1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the short - term, PX and PTA have limited supply pressure, polyester demand remains stable, and the futures market has support at the bottom. However, the continuous weakening of the terminal restricts the rebound momentum, and the market is in a range - bound pattern. The price of ethylene glycol is expected to fluctuate at a low level due to insufficient demand. In the medium - to - long - term, the demand drive is insufficient, and supply changes dominate the market rhythm. The polyester sector shows a differentiated trend in the fourth quarter, with PX and PTA being relatively strong and ethylene glycol having limited upward potential [33]. - For methanol, in the short - term, although the shutdown of Iranian plants and tight supply in the inland region boost the market, the high - supply and high - operation situation will continue, and the demand support is insufficient, so the upward space of the futures market is limited. In the medium - to - long - term, the import is expected to decrease from mid - December to next year, but the demand increase is still weak, and the market may fluctuate widely. - For plastics, in the short - term, the social inventory continues to decline, but the supply remains high, and the demand support is weak. The market may continue to fluctuate in a low - level range. In the medium - to - long - term, the supply pressure may not decrease, and the overall demand is expected to weaken significantly, so the plastic market may continue to be weak [61]. 3. Summary by Relevant Catalogs 3.1 Macro and Crude Oil Important News - Geopolitical news: Ukrainian President Zelensky plans to continue implementing the Geneva Conference results with the US. Russian President Putin said that the US delegation will visit Moscow next week, but Russia will not make concessions on key issues, and negotiating with the current Ukrainian leadership is meaningless at this stage. OPEC+ is expected to maintain the current crude oil production policy and may establish a new mechanism to assess member countries' production capacity [5]. - Crude oil supply and demand: Russian seaborne crude oil imports decreased by 23% in the week ending November 25. US sanctions on Russian oil companies have led to a reduction in purchases by major buyers. US commercial crude oil, gasoline, and distillate inventories all increased in the week ending November 21 [6][7]. - Market sentiment: Fed officials' dovish speeches have increased the market's expectation of a December interest rate cut, with the probability of a 25 - basis - point cut rising to 86.9%. The US dollar index is under pressure, and the 10 - year US Treasury yield has declined rapidly [6]. 3.2 Polyester Sector Futures and Spot Prices - Futures prices: WTI crude oil increased by 0.65% week - on - week, PX601 decreased by 1.64%, TA601 decreased by 1.36%, EG601 increased by 1.33%, PF602 decreased by 0.93%, and PR601 decreased by 0.70%. - Spot prices: Naphtha decreased by 1.24%, PX CFR Taiwan decreased by 0.96%, PTA spot decreased by 0.39%, ethylene glycol in East China increased by 0.34%, polyester staple fiber in East China decreased by 0.40%, and polyester bottle chips in East China decreased by 0.35% [9]. 3.3 Supply and Demand of Polyester Raw Materials - PX: The 800,000 - tonne unit of Sinochem Quanzhou has been shut down for maintenance, but the restart of Shanghai Petrochemical has increased supply. As of November 28, the domestic PX weekly average capacity utilization rate was 89.74%, and the output was 752,600 tonnes. Asian PX capacity utilization decreased slightly to 79.4%. Next week, supply is expected to decline slightly, and PX processing fees have bottom - end support [14]. - PTA: The restart of Shenghong's unit was offset by the maintenance of Yisheng Ningbo and Sichuan Energy Investment units, resulting in a slight decrease in supply this week. As of November 28, the domestic PTA weekly capacity utilization rate was 71.92%, and the output was 1.3747 million tonnes. Social inventory continued to decline. Next week, supply is expected to increase slightly [17]. - Ethylene glycol: The shutdown of Sinochem Quanzhou's unit and the delay of Puyang's restart led to a slight decrease in supply this week. As of November 28, the domestic ethylene glycol weekly average capacity utilization rate was 62.67%. The restart of Hongsifang's unit and the planned restart of Huayi's unit are expected to increase supply next week, but supply is expected to decline in December [19]. 3.4 Polyester End and Terminal Situation - Polyester end: The weekly average polyester operating rate was 87.38%, a decrease of 0.21 percentage points week - on - week. - Terminal: As of November 28, the operating rate of Jiangsu and Zhejiang looms was 66.93%, a decrease of 0.76 percentage points. The order days of Chinese weaving sample enterprises were 13.04 days, a decrease of 0.50 days, and the坯布 inventory days were 23.45 days, an increase of 0.60 days [20][30]. 