Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Views - The view is to wait for short - selling opportunities for styrene, but the upside space may also be large, with the contract being eb2512 [5]. - In 2025, the supply pressure of pure benzene is relatively large. Domestic production will increase significantly after the resumption of refinery operations. Import volume is 970,000 tons more than last year, with a year - on - year increase of nearly 20%. The demand growth of downstream products has slowed down. Under the situation of increasing supply and weakening demand, the inventory pressure of pure benzene may still be large [5]. - The pattern of styrene in the second half of the year may be weaker than the previous period. Supply will increase with the restart of domestic and foreign plants and the commissioning of new capacities. The growth of downstream demand is weak, and the high - profit state of styrene may be difficult to sustain. Pay attention to the opportunities of basis decline and profit compression [5]. Group 3: Summary by Catalog Day - to - day Description - Crude oil is running weakly overall. The profit of domestic pure benzene has been continuously compressed to a relatively low level, while the non - integrated profit of styrene has been at a high overall valuation recently [9]. Styrene Industry Chain Overview - The report shows the styrene industry chain, including the sources of benzene, production methods of styrene, and its downstream products such as EPS, PS, ABS, etc [10]. Industrial Chain Daily Data - **Toluene Spread**: Data on the spread between toluene and other products in different regions are presented, including the spread between toluene and naphtha in the Americas, and the spread between benzene and toluene in the Americas, Europe, and Asia [13][14]. - **Pure Benzene Spread and Profit**: Information on the profit of domestic pure benzene, pure benzene import profit, and various spreads of pure benzene is provided, such as the spread between Chinese CFR and South Korean FOB [13][29]. - **Other Downstream Profits of Pure Benzene**: Profits of downstream products of pure benzene like caprolactam, phenol, adipic acid, aniline, and the comprehensive profit of pure benzene downstream are shown [31]. - **Styrene Profit and Spread**: Data on non - integrated and integrated (ethylbenzene dehydrogenation) profits of styrene, import profit, and various spreads are given, including the spread between South China and East China [13][32]. - **EB Inventory Situation**: Inventory data of styrene in different regions and overall inventory data are presented, including the inventory of mainstream storage areas in Jiangsu and South China, and the total inventory of styrene factories and ports [32][34]. - **EB Downstream Profit**: Profits of styrene downstream products such as EPS, GPPS, and ABS are shown [34]. Industrial Chain Operation Suggestions - Different participation roles in the styrene industry chain are given corresponding operation suggestions, including inventory management and procurement management strategies, as well as relevant hedging derivatives and ratios [6]. Attention Data - Pay attention to port inventory data on Mondays and Wednesdays, styrene factory inventory data on Thursdays, styrene downstream inventory data on Thursdays, and pure benzene industry chain operation data on Fridays [7].

Group 1 - The A-share market experienced fluctuations on November 21, with the Petrochemical ETF (159731) declining over 3.5%, while only Tongcheng New Material and Sankeshu showed positive performance among its holdings [1] - The Petrochemical ETF has seen net inflows in 8 out of the last 10 trading days, totaling 16.91 million yuan [1] - The chemical sector is witnessing structural opportunities, particularly in the refining segment due to supply-side factors such as attacks on Russian refineries and closures of some refining capacities in Europe and the U.S., leading to high global refining profits [1] Group 2 - Sulfur prices have surged due to strong demand from the new energy and fertilizer sectors, while supply is constrained by slow growth in refining capacity and geopolitical factors [1] - Policies aimed at reducing "involution" are expected to alleviate price competition pressures in the chemical sector, promoting price recovery [1] - According to Shenwan Hongyuan, oil prices are expected to remain in a neutral range by 2026, with refining and polyester sectors likely to see a recovery in profitability due to supply contraction [1] Group 3 - The Petrochemical ETF closely tracks the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 60.85% and the oil and petrochemical industry for 32.16% of the index [2] - As the supply and demand in the petrochemical industry continue to improve, the performance of sub-sectors is expected to rise [2]

