Industry Investment Rating No investment rating is provided in the report. Core Viewpoints The report offers a comprehensive analysis of the futures market, including overnight and spot prices, key fundamental information, macro news, fund flows, and arbitrage tracking, covering various commodities such as palm oil, soybeans, and crude oil [1][2][3]. Summary by Directory 01 Overnight Quotes - Overnight closing prices and price changes of multiple futures contracts, including palm oil, crude oil, soybeans, and related products, are presented [1]. - Exchange rate information for multiple currencies is provided, including the US dollar index and various currency pairs [1]. 02 Spot Quotes - Spot prices, basis, and basis changes for DCE palm oil, DCE soybean oil, and DCE soybean meal are provided, along with CNF quotes for imported soybeans [2]. 03 Key Fundamental Information Production Area Weather - The future weather outlook for US soybean - producing states from September 16th to 20th indicates higher - than - normal temperatures and above - median precipitation in the west [3]. - The frost risk in the US Midwest has decreased by mid - September due to rising temperatures, and the distribution of rainfall and temperature in the Midwest is detailed, along with its impact on crops [5]. - The CPC predicts a 71% probability of a La Nina event from October to December [6]. International Supply and Demand - From September 1 - 10, 2025, Malaysian palm oil production decreased by 3.17% compared to the same period last month, with a 2.70% decrease in yield and a 0.09% decrease in oil extraction rate [7]. - Malaysia's 2025 oil palm planting area is expected to be 5.64 million hectares, slightly higher than 2024 [7]. - Analysts expect Malaysia's September palm oil inventory to increase by 6% to 2.3 million tons [7]. - In July, global soybean oil exports reached 1.2 million tons, and the export and import situations of major countries are detailed [8]. - As of September 9th, 22% of US soybean - growing areas were affected by drought [8]. - As of September 4th, US soybean export sales increased by 622,500 tons [8]. - As of September 4th, US soybean meal export sales increased by 357,500 tons, and US soybean oil export sales decreased by 6,400 tons [9]. - Analysts predict that US soybean crushing in August may decline [10]. - CONAB predicts Brazil's 2024/25 soybean production, planting area, yield, and export volume [11]. - IBGE predicts Brazil's 2025 soybean planting area and production [11]. - Brazilian soybean, soybean meal, and corn export data for last week and this week are provided [11]. - As of September 3rd, Argentine farmers' soybean sales data and export sales registration data are provided [12]. - India's 2025/26 soybean production is expected to decline by 12% [13]. - Canada's 2025 July and 2024/25 rapeseed, rapeseed oil, and rapeseed meal export data are provided [13]. Domestic Supply and Demand - On September 11th, the trading volume of soybean oil and palm oil decreased by 28% compared to the previous trading day [15]. - On September 11th, the trading volume of soybean meal decreased, and the opening rate of oil mills decreased [15]. - On September 11th, the agricultural product wholesale price index and the prices of various agricultural products increased [15]. 04 Macro News International News - The probability of the Fed cutting interest rates in September and October is provided [17]. - US initial jobless claims, CPI data, and OPEC's monthly report on global crude oil demand and production are presented [17]. - The Eurozone's central bank interest rates are provided [17]. Domestic News - On September 11th, the US dollar/Chinese yuan exchange rate decreased, and the Chinese central bank conducted reverse repurchase operations with a net investment of 7.94 billion yuan [19]. 05 Fund Flows - On September 11th, the futures market had a net capital inflow of 25.502 billion yuan, including 3.777 billion yuan in commodity futures, 21.101 billion yuan in stock index futures, and 579 million yuan in treasury bond futures [22]. 06 Arbitrage Tracking No specific content is provided in the given text for this section.

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - In September, the direction of the second - half monetary policy is crucial for the equity market. After A - shares have accumulated significant gains, they may enter a high - level shock pattern, and the risk has been largely released [2]. - The 10 - year Treasury bond interest rate has strong gaming power around 1.8%, and an incremental driver is needed to choose a direction. The long - end of Treasury bonds is weak while the short - end is strong [2]. - The U.S. employment market continues to weaken, the ECB keeps policy unchanged, and gold shows a sideways consolidation [2]. - The container shipping index (European line) main contract is weakly volatile [2]. - Steel prices are suppressed by factors such as declining apparent demand and coking coal复产 [2]. - The U.S. core CPI meets expectations, and the expectation of interest rate cuts has heated up again [2]. - There is a high supply pressure in the short - term for some energy and chemical products, and the market needs to pay attention to industrial demand rhythm [2]. - For agricultural products, there are different supply - demand situations, such as the abundant supply expectation for sugar and the low inventory of old - crop cotton [2]. 3. Summary by Categories Financial - **Stock Index**: The stock index has a volume - increasing rise with the resonance of technology and finance. It is recommended to sell near - month put options at the support level to collect premiums [2]. - **Treasury Bond**: Uncertain about the direction, investors are advised to wait and see in the short - term, and pay attention to the capital market, equity market, and fundamentals [2]. - **Precious Metals**: Gold should be bought cautiously at low prices or sell out - of - the - money gold options. Silver should be traded in the range of 40 - 42 dollars and sell out - of - the money options at high volatility [2]. - **Container Shipping Index (European Line)**: Consider the 12 - 10 spread arbitrage as the main contract is weakly volatile [2]. Black - **Steel**: It is recommended to wait and see due to factors suppressing steel prices [2]. - **Iron Ore**: Buy the iron ore 2601 contract at low prices in the range of 780 - 830 and go long on iron ore and short on coking coal [2]. - **Coking Coal**: Short the coking coal 2601 contract at high prices in the range of 1070 - 1170 [2]. - **Coke**: Short the coke 2601 contract at high prices in the range of 1550 - 1650 [2]. Energy and Chemical - **Crude Oil**: Adopt a short - side thinking, with support levels for WTI at [61, 62], Brent at [64, 65], and SC at [465, 475] [2]. - **Urea**: Wait and see as the short - term high - supply pressure drags down the market [2]. - **PX**: Treat the short - term oscillation in the range of 6600 - 6900 [2]. - **PTA**: Oscillate in the range of 4600 - 4800 in the short - term and conduct TA1 - 5 rolling reverse arbitrage [2]. - **Short - fiber**: Follow the raw materials, with the processing fee oscillating in the range of 800 - 1100 [2]. - **Bottle Chip**: The supply and demand may both decline in September, and the processing fee fluctuates in the range of 350 - 500 yuan/ton [2]. - **Ethylene Glycol**: Look for EG1 - 5 reverse arbitrage opportunities [2]. - **Caustic Soda**: Wait and see [2]. - **PVC**: Hold short positions [2]. - **Pure Benzene**: Follow styrene and oil prices in the short - term [2]. - **Styrene**: Do low - buying operations on EB10 and expand the EB11 - BZ11 spread at a low level [2]. - **Synthetic Rubber**: The price fluctuates in the range of 11400 - 12500 [2]. - **LLDPE**: Oscillate in the short - term [2]. - **PP**: Stop profit on short positions at 6950 - 7000 [2]. - **Methanol**: Conduct range operations in the range of 2350 - 2550 [2]. Agricultural - **Soybean Meal**: Operate in the range of 3050 - 3150 for the 01 contract [2]. - **Hog**: The market has limited supply - demand contradictions, and pay attention to the subsequent slaughter rhythm [2]. - **Corn**: Short at high prices [2]. - **Oil**: The short - term P main contract may test the 9000 support [2]. - **Sugar**: Pay attention to the support at around 5500 [2]. - **Cotton**: Wait and see on a single - side basis [2]. - **Egg**: Control the position of previous short positions as the market rebounds [2]. - **Apple**: The main contract runs around 8100 [2]. - **Jujube**: The main contract fluctuates around 11000 [2]. Special Commodities - **Soda Ash**: Short on rebounds [2]. - **Glass**: Wait and see and pay attention to the spot market sentiment during the peak season [2]. - **Rubber**: Wait and see [2]. - **Industrial Silicon**: The price may fluctuate in the range of 8000 - 9500 yuan/ton, and pay attention to the silicon industry conference [2]. New Energy - **Polysilicon**: Wait and see as the production cut expectation rises and the price increases [2]. - **Lithium Carbonate**: Wait and see mainly, with the main contract running around 7 - 7.2 million [2].

