Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - V2601 fluctuated slightly, closing at 4489 yuan/ton. Last week, Shandong Xinfa's 250,000 - ton calcium carbide - based PVC plant restarted, and the operating load of some plants was adjusted. The domestic PVC capacity utilization rate increased slightly. [3] - The downstream operating rate continued to decline, with the operating rates of pipes and profiles both decreasing. The social inventory increased slightly, with high pressure. [3] - The cost decreased due to the price drop of upstream raw materials, but the losses of ethylene - based and calcium carbide - based processes deepened because the spot price of PVC dropped more significantly. [3] - Henan Lianchuang's 400,000 - ton plant is expected to restart this week, and the PVC capacity utilization rate is expected to further increase. [3] - As the temperature drops, the terminal demand in infrastructure and real estate weakens, and the downstream operating rate of PVC is expected to decline seasonally. [3] - India's BIS policy and anti - dumping tax policy on imported PVC have ended, but the short - term export market may be in a wait - and - see state as the Asian December contract prices are released this week. [3] - The prices of upstream calcium carbide and ethylene are expected to stop falling and rebound, but the positive impact on the cost side is blocked under the high - operating background of PVC in winter. Technically, the daily K - line of V2601 should pay attention to the support around 4450. [3] 3. Summary by Directory 3.1 Futures Market - The closing price of PVC futures was 4489 yuan/ton, a decrease of 2 yuan; the trading volume was 583,601 lots, a decrease of 17,084 lots; the open interest was 1,227,649 lots, a decrease of 33,859 lots. [3] - The buy order volume of the top 20 futures positions was 1,065,746 lots, an increase of 6,223 lots; the sell order volume was 1,265,490 lots, a decrease of 4,013 lots; the net buy order volume was - 199,744 lots, an increase of 10,236 lots. [3] 3.2 Spot Market - In East China, the price of ethylene - based PVC was 4540 yuan/ton, unchanged; the price of calcium carbide - based PVC was 4486.15 yuan/ton, an increase of 21.92 yuan. [3] - In South China, the price of ethylene - based PVC was 4665 yuan/ton, unchanged; the price of calcium carbide - based PVC was 4510.56 yuan/ton, an increase of 3.06 yuan. [3] - The CIF price of PVC in China was 690 US dollars/ton, unchanged; the CIF price in Southeast Asia was 630 US dollars/ton, unchanged; the FOB price in Northwest Europe was 660 US dollars/ton, unchanged. The basis of PVC was - 49 yuan/ton, a decrease of 18 yuan. [3] 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China was 2750 yuan/ton, unchanged; in North China, it was 2656.67 yuan/ton, unchanged; in Northwest China, it was 2519 yuan/ton, unchanged. [3] - The mainstream price of liquid chlorine in Inner Mongolia was - 24.5 yuan/ton, unchanged. [3] - The CFR mid - price of VCM in the Far East was 476 US dollars/ton, a decrease of 12 US dollars; in Southeast Asia, it was 538 US dollars/ton, unchanged. [3] - The CFR mid - price of EDC in the Far East was 179 US dollars/ton, unchanged; in Southeast Asia, it was 184 US dollars/ton, unchanged. [3] 3.4 Industry Situation - The operating rate of PVC was 78.83%, an increase of 0.32 percentage points; the operating rate of calcium carbide - based PVC was 81.31%, an increase of 0.52 percentage points; the operating rate of ethylene - based PVC was 73.12%, a decrease of 0.13 percentage points. [3] - The total social inventory of PVC was 526,700 tons, a decrease of 5,600 tons; the total social inventory in East China was 480,500 tons, a decrease of 4,400 tons; the total social inventory in South China was 46,200 tons, a decrease of 1,200 tons. [3] 3.5 Downstream Situation - The national real estate climate index was 92.43, a decrease of 0.35. The cumulative value of new housing construction area was 49,061.39 million square meters, an increase of 3,662.39 million square meters. [3] - The cumulative value of real estate construction area was 652,939.03 million square meters, an increase of 4,359.03 million square meters. The cumulative value of real estate development