3.5 Methanol and Polyethylene Data - Price trends: The futures price of MA2601 increased by 6.54%, and the spot price of methanol in Taicang increased by 3.71%. The futures price of L2601 increased by 0.28%, while the spot prices of LLDPE, HDPE, and LDPE decreased [35]. - Methanol supply: As of November 27, the domestic methanol operating rate was 89.09%, and the output was 2.0235 million tonnes. This week, some units resumed production, and next week, Jiutai New Materials plans to resume production [42]. - Methanol demand: The overall downstream operating rate increased slightly, but MTO operating rate has limited room for further increase, and traditional downstream is in the off - season. The 1.2 - million - tonne acetic acid unit of Celanese has been shut down for maintenance since November 28 [45]. - Methanol inventory: As of November 26, the port inventory was 1.3635 million tonnes, a decrease of 7.83%, and the inland inventory was 373,700 tonnes, an increase of 4.19%. Iranian units have entered the gas - restricted shutdown state [48]. - Plastic supply: As of November 27, the domestic plastic operating rate was 84.51%, and the output was 684,800 tonnes. This week, some units were under maintenance, and some units resumed production. Next week, no units are planned for maintenance, and some units are expected to resume production [51]. - Plastic demand: As of November 27, the plastic downstream operating rate was 44.3%, a decrease of 0.39 percentage points. The demand for greenhouse films is expected to decline, and the packaging film is still digesting previous orders, with a decreasing scale [55]. - Plastic inventory: As of November 26, the social plastic inventory was 471,100 tonnes, a decrease of 3.05%, and the two - oil enterprise inventory was 384,000 tonnes, a decrease of 9.43%. Manufacturers are actively reducing inventory [59].

Report Industry Investment Rating - Not provided Core Viewpoints - On November 28, 2025, new maintenance devices such as Maoming Petrochemical LDPE were added, causing the plastic operating rate to drop to around 88%, and the current operating rate is at a neutral level. The downstream operating rate of PE decreased, and the overall is still at a relatively low level in the same period in recent years. The destocking of petrochemicals slowed down in November, and the current petrochemical inventory is at a relatively high level in the same period in recent years. The supply of new production capacity was put into operation, and it is expected that the downstream operating rate will decline. Downstream enterprises have insufficient purchasing willingness, and traders are cautious about the future market. Although relevant meetings have given some boost to bulk commodities, the overall supply - demand pattern of plastics has not changed, and it is expected that the upside space of plastics will be limited in the near future [1] Summary by Related Catalogs Market Analysis - The addition of new maintenance devices led to a decline in the plastic operating rate. The downstream operating rate of PE decreased, and the destocking of petrochemicals slowed down. The cost - end crude oil price fluctuated at a low level. New production capacity was put into operation, and it is expected that the downstream operating rate will decline. Downstream enterprises mainly purchase on a rigid - demand basis, and traders are cautious about the future market. Although relevant meetings have given some boost to bulk commodities, the overall supply - demand pattern of plastics has not changed, and the upside space of plastics is limited [1] Futures and Spot Market Conditions - **Futures**: The plastic 2601 contract reduced positions and fluctuated upward, with a minimum price of 6702 yuan/ton, a maximum price of 6793 yuan/ton, and a final closing price of 6789 yuan/ton, below the 60 - day moving average, with a gain of 1.10%. The trading volume decreased by 38333 lots to 457393 lots [2] - **Spot**: Most of the PE spot market rose, with price changes ranging from - 80 to + 50 yuan/ton. LLDPE was reported at 6770 - 7150 yuan/ton, LDPE at 8620 - 9280 yuan/ton, and HDPE at 6930 - 7600 yuan/ton [3] Fundamental Tracking - **Supply**: On November 28, new maintenance devices such as Maoming Petrochemical LDPE were added, and the plastic operating rate dropped to around 88%, at a neutral level [4] - **Demand**: As of the week of November 28, the downstream operating rate of PE decreased by 0.39 percentage points to 44.3% month - on - month. The agricultural film entered the end of the peak season, orders decreased, and the overall downstream operating rate of PE was still at a relatively low level in the same period in recent years [4] - **Inventory**: The early inventory of petrochemicals on Friday was flat month - on - month at 650,000 tons, 70,000 tons higher than the same period last year. The destocking of petrochemicals slowed down in November, and the current petrochemical inventory is at a relatively high level in the same period in recent years [4] - **Raw Materials**: The Brent crude oil 02 contract rose to $63/barrel, the Northeast Asian ethylene price was flat month - on - month at $720/ton, and the Southeast Asian ethylene price was flat month - on - month at $730/ton [4]