Report Industry Investment Rating - The report does not explicitly mention an overall industry investment rating. However, based on the individual product outlooks, the general sentiment is "oscillating weakly" for the chemical industry [4]. Core Viewpoints - The IEA monthly report raised the global crude oil supply increment for 2025 from 2.5 million barrels per day to 2.7 million barrels per day, and EIA and IEA reports both reaffirmed the market's surplus pattern. The U.S. petroleum total inventory increased by 15 million barrels weekly, and the surplus inventory is spreading to developed economies [2]. - The chemical industry follows raw material fluctuations. The demand peak season characteristics are not obvious. The overall operating rate of the agricultural film industry downstream of plastics is still at a low level, and the polyester and styrene downstream industries have mixed performance in terms of operating rate and inventory [3]. - Investors should approach the chemical industry with an oscillating weakly mindset and wait for the implementation of specific policies to address over - competition in China's petrochemical industry [4]. Summary by Related Catalogs 1. Market Views Crude Oil - **Viewpoint**: Supply pressure persists, and geopolitical risks should be monitored. The OPEC monthly report showed a significant increase in OPEC+ production in August, and the IEA monthly report strengthened the global crude oil surplus expectation. The oil price is expected to oscillate weakly, with geopolitical factors causing short - term disturbances [8]. Asphalt - **Viewpoint**: The resistance level of 3,500 for asphalt futures prices is gradually established. The supply tension has been significantly alleviated, and the demand is still not optimistic. The absolute price of asphalt is overvalued, and the monthly spread is expected to decline with the increase of warehouse receipts [9]. High - Sulfur Fuel Oil - **Viewpoint**: Fuel oil follows the decline of crude oil. The increase in OPEC+ production, the deterioration of the U.S. employment data, and the decline in fuel oil demand expectations have led to a weakening of high - sulfur fuel oil. Geopolitical upgrades may cause short - term price fluctuations [10]. Low - Sulfur Fuel Oil - **Viewpoint**: Low - sulfur fuel oil follows the decline of crude oil. It faces a trend of increasing supply and decreasing demand, with a low valuation and is expected to follow crude oil fluctuations [11]. Methanol - **Viewpoint**: Olefins still have a drag, and methanol futures prices oscillate. There is a contradiction between the inland and port inventories. Considering the high probability of overseas shutdown in the far - month, there may be opportunities for long - position in the far - month [26]. Urea - **Viewpoint**: Under the loose supply - demand fundamentals, the futures market runs weakly and stably. The market is waiting for new positive factors [27]. Ethylene Glycol (EG) - **Viewpoint**: Multiple new plants will be launched around October, which pressures market sentiment. The price is expected to oscillate within a range [18]. PX - **Viewpoint**: It oscillates following raw materials and the macro - environment. The price oscillates narrowly, and the fundamentals have limited contradictions [12]. PTA - **Viewpoint**: The sales volume lacks continuous growth, and the enthusiasm for raw material inventory is insufficient. The supply is slightly increasing, and the downstream polyester sales have turned cold again [13]. Short - Fiber - **Viewpoint**: The demand has not improved significantly, and there is a slight inventory build - up. The cost support is limited, and the downstream demand has not met expectations [20]. Bottle Chip - **Viewpoint**: There is limited driving force, and it follows passively. The upstream raw materials oscillate, and the supply - demand drive is weak [22]. PP - **Viewpoint**: As the oil price declines, PP oscillates and falls back. It has reached a low point in June, with support at the previous low. The supply side still has an incremental trend, and the demand is slowly increasing [30]. Propylene (PL) - **Viewpoint**: PL follows PP's short - term fluctuations. The inventory of propylene enterprises is low, and the short - term macro - end may fluctuate [32]. Plastic (LLDPE) - **Viewpoint**: As the oil price weakens, plastic oscillates and declines. The oil price is under pressure, and the domestic measures to address over - capacity have limited substantial support. The downstream start - up is slow, and the supply side still has pressure [29]. Pure Benzene - **Viewpoint**: The port will return to inventory build - up, and the pure benzene price oscillates weakly. The supply surplus risk is increasing, and the market is trading on the expected import increment in October and inventory build - up [14]. Styrene - **Viewpoint**: The decline has暂缓, and the market oscillates. It has rebounded after a decline, but the medium - term outlook is still bearish. There is still significant inventory pressure in September - October [17]. PVC - **Viewpoint**: Weak reality and strong expectation, PVC oscillates. The macro - policy has not been implemented, and the micro - fundamentals are under pressure, but the valuation is not high [34]. Caustic Soda - **Viewpoint**: The spot price has reached a short - term peak, and the futures market is cautiously weak. The short - term fundamental pressure is increasing, but the decline space is limited considering the far - month alumina production expectation [34]. 2. Variety Data Monitoring Energy Chemical Daily Indicator Monitoring - **Inter - Period Spread**: Different varieties have different inter - period spread values and changes, such as Brent's M1 - M2 spread being 0.35 with a change of 0.02, and PX's 1 - 5 month spread being 12 with a change of 10 [36]. - **Basis and Warehouse Receipts**: Each variety has its own basis and warehouse receipt situation, for example, the basis of asphalt is 77 with a change of - 13, and the number of warehouse receipts is 64,460 [37]. - **Inter - Variety Spread**: There are various inter - variety spread values and changes, like the 1 - month PP - 3MA spread being - 222 with a change of 51 [38]. Chemical Basis and Spread Monitoring - The report mentions the monitoring of multiple varieties such as methanol, urea, styrene, etc., but specific data details are not fully presented in the provided text [39][52][64].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The stock index has been the standout performer, while commodities are poised for a potential upswing. The domestic liquidity is expected to remain loose in 2025, and more incremental policies may be introduced in Q4 to boost the real economy. With external risks gradually easing and an increased probability of a Fed rate cut in September, the attractiveness of RMB assets is further enhanced. The current market is at the resonance of "policy bottom + capital bottom + valuation bottom", but investors need to adapt to the accelerating sector rotation and structural differentiation [1][2][9]. - Crude oil prices may be affected by the decision of eight countries to increase daily production by 137,000 barrels starting from October, and the potential partial or full restoration of the 1.65 million barrels per day voluntary production cut. Attention should be paid to the OPEC's production increase situation [3][12]. - The glass and soda ash markets are in the process of inventory digestion, with the futures market showing weakness and converging towards the spot market. The focus is on whether autumn consumption can further aid in inventory digestion and the impact of new policy changes on the fundamentals in the long - term [3][16]. 