1. Report Industry Investment Rating - All commodities in the report, including crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and polyvinyl chloride, are rated as "oscillating" [1][3][5][6][8] 2. Core Views of the Report - **Crude Oil**: On Thursday, oil prices closed down. The macro - non - farm data was below expectations, pressuring the market. European ARA hub inventory data showed mixed trends. The market is fragile and sensitive to negatives, and oil prices are expected to continue oscillating [1] - **Fuel Oil**: Futures prices fell on Thursday. Singapore's October sales data showed growth and decline in different types. In November, sufficient inventory will suppress the low - sulfur market, while the high - sulfur market has relatively healthy downstream demand, and prices are expected to be weak [3] - **Asphalt**: The futures price rose on Thursday. Supply may decline slightly in the short - term due to profit reduction, and downstream demand is limited due to weather, so the price is treated with a bearish view [3] - **Polyester**: Futures prices of related products fell. Some devices had maintenance and restart operations. With the improvement of the PTA fundamentals, its price is expected to oscillate strongly, while the ethylene glycol has short - term supply improvement but medium - term inventory pressure, and its price will adjust widely [5] - **Rubber**: Futures prices fell on Thursday. The supply pressure increases while the downstream demand is weak externally, but winter storage demand supports the price, so the price is expected to oscillate [6] - **Methanol**: Supply has returned to a high level recently, but Iranian devices may stop in the future, and port inventory is expected to decline from December to January, so the price is expected to oscillate at the bottom [6] - **Polyolefins**: The market is gradually shifting to a situation of strong supply and weak demand, but the low valuation may prompt downstream actions, and the price is expected to oscillate weakly at the bottom [6][8] - **Polyvinyl Chloride**: Market prices in different regions decreased. Supply remains high, and demand will decline due to the slowdown of real - estate construction, so the price is expected to oscillate weakly [8] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: WTI 12 - month contract closed down $0.3 to $59.14/barrel, Brent 1 - month contract closed down $0.13 to $63.38/barrel, and SC2512 closed at 456.7 yuan/barrel, down 1.7 yuan/barrel. The non - farm employment increased by 119,000 in August, and the unemployment rate reached a nearly four - year high. European ARA hub diesel inventory decreased by nearly 5%, gasoline inventory slightly decreased, naphtha inventory increased by nearly 10%, aviation fuel inventory slightly decreased, and fuel oil inventory increased [1] - **Fuel Oil**: On Thursday, the main contract of fuel oil (FU2601) fell 1.76% to 2517 yuan/ton, and the low - sulfur fuel oil (LU2601) fell 3.5% to 3139 yuan/ton. In October 2025, Singapore's total marine fuel sales were 4.8177 million tons, with a 1.1% month - on - month increase and a 1.23% year - on - year decrease. In November, low - sulfur supply is abundant, and high - sulfur has relatively healthy demand [3] - **Asphalt**: On Thursday, the main contract (BU2601) rose 0.33% to 3058 yuan/ton. This week, domestic asphalt shipments decreased by 18.7% month - on - month, and the capacity utilization rate of modified asphalt enterprises decreased [3] - **Polyester**: TA601 closed down 0.34% at 4696 yuan/ton, EG2601 closed down 2.08% at 3822 yuan/ton, and PX601 closed down 0.58% at 6830 yuan/ton. Some devices had maintenance and restart operations, and the PTA load was adjusted to 72.1% [5] - **Rubber**: On Thursday, the main contract of natural rubber (RU2601) fell 190 yuan/ton to 15250 yuan/ton, and the main contract of 20 - number rubber (NR) fell 160 yuan/ton to 12320 yuan/ton. Rubber production is seasonally increasing, and imports are increasing year - on - year [6] - **Methanol**: On Thursday, the spot price in Taicang was 2000 yuan/ton. Domestic maintenance devices are resuming production, and Iranian devices may stop in the future [6] - **Polyolefins**: On Thursday, the price of East China PP and PE had different trends, and the profit of various production methods was negative. The market is gradually shifting to strong supply and weak demand [6][8] - **Polyvinyl Chloride**: Market prices in East, North, and South China decreased. Supply remains high, and demand will decline due to real - estate construction slowdown [8] 3.2 Daily Data Monitoring - The table shows the spot price, futures price, basis, basis rate, and their changes of various energy - chemical products on November 20 and 19, 2025, including crude oil, liquefied petroleum gas, asphalt, etc. [9] 3.3 Market News - The latest report from the Bureau of Labor Statistics showed that non - farm employment increased by 119,000 in August, and the unemployment rate reached a nearly four - year high. The ARA hub's inventory data for diesel, gasoline, naphtha, aviation fuel, and fuel oil in the week ending November 20 was released [12][13] 3.4 Chart Analysis - **4.1 Main Contract Prices**: There are charts showing the closing prices of main contracts of various energy - chemical products from 2021 to 2025, such as crude oil, fuel oil, low - sulfur fuel oil, etc. [15][16][17] - **4.2 Main Contract Basis**: Charts display the basis of main contracts of different products over time, including crude oil, fuel oil, low - sulfur fuel oil, etc. [32][37][38] - **4.3 Inter - period Contract Spreads**: There are charts showing the spreads between different contracts of various products, such as fuel oil, asphalt, PTA, etc. [44][50][53] - **4.4 Inter - variety Spreads**: Charts present the spreads between different varieties, including crude oil internal and external markets, fuel oil high - low sulfur, etc. [61][63][65] - **4.5 Production Profits**: There are charts showing the production profits of LLDPE, PP, etc. [68]