investment was 389.8297 billion yuan, an increase of 31.191 billion yuan. [3] 3.6 Option Market - The 20 - day historical volatility of PVC was 11.13%, a decrease of 0.07 percentage points; the 40 - day historical volatility was 10.34%, an increase of 0.01 percentage points. [3] - The implied volatility of at - the - money put options of PVC was 14.82%, a decrease of 0.88 percentage points; the implied volatility of at - the - money call options was 14.83%, a decrease of 0.86 percentage points. [3] 3.7 Industry News - From November 15th to 21st, China's PVC capacity utilization rate was 78.83%, a month - on - month increase of 0.32%. [3] - From November 15th to 21st, the downstream operating rate of PVC decreased by 0.35% month - on - month to 49.19%. Among them, the operating rate of pipes decreased by 0.4% month - on - month to 40.2%, and the operating rate of profiles decreased by 0.66% month - on - month to 36.3%. [3] - As of November 20th, the social inventory of PVC increased by 0.41% week - on - week to 1.0326 million tons. [3] - From November 15th to 21st, the average cost of calcium carbide - based PVC decreased to 5110 yuan/ton, and the average cost of ethylene - based PVC nationwide decreased to 5224 yuan/ton. The profit of calcium carbide - based PVC decreased to - 848 yuan/ton, and the profit of ethylene - based PVC decreased to - 516 yuan/ton. [3]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2][3] 2. Core View of the Report - The inventory accumulation trend has slowed, but the inventory pressure remains high. The cost of the calcium carbide method has increased and losses have deepened; the cost of the ethylene method has decreased and losses have also deepened. This week, the 500,000 - ton Inner Mongolia Yili and 500,000 - ton Shandong Xinfa Phase II plants are restarting, and the capacity utilization rate is expected to rebound to a relatively high level. In the long - term, the new capacity launch will further increase the supply pressure. The weak real - estate market continues to drag down demand growth, and the downstream start - up is expected to change little. Coal is expected to remain strong, and the supply of calcium carbide is affected by the power - use policy in the northwest, while downstream plants are restarting one after another, so the raw material cost of PVC is expected to rise. The supply - demand drive of PVC remains weak, but the stronger cost side raises the lower limit of valuation. In the short - term, V2601 is expected to fluctuate strongly, and technically, attention should be paid to the pressure around 4900 yuan/ton [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of PVC futures was 4766 yuan/ton, a decrease of 9 yuan/ton. The trading volume was 1,045,974 lots, an increase of 205,951 lots. The open interest was 1,161,917 lots, a decrease of 42,460 lots. The long positions of the top 20 futures holders were 896,091 lots, a decrease of 7,941 lots; the short positions were 1,018,333 lots, a decrease of 24,189 lots; and the net long positions were - 122,242 lots, an increase of 16,248 lots [2] 3.2现货市场 - In the East China region, the price of ethylene - based PVC was 4815 yuan/ton (unchanged), and the price of calcium carbide - based PVC was 4650.77 yuan/ton, an increase of 18.08 yuan/ton. In the South China region, the price of ethylene - based PVC was 4820 yuan/ton (unchanged), and the price of calcium carbide - based PVC was 4731.88 yuan/ton, an increase of 2.5 yuan/ton. The CIF price of PVC in China was 690 US dollars/ton (unchanged), the CIF price in Southeast Asia was 650 US dollars/ton (unchanged), and the FOB price in Northwest Europe was 700 US dollars/ton (unchanged). The basis of PVC was - 106 yuan/ton, an increase of 49 yuan/ton [2] 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China was 2800 yuan/ton (unchanged), in North China was 2706.67 yuan/ton (unchanged), and in Northwest China was 2555 yuan/ton (unchanged). The mainstream price of liquid chlorine in Inner Mongolia was - 24.5 yuan/ton (unchanged). The CFR mid - price of VCM in the Far East was 488 US dollars/ton, a decrease of 36 US dollars/ton; in Southeast Asia was 518 US dollars/ton, a decrease of 31 US dollars/ton. The CFR mid - price