1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet expanding, oil prices should not be overly shorted in the short - term. A low - buy and high - sell range strategy is maintained, but it's advisable to wait and see for now to verify OPEC's export price - support intention [3]. - For methanol, the potential bullish factor of Iranian plant shutdown has materialized, and the market is expected to bottom out in the short - term. However, high supply will limit its upward space, and it's recommended to wait and see on the single - side and focus on positive spread opportunities for the inter - month spread [4]. - For urea, the price is expected to gradually emerge from the bottom range. With supply high and demand improving, it's advisable to consider long positions at low prices [5]. - For rubber, a neutral approach is recommended, with either waiting and seeing or short - term trading. Holding a hedging position of buying RU2601 and selling RU2609 is suggested [13]. - For PVC, the domestic supply - demand situation is poor, but with short - term low valuation and cost increase, a mid - term short - selling strategy on rallies is recommended [16]. - For pure benzene and styrene, when the inventory reversal point occurs, one can go long on the non - integrated profit of styrene [19]. - For polyethylene, the long - term contradiction has shifted from cost - driven decline to production mismatch, and it's advisable to short the LL1 - 5 spread on rallies [22]. - For polypropylene, under the background of weak supply and demand and high inventory pressure, wait for the supply - demand situation to change in Q1 next year [25]. - For PX, expect a slight inventory build - up in December, and pay attention to long - buying opportunities at low prices [28]. - For PTA, pay attention to long - buying opportunities based on expectations, as the supply is expected to stabilize and the demand may maintain a high level in the short - term [29]. - For ethylene glycol, the supply - demand outlook is weak in the medium - term, and a short - selling strategy on rallies is recommended [31]. 3. Summary by Relevant Catalogs Crude Oil - **Market Information**: INE's main crude oil futures closed down 5.20 yuan/barrel, a 1.15% decline, at 448.10 yuan/barrel. Related refined oil futures also declined. In Fujeirah Port, gasoline, diesel, fuel oil, and total refined oil inventories all increased week - on - week [2]. - **Strategy Viewpoint**: Although the geopolitical premium has disappeared and OPEC's production increase is small with supply not expanding, short - term oil prices should not be overly shorted. Maintain a low - buy and high - sell range strategy, but wait and see for now to verify OPEC's export price - support intention [3]. Methanol - **Market Information**: The price in Taicang decreased by 10, remained stable in Lunan, and increased by 7.5 in Inner Mongolia. The 01 contract on the futures market decreased by 4 yuan, at 2128 yuan/ton, with a basis of - 6. The 1 - 5 spread increased by 14, at - 86 [3]. - **Strategy Viewpoint**: The potential bullish factor of Iranian plant shutdown has materialized, and the market is expected to bottom out in the short - term. Supply is expected to remain high, limiting its upward space. Wait and see on the single - side and focus on positive spread opportunities for the inter - month spread [4]. Urea - **Market Information**: The spot price in Shandong remained stable, increased by 10 in Henan, and by 20 in Hubei. The 01 contract increased by 5 yuan, at 1692 yuan, with a basis of - 22. The spread increased by 9, at - 56 [5]. - **Strategy Viewpoint**: The price is expected to gradually emerge from the bottom range. Supply remains high, and demand has improved. Consider long positions at low prices [5]. Rubber - **Market Information**: Rubber prices declined. The flood in Thailand's main rubber - producing areas receded, reducing potential bullish factors. Exchange RU inventory and warehouse receipts are low. The fundamental driving force is weakening, and it follows macro - fluctuations. There are different views from bulls and bears. Tire factory operating rates are weak, and inventories have increased. Social inventories of natural rubber have increased [9][10][11][12]. - **Strategy Viewpoint**: Adopt a neutral approach, either wait and see or engage in short - term trading. Hold a hedging position of buying RU2601 and selling RU2609 [13]. PVC - **Market Information**: The PVC01 contract decreased by 34 yuan, at 4541 yuan. The spot price of Changzhou SG - 5 decreased by 10 yuan/ton, at 4500 yuan/ton, with a basis of - 41 (increased by 24). The 1 - 5 spread was - 273 (increased by 5). The cost of calcium carbide increased, and the overall operating rate increased. Demand - side operating rates increased slightly, while factory and social inventories increased [13]. - **Strategy Viewpoint**: The domestic supply - demand situation is poor, but with short - term low valuation and cost increase, a mid - term short - selling strategy on rallies is recommended [16]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene remained unchanged, and the futures price was also unchanged, with an expanding basis. The spot and futures prices of styrene increased, with a strengthening basis. Upstream operating rates decreased, and port inventories increased. Demand - side operating rates showed mixed trends [18]. - **Strategy Viewpoint**: When the inventory reversal point occurs, go long on the non - integrated profit of styrene [19]. Polyethylene - **Market Information**: The main contract's closing price decreased by 23 yuan/ton, at 6808 yuan/ton. The spot price decreased by 20 yuan/ton, at 6840 yuan/ton, with a strengthening basis. Upstream operating rates decreased slightly, and weekly inventories decreased. Downstream average operating rates increased slightly, and the LL1 - 5 spread decreased [21]. - **Strategy Viewpoint**: The long - term contradiction has shifted from cost - driven decline to production mismatch. Short the LL1 - 5 spread on rallies [22]. Polypropylene - **Market Information**: The main contract's closing price decreased by 28 yuan/ton, at 6382 yuan/ton. The spot price remained unchanged, at 6430 yuan/ton, with a strengthening basis. Upstream operating rates increased, and weekly inventories decreased. Downstream average operating rates increased slightly, and the LL - PP spread increased [24]. - **Strategy Viewpoint**: Under the background of weak supply and demand and high inventory pressure, wait for the supply - demand situation to change in Q1 next year [25]. PX - **Market Information**: The PX01 contract decreased by 40 yuan, at 6872 yuan. PX CFR decreased by 3 dollars, at 848 dollars. The basis was 44 yuan (+12), and the 1 - 3 spread was - 36 yuan (-4). Chinese and Asian operating rates decreased. Some domestic and overseas plants had maintenance or load reduction. Imports from South Korea decreased in November. Inventories increased in October. Valuation and cost indicators showed some changes [27]. - **Strategy Viewpoint**: Expect a slight inventory build - up in December, and pay attention to long - buying opportunities at low prices [28]. PTA - **Market Information**: The PTA01 contract decreased by 22 yuan, at 4730 yuan. The East China spot price decreased by 20 yuan, at 4700 yuan. The basis was - 35 yuan (-2), and the 1 - 5 spread was - 66 yuan (unchanged). The operating rate increased, and downstream operating rates increased slightly. Terminal operating rates showed different trends. Social inventories decreased in November. Spot and futures processing fees changed [28]. - **Strategy Viewpoint**: Pay attention to long - buying opportunities based on expectations, as the supply is expected to stabilize and the demand may maintain a high level in the short - term [29]. Ethylene Glycol - **Market Information**: The EG01 contract decreased by 55 yuan, at 3822 yuan. The East China spot price decreased by 42 yuan, at 3840 yuan. The basis was 2 yuan (+1), and the 1 - 5 spread was - 104 yuan (+1). Supply - side operating rates increased, with some domestic and overseas plants having changes in operations. Downstream operating rates increased slightly, and terminal operating rates showed different trends. Import forecasts and port inventories increased. Valuation and cost indicators showed different trends [30]. - **Strategy Viewpoint**: The supply - demand outlook is weak in the medium - term, and a short - selling strategy on rallies is recommended [31].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For crude oil, although geopolitical premiums have disappeared and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. Maintain a range - trading strategy of buying low and selling high, but currently wait for signs of OPEC's export price - support intention by observing price drops and export declines [3] - For methanol, with the potential bullish factors from Iranian plant shutdowns materializing, the market has stopped falling and stabilized. The short - term bottom may have emerged. Supply is expected to remain high, limiting further upside. Suggest waiting and observing for single - side trading and looking for positive spread trading opportunities in the inter - month spread [6] - For urea, the price is expected to gradually emerge from the bottom range. With supply at a relatively high level and demand improving, the downside is limited. Consider buying on dips [8][10] - For rubber, adopt a neutral stance, suggest waiting and observing or short - term quick - in - and - out trading. Hold the hedging position of buying RU2601 and selling RU2609 [14] - For PVC, the domestic supply - demand situation is weak, but short - term valuation is low and costs are rising. Adopt a strategy of shorting on rallies in the medium term [16] - For pure benzene and styrene, when the inventory reversal point appears, consider going long on non - integrated styrene profits [19] - For polyethylene, the long - term contradiction has shifted from cost - driven decline to production mismatch. Consider narrowing the LL1 - 5 spread on rallies [22] - For polypropylene, in the context of weak supply and demand, wait for the change in the cost - side supply - surplus pattern in the first quarter of next year, which may support the market [25] - For PX, expect a slight inventory build - up in December. Look for buying opportunities on dips [28] - For PTA, with supply and demand stabilizing, look for buying opportunities on dips based on expectations [29][30] - For ethylene glycol, the supply - demand outlook is weak in