Report Industry Investment Rating - Not provided Core Views - For pure benzene, low US gasoline inventory supports Asian aromatics through gasoline blending. The arbitrage spread from South Korea to the US has been significantly repaired, potentially easing long - term Chinese arrival pressure, but short - term arrival pressure still exists, with rising port inventory and a weak basis. Domestic production has not further increased after an earlier rise, and downstream开工 remains low. Phenol开工 has increased significantly, while aniline and adipic acid开工 have declined, and styrene is in the maintenance period waiting for recovery at the end of the month [3]. - For styrene, port inventory continues to decline due to export boost and low domestic开工, but there is a resumption expectation at the end of November. Downstream开工 remains low, with EPS开工 rising from a low level but still in the off - season, and ABS and PS开工 slightly rising from a low level, with inventory pressure still existing for PS and ABS [3]. Summary by Relevant Catalogs 1. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Figures related to pure benzene basis and inter - period spreads include the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and pure benzene consecutive first - to - third contract spread [1][15]. - Figures related to EB basis and inter - period spreads include the EB main contract basis and EB consecutive first - to - third contract spread [20]. 2. Pure Benzene and Styrene Production Profits, Domestic - Foreign Spreads - Production profit and spread figures for pure benzene and styrene include naphtha processing fee, pure benzene FOB South Korea - naphtha CFR Japan spread, styrene non - integrated device production profit, and various international price spreads of pure benzene and styrene, as well as their import profits [22][25][34]. 3. Pure Benzene and Styrene Inventory, Operating Rates - For pure benzene, the inventory figure is the East China port inventory, and the operating rate figure is the pure benzene operating rate. For styrene, inventory figures include East China port inventory, East China commercial inventory, and factory inventory, and the operating rate figure is the styrene operating rate [40][42][45]. 4. Styrene Downstream Operating Rates and Production Profits - Downstream products of styrene include EPS, PS, and ABS. Figures cover their operating rates and production profits [51][53][54]. 5. Pure Benzene Downstream Operating Rates and Production Profits - Downstream products of pure benzene include caprolactam, phenol - ketone, aniline, adipic acid, and other related products. Figures cover their operating rates and production profits [60][63][72]. Strategies - Unilateral: None [4]. - Basis and Inter - Period: Conduct long - short inter - period positive arbitrage for EB2512 - EB2601 at low prices [4]. - Cross - Variety: Expand the spread of EB2512 - BZ2603 at low prices [4].

1. Report Industry Investment Rating - Unilateral: Neutral. Cross - period: EG2601 - EG2605 reverse spread. Cross - variety: None [3] 2. Core Viewpoints - In the futures and spot markets, the closing price of the main EG contract was 3,822 yuan/ton (a change of - 81 yuan/ton or - 2.08% from the previous trading day), the spot price in the East China EG market was 3,876 yuan/ton (a change of - 49 yuan/ton or - 1.25% from the previous trading day), and the spot basis in the East China EG market was 32 yuan/ton (a month - on - month increase of 8 yuan/ton) [1] - In terms of production profit, the production profit of ethylene - based EG was - 60 US dollars/ton (a month - on - month decrease of 1 US dollar/ton), and the production profit of coal - based syngas - to - EG was - 1,024 yuan/ton (a month - on - month decrease of 30 yuan/ton) [1] - Regarding inventory, according to CCF data, the inventory at the main ports in East China was 73.2 tons (a month - on - month increase of 7.1 tons); according to Longzhong data, the inventory at the main ports in East China was 63.3 tons (a month - on - month increase of 1.5 tons). The planned arrivals at the main ports in East China this week totaled 11.1 tons, and the arrivals at the secondary ports were 2.8 tons, showing a neutral situation [1] - On the supply side, the domestic ethylene glycol load is operating at a high level, and the domestic supply is abundant. Overseas, there are limited changes in ethylene glycol plants, and the arrival plan around mid - November is still moderately high, with port inventories expected to gradually rise. On the demand side, with the recent cooling, the polyester downstream has moderately improved, but the increase in polyester load is limited [2] 3. Summary by Directory Price and Basis - The closing price of the main EG contract was 3,822 yuan/ton (a change of - 81 yuan/ton or - 2.08% from the previous trading day), and the spot price in the East China EG market was 3,876 yuan/ton (a change of - 49 yuan/ton or - 1.25% from the previous trading day). The spot basis in the East China EG market was 32 yuan/ton (a month - on - month increase of 8 yuan/ton) [1] Production Profit and Operating Rate - The production profit of ethylene - based EG was - 60 US dollars/ton (a month - on - month decrease of 1 US dollar/ton), and the production profit of coal - based syngas - to - EG was - 1,024 yuan/ton (a month - on - month decrease of 30 yuan/ton) [1] International Price Difference - No specific data and analysis provided in the text Downstream Production, Sales, and Operating Rate - With the recent cooling, the polyester downstream has moderately improved, but the increase in polyester load is limited [2] Inventory Data - According to CCF data, the inventory at the main ports in East China was 73.2 tons (a month - on - month increase of 7.1 tons); according to Longzhong data, the inventory at the main ports in East China was 63.3 tons (a month - on - month increase of 1.5 tons). The planned arrivals at the main ports in East China this week totaled 11.1 tons, and the arrivals at the secondary ports were 2.8 tons, showing a neutral situation [1]