Market Overview - The plastic sector increased by 1.12% on November 28, with Daoming Optics leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Top Gainers in the Plastic Sector - Daoming Optics (002632) closed at 12.44, up 9.99% with a trading volume of 107,800 shares and a transaction value of 134 million yuan [1] - Foshan Plastics (000973) closed at 13.78, up 8.50% with a trading volume of 1,297,700 shares and a transaction value of 1.747 billion yuan [1] - Ping An Electric (001359) closed at 59.52, up 5.53% with a trading volume of 45,900 shares and a transaction value of 27 million yuan [1] - Heshun Technology (301237) closed at 50.83, up 5.00% with a trading volume of 19,300 shares and a transaction value of 9.754 million yuan [1] - Zhonglun New Materials (301565) closed at 27.60, up 4.90% with a trading volume of 119,900 shares and a transaction value of 330 million yuan [1] Top Losers in the Plastic Sector - Guofeng New Materials (000859) closed at 7.63, down 9.92% with a trading volume of 2,030,300 shares and a transaction value of 1.561 billion yuan [2] - Ningbo Color Masterbatch (301019) closed at 24.72, down 5.00% with a trading volume of 127,200 shares and a transaction value of 31.7 million yuan [2] - Xingye Co., Ltd. (603928) closed at 15.52, down 3.12% with a trading volume of 84,500 shares and a transaction value of 13.2 million yuan [2] Capital Flow in the Plastic Sector - The plastic sector saw a net inflow of 65.1441 million yuan from institutional investors, while retail investors contributed a net inflow of 32.0341 million yuan [2] - Speculative funds experienced a net outflow of 97.1783 million yuan [2] Individual Stock Capital Flow - Foshan Plastics (000973) had a net inflow of 16.6 million yuan from institutional investors, while it faced a net outflow of 38.0491 million yuan from speculative funds [3] - Dongcai Technology (601208) saw a net inflow of 96.2674 million yuan from institutional investors, with a net outflow of 25.3946 million yuan from speculative funds [3] - Daoming Optics (002632) experienced a net inflow of 37.2661 million yuan from institutional investors, but had a net outflow of 16.2180 million yuan from speculative funds [3]

Report Industry Investment Rating - Not provided Core View of the Report - The raw material end crude oil price fluctuates, the profit of the monomer link is compressed, the PE market fluctuates at a low level, the downstream agricultural film and packaging film industries have strong rigid demand support, but the downstream's willingness to hold goods has weakened after the recent decline, the upstream mainly maintains prices, the factory inventory accumulates passively, and the basis strengthens slightly. The supply side has no major near - term contradictions, but medium - term attention should be paid to the supply - demand pressure brought by high existing production capacity and weakening demand [2] Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of L2601 yesterday was 6699, with a daily decline of 0.12%, the trading volume was 393,483, and the position decreased by 1,873 [1] - **Basis and Spread Data**: The basis of the 01 contract was 41 yesterday (43 the day before), and the 01 - 05 contract spread was - 64 yesterday (- 61 the day before) [1] - **Spot Price Data**: The spot prices in North China, East China, and South China were 6,740 yuan/ton, 6,900 yuan/ton, and 7,030 yuan/ton respectively yesterday, with North China and South China prices decreasing compared to the day before [1] Spot News - The futures market opened lower and fluctuated. The basis of North China LL gradually recovered to a slight premium, and the number of warehouse receipts decreased recently. Traders reduced prices to promote sales, and downstream buyers were not very active. The US and Middle East offers decreased, and the shipments are expected to arrive in Q1 2026 [1] Market Condition Analysis - The raw material end crude oil price fluctuates, the profit of the monomer link is compressed, the PE market fluctuates at a low level. The downstream agricultural film and packaging film industries have strong rigid demand support, but the downstream's willingness to hold goods has weakened after the recent decline. The upstream mainly maintains prices, the factory inventory accumulates passively, and the basis strengthens slightly. The supply side has no major near - term contradictions, but medium - term attention should be paid to the supply - demand pressure brought by high existing production capacity and weakening demand [2] Trend Intensity - The trend intensity of LLDPE is 0 [3]