the medium term. Suggest shorting on rallies [31] Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures rose 0.40 yuan/barrel, or 0.09%, to 453.80 yuan/barrel. High - sulfur fuel oil futures fell 5.00 yuan/ton, or 0.20%, to 2469.00 yuan/ton. Low - sulfur fuel oil futures rose 19.00 yuan/ton, or 0.63%, to 3035.00 yuan/ton. China's weekly crude oil data showed that crude oil arrival inventory increased by 0.30 million barrels to 207.78 million barrels, a 0.14% increase; gasoline commercial inventory decreased by 0.15 million barrels to 85.30 million barrels, a 0.18% decrease; diesel commercial inventory increased by 0.16 million barrels to 91.70 million barrels, a 0.17% increase; total refined oil commercial inventory increased by 0.01 million barrels to 176.99 million barrels, a 0.00% increase [2] - **Strategy View**: Maintain a range - trading strategy of buying low and selling high, but currently wait and observe, waiting for signs of OPEC's export price - support intention [3] Methanol - **Market Information**: Taicang price increased by 14, Lunan by 45, Inner Mongolia remained stable. The 01 - contract on the market fell 4 yuan to 2132 yuan/ton, with the basis at par. The 1 - 5 spread was - 4, reported at - 100 [5] - **Strategy View**: The short - term bottom may have emerged. Supply is expected to remain high, limiting further upside. Suggest waiting and observing for single - side trading and looking for positive spread trading opportunities in the inter - month spread [6] Urea - **Market Information**: Shandong, Henan, and Hubei spot prices remained stable. The 01 - contract on the market rose 12 yuan to 1687 yuan, with the basis at - 17. The 1 - 5 spread increased by 4 to - 65 [7] - **Strategy View**: The price is expected to gradually emerge from the bottom range. With supply at a relatively high level and demand improving, the downside is limited. Consider buying on dips [8][10] Rubber - **Market Information**: Rubber prices declined, with short - term technical breakdown. The flood in the main rubber - producing area in Thailand receded, reducing bullish factors. Exchange RU inventory warrants were low. The fundamental driving force of rubber weakened, temporarily following macro - fluctuations. Tire factory operating rates were weak, with inventory increasing [12][13] - **Strategy View**: Adopt a neutral stance, suggest waiting and observing or short - term quick - in - and - out trading. Hold the hedging position of buying RU2601 and selling RU2609 [14] PVC - **Market Information**: The PVC01 contract rose 22 yuan to 4575 yuan. The Changzhou SG - 5 spot price was 4510 (+20) yuan/ton, with the basis at - 65 (-2) yuan/ton. The 1 - 5 spread was - 278 (+1) yuan/ton. The cost side remained stable, and the overall operating rate was 80.2%, up 1.4%. Factory and social inventories increased [14] - **Strategy View**: The domestic supply - demand situation is weak, but short - term valuation is low and costs are rising. Adopt a strategy of shorting on rallies in the medium term [16] Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene was unchanged, and the futures price was unchanged, with the basis widening. The spot price of styrene was unchanged, and the futures price rose, with the basis weakening. The upstream operating rate of pure benzene decreased, and the port inventory increased. The three - S weighted operating rate on the demand side increased slightly [18] - **Strategy View**: When the inventory reversal point appears, consider going long on non - integrated styrene profits [19] Polyethylene - **Market Information**: The closing price of the main contract rose 28 yuan/ton to 6831 yuan/ton. The spot price was unchanged. The upstream operating rate decreased slightly. Production enterprise and trader inventories decreased. The downstream average operating rate increased slightly [21] - **Strategy View**: The long - term contradiction has shifted from cost - driven decline to production mismatch. Consider narrowing the LL1 - 5 spread on rallies [22] Polypropylene - **Market Information**: The closing price of the main contract rose 13 yuan/ton to 6410 yuan/ton. The spot price was unchanged. The upstream operating rate increased. Production enterprise, trader, and port inventories decreased. The downstream average operating rate increased slightly [24] - **Strategy View**: In the context of weak supply and demand, wait for the change in the cost - side supply - surplus pattern in the first quarter of next year, which may support the market [25] PX - **Market Information**: The PX01 contract fell 18 yuan to 6912 yuan. PX CFR rose 2 dollars to 851 dollars. The basis was 32 yuan (+38). The 1 - 3 spread was - 32 yuan (-4). The PX load in China and Asia decreased. Some domestic and overseas plants had maintenance or load reduction. PTA load increased. November imports from South Korea decreased. Inventory increased at the end of October [27] - **Strategy View**: Expect a slight inventory build - up in December. Look for buying opportunities on dips [28] PTA - **Market Information**: The PTA01 contract rose 62 yuan to 4762 yuan. The East China spot price rose 75 yuan to 4710 yuan. The basis was - 33 yuan (+5). The 1 - 5 spread was - 62 yuan (-10). The PTA load increased. The downstream load increased slightly. Terminal load was mixed. Social inventory decreased in late November. Spot and futures processing fees changed [28] - **Strategy View**: With supply and demand stabilizing, look for buying opportunities on dips based on expectations [29][30] Ethylene Glycol - **Market Information**: The EG01 contract fell 3 yuan to 3882 yuan. The East China spot price rose 19 yuan to 3901 yuan. The basis was 4 yuan (unchanged). The 1 - 5 spread was - 98 yuan (-5). The supply - side load increased, with multiple domestic and overseas plant changes. The downstream load increased slightly. Terminal load was mixed. Import arrivals were expected, and port inventory increased [30] - **Strategy View**: The supply - demand outlook is weak in the medium term. Suggest shorting on rallies [31]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A low - buy and high - sell range strategy is maintained, but it's advisable to wait and see for now to verify OPEC's export price - support intention when prices fall [3]. - For methanol, with the potential positive impact of Iranian plant shutdowns materializing, the market has stopped falling and stabilized. The short - term bottom is expected to have emerged. However, high supply will limit further upward movement, and the market is likely to shift to a sideways adjustment. It's recommended to wait and see on the single - side and focus on positive spread opportunities for inter - month spreads [4]. - For urea, the price is expected to gradually emerge from the bottom range. With supply remaining high and demand improving, the inventory is decreasing. It's suggested to consider buying at low prices [6][8]. - For rubber, a neutral stance is taken currently. It's recommended to wait and see or engage in short - term trading. Holding a hedging position of buying RU2601 and selling RU2609 is advised [10]. - For PVC, the domestic supply - demand situation is weak, but short - term valuation has dropped to a low level. A mid - term strategy of shorting on rallies is recommended before substantial industry production cuts [14]. - For pure benzene and styrene, the non - integrated profit of styrene is moderately low, with significant upward valuation repair potential. When the inventory reversal point occurs, one can go long on the non - integrated profit of styrene [17]. - For polyethylene, the OPEC + plan to pause production growth in Q1 2026 may lead to a bottoming of crude oil prices. The long - term strategy is to short the LL1 - 5 spread on rallies [20]. - For polypropylene, in a context of weak supply and demand with high inventory pressure, the market may be supported when the supply - surplus situation at the cost end changes in Q1 next year [22]. - For PX, it is expected to experience a slight inventory build - up in December. Attention should be paid to opportunities for going long on dips [25]. - For PTA, supply disruptions are expected to decrease as processing fees stabilize. There are opportunities for going long on dips based on expectations [26][27]. - For ethylene glycol, the supply - demand outlook is weak in the medium term. A strategy of shorting on rallies is recommended [28]. 3. Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures rose 4.80 yuan/barrel, or 1.06%, to 455.70 yuan/barrel. European ARA weekly data showed gasoline inventory increased by 0.84 million barrels to 8.98 million barrels (up 10.36% month - on - month), diesel inventory decreased by 1.19 million barrels to 15.08 million barrels (down 7.29% month - on - month), etc. [2] - **Strategy Viewpoint**: Maintain a low - buy and high - sell range strategy, but wait and see for now [3]. Methanol - **Market Information**: Prices in Taicang, Lunan, and Inner Mongolia increased. The 01 - contract on the futures market rose 1 yuan to 2136 yuan/ton, with a basis of - 21 and a 1 - 5 spread of - 96 [3]. - **Strategy Viewpoint**: The short - term bottom is expected to have emerged. The market may shift to a sideways adjustment, and focus on positive spread opportunities for inter - month spreads [4]. Urea - **Market Information**: Prices in Shandong, Henan, and Hubei increased. The 01 - contract on the futures market fell 2 yuan to 1675 yuan, with a basis of - 5 and a 1 - 5 spread of - 69 [6]. - **Strategy Viewpoint**: The price is expected to gradually emerge from the bottom range. Consider buying at low prices [6][8]. Rubber - **Market Information**: Rubber prices fell with a short - term technical breakdown. Thai rubber - producing areas' floods receded. Exchange RU inventory was low. As of November 27, 2025, Shandong tire enterprises' all - steel tire开工率 was 63.91%, up 3.34 percentage points from last week; semi - steel tire开工率 was 72.37%, down 0.40 percentage points from last week [9]. - **Strategy Viewpoint**: Adopt a neutral stance, wait and see, or engage in short - term trading. Hold a hedging position of buying RU2601 and selling RU2609 [10]. PVC - **Market Information**: The PVC01 contract rose 4 yuan to 4553 yuan. The cost of calcium carbide and ethylene increased, while caustic soda prices decreased. The overall开工率 was 80.2%, up 1.4% [10]. - **Strategy Viewpoint**: The domestic supply - demand situation is weak. A mid - term strategy of shorting on rallies is recommended before substantial industry production cuts [14]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene was unchanged, and the futures price was also unchanged, with the basis widening. The spot price of styrene was unchanged, and the futures price fell, with the basis strengthening. The non - integrated profit of styrene decreased, and the port inventory increased [16]. - **Strategy Viewpoint**: The non - integrated profit of styrene is moderately low, with significant upward valuation repair potential. When the inventory reversal point occurs, go long on the non - integrated profit of styrene [17]. Polyethylene - **Market Information**: The futures price rose. The upstream开工率 was 84.12%, down 0.05%. The inventory of production enterprises and traders decreased. The downstream average开工率 was 44.8%, up 0.11% [19]. - **Strategy Viewpoint**: OPEC +'s plan may lead to a bottoming of crude oil prices. The long - term strategy is to short the LL1 - 5 spread on rallies [20]. Polypropylene - **Market Information**: The futures price fell. The upstream开工率 was 77.97%, up 0.8%. The inventory of production enterprises, traders, and ports decreased. The downstream average开工率 was 53.7%, up 0.13% [21]. - **Strategy Viewpoint**: In a context of weak supply and demand with high inventory pressure, the market may be supported when the supply - surplus situation at the cost end changes in Q1 next year [22]. PX, PTA, and Ethylene Glycol PX - **Market Information**: The PX01 contract rose 100 yuan to 6930 yuan. The PX CFR price rose 13 dollars to 849 dollars. The Chinese PX负荷 was 88.3%, down 1.2%; the Asian PX负荷 was 78.7%, down 1% [24]. - **Strategy Viewpoint**: Expect a slight inventory build - up in December. Pay attention to opportunities for going long on dips [25]. PTA - **Market Information**: The PTA01 contract rose 62 yuan to 4762 yuan. The spot price in East China rose 75 yuan to 4710 yuan. The PTA负荷 was 73.7%, up 2.7% [25]. - **Strategy Viewpoint**: Supply disruptions are expected to decrease as processing fees stabilize. There are opportunities for going long on dips based on expectations [26][27]. Ethylene Glycol - **Market Information**: The EG01 contract fell 3 yuan to 3882 yuan. The spot price in East China rose 19 yuan to 3901 yuan. The supply - side负荷 was 73.1%, up 2.3%. The port inventory increased by 2.1 tons to 75.3 tons [27]. - **Strategy Viewpoint**: The supply - demand outlook is weak in the medium term. A strategy of shorting on rallies is recommended [28].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has disappeared and OPEC's supply has not increased significantly, it is not advisable to be overly bearish on oil prices in the short - term. A range strategy of buying low and selling high is maintained, but it is recommended to wait and see for now[3]. - For methanol, the positive impact of Iranian plant shutdowns is being realized, but the near - term high - inventory pattern persists. The market is expected to bottom out gradually, but due to the rapid short - term rise, it is recommended to wait and see[4]. - For urea, the price is oscillating and rebounding at the bottom. With cost and export policy support, the downside space is limited. It is expected to oscillate and build a bottom, and it is advisable to consider buying on dips[6]. - For rubber, a bullish short - term strategy is currently recommended, with fast - in and fast - out operations. A partial position can be established for the hedging strategy of buying RU2601 and selling RU2609[9]. - For PVC, the industry has a situation of strong supply and weak demand. With low enterprise profits and high inventory, it is recommended to consider short - selling on rallies in the medium term[11][12]. - For pure benzene and styrene, the benzene - to - styrene price difference is at a low level and has room for upward repair. The port inventory of styrene is declining, and the price may stop falling temporarily[15]. - For polyethylene, the price is expected to remain in a low - level oscillation. The cost - side impact has shifted, and seasonal demand has started to pick up[18]. - For polypropylene, the market has a situation of weak supply and demand, with high inventory pressure. It may be supported by the cost side in the first quarter of next year[21]. - For PX, with high load and low downstream PTA load, the inventory is difficult to continuously decline. There is a risk of valuation correction[22]. - For PTA, the supply is expected to stabilize, and the demand may maintain a high level in the short - term. However, the PX valuation has a correction risk, which may limit the upside space of PTA processing fees[24]. - For ethylene glycol, the domestic supply is expected to decline in December, and the inventory accumulation rate may slow down. It is recommended to consider short - selling on rallies in the medium term[27]. 3. Summary by Related Catalogs Crude Oil - **Market Quotes**: The main INE crude oil futures contract closed down 2.40 yuan/barrel, a decline of 0.54%, at 445.00 yuan/barrel. Related refined oil futures also declined. The gasoline, diesel, fuel oil, and total refined oil inventories at the Fujairah port all increased[2]. - **Strategy**: Maintain a range strategy of buying low and selling high, and wait and see for now[3]. Methanol - **Market Quotes**: The Taicang price increased by 30, the Lunan price increased by 30, the Inner Mongolia price increased by 2.5, the 01 contract on the futures market increased by 27 yuan to 2094 yuan/ton, and the basis was - 4. The 1 - 5 spread was + 14, at - 107[3]. - **Strategy**: Wait and see due to rapid short - term rise and high near - term inventory[4]. Urea - **Market Quotes**: The price in Shandong remained stable, the price in Henan decreased by 10, and the price in Hubei remained stable. The 01 contract on the futures market increased by 24 yuan to 1654 yuan, and the basis was - 34. The 1 - 5 spread was + 7, at - 64[6]. - **Strategy**: Consider buying on dips as the price is oscillating and rebounding at the bottom[6]. Rubber - **Market Quotes**: The rubber price rebounded. The main rubber - producing areas in Thailand were affected by floods, and the exchange's RU inventory and warehouse receipts were low. The spot prices of some rubber products increased. The tire factory operating rates were weak, and the social inventory of natural rubber increased[9]. - **Strategy**: Adopt a bullish short - term strategy with fast - in and fast - out operations, and partially establish a position for the hedging strategy of buying RU2601 and selling RU2609[9]. PVC - **Market Quotes**: The PVC01 contract decreased by 2 yuan to 4489 yuan. The spot price of Changzhou SG - 5 was 4440 (- 20) yuan/ton, the basis was - 49 (- 18) yuan/ton, and the 1 - 5 spread was - 293 (+ 3) yuan/ton. The overall operating rate increased, the demand - side operating rate decreased, the factory inventory decreased, and the social inventory increased[10]. - **Strategy**: Consider short - selling on rallies in the medium term due to strong supply and weak demand[11][12]. Pure Benzene and Styrene - **Market Quotes**: The spot price of pure benzene remained unchanged, and the futures price remained unchanged, with the basis narrowing. The spot and futures prices of styrene increased, with the basis weakening. The upstream operating rate decreased, the port inventory decreased, and the demand - side operating rate increased[14]. - **Strategy**: The benzene - to - styrene price difference has room for upward repair, and the styrene price may stop falling temporarily[15]. Polyethylene - **Market Quotes**: The main contract's closing price was 6707 yuan/ton, a decrease of 55 yuan/ton. The spot price was 6810 yuan/ton, a decrease of 30 yuan/ton. The basis was 103 yuan/ton, strengthening by 25 yuan/ton. The upstream operating rate increased, the production enterprise inventory decreased, the trader inventory increased, and the downstream average operating rate increased[17]. - **Strategy**: The price is expected to remain in a low - level oscillation, with cost - side impact shifting and seasonal demand picking up[18]. Polypropylene - **Market Quotes**: The main contract's closing price was 6265 yuan/ton, a decrease of 52 yuan/ton. The spot price was 6430 yuan/ton, a decrease of 20 yuan/ton. The basis was 165 yuan/ton, strengthening by 32 yuan/ton. The upstream operating rate increased, the production enterprise, trader, and port inventories decreased, and the downstream average operating rate increased[19][20]. - **Strategy**: The market has a situation of weak supply and demand, with high inventory pressure. It may be supported by the cost side in the first quarter of next year[21]. PX - **Market Quotes**: The PX01 contract increased by 56 yuan to 6774 yuan. The PX CFR increased by 3 dollars to 829 dollars. The basis was - 9 yuan (- 34), and the 1 - 3 spread was - 38 yuan (- 8). The PX load in China and Asia increased. Some devices restarted, the PTA load decreased, the import volume increased, and the inventory increased[21]. - **Strategy**: There is a risk of valuation correction due to high PX load and low downstream PTA load[22]. PTA - **Market Quotes**: The PTA01 contract increased by 28 yuan to 4684 yuan. The East China spot price increased by 5 yuan to 4635 yuan. The basis was - 31 yuan (+ 12), and the 1 - 5 spread was - 44 yuan (+ 6). The PTA load decreased, some devices were under maintenance, the downstream load increased, the inventory decreased, and the processing fees decreased[23]. - **Strategy**: The supply is expected to stabilize, and the demand may maintain a high level in the short - term. However, the PX valuation has a correction risk, which may limit the upside space of PTA processing fees[24]. Ethylene Glycol - **Market Quotes**: The EG01 contract increased by 23 yuan to 3896 yuan. The East China spot price decreased by 16 yuan to 3904 yuan. The basis was 18 yuan (- 5), and the 1 - 5 spread was - 73 yuan (+ 15). The supply - side load decreased, some devices were under maintenance or restarted, the downstream load increased, the import volume was expected to be 9.5 tons, the East China outbound volume was 0.4 tons on November 25, the port inventory remained unchanged, and the production profits were negative[26]. - **Strategy**: The domestic supply is expected to decline in December, and the inventory accumulation rate may slow down. It is recommended to consider short - selling on rallies in the medium term[27].