3. Summary by Related Catalogs 3.1. Main News on the Day - **International News**: In August, the US consumer price index increased by 2.9% year - on - year (in line with the forecast) and 0.4% month - on - month (higher than the expected 0.3%). The number of initial jobless claims last week was 263,000, higher than the estimated 235,000 [4][5]. - **Domestic News**: The State Council has approved the implementation of comprehensive reform pilot projects for the market - based allocation of factors in 10 regions, including the Beijing Sub - center and several city clusters, for a period of two years starting immediately [6]. - **Industry News**: From September 1 - 7, the retail sales of the national passenger car market were 304,000 units, a 10% year - on - year decrease and a 4% month - on - month decrease. The wholesale volume was 307,000 units, a 5% year - on - year decrease and a 9% month - on - month increase [7]. 3.2. Daily Returns of External Markets - The S&P 500 index rose by 0.85%, the FTSE China A50 futures increased by 2.08%, ICE Brent crude oil dropped by 1.91%, and other commodities showed various degrees of price changes [8]. 3.3. Morning Comments on Major Varieties - **Financial**: - **Stock Index**: The US three major indexes rose, and the previous trading day's stock index rebounded across the board. The communication sector led the gain, with a market turnover of 2.46 trillion yuan. The margin trading balance increased by 5.774 billion yuan to 2.309269 trillion yuan on September 10. The stock index has been rising since July, with short - term fluctuations but a high probability of a long - term upward trend [2][9][10]. - **Treasury Bonds**: The short - end of treasury bonds strengthened, and the yield of the 10 - year active treasury bond fell to 1.8075%. The central bank's net injection of funds maintained a relatively stable capital market. However, concerns about the reduction of bond fund scale, along with the stock - bond seesaw effect and the impact of fund redemption regulations, are expected to keep the long - end of treasury bonds weak [11]. - **Energy and Chemicals**: - **Crude Oil**: The SC crude oil night session fell by 1.45%. Eight countries decided to increase daily production by 137,000 barrels starting from October, and the 1.65 million barrels per day voluntary production cut may be partially or fully restored [3][12]. - **Methanol**: The methanol night session dropped by 0.54%. The operating rate of coal - to - olefin plants decreased, and the coastal methanol inventory reached a historical high, indicating a short - term bearish trend [13]. - **Rubber**: The rubber price showed a weak and volatile trend. The supply is affected by the rainy season in the main producing areas, while the demand is in the off - season with uncertainties. The short - term trend is expected to be in a volatile adjustment [14]. - **Polyolefins**: Polyolefins showed a weak performance. The supply - demand relationship is the main factor in the spot market. Although the inventory is gradually being digested and the rebound of international crude oil prices is helpful, the market still needs time to stop falling. Attention should be paid to the support from downstream procurement [15]. - **Glass and Soda Ash**: The glass futures were in a volatile consolidation. The supply - demand situation is slowly recovering, and the inventory of glass and soda ash production enterprises decreased this week. The futures market is weak and converging towards the spot market, and the focus is on autumn consumption and policy changes [3][16]. - **Metals**: - **Precious Metals**: Gold entered a consolidation phase. The inflation data in August strengthened the expectation of a Fed rate cut in September. The long - term driving factors for gold, such as the US fiscal deficit and central bank gold purchases, still exist. Gold and silver are expected to show a relatively strong trend in the short - term, but investors should be cautious of profit - taking adjustments [17]. - **Copper**: The copper price rose by 0.45% at night. The supply of concentrates is tight, but the smelting output continues to grow. The power, automotive, and other industries have different performance trends, and the copper price is likely to fluctuate within a range [18]. - **Zinc**: The zinc price rose by 0.13% at night. The processing fee of zinc concentrates has increased, and the smelting output is expected to rise. The short - term supply - demand balance may tilt towards oversupply, and the zinc price may fluctuate weakly within a range [19]. - **Lithium Carbonate**: The lithium price remained stable. The production increased, and the inventory decreased. However, there are still many uncertainties in the market, and investors should be vigilant against capital speculation [21]. - **Black Metals**: - **Coking Coal and Coke**: The coking coal and coke futures showed a high - level volatile trend. The inventory accumulation is mainly from rebar, and the iron - water output recovery will increase the supply pressure of finished products. Policy expectations and potential production - over - inspection effects can provide some support [22]. - **Iron Ore**: Steel mills have started to resume production, and the demand for iron ore is supported. The global iron ore shipment has decreased recently, and the port inventory is being rapidly depleted. The iron ore price is expected to be volatile and bullish in the future, but attention should be paid to the steel mills' production progress [23]. - **Steel**: The profitability of steel mills remains stable, and the supply pressure is gradually emerging. The steel inventory is accumulating, and the export situation is mixed. The supply - demand contradiction in the steel market is not significant for now, and the short - term trend is a correction [24]. - **Agricultural Products**: - **Protein Meal**: The soybean and rapeseed meal prices rose slightly at night. Although the US soybean export is affected by trade tariffs, the reduction of planting area and potential decline in yield support the price. The domestic market is expected to be in a narrow - range fluctuation, and attention should be paid to the USDA report [25][26]. - **Edible Oils**: The edible oil prices were strong at night. The palm oil price may be under pressure due to the lower - than - expected export in August. The soybean oil price is affected by the US biodiesel policy and the upcoming USDA report. Attention should be paid to China - Canada trade relations and US biodiesel policies [27]. - **Sugar**: The international sugar market is in the inventory accumulation stage with increased Brazilian sugar supply, while the domestic sugar market is supported by high sales - to - production ratio and low inventory. However, the pressure from imported processed sugar and the upcoming new sugar - pressing season may drag down the price. The Zhengzhou sugar futures are expected to follow the weak trend of international sugar [28]. - **Cotton**: The ICE US cotton price rose slightly. The domestic cotton market is shifting the focus to the new cotton purchase, but the downstream demand is weak. The short - term trend of Zhengzhou cotton is expected to be weak [29]. - **Shipping Index**: - **Container Shipping to Europe**: The EC container shipping index to Europe showed a weak performance, falling by 5.28%. With the approaching of the National Day Golden Week, shipping companies are intensifying price competition, and the market is following the downward trend of spot freight rates. Attention should be paid to the shipping companies' price - adjustment rhythm [30].