Core Viewpoint - Styrene futures showed a strong performance, with the main contract reaching 6632.00 CNY/ton, reflecting a 1.80% increase [1] Production and Supply - From November 7 to 13, the overall production of styrene in China was 344,400 tons, representing a week-on-week increase of 3.45% [2] - The capacity utilization rate of factories was 69.25%, up by 2.31% compared to the previous week [2] - Domestic supply is expected to see only a slight increase, maintaining a tight balance between supply and demand [3] Market Position and Trading - As of November 19, the top 20 futures companies held a total of 327,300 long positions and 376,600 short positions, resulting in a long-to-short ratio of 0.87 [2] - The net position decreased by 22,330 contracts compared to the previous day, totaling -49,300 contracts [2] Price Trends - The average closing price in the Jiangsu market was 6560 CNY/ton as of November 19, marking an increase of 255 CNY/ton or 4.04% from November 12 [2] - The market is experiencing a bullish sentiment driven by news of potential increases in styrene exports and a reduction in port inventories [3] Future Outlook - The market is expected to continue observing high inventory pressures, with the potential for price recovery to facilitate inventory reduction [3] - The overall supply-demand structure is showing signs of improvement, although the sustainability of this trend requires ongoing monitoring [3]

化工日报 | 2025-11-20 EG基差继续走弱，负反馈逐步显现 核心观点 市场分析 期现货方面：昨日EG主力合约收盘价3903元/吨（较前一交易日变动-4元/吨，幅度-0.10%），EG华东市场现货价3925 元/吨（较前一交易日变动-30元/吨，幅度-0.76%），EG华东现货基差24元/吨（环比-6元/吨）。 生产利润方面：据隆众数据，乙烯制EG生产利润为-59美元/吨（环比-2美元/吨），煤制合成气制EG生产利润为-994 元/吨（环比-20元/吨）。 库存方面：根据 CCF 每周一发布的数据，MEG 华东主港库存为73.2万吨（环比+7.1万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为61.8万吨（环比+5.4万吨）。据CCF数据，上周华东主港计划到港总数17万吨，副 港到港量4.7万吨；本周华东主港计划到港总数11.1万吨，副港到港量2.8万吨，整体中性。 策略 单边：中性。投产压力较大，随着港口库存的回升，场内货源流动性增加，乙二醇现货基差趋弱。但近期高成本 装置负反馈逐渐出现，高供应和累库压力有所缓解 跨期：EG2601-EG2605反套 跨品种：无 风险 原油价格波动，煤价 ...