Core Insights - The report indicates that the Chinese chemical industry is entering a critical turning point between 2024 and 2025, characterized by a combination of cyclical stabilization and deepening industrial upgrades, with features such as demand differentiation, supply optimization, cost fluctuations, and clear policy guidance [1][19]. Overall Overview - The report focuses on 431 A-share listed chemical companies, analyzing the industry's development trends from multiple dimensions [1][8]. - The chemical industry is currently in a new stage of innovation-driven and global development, with significant influence in the A-share market, reflected in the number of companies, market capitalization, and revenue [1][19]. - Chemical products dominate in terms of company numbers, market capitalization, revenue, and profit, followed by plastics, agricultural chemicals, and chemical raw materials [1][19]. - Zhejiang, Shandong, and Jiangsu provinces lead in key indicators, while other provinces show a gradient development pattern based on resource endowments and industrial upgrade pace [1][19]. Market Performance - Chemical product prices faced pressure after fluctuations in 2024, continuing to operate at low levels in 2025, indicating the industry is still in a bottoming phase [1][19]. - Price differentials for chemical products showed increased volatility in 2024, with a shift from negative to positive in early 2025 before slightly narrowing [1][19]. - Although stock prices rebounded, they underperformed compared to the broader market, with valuations remaining at historical lows [1][19]. - There is significant divergence in market capitalization performance, with leading companies and high-growth targets standing out [1][19]. Operating Conditions - Revenue showed resilience in scale, with a slight growth in 2024, while net profit attributable to shareholders exhibited structural differentiation [2][20]. - Revenue growth turned positive, while profit growth remained negative but significantly narrowed [2][20]. - Profitability faced deep pressure, reflecting a differentiated pattern amid industrial transformation challenges [2][20]. - Operational capabilities showed significant differentiation, with asset and account management reflecting operational resilience [2][20]. - The asset-liability ratio increased marginally, with financial strategies adapting to industrial upgrade needs [2][20]. Capital Operations - In 2024, equity financing saw a comprehensive contraction, with capital focusing on quality tracks and core projects [2][20]. - Bond financing showed moderate recovery, with funds concentrating on quality projects and leading entities [2][20]. Capacity Construction - Capital expenditure contracted year-on-year, with fixed assets continuing to grow but at a slower pace, shifting from scale expansion to stock optimization and high-end upgrades [2][20]. - The total amount of ongoing projects steadily increased, but the growth rate slowed, with significant differentiation among sub-industries and a pronounced clustering effect among leading companies [2][20]. Technological Innovation - R&D intensity increased overall, with resources concentrating on high-end tracks and leading specialized companies, highlighting the logic of innovation-driven transformation [2][20]. - The proportion of R&D personnel continued to rise, with significant differentiation among sub-industries and companies, particularly among leading technology firms [2][20]. International Development - Overseas revenue showed overall recovery growth, with significant differentiation among sub-industries and leading companies deeply embedded in the global market [2][20]. - Foreign ownership showed increasing differentiation, with high-end technology companies receiving focused allocation, reflecting global capital's recognition of China's chemical industry's high-end transformation [2][20]. Policy Guidance - Encouraging policies focus on green low-carbon, high-end, and park-intensive development, promoting industrial upgrades [2][20]. - Restrictive policies rigidly eliminate backward production capacity and optimize inefficient layouts, strengthening environmental and safety constraints [2][20]. - Capital market policies support advanced chemical new materials, deepen market-oriented reforms in mergers and acquisitions, and guide capital towards strategic areas [2][20]. Case Insights - Wanhua Chemical builds a scale moat through integrated and global layouts, maintaining a stable traditional business while expanding new growth areas [2][20]. - New Hope achieves counter-cyclical growth through technological barriers and specialized routes, demonstrating the growth value of technology-driven and niche deep cultivation [2][20]. - Upwind New Materials highlights the mismatch between valuation and fundamentals, warning against over-reliance on capital sentiment and short-term events, emphasizing the importance of profit realization for valuation support [2][20].