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views Polyolefin Industry - The current core contradiction in the polyolefin market is not prominent. In the PE market, the current maintenance remains high, and the short - term supply pressure is relatively limited. In the PP market, propane is strong, PDH losses intensify, and short - term unplanned maintenance increases. However, after the new device is put into production in early September, the pressure in East China increases, driving the basis to weaken rapidly, and market transactions are dull [23]. Pure Benzene and Styrene Industry - The supply of pure benzene in September is expected to be more relaxed than expected due to the maintenance of a reforming device in East China, and the weakening demand support will limit the price drive. For styrene, the overall start - up of downstream 3S has rebounded this week, and the port inventory has fallen from a high level. There is an expectation of improvement in supply and demand in the future, but the rebound space is limited due to high port inventory [26]. Chlor - Alkali Industry - The caustic soda market has stabilized slightly in the past two days, and the supply is expected to decline next week. The demand is expected to weaken in the future, but the inventory pressure of caustic soda enterprises is not large, and the spot price may remain firm in the short term. The PVC market has stopped falling and stabilized recently, but the overall pattern of oversupply is difficult to reverse, and there is no obvious sign of improvement in demand [30]. Polyester Industry - PX supply is gradually increasing to a relatively high level, and the supply - demand expectation in September is relatively loose, but the medium - term supply - demand is still expected to be tight. PTA supply - demand is expected to be tight in September, but the basis and processing fees have limited repair drivers. Ethylene glycol supply is strong in the short term and weak in the long term. Short - fiber supply - demand is still weak in the short term. Bottle - chip supply - demand may be balanced in September, and inventory may increase slightly [33]. Crude Oil Industry - Overnight oil prices fell due to concerns about supply surplus overwhelming the premium brought by geopolitical risks. In the short term, oil prices are likely to run weakly, and it is recommended to take a short - side approach [38]. Urea Industry - The urea futures price is running weakly due to the dual pressure of increased supply and weak demand. The domestic urea daily output has rebounded, while agricultural demand is in the off - season, and industrial demand is limited [42]. Methanol Industry - The methanol supply is expected to increase in September as domestic maintenance devices return and foreign start - up reaches a seasonal high. The demand from traditional downstream industries remains weak, and the port inventory has increased significantly, with weak basis performance and prominent pressure [44]. 3. Summaries by Related Catalogs Polyolefin Industry - **Price Change**: From September 10th to 11th, the closing prices of L2601, L2509, PP2601, and PP2509 all decreased, with decreases of 0.24%, 0.43%, 0.13%, and 0.71% respectively. The spreads of L2509 - 2601 and PP2509 - 2601 increased by 28.00% and 42.55% respectively [23]. - **Inventory and Supply - Demand**: PE and PP inventories showed different trends last week, with PE de - stocking and PP stocking. The current maintenance of PE remains high, and short - term supply pressure is limited. For PP, propane is strong, PDH losses intensify, and short - term unplanned maintenance increases, but new devices will increase pressure after being put into production in September [23]. Pure Benzene and Styrene Industry - **Price Change**: From September 10th to 11th, the prices of Brent crude oil, WTI crude oil, CFR China pure benzene, and styrene in East China all changed to varying degrees. For example, the price of Brent crude oil (November) decreased by 1.7%, and the price of styrene in East China increased by 0.3% [26]. - **Inventory and Supply - Demand**: The inventory of pure benzene in Jiangsu ports decreased by 3.4%, and the inventory of styrene in Jiangsu ports decreased by 10.2%. The supply of pure benzene in September is expected to decrease, and the demand support is weakening. For styrene, there is an expectation of improvement in supply and demand in the future [26]. Chlor - Alkali Industry - **Price Change**: From September 10th to 11th, the price of Shandong 32% liquid caustic soda converted to 100% remained unchanged, the price of East China calcium carbide - based PVC increased by 0.2%, and the price of East China ethylene - based PVC remained unchanged [31]. - **Inventory and Supply - Demand**: The inventory of liquid caustic soda in East China factories decreased by 7.8%, and the total social inventory of PVC increased by 2.1%. The supply of caustic soda is expected to decline next week, and the demand for PVC remains weak [31]. Polyester Industry - **Price Change**: From September 10th to 11th, the prices of Brent crude oil, WTI crude oil, and various polyester products changed. For example, the price of POY150/48 increased by 0.5%, and the price of FDY150/96 decreased by 0.5% [34]. - **Inventory and Supply - Demand**: The supply of PX is gradually increasing, and the supply - demand in September is expected to be relatively loose. The supply - demand of PTA in September is expected to be tight, but the basis and processing fees have limited repair drivers. Ethylene glycol is expected to be in a short - term supply - demand balance but may face oversupply in the fourth quarter [34]. Crude Oil Industry - **Price Change**: On September 12th compared with September 11th, the prices of Brent, WTI, and various refined oil products decreased. For example, the price of Brent decreased by 1.66%, and the price of NYM RBOB decreased by 0.51% [38]. - **Supply - Demand**: The supply of crude oil is expected to be in a record - high surplus next year, and the increase in Saudi Arabia's export quota to China confirms the supply pressure. The increase in the number of initial jobless claims in the United States has raised concerns about economic and demand slowdown [38]. Urea Industry - **Price Change**: From September 10th to 11th, the closing price of the methanol main contract decreased by 0.83%, and the prices of various urea futures contracts and spreads also changed [42]. - **Inventory and Supply - Demand**: The domestic urea daily output has rebounded to 18.44 tons, and the start - up rate has increased month - on - month. Agricultural demand is in the off - season, and industrial rigid - demand procurement is limited. Although export containerization provides some support, the decline in Indian consumption weakens the positive effect [42]. Methanol Industry - **Price Change**: From September 10th to 11th, the closing prices of MA2601 and MA2509 decreased by 0.83% and 2.30% respectively, and the MA91 spread decreased by 22.54% [44]. - **Inventory and Supply - Demand**: The methanol enterprise inventory increased by 0.43%, and the port inventory increased by 8.59%. The domestic maintenance devices are expected to return in early September, and the foreign start - up has reached a seasonal high, while the traditional downstream demand remains weak [44].

Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. Core Viewpoints The report analyzes the mid - term and short - term structures of various energy and chemical products, and provides corresponding trading strategies based on the fundamental and technical analysis of each product. The overall market shows a complex situation with different trends for different products, and many products are affected by factors such as supply - demand relationship, cost, and geopolitical events [1][2]. Summary by Product Crude Oil - Logic: OPEC+ starts the second - stage 165 barrels/day复产 plan. In October, it will increase production by 137,000 barrels/day. The market has a large surplus expectation after the first - stage复产, and the second - stage复产 will add to the pressure with the demand shifting from peak to off - peak season. Geopolitical events and sanctions expectations bring short - term support, but the fundamental trend is downward [2]. - Technical Analysis: Mid - term and short - term downward structures. The intraday trend is a bit subtle, testing the short - term pressure of 489 (11 contract). It is recommended to observe for one more day. The hourly - level short positions can be held cautiously [2]. Styrene (EB) - Logic: The weekly start - up rate has a slight increase, but there are unplanned maintenance. The downstream profit is poor, the start - up rates of ABS and EPS decline, and the port inventory continues to accumulate, which is a short - term pressure point. After the autumn maintenance peak, there will be new device put - into - production pressure in September - October, and the supply - demand situation is weak. There is also the risk of inventory over - filling [5]. - Technical Analysis: The hourly - level short - term downward structure is being tested. After a sharp fall, it is in a normal repair period. It has reached above the short - term pressure of 7040 (10 contract). The remaining short positions can be held cautiously, with the final stop - profit at 7180 [5]. Rubber - Logic: Seasonal factors are strong, but there is no weather speculation on the supply side. Only short - term typhoons and rainy seasons make raw material prices strong. The import volume in August increases both year - on - year and month - on - month, with a continuous increase expectation. The start - up rate of semi - steel tires decreases significantly, while that of all - steel tires remains high. The current fundamentals are neutral [7]. - Technical Analysis: Mid - term oscillation structure at the daily level, and the hourly - level upward structure is being tested. After an increase in positions and a fall below the support of 15880, the short - term upward trend is under threat. It is close to the lower limit of the August range. It is recommended to wait and see at the hourly level and look for short - selling opportunities on the 15 - minute chart after a rebound fails to break through the pressure of 16000 [7]. Synthetic Rubber (BR) - Logic: There is no major contradiction in the supply - demand of styrene - butadiene rubber. The start - up rate and output of some devices decrease due to maintenance, and the inventory of downstream semi - steel tires also drops. The main contradiction lies in the cost of butadiene. With the arrival of a large number of ships, the port inventory has increased significantly, ending the previous tight situation. In the medium term, the supply pressure of butadiene will gradually appear, and the upstream crude oil will also face surplus pressure [10]. - Technical Analysis: Mid - term oscillation/downward structure at the daily level, and short - term downward structure at the hourly level. Since August 22, the position has increased by 97%. After an increase in positions and a break - through today, it may end the oscillation and turn to a downward trend. The short - term pressure is at 11760. The 15 - minute short positions can be held at the hourly level, with the stop - profit at 11760 [13]. PX - Logic: The profit of PX is restored, and the start - up rate is increasing after the maintenance peak. The domestic PX load is 83%, and the Asian PX load is 75%. The demand - side device maintenance and复产 co - exist, but the overall start - up rate of PTA has declined, and the previous inventory reduction has slowed down. The short - term fundamentals have weakened, and more attention should be paid to the cost of crude oil [17]. - Technical Analysis: The hourly - level short - term downward structure is being tested. The intraday trend is oscillatory, and the small - cycle should pay attention to the pressure at 6770 on the 15 - minute chart. The remaining short positions can be held [17]. PTA - Logic: It lacks its own driving force, and attention should be paid to the cost collapse logic of crude oil [21]. - Technical Analysis: Hourly - level short - term downward structure. The intraday oscillation does not change the downward trend. The short - term pressure is at 4700. The short positions can be held, with the stop - profit at 4700 [21]. PP - Logic: The supply - side start - up rate increases, and new devices will be put into production. The demand enters the peak season, and the supply - demand pressure is not obvious. Attention should be paid to the cost collapse logic [22]. - Technical Analysis: Hourly - level short - term downward structure. The intraday trend is oscillatory. The short - term pressure at the hourly level is 7090, which is relatively far. Attention can be paid to the 6990 pressure on the 15 - minute short - cycle. If it breaks through, partial stop - profit can be made [22]. Methanol - Logic: The domestic and overseas start - up rates are high, and the arrival pressure in September is large. The port inventory continues to accumulate, reaching a record high in the past 5 years. The downstream demand is weak, and the short - term pressure is great [24]. - Technical Analysis: Mid - term downward/oscillation and short - term downward structures. After an increase in positions and a fall, the 15 - minute cycle turns down. Attention should be paid to whether the hourly - level downward slope returns. The short - term pressure is at 2435. The remaining short positions can be held cautiously, with the final stop - profit at 2435 [24]. PVC - Logic: After the previous maintenance, the start - up rate remains at a high level of 75%. The comprehensive profit of chlor - alkali is strong, so the supply is difficult to reduce. The inventory continues to accumulate to the highest level in the same period of history. Before the real estate bottoms out, the demand is difficult to improve, and the fundamentals are bearish [27]. - Technical Analysis: Mid - term upward structure at the daily level and short - term downward structure at the hourly level. The intraday oscillation does not change the downward trend. The short - term pressure is at 4930. The short positions can be held [27]. Ethylene Glycol (EG) - Logic: The port inventory is at a low level in recent years, so the fundamentals are relatively strong compared with other energy and chemical products. But with the increase in domestic start - up rate, it is expected to enter the inventory - accumulation cycle. The short - term situation is strong, but the medium - term expectation is bearish [30]. - Technical Analysis: Mid - term oscillation/downward and short - term downward structures. The intraday oscillation, but the closing price hits a new low, and the short - term decline may accelerate. The short - term pressure is at 4375. The short positions can be held, with the stop - loss at 4375 [30]. Plastic - Logic: The start - up rate of PE is stable, and the demand improvement in the peak season is slow. The fundamental driving force is general [32]. - Technical Analysis: Mid - term oscillation/downward and short - term downward structures. The intraday trend is oscillatory. The short - term pressure at the hourly level is 7365, which is relatively far. Attention can be paid to the 7290 pressure on the 15 - minute small - cycle. The 15 - minute short positions can be held, with the stop - loss at 7290 [32]. Soda Ash - Logic: After the end of the anti - involution hype, the glass - soda ash with the greatest supply - demand pressure starts the spot - futures regression logic before delivery. The anti - involution has no real impact on the supply. The over - capacity trend continues, and the output has further increased after the price increase. The real estate demand is difficult to bottom out, and the supply - strong and demand - weak situation remains unchanged. The large inventory and high - output pressure continue to suppress the price [33]. - Technical Analysis: Hourly - level downward structure. The intraday oscillation does not change the downward trend. The short - term pressure is at 1320. The short positions can be held [33]. Caustic Soda - Logic: Last week, the supply - side output and start - up rate decreased due to autumn maintenance and transportation restrictions during the military parade. After the parade on September 3, the supply - side speculation may end. The export demand is at a high level but the profit is declining, and the domestic non - aluminum demand is rising in the early peak season, while the alumina demand remains flat at a high level. The overall supply - demand is strong, but the supply pressure is greater. The inventory is at a record high in the past 5 years, and there is an over - supply situation after the start - up rate recovers [36]. - Technical Analysis: Hourly - level downward structure. The intraday oscillation does not change the downward trend. The short - term pressure is at 2625. The short positions can be held, with the stop - profit at 2625 [36].

1. Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating. However, it suggests investors approach the chemical industry with a "sideways to slightly bearish" mindset [4]. 2. Core Viewpoints of the Report - Oil prices have risen for three consecutive trading days. Investors are weighing various factors such as Trump's tariff threats on Russian oil buyers, the aftermath of Israel's attack in Doha, and the prospect of US interest rate cuts. French and German proposals to include major Russian oil companies in EU sanctions may also impact the crude oil market. China's August PPI decline narrowed, while the US PPI unexpectedly declined month - on - month, providing a reason for the Fed to cut interest rates, which could boost energy demand [2]. - The chemical sector has been in a sideways consolidation. Many chemical products have had a price fluctuation of less than 2% in the past week. The current contradictions are small, and valuations are reasonable. The traditional peak season has started, but demand recovery is slow, especially in the polyester and home appliance sectors. The chemical market hopes for price increases from winter stockpiling [3]. - For different products, the report provides specific views, generally suggesting a sideways to slightly bearish outlook, with attention to geopolitical risks and policy changes [4]. 3. Summary by Related Catalogs 3.1 Market Outlook - **Crude Oil**: Supply pressure persists, and geopolitical risks should be monitored. EIA data shows an increase in US commercial crude oil inventories, and future inventories face pressure from refinery operation peaks and OPEC+ production increases. Oil prices are expected to be sideways to slightly bearish, with geopolitical factors as the main risk [7]. - **Asphalt**: The resistance level of 3500 yuan/ton for asphalt futures is gradually established. Supply - related issues have eased, and demand is not optimistic. The absolute price of asphalt is overvalued, and the monthly spread may decline with the increase in warehouse receipts [7]. - **High - Sulfur Fuel Oil**: Geopolitical premiums have emerged, and fuel oil prices have risen with crude oil. However, demand expectations have deteriorated, and the three major drivers supporting high - sulfur fuel oil are weakening. Geopolitical impacts on prices are short - term [8]. - **Low - Sulfur Fuel Oil**: It fluctuates with crude oil. It faces negative factors such as a decline in shipping demand, green energy substitution, and high - sulfur fuel substitution. It is expected to follow crude oil fluctuations at a relatively low valuation [10]. - **Methanol**: Inland prices are firm, and methanol futures fluctuate. There are differences between inland and port inventories, and there may be long - term low - buying opportunities [26]. - **Urea**: Under a loose supply - demand situation, the futures market is weakly stable. It is expected to be sideways to slightly bearish, waiting for positive factors [27]. - **Ethylene Glycol**: Pre - sales of new plants suppress market sentiment. The market is expected to fluctuate within a range [20]. - **PX**: It fluctuates with raw materials and the macro - environment. Geopolitical factors support the cost, and supply and demand are relatively stable. It is expected to fluctuate, with attention to the support around 6600 yuan [12]. - **PTA**: Filament producers offer discounts, and there are rumors of POY production cuts. It is expected to fluctuate, with attention to the support around 4600 yuan [13]. - **Short - Fiber**: Raw material support is strengthening, but downstream demand is average. It is expected to fluctuate with raw materials in the short term [23]. - **Bottle Chip**: There is limited driving force, and it follows the market passively. It is expected to fluctuate with raw materials [24]. - **PP**: Supported by previous lows and geopolitical factors in crude oil, it fluctuates. Supply pressure exists, and the impact of policies and demand in the peak season should be observed [33]. - **Propylene (PL)**: It follows PP fluctuations in the short term. The focus is on the polypropylene processing fee, which is currently reasonably valued [34]. - **Plastic (LLDPE)**: Maintenance provides slight support, and it fluctuates. Supply pressure remains, and the effects of domestic policies and overseas demand need to be observed [32]. - **Pure Benzene**: Ports are expected to resume inventory accumulation, and prices are expected to be sideways to slightly bearish [14]. - **Styrene**: The decline has paused, and the market fluctuates. In the medium - term, it is still bearish due to inventory pressure, but there may be short - term rebounds [18]. - **PVC**: Weak current situation and strong expectations. It is expected to fluctuate. The impact of anti - involution policies and market sentiment should be observed [36]. - **Caustic Soda**: The spot price has reached a short - term peak, and the futures market is cautiously bearish. The downward space is limited considering future alumina production [37]. 3.2 Variety Data Monitoring - **Inter - period Spread**: The report provides the latest values and changes in inter - period spreads for various products such as Brent, Dubai, PX, PTA, etc. [38]. - **Basis and Warehouse Receipts**: It shows the basis, its changes, and the number of warehouse receipts for products like asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc. [39]. - **Inter - variety Spread**: The report presents the latest values and changes in inter - variety spreads, including 1 - month PP - 3MA, 1 - month TA - EG, etc. [40]. 3.3 Commodity Index - **Comprehensive Index**: The comprehensive index, specialty index (including commodity 20 index and industrial products index), and sector index (energy index) are provided, along with their respective changes [281][283].