of EDC in the Far East was 179 US dollars/ton, a decrease of 4 US dollars/ton; in Southeast Asia was 184 US dollars/ton, a decrease of 8 US dollars/ton [2] 3.4产业情况 - The weekly operating rate of PVC was 76.57%, a decrease of 0.12%. The operating rate of calcium carbide - based PVC was 74.38%, a decrease of 0.33%; the operating rate of ethylene - based PVC was 81.64%, an increase of 0.38%. The total social inventory of PVC was 554,700 tons, a decrease of 1,500 tons. The total social inventory in the East China region was 505,200 tons, an increase of 400 tons; in the South China region was 49,500 tons, a decrease of 1,900 tons [2] 3.5下游情况 - The national real - estate climate index was 92.78, a decrease of 0.27. The cumulative value of new housing construction area was 45,3990,000 square meters, an increase of 55,979,900 square meters. The cumulative value of real - estate construction area was 6,485,800,000 square meters, an increase of 54,710,600 square meters. The cumulative value of real - estate development investment was 358.6387 billion yuan, an increase of 41.6993 billion yuan [2] 3.6期权市场 - The 20 - day historical volatility of PVC was 10.37%, an increase of 0.59%; the 40 - day historical volatility was 9.86%, an increase of 0.15%. The implied volatility of at - the - money put options was 13.84%, a decrease of 0.74%; the implied volatility of at - the - money call options was 13.85%, a decrease of 0.72% [2] 3.7行业消息 - From October 18th to 24th, China's PVC capacity utilization rate was 76.57%, a decrease of 0.12% compared with the previous period. The downstream operating rate of PVC increased by 1.27% to 49.86%, among which the operating rate of pipes increased by 1.2% to 41.2%, and the operating rate of profiles increased by 2.61% to 35.87%. As of October 30th, the social inventory of PVC was 1.03 million tons, a decrease of 0.5% compared with last week. From October 18th to 24th, the average cost of the calcium carbide method increased to 5144 yuan/ton, and the average cost of the ethylene method decreased to 5412 yuan/ton; the profit of the calcium carbide method decreased to - 723 yuan/ton, and the profit of the ethylene method decreased to - 560 yuan/ton [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The PVC market is under overall pressure due to a bearish fundamental situation, but the downward space is limited as the price is at a historically low level. The V2601 is expected to fluctuate at a low level, and attention should be paid to the support around 4800 [3]. - This week, the production volume and capacity utilization rate of PVC are expected to fluctuate slightly on a week - on - week basis. In the medium to long term, the planned commissioning of 900,000 - ton devices by Bohua, Gansu Yaowang, and Qingdao Gulf in September will increase the industry's supply pressure [3]. - Domestic product orders are insufficient, and downstream enterprises mainly purchase at low prices. The weak terminal real - estate market continues to drag down domestic demand, and the Indian PVC anti - dumping policy is expected to be implemented soon, causing the export market to remain in a wait - and - see mode. The considerable profit of caustic soda weakens the cost support of calcium carbide and ethylene [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of PVC futures is 4857 yuan/ton, with a week - on - week increase of 10; the trading volume is 709,598 lots, a decrease of 48,778; the open interest is 1,266,528 lots, a decrease of 25,558. The net long position of the top 20 futures holders is - 150,419 lots, an increase of 15,294 [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC is 4985 yuan/ton (unchanged), and the price of calcium carbide - based PVC is 4673.46 yuan/ton, a decrease of 6.92. In the South China region, the price of ethylene - based PVC is 4920 yuan/ton (unchanged), and the price of calcium carbide - based PVC is 4771.88 yuan/ton, a decrease of 10. The CIF price of PVC in China is 700 US dollars/ton (unchanged), and the CIF price in Southeast Asia is 670 US dollars/ton (unchanged). The FOB price in Northwest Europe is 690 US dollars/ton (unchanged). The basis of PVC is - 207 yuan/ton, a decrease of 20 [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China is 2650 yuan/ton (unchanged), 2606.67 yuan/ton in North China, an increase of 16.67, and 2428 yuan/ton in Northwest China (unchanged). The mainstream price of liquid chlorine in Inner Mongolia is - 575 yuan/ton (unchanged). The weekly average price of VCM CFR in the Far East is 503 US dollars/ton (unchanged), and 539 US dollars/ton in Southeast Asia (unchanged). The weekly average price of EDC CFR in the Far East is 189 US dollars/ton (unchanged), and 201 US dollars/ton in Southeast Asia (unchanged) [3]. 