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The plastics market is expected to be in a weak and volatile state in the near future due to the unchanged supply - demand pattern and weakened cost support [1] 3. Summary According to Relevant Catalogs 3.1 Market Analysis - On November 27, the number of maintenance devices changed little, and the plastics operating rate remained at around 89%, at a neutral level. New capacities of ExxonMobil (Huizhou) LDPE (500,000 tons/year) and PetroChina Guangxi Petrochemical (700,000 tons/year) were recently put into production. The plastics operating rate decreased slightly [1][4] - As of the week of November 21, the downstream operating rate of PE increased by 0.20 percentage points to 44.69% week - on - week. The agricultural film is still in the peak season, with stable orders, but the peak season is less than expected. The overall downstream operating rate of PE is still at a relatively low level in the same period in recent years. The procurement willingness of downstream enterprises is insufficient, mainly for rigid demand [1][4] - In November, the inventory reduction of petrochemicals slowed down, and the current petrochemical inventory is at a neutral to high level in the same period in recent years. The cost support weakened as the crude oil price dropped [1][4] 3.2 Futures and Spot Market Conditions - **Futures**: The plastics 2601 contract decreased in positions and fluctuated. The lowest price was 6,694 yuan/ton, the highest was 6,742 yuan/ton, and it finally closed at 6,699 yuan/ton, below the 60 - day moving average, with a decline of 0.61%. The position volume decreased by 1,873 lots to 495,726 lots [2] - **Spot**: The PE spot market was mostly stable, with price fluctuations between - 80 and + 50 yuan/ton. LLDPE was reported at 6,770 - 7,150 yuan/ton, LDPE at 8,620 - 9,280 yuan/ton, and HDPE at 6,930 - 7,600 yuan/ton [3] 3.3 Fundamental Tracking - **Supply**: On November 27, the number of maintenance devices changed little, and the plastics operating rate remained at around 89%, at a neutral level [4] - **Demand**: As of the week of November 21, the downstream operating rate of PE increased by 0.20 percentage points to 44.69% week - on - week. The agricultural film is in the peak season with stable orders and slightly increased raw material inventory. The packaging film orders also increased slightly. The overall downstream operating rate of PE is at a relatively low level in the same period in recent years [1][4] - **Inventory**: On Thursday, the petrochemical early - morning inventory decreased by 0.5 million tons to 65 million tons week - on - week, 4.5 million tons higher than the same period last year. In November, the inventory reduction of petrochemicals slowed down, and the current inventory is at a neutral to high level in the same period in recent years [4] - **Raw Materials**: The Brent crude oil 02 contract fell below $63/barrel. The price of ethylene in Northeast Asia remained flat at $720/ton week - on - week, and that in Southeast Asia remained flat at $730/ton week - on - week [4]

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - The overall supply pressure of PVC has rebounded, and domestic demand recovery is sluggish. The current demand may continue to be weak. The PVC2601 is expected to fluctuate in the range of 4463 - 4515 [4][6]. - The cost of both calcium carbide method and ethylene method has weakened, and the overall cost has decreased. The overall inventory is at a neutral level. Continued attention should be paid to macro - policies and export dynamics [6]. - The main logic is the strong overall supply pressure and the poor recovery of domestic demand. The main risk points include the implementation of domestic demand policies, export trends, crude oil trends, and the cost support trends of caustic soda and calcium carbide method [11][12]. 3. Summary According to Relevant Catalogs 3.1 Daily Viewpoints - **Likely Positives**: Supply resumption, cost support from calcium carbide and ethylene, and export advantages [10]. - **Likely Negatives**: Rebound in overall supply pressure, high - level and slow - consuming inventory, and weak domestic and external demand [10]. 