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has disappeared and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A range strategy of buying low and selling high is maintained, but it's advisable to wait and see currently [3]. - For methanol, the positive impact of Iranian plant shutdowns is being realized, but the near - term high - inventory situation persists. The supply remains high while demand changes little. It's recommended to wait and see [6]. - For urea, prices are oscillating at the bottom and are relatively resilient. With support from export policies and costs, the downside is limited. It's suggested to consider buying on dips [8]. - For rubber, the current view is bullish. It's recommended to set stop - losses and conduct short - term bullish trades. Partial positions can be established for the hedging strategy of buying RU2601 and selling RU2609 [16]. - For PVC, the domestic supply is strong while demand is weak. It's advisable to consider short - selling on rallies in the medium term [18]. - For pure benzene and styrene, the port inventory of styrene is decreasing significantly, and prices may stop falling in the short term [21]. - For polyethylene, prices are expected to remain in a low - level oscillation [24]. - For polypropylene, under the background of weak supply and demand, the overall inventory pressure is high. It may be supported when the supply - surplus situation at the cost end changes in the first quarter of next year [27]. - For PX, it's expected to see a slight inventory build - up in November. The valuation is at a neutral level, and there is a risk of valuation correction [30]. - For PTA, the supply is expected to stabilize, and the demand may remain high in the short term. The PXN has a risk of valuation correction [32]. - For ethylene glycol, the supply - demand outlook is weak. It's recommended to consider short - selling on rallies in the medium term [35]. Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures rose 3.00 yuan/barrel, or 0.67%, to 448.60 yuan/barrel. High - sulfur fuel oil futures fell 9.00 yuan/ton, or 0.36%, to 2491.00 yuan/ton, and low - sulfur fuel oil futures fell 40.00 yuan/ton, or 1.31%, to 3015.00 yuan/ton. China's weekly crude oil data showed an inventory build - up of 1.04 million barrels to 207.48 million barrels, a gasoline inventory draw of 1.52 million barrels to 85.45 million barrels, a diesel inventory draw of 4.06 million barrels to 91.54 million barrels, and a total refined oil inventory draw of 5.58 million barrels to 176.99 million barrels [2]. - **Strategy**: Maintain a range strategy of buying low and selling high, and wait and see currently [3]. Methanol - **Market Information**: The price in Taicang increased by 7, in Lunan by 10, and remained stable in Inner Mongolia. The 01 contract on the futures market fell 10 yuan to 2067 yuan/ton, with a basis of - 7. The 1 - 5 spread was + 0, at - 121 [5]. - **Strategy**: The positive impact of Iranian plant shutdowns is being realized, but the near - term high - inventory situation persists. It's recommended to wait and see [6]. Urea - **Market Information**: The spot price in Shandong and Henan fell by 10, and remained stable in Hubei. The 01 contract on the futures market fell 8 yuan to 1630 yuan, with a basis of - 10. The 1 - 5 spread was + 2, at - 71 [8]. - **Strategy**: Prices are oscillating at the bottom and are relatively resilient. Consider buying on dips [8]. Rubber - **Market Information**: Rubber prices rebounded oscillatingly. There was heavy rainfall in the Thai production area with a high risk of floods. The November warehouse receipts of natural rubber on the Shanghai Exchange expired and were about to be delivered out of the warehouse, leading to a bullish market expectation. As of November 20, 2025, the operating rate of all - steel tires of Shandong tire enterprises was 60.57%, down 4.13 percentage points from last week and 2.01 percentage points from the same period last year. The operating rate of semi - steel tires of domestic tire enterprises was 72.77%, down 1.60 percentage points from last week and 6.01 percentage points from the same period last year. The export orders of semi - steel tires slowed down. As of November 16, 2025, China's natural rubber social inventory was 1.062 million tons, a month - on - month increase of 5,000 tons, or 0.5% [12][14][15]. - **Strategy**: The current view is bullish. Set stop - losses and conduct short - term bullish trades. Partially establish positions for the hedging strategy of buying RU2601 and selling RU2609 [16]. PVC - **Market Information**: The PVC01 contract fell 5 yuan to 4491 yuan. The spot price of Changzhou SG - 5 was 4460 (+20) yuan/ton, with a basis of - 31 (+25) yuan/ton. The 1 - 5 spread was - 296 (-2) yuan/ton. The overall operating rate of PVC was 78.8%, a month - on - month increase of 0.3%. Factory inventory was 315,000 tons (-7,000), and social inventory was 1.033 million tons (+5,000) [16]. - **Strategy**: The domestic supply is strong while demand is weak. Consider short - selling on rallies in the medium term [18]. Pure Benzene and Styrene - **Market Information**: The cost of East China pure benzene was 5320 yuan/ton, unchanged. The spot price of styrene was 6500 yuan/ton, down 50 yuan/ton. The upstream operating rate was 68.95%, down 0.30%. The inventory in Jiangsu ports decreased by 26,500 tons to 148,300 tons [20]. - **Strategy**: The port inventory of styrene is decreasing significantly, and prices may stop falling in the short term [21]. Polyethylene - **Market Information**: The closing price of the main contract was 6762 yuan/ton, down 31 yuan/ton. The spot price was 6830 yuan/ton, down 10 yuan/ton. The upstream operating rate was 84.63%, a month - on - month increase of 0.63%. The production enterprise inventory decreased by 25,900 tons to 503,300 tons, and the trader inventory increased by 500 tons to 50,500 tons [23]. - **Strategy**: Prices are expected to remain in a low - level oscillation [24]. Polypropylene - **Market Information**: The closing price of the main contract was 6317 yuan/ton, down 55 yuan/ton. The spot price was 6450 yuan/ton, down 10 yuan/ton. The upstream operating rate was 78.99%, a month - on - month increase of 0.92%. The production enterprise inventory decreased by 26,200 tons to 593,800 tons, the trader inventory decreased by 3,900 tons to 213,400 tons, and the port inventory decreased by 1,100 tons to 65,800 tons [26]. - **Strategy**: Under the background of weak supply and demand, the overall inventory pressure is high. It may be supported when the supply - surplus situation at the cost end changes in the first quarter of next year [27]. PX, PTA, and MEG PX - **Market Information**: The PX01 contract fell 54 yuan to 6718 yuan. The PX CFR remained unchanged at 826 US dollars. The load in China was 89.5%, a month - on - month increase of 2.7%. The load in Asia was 79.7%, a month - on - month increase of 1.2%. In the first and middle of November, South Korea's PX exports to China were 275,000 tons, a year - on - year increase of 19,000 tons [29]. - **Strategy**: It's expected to see a slight inventory build - up in November. The valuation is at a neutral level, and there is a risk of valuation correction [30]. PTA - **Market Information**: The PTA01 contract fell 24 yuan to 4656 yuan. The PTA load was 71%, a month - on - month decrease of 4.7%. The downstream load was 91.3%, a month - on - month increase of 0.8%. The social inventory (excluding credit warehouse receipts) on November 7 was 2.227 million tons, a month - on - month increase of 20,000 tons [31]. - **Strategy**: The supply is expected to stabilize, and the demand may remain high in the short term. The PXN has a risk of valuation correction [32]. MEG - **Market Information**: The EG01 contract fell 11 yuan to 3873 yuan. The supply - side load was 70.8%, a month - on - month decrease of 0.7%. The downstream load was 91.3%, a month - on - month increase of 0.8%. The port inventory remained unchanged at 732,000 tons [34]. - **Strategy**: The supply - demand outlook is weak. Consider short - selling on rallies in the medium term [35].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term excessive bearishness on oil prices is not advisable. A low - buying and high - selling range strategy is maintained, but current prices need to test OPEC's export price - support willingness. Short - term waiting for OPEC's export decline during price drops is recommended [3]. - For methanol, the positive impact of Iranian device shutdowns is being realized, and the market has risen significantly. However, the 01 contract has limited time and high near - end inventories. The supply remains high, and demand changes little. The market is expected to bottom out gradually, but due to the rapid short - term rise, it is advisable to wait and see [6]. - For urea, prices are oscillating and rising at the bottom, relatively resistant to decline. Supply - side enterprise profits are low, and production has slightly decreased but is still high year - on - year. Demand has improved, and with export policies and cost support, the downside is limited. It is expected to build a bottom through oscillation, and low - price long - position allocation can be considered [9]. - For rubber, a bullish short - term trading approach with stop - loss settings is recommended. A partial position in the hedge of buying RU2601 and selling RU2609 can be established [16]. - For PVC, the industry has low comprehensive enterprise profits and high supply. Domestic demand is weak, and it is difficult to reverse the supply - surplus situation. Mid - term short - position allocation on price increases is recommended [18]. - For pure benzene and styrene, the supply of styrene is under pressure, but port inventories are decreasing significantly. Styrene prices may stop falling periodically [21]. - For polyethylene, the price is expected to oscillate at a low level. The cost - side impact has shifted, and although inventories are decreasing, high historical warehouse receipts suppress the market [24]. - For polypropylene, in a supply - demand weak situation with high inventory pressure, the market may be supported when the cost - side supply - surplus pattern changes in the first quarter of next year [27]. - For PX, it is expected to accumulate a small amount of inventory in November. With a neutral valuation, there is a risk of valuation callback [30]. - For PTA, the supply is expected to be stable, and demand may maintain a high level in the short term. However, PX has a risk of valuation callback, and PTA processing fees have limited upside [32]. - For ethylene glycol, the supply - demand pattern is expected to be weak in the medium term. With a neutral - to - low valuation, mid - term short - position allocation on price increases is recommended [36]. 