Energy and Chemicals - Oil prices increased on Wednesday, with WTI October contract closing at $63.67 per barrel, up $1.04, a rise of 1.66%. Brent November contract closed at $67.49 per barrel, also up $1.10, a rise of 1.66% [2] - The U.S. commercial crude oil inventory rose by 3.9 million barrels to 424.6 million barrels as of the week ending September 5. U.S. crude oil exports decreased by 1.1 million barrels per day to 2.8 million barrels per day [2] - The geopolitical risks are influencing oil prices, leading to fluctuations in the market [2] Fuel Oil - The main fuel oil contract FU2510 rose by 1.44% to 2827 yuan/ton, while the low-sulfur main contract LU2511 increased by 0.48% to 3383 yuan/ton [3] - An increase in supply from Singapore has been noted, with more low-sulfur fuel oil components flowing from Western markets to Asia [3] - The high-sulfur fuel oil market is weakening due to low demand for raw materials ahead of the autumn refinery maintenance season [3] Asphalt - The main asphalt contract BU2510 closed up 0.55% at 3463 yuan/ton. Domestic asphalt inventory levels increased to 27.11%, a rise of 0.66% week-on-week [4] - The operating rate of domestic asphalt plants decreased to 39.59%, down 0.63% week-on-week [4] - The upcoming demand peak in September is expected to ease supply-demand conflicts, potentially leading to further price increases [4] Rubber - The main rubber contract RU2601 rose by 40 yuan/ton to 15980 yuan/ton, while NR main contract fell by 20 yuan/ton to 12715 yuan/ton [5] - China's natural rubber social inventory decreased by 0.7 million tons, a decline of 0.57% [5] - The market is expected to remain strong due to stable demand and inventory depletion [5] PX, PTA, and MEG - TA601 closed at 4698 yuan/ton, up 0.43%, while EG2601 closed at 4319 yuan/ton, down 0.07% [6] - PX main contract closed at 6770 yuan/ton, up 0.65%, with spot prices at $838 per ton [6] - The PX supply is recovering, and downstream TA is expected to improve as maintenance is completed [6] Methanol - Methanol prices in Taicang were at 2295 yuan/ton, with CFR China prices between $261-$265 per ton [7] - Domestic supply is expected to gradually recover as production resumes, while Iranian shipments remain stable [7] - The market is anticipated to reach a temporary bottom as inventory levels peak after mid-month [7] Polyolefins - Mainstream prices for East China PP were between 6750-6960 yuan/ton, with various production margins reported [8] - Demand is expected to improve with the arrival of the "golden September and silver October" demand season [8] - The market is transitioning towards a balanced supply-demand scenario, but cost pressures remain [8] PVC - PVC market prices in East China are stabilizing, with electric stone method prices ranging from 4620-4730 yuan/ton [9] - Domestic construction activity is recovering, but overall demand remains weak compared to last year [9] - The market faces high inventory pressure, leading to a gradual compression of production profits [9] Urea - Urea prices continued to trend weakly, with the main contract closing at 1669 yuan/ton, down 1.01% [10] - The supply level remains stable, but demand sentiment is weak, with low sales rates reported [10] - The market is under pressure due to inventory increases and limited new export expectations [11] Soda Ash - Soda ash futures prices remained firm, with the main contract closing at 1281 yuan/ton, down 0.47% [12] - The market is stable, with production levels declining due to increased maintenance and equipment changes [12] - Overall, the market lacks new driving forces, but macro sentiment continues to support prices [12] Glass - Glass futures prices showed stability, with the main contract closing at 1181 yuan/ton, down 1.5% [13] - The domestic float glass market average price was 1164 yuan/ton, with a slight increase [13] - Demand sentiment remains positive, but no significant improvements in supply-demand balance are observed [13]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The domestic liquidity in 2025 is expected to remain loose, and more incremental policies may be introduced in Q4 to boost the real economy. The external risks are gradually easing, and the probability of the Fed cutting interest rates in September is increasing, which further enhances the attractiveness of RMB assets. The current market is in a resonance period of "policy bottom + capital bottom + valuation bottom", but it is necessary to adapt to the accelerating rotation of sectors and structural differentiation. The CSI 500 and CSI 1000 indexes, which have more technology - growth components, are more offensive and volatile but may bring higher returns, while the SSE 50 and SSE 300, which have more dividend - blue - chip components, are more defensive with less volatility but relatively weaker price elasticity. The stock index has been rising since July and may experience short - term shock consolidation, but the probability of a medium - to - long - term upward trend is high [2][11]. - The double - coking futures are in a high - level shock trend. The current demand is in the off - season, and factors such as the expectation of coke price cuts and the low near - far - month price difference put pressure on the market, but policy expectations and the impact of over - production checks provide support [3][23]. - The palm oil price may be under pressure in the short term due to the lower - than - expected exports of Malaysian palm oil in August [3][25]. 3. Summary by Directory 3.1. Main News Concerns of the Day - **International News**: On September 10, Wang Yi, a member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, had a phone call with US Secretary of State Rubio. Both sides emphasized the importance of the strategic guidance of the heads - of - state diplomacy, proper management of differences, and exploration of practical cooperation to promote the stable development of Sino - US relations [4][5]. - **Domestic News**: In August 2025, the national consumer price index decreased by 0.4% year - on - year. The average consumer price from January to August decreased by 0.1% compared with the same period of the previous year [6]. - **Industry News**: Six departments including the Ministry of Industry and Information Technology jointly deployed a special rectification action for network chaos in the automotive industry, aiming to strengthen the handling of network chaos such as online water armies, "black public relations", "black mouths", and "fan circles" in the automotive industry [7]. 3.2. Daily Earnings of Overseas Markets - The report provides the closing prices, price changes, and percentage changes of various overseas market varieties on September 9 and 10, 2025, including the FTSE China A50 futures, ICE Brent crude oil, London gold, etc. For example, the FTSE China A50 futures rose by 0.48% from September 9 to 10, and ICE Brent crude oil rose by 1.61% [8]. 3.3. Morning Comments on Major Varieties - **Financial Products** - **Stock Index**: The stock index is expected to have short - term shock consolidation but a high probability of medium - to - long - term upward trend. The CSI 500 and CSI 1000 are more offensive, while the SSE 50 and SSE 300 are more defensive [2][11]. - **Treasury Bonds**: Treasury bond futures prices continued to fall. With the stabilization of the equity market and the gradual tightening of funds, the stock - bond seesaw effect continued. The new regulations on fund redemptions also disturbed the market, and long - term treasury bond futures prices hit new lows and are expected to remain weak [12]. - **Energy and Chemical Products** - **Crude Oil**: SC crude oil rose 0.82% at night. Eight countries decided to increase the daily crude oil production quota by 137,000 barrels starting from October, and the 1.65 million barrels of daily production cuts may be partially or fully restored [13]. - **Methanol**: Methanol rose 0.04% at night. The coastal methanol inventory increased significantly, and the overall device operating load increased. Methanol is expected to be bullish in the short term [14]. - **Rubber**: Rubber prices are expected to fluctuate and adjust in the short term. The supply is affected by the rainy season in the main production areas, and the demand is in the off - season with uncertainties [16]. - **Polyolefins**: Polyolefins are running weakly. The supply has shrunk, and the market pressure has eased. The support from downstream inventory replenishment needs to be monitored [17]. - **Glass and Soda Ash**: Glass futures are in shock consolidation, and soda ash futures rebounded after hitting the bottom. Both are in the process of inventory digestion, and the futures prices are weak and approaching the spot prices. Attention should be paid to the autumn consumption and policy changes [18]. - **Metals** - **Precious Metals**: Precious metals are strong. The weak US economic data and the expectation of interest rate cuts by the Fed, as well as other factors, support the rise of gold. Gold and silver are expected to be strong when the interest rate cut is approaching [19]. - **Copper**: Copper prices may fluctuate within a range. The concentrate supply is tight, and the smelting output is growing, while the downstream