3.2 Fundamental/Position Data 3.2.1 Supply - In October 2025, PVC production was 2.12812 million tons, a month - on - month increase of 4.79%. This week, the capacity utilization rate of sample enterprises was 78.83%, with no month - on - month change. The production of calcium carbide method enterprises was 345,780 tons, a month - on - month increase of 0.65%, and the production of ethylene method enterprises was 134,660 tons, a month - on - month decrease of 0.18%. The supply pressure has increased this week, and it is expected that maintenance will decrease next week, with a slight increase in production scheduling [4]. 3.2.2 Demand - The overall downstream operating rate was 49.19%, a month - on - month decrease of 0.35 percentage points, higher than the historical average. The operating rate of downstream profiles was 36.3%, a month - on - month decrease of 0.66 percentage points, lower than the historical average. The operating rate of downstream pipes was 40.2%, a month - on - month decrease of 0.39 percentage points, higher than the historical average. The operating rate of downstream films was 71.07%, with no change month - on - month, higher than the historical average. The operating rate of downstream paste resin was 78.03%, with no change month - on - month, higher than the historical average. Shipping costs are expected to decline, and domestic PVC export prices are competitive. Current demand may continue to be weak [4]. 3.2.3 Cost - The profit of the calcium carbide method was - 848.08 yuan/ton, with a month - on - month increase in losses of 3.40%, lower than the historical average. The profit of the ethylene method was - 515.89 yuan/ton, with a month - on - month increase in losses of 5.00%, lower than the historical average. The double - ton price difference was 2091.15 yuan/ton, with no change month - on - month, lower than the historical average. Production scheduling may be under pressure [4]. 3.2.4 Basis - On November 26, the price of East China SG - 5 was 4530 yuan/ton, and the basis of the 01 contract was 41 yuan/ton, with the spot price higher than the futures price, showing a neutral situation [6]. 3.2.5 Inventory - The in - factory inventory was 315,441 tons, a month - on - month decrease of 2.14%. The calcium carbide method factory inventory was 240,791 tons, a month - on - month decrease of 0.86%. The ethylene method factory inventory was 74,650 tons, a month - on - month decrease of 6.04%. The social inventory was 526,700 tons, a month - on - month decrease of 1.05%. The inventory days of production enterprises in stock were 5.3 days, a month - on - month decrease of 1.85%, showing a neutral situation [6]. 3.2.6 Disk - The MA20 is downward, and the futures price of the 01 contract closed below the MA20, showing a bearish situation [6]. 3.2.7 Main Position - The main position is net short, and the short position has decreased, showing a bearish situation [6]. 3.3 PVC Market Overview - The report provides yesterday's market overview data, including prices, spreads, inventories, operating rates, profits, and costs of different PVC varieties and contracts [14]. 3.4 PVC Futures Market - It includes the basis trend, trading volume, price trend, position change trend, and spread analysis of the main contract of PVC futures [16][19][22]. 3.5 PVC Fundamental Aspects 3.5.1 Calcium Carbide Method - Related - It involves the price, cost, profit, operating rate, inventory, and production of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, caustic soda, and the cost - profit situation of chlor - alkali in Shandong [25][28][30][33]. 3.5.2 PVC Supply Trend - It shows the capacity utilization rate, profit, daily production, weekly maintenance volume, and weekly production of the calcium carbide method and ethylene method of PVC [38][40]. 3.5.3 Demand Trend - It includes the daily sales volume of PVC traders, weekly pre - sales volume, sales - to - production ratio, apparent consumption, downstream average operating rate, operating rates of different downstream products (profiles, pipes, films, paste resin), and the profit, production, and apparent consumption of paste resin. It also involves real - estate investment, construction area, new construction area, sales area, and completion area, as well as social financing scale increment, M2 increment, local government new special bonds, and infrastructure investment year - on - year [42][45][53]. 3.5.4 Inventory - It presents the exchange warehouse receipts, calcium carbide method factory warehouse inventory, ethylene method factory warehouse inventory, social inventory, and production enterprise inventory days [57]. 3.5.5 Ethylene Method - It includes the import volume of vinyl chloride and dichloroethane, PVC export volume, ethylene method FOB spread, and vinyl chloride import spread [60]. 3.5.6 Supply - Demand Balance Sheet - It shows the monthly supply - demand trends of PVC, including export, demand, social inventory, factory inventory, production, and import [62].

