation is weak, short - selling is not cost - effective, and it is recommended to wait and see [5]. - For urea, domestic supply has returned with increased production, and demand is weak in the off - season. It is in a state of low valuation and weak drive, and it is recommended to wait and see [7]. - For rubber, macro disturbances may temporarily decrease, and rubber prices have stabilized in the short term. It is recommended to set stop - losses, buy on dips for short - term trading, and partially build positions for the hedge of buying RU2601 and selling RU2609 [13]. - For PVC, the supply is strong while demand is weak, and export expectations are poor. Although the valuation has declined to a low level, it is still difficult to support the weak supply - demand situation, and it is recommended to short on rallies in the medium term [14]. - For pure benzene and styrene, the cost of pure benzene is high, and the supply of benzene styrene is increasing while demand is declining. Port inventories are being depleted, and benzene styrene prices may stop falling in the short term [18]. - For polyethylene, the cost support has weakened, and although the valuation decline space is limited, high - level warehouse receipts suppress the market. It is expected to maintain a low - level oscillation [21]. - For polypropylene, the cost end is expected to have an oversupply situation, and there is high inventory pressure with weak supply and demand. It is recommended to wait and see [23]. - For PX, the load is high, and the downstream PTA has many unexpected overhauls. The inventory accumulation cycle is expected to continue, and it is recommended to wait and see [26]. - For PTA, the supply overhaul volume is high, and the de - stocking pattern continues, but the processing fee space is limited. The demand is expected to remain high, but the terminal shows signs of weakness. It is recommended to wait and see [27]. - For ethylene glycol, the supply is high, imports are increasing, and inventories are expected to accumulate in the fourth quarter. The valuation is relatively high, and it is recommended to short on rallies [31]. 3. Summaries by Relevant Catalogs Crude Oil - **Market Information**: The main INE crude oil futures closed down 8.10 yuan/barrel, a 1.79% decline, at 443.70 yuan/barrel. Singapore's ESG oil product weekly data showed gasoline inventory decreased by 1.90 million barrels to 11.49 million barrels, diesel inventory increased by 0.26 million barrels to 10.06 million barrels, fuel oil inventory decreased by 0.89 million barrels to 23.67 million barrels, and total refined oil inventory decreased by 2.53 million barrels to 45.22 million barrels [2]. - **Strategy View**: Although the geopolitical premium has disappeared and OPEC's production increase is minimal with supply not yet surging, short - term oil prices are not advisable to be overly bearish. A low - buy and high - sell range strategy is maintained, but it is recommended to wait and see for now, waiting for a decline in OPEC exports when oil prices fall for verification [3]. Methanol - **Market Information**: The price in Taicang increased by 32 yuan, Inner Mongolia decreased by 5 yuan, and Lunan decreased by 10 yuan. The 01 - contract on the futures market increased by 24 yuan, at 2298 yuan/ton, and the basis changed from negative to positive at +19. The 1 - 5 spread changed by +13, at - 13 [4]. - **Strategy View**: With reduced import disturbances, prices are expected to return to be priced by its own fundamentals. Supply is high due to increased domestic production and rising imports, while demand is weak. Although the current fundamental situation is weak, short - selling is not cost - effective, and it is recommended to wait and see [5]. Urea - **Market Information**: Spot prices in Shandong and Henan remained stable. The 01 - contract on the futures market increased by 3 yuan, at 1600 yuan, and the basis was - 50. The 1 - 5 spread changed by - 6, at - 74 [7]. - **Strategy View**: Domestic supply has returned with increased production, and demand is weak in the off - season. It is in a state of low valuation and weak drive, and it is recommended to wait and see [7]. Rubber - **Market Information**: Rubber prices were oscillating and showed signs of stabilization. The long - side of natural rubber RU was bullish due to seasonal and demand expectations, while the short - side was bearish due to weak demand. Tire开工率 decreased during the National Day holiday, and the social inventory of natural rubber in China decreased by 0.77 million tons to 108 million tons as of October 12, 2025 [10][11]. - **Strategy View**: Macro disturbances may temporarily decrease, and rubber prices have stabilized in the short term. It is recommended to set stop - losses, buy on dips for short - term trading, and partially build positions for the hedge of buying RU2601 