3. Summaries by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures closed down 5.10 yuan/barrel, a 1.13% decline, at 447.90 yuan/barrel. Related refined oil futures also declined. European ARA weekly data showed mixed inventory changes in refined products, with a net decline of 0.38 million barrels in total refined oil inventory [2]. - **Strategy**: Maintain a low - buying and high - selling range strategy, but wait and see in the short term to verify OPEC's export price - support willingness [3]. Methanol - **Market Information**: Prices in Taicang increased by 53, in Lunan by 50, and remained stable in Inner Mongolia. The 01 contract on the futures market rose 73 yuan to 2077 yuan/ton, with a basis of - 24. The 1 - 5 spread was +13, at - 121 [5]. - **Strategy**: The market has risen due to Iranian device shutdowns, but the 01 contract has high near - end inventories. The supply remains high, and demand changes little. It is advisable to wait and see [6]. Urea - **Market Information**: Spot prices in Shandong, Henan, and Hubei remained stable. The 01 contract on the futures market fell 16 yuan to 1638 yuan, with a basis of - 8. The 1 - 5 spread was +1, at - 73 [8]. - **Strategy**: Prices are oscillating and rising at the bottom, relatively resistant to decline. Supply - side profits are low, and demand has improved. It is expected to build a bottom through oscillation, and low - price long - position allocation can be considered [9]. Rubber - **Market Information**: Rubber prices oscillated and rebounded. There was heavy rainfall in the Thai production area, and the November warehouse receipts of natural rubber on the Shanghai Exchange were about to be delivered. Tire factory operating rates were weak, and natural rubber inventories increased slightly. Spot prices of some rubber products rose [12]. - **Strategy**: A bullish short - term trading approach with stop - loss settings is recommended. A partial position in the hedge of buying RU2601 and selling RU2609 can be established [16]. PVC - **Market Information**: The PVC01 contract rose 40 yuan to 4496 yuan. The spot price of Changzhou SG - 5 was 4440 (+20) yuan/ton, with a basis of - 56 (-20) yuan/ton. The 1 - 5 spread was - 294 (+6) yuan/ton. Cost - side carbide prices rebounded, and caustic soda prices fell. Overall operating rates increased slightly, while downstream demand decreased slightly. Factory inventories decreased, and social inventories increased [16]. - **Strategy**: The industry has low comprehensive enterprise profits and high supply. Domestic demand is weak, and it is difficult to reverse the supply - surplus situation. Mid - term short - position allocation on price increases is recommended [18]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene was unchanged, and the futures price was also unchanged, with an enlarged basis. The spot and futures prices of styrene fell, with a strengthened basis. The upstream operating rate of styrene decreased, and port inventories decreased significantly. The demand - side operating rate of three S products increased slightly [20]. - **Strategy**: The supply of styrene is under pressure, but port inventories are decreasing significantly. Styrene prices may stop falling periodically [21]. Polyethylene - **Market Information**: The main contract of polyethylene closed at 6793 yuan/ton, up 23 yuan. The spot price was unchanged. The upstream operating rate increased, and production enterprise inventories decreased, while trader inventories increased slightly. The downstream average operating rate increased slightly [23]. - **Strategy**: The price is expected to oscillate at a low level. The cost - side impact has shifted, and although inventories are decreasing, high historical warehouse receipts suppress the market [24]. Polypropylene - **Market Information**: The main contract of polypropylene closed at 6372 yuan/ton, up 15 yuan. The spot price fell 25 yuan. The upstream operating rate increased, and inventories at production enterprises, traders, and ports all decreased. The downstream average operating rate increased slightly [26]. - **Strategy**: In a supply - demand weak situation with high inventory pressure, the market may be supported when the cost - side supply - surplus pattern changes in the first quarter of next year [27]. PX - **Market Information**: The PX01 contract rose 22 yuan to 6772 yuan. The PX CFR price rose 2 dollars to 826 dollars. The Chinese and Asian operating rates increased. Some devices restarted, and PTA operating rates decreased. November imports from South Korea increased year - on - year, and inventories increased in September [29]. - **Strategy**: It is expected to accumulate a small amount of inventory in November. With a neutral valuation, there is a risk of valuation callback [30]. PTA - **Market Information**: The PTA01 contract rose 14 yuan to 4680 yuan. The spot price in East China rose 15 yuan/ton. The PTA operating rate decreased, and downstream operating rates increased. Inventories increased slightly, and processing fees rose slightly [31]. - **Strategy**: The supply is expected to be stable, and demand may maintain a high level in the short term. However, PX has a risk of valuation callback, and PTA processing fees have limited upside [32]. Ethylene Glycol - **Market Information**: The EG01 contract rose 76 yuan to 3884 yuan. The spot price in East China rose 38 yuan. The supply - side operating rate decreased, and downstream operating rates increased. Port inventories remained unchanged, and production profits were negative [35]. - **Strategy**: The supply - demand pattern is expected to be weak in the medium term. With a neutral - to - low valuation, mid - term short - position allocation on price increases is recommended [36].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A range - trading strategy of buying low and selling high is maintained, but it's advisable to wait and see for now to verify OPEC's export price - support intention [2]. - For methanol, the futures market is in a weak downward trend. High port inventories persistently suppress prices and the monthly structure. Supply remains high while demand shows little change. The market is trading on weak - reality logic, and prices may further decline [4]. - For urea, prices are oscillating at the bottom and showing relative resilience. With improved demand and cost support, the downside is limited, and it's expected to build a bottom through oscillation. A strategy of buying on dips is recommended [7]. - For PVC, the supply - demand situation is poor with strong supply and weak demand in China. Although the valuation has dropped to a low level, it still can't support the current supply - demand imbalance. A strategy of short - selling on rallies is suggested in the medium term [12]. - For pure benzene and styrene, the port inventory of styrene is decreasing significantly, and with the seasonal peak in demand, styrene prices may stop falling temporarily [18]. - For polyethylene, the price is expected to remain in a low - level oscillation. The cost - driven downward trend has shifted to the issue of South Korean ethylene clearance [21]. - For polypropylene, in a situation of weak supply and demand with high inventory pressure, there is no prominent short - term contradiction. The price may be supported when the supply - surplus situation in the cost side changes in the first quarter of next year [23]. - For PX, it is expected to experience a slight inventory build - up in November. With a neutral valuation and weakening aromatics blending data, there is a risk of valuation correction [27]. - For PTA, the supply of unexpected outages is expected to decrease, and demand may remain high in the short term. However, PTA processing fees have limited upside, and there is a risk of PXN valuation correction [29]. - For ethylene glycol, the supply - demand outlook is weak. Although the inventory build - up may slow down, a strategy of short - selling on rallies is recommended in the medium term [32]. 3. Summary by Related Catalogs 3.1 Crude Oil - **Market Information**: INE's main crude oil futures closed down 7.60 yuan/barrel, a 1.67% decline, at 447.40 yuan/barrel. Singapore's ESG oil product weekly data showed gasoline and diesel inventories increasing, fuel oil inventory decreasing, and total refined oil inventory increasing [9]. - **Strategy Viewpoint**: Maintain a range - trading strategy of buying low and selling high, and wait and see for now [2]. 3.2 Methanol - **Market Information**: Taicang's price remained stable, Lunan's price decreased by 5, Inner Mongolia's price increased by 5, the 01 contract of the futures market decreased by 12 yuan to 2004 yuan/ton, and the basis was - 4. The 1 - 5 spread increased by 3 to - 134 [3]. - **Strategy Viewpoint**: The futures market is in a weak downward trend. High port inventories suppress prices, and there is a risk of further price decline [4]. 3.3 Urea - **Market Information**: Shandong's spot price increased by 10, Henan's increased by 20, Hubei's increased by 10. The 01 contract of the futures market decreased by 11 yuan to 1654 yuan, and the basis was - 24. The 1 - 5 spread decreased by 4 to - 74 [6]. - **Strategy Viewpoint**: Prices are oscillating at the bottom and showing relative resilience. With improved demand and cost support, the downside is limited. A strategy of buying on dips is recommended [7]. 3.4 PVC - **Market Information**: The 01 contract remained unchanged at 4456 yuan. Changzhou's SG - 5 spot price was 4420 yuan/ton, and the basis was - 36. The 1 - 5 spread was - 300. The cost side remained stable, and the overall开工 rate was 78.8%, with an increase of 0.3%. The demand - side downstream开工 rate was 49.2%, with a decrease of 0.3% [11]. - **Strategy Viewpoint**: The supply - demand situation is poor with strong supply and weak demand in China. A strategy of short - selling on rallies is suggested in the medium term [12]. 3.5 Pure Benzene and Styrene - **Market Information**: Pure benzene's spot and futures prices remained unchanged, and the basis widened. Styrene's spot and futures prices increased, and the basis strengthened. The upstream开工 rate decreased by 0.30%, and the port inventory decreased by 2.65 million tons. The demand - side three - S weighted开工率 increased by 0.21% [14]. - **Strategy Viewpoint**: With the significant decrease in styrene's port inventory and the seasonal peak in demand, styrene prices may stop falling temporarily [18]. 