3.4 Industry Situation - The weekly operating rate of PVC is 77.13%, an increase of 1.11%. The operating rate of calcium carbide - based PVC is 76.73%, a decrease of 0.52%, and the operating rate of ethylene - based PVC is 78.14%, an increase of 5.19%. The total social inventory of PVC is 533,000 tons, an increase of 11,100 tons. The total inventory in the East China region is 478,100 tons, an increase of 14,500 tons, and the total inventory in the South China region is 54,900 tons, a decrease of 3400 tons [3]. 3.5 Downstream Situation - The national real - estate climate index is 93.34, a decrease of 0.26. The cumulative value of new housing construction area is 35.206 million square meters, an increase of 4.84168 million square meters. The cumulative value of real - estate construction area is 6.38731 billion square meters, an increase of 5.40957 million square meters. The cumulative value of real - estate development investment is 281.0593 billion yuan, an increase of 36.3043 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC is 8.48%, an increase of 0.2; the 40 - day historical volatility is 20.25%, a decrease of 0.05. The implied volatility of at - the - money put options and call options of PVC is 15.15%, a decrease of 0.48 [3]. 3.7 Industry News - On September 10, the spot price of East China PVCSG5 remained stable compared with the previous day, ranging from 4620 to 4730 yuan/ton [3]. - From August 30 to September 5, China's PVC capacity utilization rate was 77.13%, a week - on - week increase of 1.11% [3]. - As of September 4, the social inventory of PVC increased by 2.44% week - on - week to 918,200 tons. The V2601 fluctuated slightly and closed at 4857 yuan/ton. On the supply side, the restart of previously shut - down devices drove a 1.46% week - on - week increase in PVC production last week to 660,000 tons, and the capacity utilization rate increased by 1.11% week - on - week to 77.13%. On the demand side, the downstream operating rate of PVC increased by 0.9% week - on - week to 43.5%, among which the operating rate of pipes decreased by 0.13 to 33.48% week - on - week, and the operating rate of profiles decreased by 4.21% week - on - week to 38.39%. In terms of inventory, the social inventory of PVC increased by 2.44% week - on - week to 918,200 tons [3].

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The PVC price has limited upside space under the background of weak supply and demand after the digestion of previous macro - positive factors. V2509 is expected to focus on the support around 4950 and the pressure around 5050 on the daily K - line [3] Group 3: Summary by Directory Futures Market - The closing price of PVC futures is 4975 yuan/ton, down 35 yuan; the trading volume is 982125 lots, down 51490 lots; the open interest is 959779 lots, up 2988 lots. The long position of the top 20 futures holders is 780350 lots, down 2969 lots; the short position is 788539 lots, up 13916 lots; the net long position is - 8189 lots, down 16885 lots [3] Spot Market - In the East China region, the price of ethylene - based PVC is 5025 yuan/ton, unchanged; the price of calcium carbide - based PVC is 4868.46 yuan/ton, down 20.38 yuan. In the South China region, the price of ethylene - based PVC is 5005 yuan/ton, down 25 yuan; the price of calcium carbide - based PVC is 4917.5 yuan/ton, down 31.88 yuan. The CIF price of PVC in China is 700 dollars/ton, unchanged; the CIF price in Southeast Asia is 660 dollars/ton, unchanged; the FOB price in Northwest Europe is 750 dollars/ton, unchanged. The basis of PVC is - 105 yuan/ton, up 55 yuan [3] Upstream Situation - The mainstream average price of calcium carbide in Central China is 2650 