Group 1: Flash Memory Price Increase - Flash memory prices have significantly increased, with the highest rise reaching 38.46% [1] - Specific price changes include: 1Tb QLC up 25.00% to $12.50, 1Tb TLC up 23.81% to $13.00, 512Gb TLC up 38.46% to $9.00, and 256Gb TLC up 14.58% to $5.50 [1] Group 2: Huawei's 5G-A Technology Testing - Huawei has completed all use case tests for 5G-A cellular passive IoT technology, marking an industry first [2] - The tests were conducted under the IMT-2020 (5G) promotion group using a 3GPP standard-based separated base station architecture [2] Group 3: AI Toy Market Growth - The AI toy market in China is projected to grow to 29 billion yuan by 2025, up from approximately 24.6 billion yuan in 2024 [3] - The application of AI and large models has significantly enhanced the interactive experience of toys, making them popular among young consumers [3] Group 4: Intel's Next-Generation AI PC Platform - Intel is developing a next-generation AI PC platform, named Panther Lake, which is based on the latest Intel 18A process technology [4] - The platform is expected to be a cornerstone for future PC and data center products, with a formal announcement scheduled for CES in January [4] Group 5: Neutrino Experiment Achievements - The Jiangmen neutrino experiment has achieved a measurement precision improvement of 1.5 to 1.8 times compared to previous experiments [5] - This experiment aims to detect neutrinos, known as "ghost particles," and officially began data collection on August 26, 2025 [5] Group 6: Electric Vehicle Charging Infrastructure - As of October 2025, China has a total of 18.645 million electric vehicle charging facilities, marking a 54.0% year-on-year increase [6] - Public charging facilities account for 4.533 million units, with a 39.5% increase, while private charging facilities reached 14.112 million, up 59.4% [6] Group 7: China-Europe Railway Express Cargo Structure - The China-Europe Railway Express has seen a continuous optimization in cargo structure, with high-value-added goods accounting for over 60% of exports [7][8] - By the end of 2024, the cumulative transport value of the railway express is expected to reach $426.4 billion [8] Group 8: Chemical Industry Trends - The chemical sector is focusing on three main trading lines: energy storage demand boosting upstream material market, ongoing "anti-involution" efforts leading to price recovery, and high growth potential in core chemical businesses [9] Group 9: New Company Formation by China Electric Power Construction - China Electric Power Construction has established a new company focusing on AI, smart unmanned aerial vehicle manufacturing, and general aviation services [10] Group 10: Growth of Collectible Toys Market - The collectible toy market, represented by blind boxes and figurines, is experiencing rapid growth, with retail sales expected to reach 55.83 billion yuan in 2024 [11] - Innovative domestic companies are enhancing China's toy industry's international influence through original IP development and brand management [11]

Core Viewpoint - China Sanjiang Chemical (02198) saw a stock price increase of over 5%, reaching HKD 2.83 with a trading volume of HKD 7.1971 million, following the announcement of a price hike in organic silicon DMC to RMB 13,200 per ton, an increase of approximately RMB 200 per ton from before the meeting [1] Company Summary - China Sanjiang Chemical is primarily engaged in the production and supply of ethylene oxide, ethylene glycol, polypropylene, and surfactants [1] - The company's main products include ethylene oxide, ethylene glycol, polypropylene (PP), surfactants, water-reducing agents, methyl tert-butyl ether/carbon four (MTBE/C4), and crude pentene, among others [1] - The company also provides processing services for polypropylene, methyl tert-butyl ether, and surfactants, and produces and supplies other chemical products, including carbon four, unprocessed pentene, and industrial gases such as oxygen, nitrogen, and argon [1] - The company operates in both domestic and international markets [1] Industry Summary - According to CITIC Securities, the chemical industry has experienced a decline in profitability for three consecutive years since 2022, with some sectors facing intense competition and overall industry losses [1] - In response to the domestic "anti-involution" initiative, multiple industries are actively promoting self-discipline to restore product supply-demand balance, boost product prices, and enhance industry profitability [1]

Group 1 - China Sanjiang Chemical (02198) saw a stock increase of over 5%, currently up 5.6% at HKD 2.83, with a trading volume of HKD 7.1971 million [1] - The price of organic silicon DMC has been raised to RMB 13,200 per ton, an increase of approximately RMB 200 per ton compared to before the recent meeting [1] - Since 2022, the chemical industry has experienced a continuous decline in profitability for three consecutive years, with some sectors facing intense competition and overall industry losses [1] Group 2 - Multiple industries have actively responded to the domestic "anti-involution" initiative, promoting industry self-discipline to restore product supply-demand balance, increase product prices, and enhance industry profitability [1] - China Sanjiang Chemical primarily engages in the production and supply of ethylene oxide, ethylene glycol, polypropylene, and surfactants, among other chemical products [1] - The company also provides processing services for polypropylene, methyl tert-butyl ether, and surfactants, and produces other chemical products including C4, unprocessed pentene, and industrial gases such as oxygen, nitrogen, and argon [1]