3.6 Polyethylene - **Market Information**: The main contract's closing price was 6781 yuan/ton, a decrease of 54 yuan/ton. The spot price remained unchanged at 6855 yuan/ton, and the basis strengthened by 54 yuan to 74. The upstream开工 rate increased by 0.89%. The production enterprise's inventory decreased by 2.59 million tons, and the trader's inventory increased by 0.05 million tons. The downstream average开工率 decreased by 0.29% [20]. - **Strategy Viewpoint**: The price is expected to remain in a low - level oscillation. The cost - driven downward trend has shifted to the issue of South Korean ethylene clearance [21]. 3.7 Polypropylene - **Market Information**: The main contract's closing price was 6400 yuan/ton, a decrease of 34 yuan/ton. The spot price decreased by 15 yuan to 6505 yuan/ton, and the basis strengthened by 19 yuan to 105. The upstream开工率 decreased by 0.68%. The production enterprise's, trader's, and port inventories all decreased. The downstream average开工率 increased by 0.14% [22]. - **Strategy Viewpoint**: In a situation of weak supply and demand with high inventory pressure, there is no prominent short - term contradiction. The price may be supported when the supply - surplus situation in the cost side changes in the first quarter of next year [23]. 3.8 PX - **Market Information**: The 01 contract decreased by 80 yuan to 6750 yuan, and PX CFR decreased by 9 dollars to 824 dollars. The basis was - 19 yuan, and the 1 - 3 spread was - 14 yuan. China's PX负荷 was 89.5%, an increase of 2.7%, and Asia's was 79.7%, an increase of 1.2%. PTA's负荷 was 71%, a decrease of 4.7%. The inventory at the end of September was 402.6 million tons, an increase of 10.8 million tons compared to the previous month [26]. - **Strategy Viewpoint**: It is expected to experience a slight inventory build - up in November. With a neutral valuation and weakening aromatics blending data, there is a risk of valuation correction [27]. 3.9 PTA - **Market Information**: The 01 contract decreased by 30 yuan to 4666 yuan, and the East China spot price decreased by 15 yuan/ton to 4615 yuan. The basis was - 63 yuan, and the 1 - 5 spread was - 44 yuan. PTA's负荷 was 71%, a decrease of 4.7%. The downstream负荷 was 91.3%, an increase of 0.8%. The social inventory on November 7 was 222.7 million tons, an increase of 2 million tons compared to the previous period. The spot processing fee increased by 35 yuan to 199 yuan, and the futures processing fee increased by 22 yuan to 238 yuan [28]. - **Strategy Viewpoint**: The supply of unexpected outages is expected to decrease, and demand may remain high in the short term. However, PTA processing fees have limited upside, and there is a risk of PXN valuation correction [29]. 3.10 Ethylene Glycol - **Market Information**: The EG01 contract decreased by 14 yuan to 3808 yuan, and the East China spot price decreased by 33 yuan to 3852 yuan. The basis was 32 yuan, and the 1 - 5 spread was - 93 yuan. The supply - side负荷 was 70.8%, a decrease of 0.7%. The downstream负荷 was 91.3%, an increase of 0.8%. The port inventory increased by 7.1 million tons to 73.2 million tons [30]. - **Strategy Viewpoint**: The supply - demand outlook is weak. Although the inventory build - up may slow down, a strategy of short - selling on rallies is recommended in the medium term [32].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A range - trading strategy of buying low and selling high is maintained, but it's advisable to wait and see for now to verify OPEC's export price - support willingness when prices fall [2]. - For methanol, the futures market continues to decline weakly. High port inventory pressure persists, with limited destocking before the 01 contract. Supply remains high while demand shows little change. The market is trading on the weak - reality logic, and prices may further decline [3]. - For urea, prices are oscillating and rising from the bottom, showing relative resilience. Supply - side corporate profits are low, and production has slightly declined but is still high year - on - year. Demand has improved due to agricultural reserves and exports. With export policies and cost support, the downside is limited, and it's expected to oscillate and build a bottom, suggesting buying on dips [6][8]. - For rubber, the start - up load of tire enterprises has decreased, and semi - steel tire export orders have slowed. However, typhoons may increase supply, and the cancellation of warehouse receipts may benefit the January contract. Arbitrage strategies include going long on RU2601 and short on RU2609 or NR [10]. - For PVC, corporate profits are at a low level, supply is high with new installations coming online, and demand is weak both domestically and in exports. There is a risk of continuous inventory accumulation, and it's advisable to short on rallies in the medium term [12]. - For pure benzene and styrene, pure benzene prices are stable, while styrene prices are rising. Supply is under pressure, but the BZN spread has room to recover. Port inventory is decreasing, and prices may stop falling in the short term [15]. - For polyethylene, OPEC +'s plan to pause production growth may support oil prices. PE valuation has limited downside, but high warehouse receipts suppress the market. With inventory reduction and seasonal demand, prices may oscillate at a low level [18]. - For polypropylene, cost - side supply may increase, and supply pressure remains high. Although demand has rebounded seasonally, overall inventory pressure is high. Prices may be supported when the supply - surplus situation changes in Q1 next year [20]. - For PX, the load is high, but downstream PTA maintenance is frequent, leading to expected inventory accumulation in November. However, there is support from aromatics blending and long - term supply - demand structure, and there may be opportunities for valuation increase in the medium term [23]. - For PTA, supply - side maintenance has increased, but new installations will lead to inventory accumulation in November. Demand may remain high, but there is limited room for improvement. PTA processing fees are under pressure, but it may strengthen when PXN rises in the medium term [25]. - For ethylene glycol, domestic and overseas installations are operating at high loads, imports are increasing, and inventory is accumulating. Valuation is relatively low, and it's advisable to short on rallies [28]. 3. Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures closed down 7.70 yuan/barrel, a 1.66% decline, at 455.50 yuan/barrel. US EIA weekly data showed that commercial crude oil inventories decreased by 3.43 million barrels to 424.16 million barrels, a 0.80% decline; SPR increased by 0.53 million barrels to 410.93 million barrels, a 0.13% increase [6][7]. - **Strategy**: Maintain a range - trading strategy of buying low and selling high, but wait and see for now to verify OPEC's export price - support willingness [2]. Methanol - **Market Information**: Taicang price increased by 3, Lunan by 5, and Inner Mongolia remained stable. The 01 contract on the futures market increased by 3 yuan to 2016 yuan/ton, with a basis of - 16. The 1 - 5 spread was - 137 [2]. - **Strategy**: The market is trading on the weak - reality logic, and prices may further decline. Be vigilant about price drops [3]. Urea - **Market Information**: Shandong's spot price increased by 10, while Henan and Hubei remained stable. The 01 contract on the futures market increased by 2 yuan to 1665 yuan, with a basis of - 45. The 1 - 5 spread increased by 2 to - 70 [5]. - **Strategy**: Prices are oscillating and rising from the bottom, with limited downside. It's expected to oscillate and build a bottom, suggesting buying on dips [6][8]. Rubber - **Market Information**: As of November 20, 2025, the start - up load of full - steel tires in Shandong tire enterprises was 60.57%, down 4.13 percentage points from last week and 2.01 percentage points from the same period last year. The start - up load of semi - steel tires was 72.77%, down 1.60 percentage points from last week and 6.01 percentage points from the same period last year. Semi - steel tire export orders slowed. Typhoons may increase supply, and 110,000 tons of warehouse receipts will be cancelled on November 15 [10]. - **Strategy**: Arbitrage strategies include going long on RU2601 and short on RU2609 or NR [10]. PVC - **Market Information**: The PVC01 contract decreased by 36 yuan to 4456 yuan. The spot price of Changzhou SG - 5 was 4420 yuan/ton, down 30 yuan/ton, with a basis of - 36. The 1 - 5 spread was - 311. The overall start - up rate was 78.5%, down 2.2%. Factory inventory was 322,000 tons, down 12,000 tons, and social inventory was 1.028 million tons, down 13,000 tons [11]. - **Strategy**: The supply - demand situation is poor, and it's advisable to short on rallies in the medium term [12]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene remained unchanged, and the futures price was also stable, with a narrowing basis. The spot price of styrene increased, and the futures price also rose, with a strengthening basis. The upstream start - up rate was 69.25%, up 2.31%. Jiangsu port inventory decreased by 265,000 tons [14][15]. - **Strategy**: Port inventory is decreasing, and prices may stop falling in the short term [15]. Polyethylene - **Market Information**: The main contract's closing price was 6835 yuan/ton, up 2 yuan/ton. The spot price was 6855 yuan/ton, unchanged. The basis was 20 yuan/ton, weakening by 2 yuan. The upstream start - up rate was 83.77%, up 0.89%. Production enterprise inventory decreased by 259,000 tons, and trader inventory increased by 50,000 tons [17]. - **Strategy**: Prices may oscillate at a low level [18]. Polypropylene - **Market Information**: The main contract's closing price was 6400 yuan/ton, down 34 yuan/ton. The spot price was 6520 yuan/ton, unchanged. The basis was 120 yuan/ton, strengthening by 34 yuan. The upstream start - up rate was 77.71%, down 0.68%. Overall inventory decreased [19]. - **Strategy**: Prices may be supported when the supply - surplus situation changes in Q1 next year [20]. PX - **Market Information**: The PX01 contract decreased by 40 yuan to 6830 yuan. PX CFR increased by 1 dollar to 833 dollars. The basis was - 22 yuan. The Chinese load was 86.8%, down 3%, and the Asian load was 78.5%, down 1.7%. Some installations were shut down or under maintenance [22]. - **Strategy**: There may be inventory accumulation in November, but there is support, and there may be opportunities for valuation increase in the medium term [23]. PTA - **Market Information**: The PTA01 contract decreased by 16 yuan to 4696 yuan. The spot price in East China decreased by 10 yuan/ton to 4630 yuan. The basis was - 69 yuan. The load was 72.1%, down 3.6%. Some installations were under maintenance, and downstream load increased [24]. - **Strategy**: Supply - side inventory may accumulate in November, and PTA processing fees are under pressure, but it may strengthen when PXN rises in the medium term [25]. Ethylene Glycol - **Market Information**: The EG01 contract decreased by 81 yuan to 3822 yuan. The spot price in East China decreased by 34 yuan to 3885 yuan. The basis was 32 yuan. The load was 70.7%, down 0.9%. Port inventory increased by 71,000 tons [27]. - **Strategy**: Inventory is accumulating, and it's advisable to short on rallies [28].