yuan/ton, unchanged; in North China, it is 2621.67 yuan/ton, down 8.33 yuan; in Northwest China, it is 2388 yuan/ton, unchanged. The mainstream price of liquid chlorine in Inner Mongolia is - 150 yuan/ton, down 200.5 yuan. The weekly average price of VCM CFR Far East is 503 dollars/ton, down 21 dollars; the weekly average price of VCM CFR Southeast Asia is 548 dollars/ton, down 16 dollars. The weekly average price of EDC CFR Far East is 211 dollars/ton, up 27 dollars; the weekly average price of EDC CFR Southeast Asia is 219 dollars/ton, up 31 dollars [3] Industry Situation - The weekly operating rate of PVC is 76.97%, down 0.47 percentage points; the operating rate of calcium carbide - based PVC is 79.21%, down 1.59 percentage points; the operating rate of ethylene - based PVC is 71.02%, up 2.48 percentage points. The total social inventory of PVC is 39.27 tons, up 1.96 tons. The total social inventory in East China is 34.98 tons, up 1.95 tons; the total social inventory in South China is 4.29 tons, up 0.01 tons [3] Downstream Situation - The national real - estate climate index is 93.72, down 0.14. The cumulative value of new housing construction area is 23183.61 million square meters, up 5347.77 million square meters. The cumulative value of real - estate construction area is 625019.54 million square meters, up 4704.49 million square meters. The cumulative value of real - estate development investment is 19154.81 billion yuan, up 4281.68 billion yuan [3] Option Market - The 20 - day historical volatility of PVC is 15.44%, up 0.1 percentage point; the 40 - day historical volatility is 14.74%, up 0.1 percentage point. The implied volatility of at - the - money put options is 20.61%, up 1.08 percentage points; the implied volatility of at - the - money call options is 20.61%, up 1.16 percentage points [3] Industry News - On July 14, the spot exchange price of Changzhou PVCSG5 was stable compared with the previous day, ranging from 4820 to 4910 yuan/ton. From July 5th to 11th, China's PVC capacity utilization rate was 76.97%, a month - on - month decrease of 0.47%. As of July 10th, the large - sample statistics of PVC social inventory increased by 5.37% month - on - month to 62.36 tons, a year - on - year decrease of 34.15% [3] Outlook - In July, domestic PVC plants are under centralized maintenance. This week, a 300,000 - ton plant of Yidongdongxing is planned to stop for maintenance, and some previously shut - down plants will restart, with the capacity utilization rate expected to rise month - on - month. In the long - term, the planned commissioning of plants by Wanhua, Bohua, and Tianjin Dagu in July will increase the industry's supply pressure. The domestic downstream demand is in the off - season, and the demand in the Indian market is suppressed by the rainy season. The Indian BIS certification is postponed to mid - December, and the anti - dumping policy may be implemented this month. There is still uncertainty about the calcium carbide production restrictions in Inner Mongolia. Due to the lifting of the ban on US ethane exports to China, the domestic ethylene supply tends to be loose, and the cost of the ethylene - based process may continue to decline in the short term [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On May 12, V2509 fluctuated strongly, closing at 4,836 yuan/ton. The supply side saw a 1.01% week-on-week increase in PVC capacity utilization to 80.34%. The demand side had a 2.01% week-on-week increase in downstream PVC开工率 to 45.99%, with the pipe开工率 up 5% to 48.13% and the profile开工率 up 2.5% to 35.9%. PVC social inventory decreased by 0.41% week-on-week to 651,000 tons, maintaining a destocking trend with low inventory pressure. In May, the number of PVC parking capacities will gradually increase, potentially easing future supply pressure. After the holiday, the开工 of downstream product enterprises recovered, but orders were lackluster. The joint statement of the China-US Geneva economic and trade talks was released, with both sides only retaining the imposed 10% tariff, which is beneficial for the export of domestic PVC flooring. In terms of exports, the Indian market is affected by BIS certification, anti-dumping duties, and the rainy season, and