and selling RU2609 [13]. PVC - **Market Information**: The PVC01 contract decreased by 15 yuan, at 4677 yuan. The spot price of Changzhou SG - 5 was 4580 yuan/ton, and the basis was - 97 (+15) yuan/ton. The 1 - 5 spread was - 314 (+2) yuan/ton. The overall PVC operating rate was 82.6%, a 1.2% increase, and factory and social inventories increased [13]. - **Strategy View**: The supply is strong while demand is weak, and export expectations are poor. Although the valuation has declined to a low level, it is still difficult to support the weak supply - demand situation, and it is recommended to short on rallies in the medium term [14]. Pure Benzene and Styrene - **Market Information**: The cost of East China pure benzene was 5590 yuan/ton, a 35 - yuan/ton decrease. The spot price of styrene was 6550 yuan/ton, a 50 - yuan/ton decrease. The closing price of the active styrene contract was 6540 yuan/ton, a 4 - yuan decrease. The basis was 10 yuan/ton, a 46 - yuan weakening. The supply - side upstream operating rate was 73.61%, a 0.41% increase, and Jiangsu port inventory decreased by 0.54 million tons [17]. - **Strategy View**: The cost of pure benzene is high, and the supply of benzene styrene is increasing while demand is declining. Port inventories are being depleted, and benzene styrene prices may stop falling in the short term [18]. Polyethylene - **Market Information**: The closing price of the main contract was 6910 yuan/ton, an 8 - yuan decrease. The spot price was 7035 yuan/ton, unchanged. The basis was 125 yuan/ton, a 8 - yuan strengthening. The upstream operating rate was 81.1%, a 0.28% decrease, and inventories of production enterprises and traders increased [20]. - **Strategy View**: The cost support has weakened, and although the valuation decline space is limited, high - level warehouse receipts suppress the market. It is expected to maintain a low - level oscillation [21]. Polypropylene - **Market Information**: The closing price of the main contract was 6595 yuan/ton, a 7 - yuan decrease. The spot price was 6650 yuan/ton, unchanged. The basis was 55 yuan/ton, a 7 - yuan strengthening. The upstream operating rate was 77.06%, a 1.46% decrease, and inventories of production enterprises, traders, and ports increased [22]. - **Strategy View**: The cost end is expected to have an oversupply situation, and there is high inventory pressure with weak supply and demand. It is recommended to wait and see [23]. PX, PTA, and MEG PX - **Market Information**: The PX01 contract decreased by 26 yuan, at 6312 yuan. PX CFR increased by 8 dollars, at 787 dollars. The basis was 128 yuan (+89). The 1 - 3 spread was - 16 yuan (unchanged). The Chinese PX load was 87.4%, a 1% increase, and the Asian load was 79.9%, a 1.9% increase. Some domestic and overseas plants restarted or underwent maintenance [25]. - **Strategy View**: Currently, the PX load remains high, and the downstream PTA has many unexpected overhauls in the short term. The inventory accumulation cycle is expected to continue. Although the valuation is at a neutral - low level, there is limited downward space. It is recommended to wait and see, paying attention to changes in the terminal and PTA valuations [26]. PTA - **Market Information**: The PTA01 contract decreased by 18 yuan, at 4422 yuan. The East China spot price decreased by 55 yuan, at 4325 yuan. The basis was - 85 yuan (- 3). The 1 - 5 spread was - 60 yuan (- 2). The PTA load was 74.4%, a 2.7% decrease. Some plants adjusted their loads. Social inventory increased by 5.3 million tons on October 10 [26]. - **Strategy View**: In the future, the supply overhaul volume remains high, and the de - stocking pattern continues, but the processing fee space is limited. The demand for polyester fiber has low inventory and profit pressure, and the load is expected to remain high, but the terminal shows signs of weakness. It is recommended to wait and see [27]. MEG - **Market Information**: The EG01 contract decreased by 4 yuan, at 4057 yuan. The East China spot price decreased by 31 yuan, at 4114 yuan. The basis was 65 yuan (- 3). The 1 - 5 spread was - 86 yuan (+2). The supply - side EG load was 75.1%, a 1.6% increase. Some domestic and overseas plants adjusted their loads. Port inventory increased by 3.4 million tons [27][30]. - **Strategy View**: In terms of industry fundamentals, the operating loads of domestic and overseas plants are high, domestic supply is large, imports are increasing, and ports are turning to inventory accumulation. In the medium term, with concentrated imports and expected high domestic loads, along with the gradual commissioning of new plants, inventory is expected to continue to accumulate in the fourth quarter. The current valuation is still relatively high year - on - year, and there is pressure to continuously compress the valuation. It is recommended to short on rallies [31].