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Views of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A range strategy of buying low and selling high is maintained, but it's advisable to wait and see to verify OPEC's export price - support intention [2]. - For methanol, high port inventories suppress prices. Overseas production remains high, and with coal prices strong and enterprise profits falling, supply pressure persists. Demand is weak, so prices may decline further, and it's recommended to wait and see [3]. - For urea, the market is sensitive to news. Domestic demand lacks support, and supply is high. New export policies have improved the market atmosphere, and inventories are decreasing. Urea prices are expected to bottom out with limited downside [6]. - For rubber, the current view is bullish. Short - term bullish trading with quick in - and - out is recommended, and partial position - building for the hedge of buying RU2601 and selling RU2609 is advised [9]. - For PVC, the fundamentals are poor. Supply is strong, demand is weak, and export expectations are weakening. It's recommended to consider short - selling on rallies in the medium term [10]. - For pure benzene and styrene, the BZN spread has room to recover. Port inventories are decreasing, and styrene prices may stop falling temporarily [14]. - For polyethylene, the price may remain in a low - level oscillation. The cost - driven decline may shift to the impact of South Korea's ethylene clearance policy [17]. - For polypropylene, in a weak supply - demand situation with high inventory pressure, the price may be supported when the supply - surplus situation of the cost side changes in Q1 next year [19]. - For PX, it is expected to accumulate a small amount of inventory in November, but there is support from aromatics blending for gasoline and the long - term supply - demand structure. Mid - term valuation increase opportunities are worth attention [22]. - For PTA, it is expected to accumulate inventory in November. Although polyester load may remain high, PTA processing fees are under pressure. Pay attention to the opportunity of PTA strengthening driven by the increase of PXN in the medium term [24]. - For ethylene glycol, inventories are expected to accumulate in Q4. With a weak pattern, the valuation may be further compressed, and short - selling on rallies is recommended [27]. 3. Summary by Relevant Catalogs Crude Oil - **Market Quotes**: INE's main crude oil futures rose 2.20 yuan/barrel, a 0.48% increase, to 464.50 yuan/barrel. Fujeirah port's gasoline inventory decreased by 1.11 million barrels to 6.31 million barrels, a 14.96% decline; diesel inventory increased by 0.02 million barrels to 2.85 million barrels, a 0.56% increase; fuel oil inventory decreased by 0.25 million barrels to 10.65 million barrels, a 2.33% decline; total refined oil inventory decreased by 1.35 million barrels to 19.81 million barrels, a 6.37% decline [1]. - **Strategy**: Maintain a range strategy of buying low and selling high, and wait and see in the short term [2]. Methanol - **Market Quotes**: Taicang's price decreased by 5, Lunan remained stable, Inner Mongolia increased by 5, the 01 contract on the futures market decreased by 17 yuan to 2013 yuan/ton, and the basis was - 16. The 1 - 5 spread was - 14, reported at - 137 [2]. - **Strategy**: High port inventories, strong coal prices, and weak demand. It's recommended to wait and see as prices may decline [3]. Urea - **Market Quotes**: Shandong's spot price increased by 10, Henan's by 20, Hubei's by 10. The 01 contract on the futures market increased by 1 yuan to 1663 yuan, and the basis was - 53. The 1 - 5 spread increased by 2 to - 72 [5]. - **Strategy**: The market is sensitive to news. With high supply and weak demand, new export policies have improved the situation, and prices are expected to bottom out [6]. Rubber - **Market Quotes**: Rubber prices rebounded. Typhoons affected rainfall in Thailand. Shanghai Exchange's November natural rubber warehouse receipts are about to be delivered. The long - short views are divided. Tire factory operating rates are neutral, and inventories are mixed [8]. - **Strategy**: Bullish view, short - term bullish trading with quick in - and - out, and partial position - building for the hedge of buying RU2601 and selling RU2609 [9]. PVC - **Market Quotes**: The PVC01 contract decreased by 28 yuan to 4492 yuan. The spot price of Changzhou SG - 5 was 4450 (- 30) yuan/ton, the basis was - 42 (- 2) yuan/ton, and the 1 - 5 spread was - 306 (+ 13) yuan/ton. Costs decreased, production and demand decreased, and inventories decreased [9]. - **Strategy**: Weak fundamentals, supply is strong, demand is weak, and export expectations are poor. Consider short - selling on rallies in the medium term [10]. Pure Benzene and Styrene - **Market Quotes**: The price of East China pure benzene remained unchanged, the spot price of styrene decreased, and the futures price increased. Supply increased, demand increased slightly, and port inventories decreased [13]. - **Strategy**: The BZN spread has room to recover, and styrene prices may stop falling temporarily [14]. Polyethylene - **Market Quotes**: The futures price increased, the spot price decreased, the basis weakened. Upstream production decreased, inventories were mixed, and downstream demand was weak [16]. - **Strategy**: The price may remain in a low - level oscillation due to cost and supply - demand factors [17]. Polypropylene - **Market Quotes**: The futures price increased, the spot price decreased, the basis weakened. Upstream production increased, inventories were mixed, and downstream demand increased slightly [18]. - **Strategy**: In a weak supply - demand situation with high inventory pressure, the price may be supported when the cost - side situation changes in Q1 next year [19]. PX - **Market Quotes**: The PX01 contract increased by 102 yuan to 6870 yuan, and the PX CFR increased by 5 dollars to 832 dollars. Loads decreased in China and Asia, and some plants had maintenance or production cuts. Imports increased, and inventories increased [21]. - **Strategy**: Expected to accumulate a small amount of inventory in November, but there is support from the supply - demand structure. Mid - term valuation increase opportunities are worth attention [22]. PTA - **Market Quotes**: The PTA01 contract increased by 42 yuan to 4712 yuan, and the spot price in East China increased by 30 yuan/ton to 4640 yuan. Loads decreased, some plants had maintenance or production increases, downstream loads decreased, and inventories increased [23]. - **Strategy**: Expected to accumulate inventory in November, processing fees are under pressure. Pay attention to the opportunity of PTA strengthening driven by the increase of PXN in the medium term [24]. Ethylene Glycol - **Market Quotes**: The EG01 contract decreased by 4 yuan to 3903 yuan, and the spot price in East China decreased by 33 yuan to 3919 yuan. Supply loads were mixed, downstream loads decreased, imports were expected, and port inventories increased [26]. - **Strategy**: Inventories are expected to accumulate in Q4, and the valuation may be further compressed. Short - selling on rallies is recommended [27].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has disappeared and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A low - buy and high - sell range strategy is maintained, but it's advisable to wait and see for now to verify OPEC's export price - support intention through a decline in exports when prices fall [3]. - For methanol, high port inventories are suppressing prices. Overseas production remains high, and the supply pressure persists while demand is weak. It's expected that inventories will be hard to reduce in the short term, and prices may decline further. Given the current significant and rapid drop, it's recommended to wait and see [6]. - For urea, the market is sensitive to positive news due to large internal - external price differences and low domestic prices. Domestic demand lacks support, and supply is high. New export policies have improved the market atmosphere, and inventories are being reduced. It's expected that the downside space is limited, and the market will mainly bottom out through oscillations [9]. - For natural rubber, a short - term long - bias trading strategy is recommended, and a partial position can be established for the hedge of buying RU2601 and selling RU2609 [12]. - For PVC, the fundamental situation is poor. Supply is strong, demand is weak, and export expectations are turning negative. There is a continuous inventory build - up pressure. It's advisable to consider short - selling on rallies in the medium term [14]. - For pure benzene and styrene, the BZN spread has room for upward correction. The supply of pure benzene is relatively abundant, and the production of styrene is increasing. Styrene port inventories are decreasing significantly, and prices may stop falling in stages [17]. - For polyethylene, the crude oil price may have bottomed out, and the downward valuation space of PE is limited. However, a high number of warehouse receipts is suppressing the market. Overall inventories are being reduced from a high level, and prices may remain in a low - level oscillation [20]. - For polypropylene, the cost - end supply surplus may expand. Supply pressure is high, and demand is weak. Overall inventory pressure is high, and the market may be supported when the supply - surplus situation at the cost end changes in the first quarter of 2026 [23]. - For PX, it's expected to have a slight inventory build - up in November, but there is support from aromatics blending for gasoline and the long - term supply - demand structure. There are opportunities for valuation to rise in the medium term [26]. - For PTA, there will be continuous inventory build - up in November due to new device launches, and processing fees will be under pressure. The polyester load is unlikely to increase significantly. There are opportunities for PTA to strengthen driven by an increase in PXN in the medium term [28][29]. - For ethylene glycol, there will be continuous inventory build - up in the fourth quarter. Valuation is relatively low and may be further compressed. It's recommended to short - sell on rallies [31]. 