the US tariff on Vietnam has not been alleviated, which may affect the export of Chinese PVC raw materials. In terms of costs, there is an expectation of a decline in calcium carbide prices, but power rationing uncertainties still affect future prices; the ethylene US dollar market is stagnant, and prices are expected to remain stable. In the short term, the easing of China-US trade tensions gives a strong expectation to V2509, with attention paid to the pressure around 4,900 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Closing price of PVC: 4,836 yuan/ton, up 31 yuan; trading volume: 1,145,985 lots, up 439,095 lots; open interest: 1,064,312 lots, down 13,123 lots. The net long position of the top 20 futures holders was -103,382 lots, up 9,170 lots [3]. 3.2 Spot Market - In the East China market, the price of ethylene-based PVC was 5,000 yuan/ton, unchanged; the price of calcium carbide-based PVC was 4,696.15 yuan/ton, down 0.77 yuan. In the South China market, the price of ethylene-based PVC was 4,980 yuan/ton, down 15 yuan; the price of calcium carbide-based PVC was 4,767.5 yuan/ton, down 5 yuan. The CIF price of PVC in China was 700 US dollars/ton, unchanged; the CIF price in Southeast Asia was 670 US dollars/ton, unchanged; the FOB price in Northwest Europe was 785 US dollars/ton, unchanged. The basis of PVC was -176 yuan/ton, down 31 yuan [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China was 2,850 yuan/ton, unchanged; in North China, it was 2,823.33 yuan/ton, unchanged; in Northwest China, it was 2,618 yuan/ton, unchanged. The mainstream price of liquid chlorine in Inner Mongolia was 50.5 yuan/ton, unchanged. The CFR Far East intermediate price of VCM was 538 US dollars/ton, up 4 US dollars; the CFR Southeast Asia intermediate price was 567 US dollars/ton, up 16 US dollars. The CFR Far East intermediate price of EDC was 162 US dollars/ton, down 34 US dollars; the CFR Southeast Asia intermediate price was 164 US dollars/ton, down 17 US dollars [3]. 3.4 Industry Situation - The weekly开工率 of PVC was 80.34%, up 1.01 percentage points; the开工率 of calcium carbide-based PVC was 81.33%, up 2.33 percentage points; the开工率 of ethylene-based PVC was 77.75%, down 2.44 percentage points. The total social inventory of PVC was 409,800 tons, up 6,200 tons, with 367,400 tons in the East China region, up 5,600 tons, and 42,400 tons in the South China region, up 600 tons [3]. 3.5 Downstream Situation - The National Housing Climate Index was 93.96, up 0.16. The cumulative value of new housing construction area was 129.9646 million square meters, up 63.8246 million square meters; the cumulative value of real estate construction area was 6.1370544 billion square meters, up 77.3344 million square meters; the cumulative value of real estate development investment was 110.0202 billion yuan, up 48.9131 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC was 14.1%, up 0.04 percentage points; the 40 - day historical volatility was 14.94%, up 0.14 percentage points. The implied volatility of at - the - money put options and call options of PVC was 18.85%, down 0.46 percentage points [3]. 3.7 Industry News - On May 12, the joint statement of the China-US Geneva economic and trade talks was released, with both sides only retaining the imposed 10% tariff. - On May 12, the spot cash price of PVCSG5 in the Changzhou market remained stable compared to last Friday, at 4,590 - 4,730 yuan/ton. - From May 3 to 9, China's PVC capacity utilization rate was 80.34%, a 1.01% increase from the previous period. As of May 8, the new (41 - company) sample statistics of PVC social inventory decreased by 0.41% to 651,000 tons, a 25.71% decrease year - on - year [3].