demand has both positive and negative factors [20]. - **Zinc**: Zinc prices may fluctuate weakly within a range. The smelting output is expected to increase, and the short - term supply may be in surplus [21][22]. - **Black Products** - **Double - Coking**: The double - coking futures are in a high - level shock trend, with both pressure and support factors [3][23]. - **Agricultural Products** - **Protein Meal**: Protein meal futures are expected to continue to fluctuate narrowly in the short term. The US soybean has strong support at the bottom, and the domestic raw material supply is expected to be loose [24]. - **Oils and Fats**: Palm oil prices may be under pressure in the short term due to lower - than - expected exports from Malaysia in August [3][25]. - **Sugar**: International sugar prices are expected to be weak, while the domestic sugar price is supported by high sales - to - production ratio and low inventory but is also dragged down by import pressure. Zhengzhou sugar is expected to follow the weak trend of international sugar [26]. - **Cotton**: ICE cotton prices rose slightly. The domestic cotton market is waiting for new cotton acquisition and traditional peak - season demand guidance, and Zhengzhou cotton is expected to be weak in the short term [27]. - **Shipping Index** - **Container Shipping to Europe**: The EC index is in shock and decline. The spot freight rate of European routes is in the off - season and is expected to continue to decline. The market may be more in a shock state [29].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Chlor - Alkali Industry - The caustic soda futures price may have limited downside space. The spot price may remain firm in the short - term due to low inventory pressure on caustic soda enterprises and expected supply decline. Attention should be paid to the alumina plant's purchasing rhythm and device fluctuations [2]. - The PVC futures price will continue to be weakly volatile. The supply - demand pressure increases, and the demand has not improved. Although in the traditional peak season, the demand remains sluggish. The cost side provides some support [2]. Methanol Industry - On the supply side, inland maintenance devices are expected to gradually resume in early September, and the import volume will still be large. On the demand side, traditional downstream sectors are still weak. The port has been significantly accumulating inventory, and the basis is weak. The key is to focus on the inventory digestion rhythm [5]. Urea Industry - The urea futures price is running weakly due to the short - term imbalance of domestic supply - demand fundamentals. The supply is abundant, while the demand is weak, leading to inventory accumulation in factories [11]. Crude Oil Industry - The overnight oil price continued to fluctuate widely. The current oil price is supported by geopolitical premiums, but the upside space is restricted by the loose fundamentals. It is recommended to mainly observe on the long - short side and wait for opportunities to expand the spread on the options side [44]. Polyester Industry Chain - PX: The supply is gradually increasing to a relatively high level, and the mid - term supply - demand is expected to be tight. The price has support at the low level, but the upside space of the rebound is limited. It is recommended to treat PX11 as a short - term shock between 6600 - 6900 [39]. - PTA: The supply - demand in September is expected to be tight, but the basis and processing fee repair drive are limited. It is recommended to treat TA as a short - term shock between 4600 - 4800 and mainly conduct TA1 - 5 rolling reverse spreads [39]. - Ethylene glycol: The supply - demand pattern is strong in the near - term and weak in the long - term. It is expected to slightly reduce inventory in September and enter the inventory accumulation channel in the fourth quarter. Attention should be paid to the support of EG01 at around 4300 and the EG1 - 5 reverse spread opportunity [39]. - Short - fiber: The short - term supply - demand pattern is still weak, following the raw material fluctuations. The unilateral strategy is the same as that of PTA, and the processing fee on the disk fluctuates between 800 - 1000 [39]. - Bottle chips: In September, the supply and demand may both decrease, and the inventory is expected to increase. PR follows the cost fluctuations, and the processing fee has limited upside space [39]. Polyolefin Industry - For PP, the loss of PDH is intensifying, and the basis has weakened rapidly. For PE, the current maintenance is still at a relatively high level, and the supply pressure is relatively limited in the short - term. The overall market will present a pattern of "decreasing supply and increasing demand" [49][51]. Pure Benzene - Styrene Industry - Pure benzene: The supply in September is lower than expected, and the demand support is weakening. The supply - demand is expected to be loose, and the price is driven by the strong oil price. BZ2603 is expected to follow styrene and fluctuate strongly [57]. - Styrene: The short - term drive is weak, but the supply - demand is expected to improve in the future. The price is supported by the oil price, but the rebound space is limited by high inventory. EB10 can be treated with low - buying on a rolling basis, and attention should be paid to the pressure around 7200 and the spread expansion between EB11 - BZ11 [57]. 3. Summaries According to Relevant Catalogs Chlor - Alkali Industry - **Prices**: The spot prices of caustic soda and PVC remained stable on September 10, while the futures prices showed different degrees of changes. For example, SH2509 of caustic soda increased by 7.0%, and V2509 of PVC increased by 0.1% [2]. - **Supply**: The caustic soda industry's operating rate is expected to decline next week due to maintenance. The PVC supply has an upward expectation as some device maintenance is restored [2]. - **Demand**: The demand for caustic soda is expected to weaken, especially from the alumina industry. The PVC demand has not improved, and downstream product enterprises maintain a low operating rate [2]. - **Inventory**: The liquid caustic soda inventory in East China factories decreased, while the PVC upstream factory inventory and total social inventory increased slightly [2]. Methanol Industry - **Prices**: On September 10, the methanol futures and spot prices showed different degrees of increase. For example, MA2601 increased by 0.38%, and the spot price in Inner Mongolia's northern line increased by 1.31% [4]. - **Inventory**: The methanol enterprise inventory, port inventory, and social inventory all increased. The port inventory increased by 8.59% [4]. - **Operating Rate**: The upstream domestic and overseas enterprise operating rates increased, while some downstream operating rates decreased, such as the formaldehyde and glacial acetic acid operating rates [5]. Urea Industry - **Prices**: The urea futures price is running weakly. The spot prices in different regions showed little change on September 10 [11]. - **Supply**: The daily output of urea remains at a high level, and some maintenance devices are expected to resume production [11]. - **Demand**: The agricultural demand is in the off - season, and the industrial demand is for rigid procurement, resulting in insufficient total demand [11]. - **Inventory**: The domestic urea factory inventory increased, while the port inventory remained unchanged [11]. Crude Oil Industry - **Prices**: On September 11, the prices of Brent, WTI, and SC crude oil increased slightly. The spreads between different contracts and regions also changed [44]. - **Supply - Demand Data**: According to EIA data, the U.S. crude oil production, refinery operating rate, and various inventory changes are shown in the report [14]. Polyester Industry Chain - **Prices**: On September 10, the prices of upstream crude oil, naphtha, and PX increased slightly, while the prices of some downstream polyester products decreased, such as the polyester bottle chip price [39]. - **Operating Rate**: The operating rates of PX, PTA, MEG, and polyester products showed different degrees of changes. For example, the Asian PX operating rate increased by 0.9% [39]. - **Inventory**: The MEG port inventory is at a low level, and the arrival volume in early September is moderately low [39]. Polyolefin Industry - **Prices**: On September 10, the futures prices of LLDPE and PP showed small changes, and the spot prices remained stable [49]. - **Operating Rate**: The PE device operating rate decreased slightly, and the PP device operating rate increased. The downstream weighted operating rates of both increased slightly [49]. - **Inventory**: The PE enterprise inventory increased, and the PP enterprise inventory decreased. The PP trader inventory increased [49]. Pure Benzene - Styrene Industry - **Prices**: On September 10, the prices of upstream crude oil, naphtha, and pure benzene increased slightly, while the price of styrene remained stable [57]. - **Operating Rate**: The operating rates of some pure benzene and styrene downstream products decreased, while the styrene operating rate increased [57]. - **Inventory**: The pure benzene and styrene inventories in Jiangsu ports decreased [57].