3. Summary by Related Catalogs Crude Oil - **Market Information**: The main INE crude oil futures closed up 2.70 yuan/barrel, a 0.59% increase, at 458.10 yuan/barrel. High - sulfur fuel oil futures closed down 24.00 yuan/ton, a 0.92% decrease, at 2593.00 yuan/ton, and low - sulfur fuel oil futures closed up 14.00 yuan/ton, a 0.43% increase, at 3236.00 yuan/ton. China's weekly crude oil data shows a 0.41 - million - barrel decrease in arrival inventory to 206.43 million barrels, a 0.20% decline; gasoline commercial inventory decreased by 1.34 million barrels to 86.96 million barrels, a 1.52% decline; diesel commercial inventory decreased by 0.60 million barrels to 95.60 million barrels, a 0.62% decline; and total refined oil commercial inventory decreased by 1.94 million barrels to 182.57 million barrels, a 1.05% decline [2]. - **Strategy Viewpoint**: Maintain a low - buy and high - sell range strategy, but wait and see for now [3]. Methanol - **Market Information**: The price in Taicang decreased by 32, remained stable in southern Shandong, decreased by 20 in Inner Mongolia, and the 01 - contract on the futures market decreased by 26 yuan to 2029 yuan/ton, with a basis of - 14. The 1 - 5 spread was - 8, reported at - 116 [5]. - **Strategy Viewpoint**: Wait and see due to high inventories, high overseas production, weak demand, and potential price decline [6]. Urea - **Market Information**: The spot price in Shandong remained stable, decreased by 10 in Henan, and remained stable in Hubei. The 01 - contract on the futures market increased by 10 yuan to 1662 yuan, with a basis of - 72. The 1 - 5 spread was 0, reported at - 75 [8]. - **Strategy Viewpoint**: The market is sensitive to positive news. Domestic demand is weak, and supply is high. New export policies have improved the situation, and the market will mainly bottom out through oscillations [9]. Natural Rubber - **Market Information**: The rubber price rebounded in oscillations. Typhoons affected rainfall in the Thai production area, and the November warehouse receipts of natural rubber on the Shanghai Exchange will expire and be out of storage. The market has a positive expectation. The long - side believes in limited production growth, seasonal price increases, and improved demand in China, while the short - side points out uncertain macro - expectations, seasonal weak demand, and potential under - performance of supply benefits. As of November 13, 2025, the operating rate of all - steel tires in Shandong was 64.70%, 0.84 percentage points lower than last week but 5.70 percentage points higher than the same period last year; the operating rate of semi - steel tires was 74.37%, 0.08 percentage points lower than last week and 4.38 percentage points lower than the same period last year. As of November 9, 2025, China's social inventory of natural rubber was 105.63 tons, a 0.03 - ton increase (0.03% increase); the total social inventory of dark - colored rubber was 66.43 tons, a 0.97% increase; the total social inventory of light - colored rubber was 39.21 tons, a 1.52% decrease. The total inventory in Qingdao increased by 0.24 tons to 43.87 tons. In the spot market, the price of Thai standard mixed rubber was 14600 (+50) yuan, STR20 was reported at 1830 (+5) dollars, and STR20 mixed was 1820 (+5) dollars. The price of butadiene in Jiangsu and Zhejiang was 6950 (+0) yuan, and the price of cis - polybutadiene in North China was 10000 (+100) yuan [11]. - **Strategy Viewpoint**: Adopt a short - term long - bias trading strategy and partially establish a hedge position [12]. PVC - **Market Information**: The PVC01 contract decreased by 7 yuan to 4601 yuan. The spot price of Changzhou SG - 5 was 4510 (-10) yuan/ton, with a basis of - 91 (-2) yuan/ton, and the 1 - 5 spread was - 315 (-5) yuan/ton. The cost of calcium carbide in Wuhai was 2400 (0) yuan/ton, the price of medium - grade semi - coke was 870 (0) yuan/ton, and the price of ethylene was 735 (-5) dollars/ton. The overall operating rate of PVC was 78.5%, a 2.2% decrease; the calcium carbide method was 80.8%, a 0.4% decrease; the ethylene method was 73.3%, a 6.4% decrease. The overall downstream operating rate was 49.5%, a 0.1% decrease. Factory inventory was 32.2 tons (-1.2), and social inventory was 102.8 tons (-1.3) [12]. - **Strategy Viewpoint**: The fundamental situation is poor, and consider short - selling on rallies in the medium term [14]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene in East China remained unchanged at 5375 yuan/ton, the closing price of the active contract increased by 22 yuan/ton to 5547 yuan/ton, and the basis was - 173 yuan/ton, a 22 - yuan decrease. The spot price of styrene increased by 125 yuan/ton to 6450 yuan/ton, the closing price of the active contract increased by 46 yuan/ton to 6496 yuan/ton, and the basis was 0 yuan/ton, a 112 - yuan increase. The BZN spread was 106.87 yuan/ton, a 20.12 - yuan increase. The profit of non - integrated EB plants was - 363.25 yuan/ton, a 50 - yuan increase. The EB 1 - 2 spread was 69 yuan/ton, a 19 - yuan decrease. The upstream operating rate was 69.25%, a 2.31% increase. The inventory in Jiangsu ports decreased by 0.45 tons to 17.48 tons. The weighted operating rate of the three S products was 41.00%, a 0.21% increase; the PS operating rate was 55.40%, a 1.90% increase; the EPS operating rate was 51.63%, a 2.32% decrease; the ABS operating rate was 71.80%, a 0.20% increase [16]. - **Strategy Viewpoint**: The BZN spread has room for upward correction, and styrene prices may stop falling in stages [17]. Polyethylene - **Market Information**: The closing price of the main contract decreased by 10 yuan/ton to 6843 yuan/ton, the spot price remained unchanged at 6865 yuan/ton, and the basis was 12 yuan/ton, a 35 - yuan weakening. The upstream operating rate was 83.72%, a 1.95% increase. In terms of weekly inventory, the production enterprise inventory increased by 3.90 tons to 52.92 tons, and the trader inventory decreased by 0.01 tons to 5.00 tons. The average downstream operating rate was 44.9%, a 0.05% increase. The LL1 - 5 spread was - 62 yuan/ton, a 13 - yuan expansion [19]. - **Strategy Viewpoint**: The oil price may have bottomed out, and PE valuation has limited downward space. However, high warehouse receipts are suppressing the market, and prices will remain in a low - level oscillation [20]. Polypropylene - **Market Information**: The closing price of the main contract decreased by 7 yuan to 6467 yuan/ton, the spot price remained unchanged at 6525 yuan/ton, and the basis was 51 yuan/ton, a 6 - yuan strengthening. The upstream operating rate was 80.82%, a 1.34% increase. In terms of weekly inventory, the production enterprise inventory increased by 2.01 tons to 62 tons, the trader inventory decreased by 1.13 tons to 21.73 tons, and the port inventory increased by 0.23 tons to 6.69 tons. The average downstream operating rate was 53.14%, a 0.52% increase. The LL - PP spread was 376 yuan/ton, a 3 - yuan decrease [22]. - **Strategy Viewpoint**: The cost - end supply surplus may expand. Supply pressure is high, and demand is weak. Wait for the change in the supply - surplus situation at the cost end in the first quarter of 2026 [23]. PX - **Market Information**: The PX01 contract decreased by 10 yuan to 6796 yuan, the CFR price decreased by 1 dollar to 831 dollars, and the basis was - 13 yuan (+1), the 1 - 3 spread was - 24 yuan (-2). The PX load in China was 86.8%, a 3% decrease; the Asian load was 78.5%, a 1.7% decrease. Shanghai Petrochemical stopped production, Sinochem Quanzhou had an unexpected early maintenance, and Vietnam's NSRP plans to reduce production for 2 weeks this weekend. The PTA load was 75.7%, a 0.7% decrease. In terms of imports, South Korea exported 14.5 tons of PX to China in early November, a 1.8 - ton increase year - on - year. The inventory at the end of September was 402.6 tons, a 10.8 - ton increase month - on - month. The PXN was 255 dollars (-2), the South Korean PX - MX was 99 dollars (-1), and the naphtha crack spread was 106 dollars (-1) [25]. - **Strategy Viewpoint**: Expect a slight inventory build - up in November, but there are opportunities for valuation to rise in the medium term [26]. PTA - **Market Information**: The PTA01 contract decreased by 8 yuan to 4692 yuan, the East China spot price decreased by 20 yuan/ton to 4615 yuan, the basis was - 73 yuan (+2), the 1 - 5 spread was - 64 yuan (-2). The PTA load was 75.7%, a 0.7% decrease. The downstream load was 90.5%, a 0.8% decrease. Terminal draw - texturing load remained unchanged at 88%, and the loom load decreased by 1% to 74%. On November 7, the social inventory (excluding credit warehouse receipts) was 222.7 tons, a 2 - ton increase. The spot processing fee of PTA decreased by 15 yuan to 165 yuan, and the processing fee on the futures market decreased by 1 yuan to 234 yuan [27]. - **Strategy Viewpoint**: There will be continuous inventory build - up in November, and processing fees will be under pressure. There are opportunities for PTA to strengthen driven by an increase in PXN in the medium term [28][29]. Ethylene Glycol - **Market Information**: The EG01 contract increased by 16 yuan to 3938 yuan, the East China spot price remained unchanged at 3980 yuan, the basis was 42 yuan (-11), the 1 - 5 spread was - 85 yuan (+6). The supply - end operating rate of ethylene glycol was 71.6%, a 0.9% decrease; the synthetic gas method was 68%, a 4.3% decrease; the ethylene method was 73.6%, a 0.9% increase. Import arrival forecast was 18.1 tons, and the average daily departure from East China ports from November 14 - 16 was 0.9 tons. Port inventory was 73.2 tons, a 7.1 - ton increase. The profit of naphtha - based production was - 826 yuan, the profit of domestic ethylene - based production was - 614 yuan, and the profit of coal - based production was 150 yuan. The price of ethylene decreased to 735 dollars, and the price of lump coal in Yulin decreased to 650 yuan [30]. - **Strategy Viewpoint**: Expect continuous inventory build - up in the fourth quarter, and consider short - selling on rallies [31].