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On May 7, V2509 rose and then fell, closing at 4,876 yuan/ton. Last week, affected by the increased load of some devices like Bohua, PVC capacity utilization rate increased by 0.70% to 79.33%. The PVC social inventory before the festival decreased by 5.15% to 687,700 tons, maintaining a destocking trend with little inventory pressure. In May, the PVC maintenance loss will decrease marginally, and Wanhua's 500,000 - ton device may be put into production, so the supply pressure is expected to rise. The downstream product start - up is generally dragged down by the real estate market. The Indian market is disturbed by the uncertainty of BIS certification and anti - dumping duties, and the India - Pakistan conflict may affect India's infrastructure construction and weaken PVC demand. Vietnam's PVC floor exports are restricted by US tariffs, which may affect China's PVC raw material exports. The PVC fundamentals are weak, and the futures price is at a relatively low level. It is expected that V2509 will fluctuate at a low level, with support around 4,820 and resistance around 4,980 [3] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of PVC futures is 4,876 yuan/ton, with a daily increase of 22 yuan/ton; the trading volume is 849,771 lots, with a daily increase of 307,264 lots; the open interest is 982,127 lots, with a daily increase of 12,927 lots. The buy order volume of the top 20 futures positions is 727,115 lots, with a daily increase of 1,681 lots; the sell order volume is 826,515 lots, with a daily increase of 12,987 lots; the net buy order volume is - 99,400 lots, with a daily decrease of 11,306 lots [3] 3.2现货市场 - In the East China region, the price of ethylene - based PVC is 5,050 yuan/ton, down 25 yuan/ton; the price of calcium carbide - based PVC is 4,739.23 yuan/ton, down 42.31 yuan/ton. In the South China region, the price of ethylene - based PVC is 5,030 yuan/ton, down 20 yuan/ton; the price of calcium carbide - based PVC is 4,781.25 yuan/ton, down 67.5 yuan/ton. The CIF price of PVC in China is 700 US dollars/ton, unchanged; the CIF price in Southeast Asia is 670 US dollars/ton, unchanged; the FOB price in Northwest Europe is 785 US dollars/ton, unchanged. The basis of PVC is - 176 yuan/ton, down 22 yuan/ton [3] 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China is 2,850 yuan/ton, unchanged; in North China is 2,823.33 yuan/ton, unchanged; in Northwest China is 2,618 yuan/ton, unchanged. The mainstream price of liquid chlorine in Inner Mongolia is 50.5 yuan/ton, unchanged. The CFR mid - price of VCM in the Far East is 534 US dollars/ton, up 5 US dollars/ton; in Southeast Asia is 551 US dollars/ton, up 5 US dollars/ton. The CFR mid - price of EDC in the Far East is 196 US dollars/ton, down 5 US dollars/ton; in Southeast Asia is 181 US dollars/ton, down 30 US dollars/ton [3] 3.4 Industry Situation - The weekly operating rate of PVC is 79.33%, up 0.7 percentage points; the operating rate of calcium carbide - based PVC is 79%, up 0.36 percentage points; the operating rate of ethylene - based PVC is 80.19%, up 1.58 percentage points. The total social inventory of PVC is 403,600 tons, down 17,000 tons; the total social inventory in the East China region is 361,800 tons, down 19,400 tons; the total social inventory in the South China region is 41,800 tons, up 2,400 tons [3] 3.5 Downstream Situation - The national real estate climate index is 93.96, up 0.16. The cumulative value of new housing construction area is 129.9646 million square meters, an increase of 63.8246 million square meters. The cumulative value of real estate construction area is 6.1370544 billion square meters, an increase of 7.73344 million square meters. The cumulative value of real estate development investment is 110.0202 billion yuan, an increase of 48.9131 billion yuan [3] 3.6 Option Market - The 20 - day historical volatility of PVC is 16.75%, up 0.22 percentage points; the 40 - day historical volatility is 14.71%, unchanged. The implied volatility of at - the - money put options is 18.34%, up 0.16 percentage points; the implied volatility of at - the - money call options is 18.35%, up 0.18 percentage points [3] 3.7 Industry News - On May 7, the central bank announced ten measures in three categories including reserve requirement ratio cuts, interest rate cuts, and reduction of individual housing provident fund loan interest rates. Pakistan and India have started exchanges of fire on the Line of Control in Pakistan - administered Kashmir, and Pakistan has launched ground and air operations. According to Longzhong Information, on May 7, the cash - spot price of PVCSG5 in Changzhou remained stable compared with the previous day, at 4,630 - 4,780 yuan/ton [3]