Report Industry Investment Ratings - Crude Oil: Cautiously bearish [1] - LPG: Cautiously bearish [1] - L: Bearish continuation [1] - PP: Bearish continuation [1] - PVC: Bearish consolidation [1] - PX/PTA: Cautiously bullish [3] - Ethylene Glycol: Cautiously bearish [3] - Methanol: Bullish [3] - Urea: Cautiously bearish [3] - Natural Gas: Cautiously bearish [6] - Asphalt: Cautiously bearish [6] - Glass: Bearish rebound [6] - Soda Ash: Bearish consolidation [6] Report's Core Views - The market is affected by geopolitical factors such as the easing of the Russia-Ukraine conflict, and the prices of most energy and chemical products are under pressure. The supply and demand fundamentals of each product vary, and investors should pay attention to relevant factors and adopt corresponding strategies [1][3][6]. Summary by Relevant Catalogs Crude Oil - **Market Performance**: Overnight international oil prices rebounded, with WTI rising 1.21%, Brent rising 1.20%, and SC falling 1.03% [7][8]. - **Basic Logic**: The core driver is the oversupply of crude oil in the off - season, and the short - term driver is the easing of the Russia - Ukraine conflict [9]. - **Fundamentals**: As of the week of November 26, the number of US oil rigs decreased, and Mexico's oil production declined. OPEC expects an increase in global oil demand in 2025 and 2026. US crude oil inventories increased [10]. - **Strategy Recommendation**: For the medium - to - long - term, OPEC+ is expanding production, and the oil price is in a low - price range. Technically, the short - term rebound is weak. Partially close short positions. Pay attention to the range of SC at [440 - 450] [11]. LPG - **Market Performance**: On November 26, the PG main contract closed at 4259 yuan/ton, up 0.66% [12]. - **Basic Logic**: The price is anchored to the cost of crude oil, with the cost side bearish and the demand side having some resilience. The basis is high, and the price is under pressure [13]. - **Fundamentals**: Supply decreased slightly, demand from downstream chemical industries was relatively stable, and inventories increased [13]. - **Strategy Recommendation**: In the medium - to - long - term, the supply of upstream crude oil exceeds demand, and the price of LPG still has room to decline. Technically, the short - term rebound is under pressure. Do not chase the rise, and go short on rebounds. Pay attention to the range of PG at [4200 - 4300] [14]. L - **Market Performance**: The L01 contract closed at 6707 yuan/ton, down 0.8% [17]. - **Basic Logic**: The chemical sector rebounded, but the supply was under pressure, the demand was weak, and the cost support was insufficient [19]. - **Fundamentals**: Domestic production increased seasonally, the downstream start - up rate decreased, and the oil price was expected to decline in the medium term [19]. - **Strategy Recommendation**: Short - term, reduce short positions. Medium - to - long - term, wait for rebounds to go short. Pay attention to the range of L at [6750 - 6850] [19]. PP - **Market Performance**: The PP01 contract closed at 6265 yuan/ton, down 0.8% [21]. - **Basic Logic**: The fundamentals followed the cost side, with high inventory, weak demand, and the oil price still facing downward pressure [23]. - **Fundamentals**: The upstream and mid - stream inventories were high, the devices were restarting, and the external and internal demand was insufficient [23]. - **Strategy Recommendation**: At the low price level, reduce short positions in the short - term. Medium - to - long - term, wait for rebounds to go short. Pay attention to the range of PP at [6350 - 6500] [23]. PVC - **Market Performance**: The V01 contract closed at 4491 yuan/ton, down 0.1% [24]. - **Basic Logic**: The basis was repaired, the social inventory was high, the upward drive was insufficient, but the low valuation provided support [26]. - **Fundamentals**: The anti - dumping was unlikely to be implemented, and the export orders increased. The trading returned to the weak fundamentals [26]. - **Strategy Recommendation**: The market maintained a high premium. Industries should hedge at high prices. Be cautious about short - selling and wait for bullish drivers. Pay attention to the range of V at [4400 - 4550] [26]. PX/PTA - **Market Performance**: The TA05 contract closed at 4710 yuan/ton, down 34 yuan/ton [27]. - **Basic Logic**: The supply pressure was relieved, the demand was relatively good, but the cost was under pressure, and there was a risk of inventory accumulation in December [28]. - **Fundamentals**: Some devices were under maintenance, the downstream polyester and weaving start - up rates were high, and the PX price might follow the decline of crude oil [28]. - **Strategy Recommendation**: The valuation and processing fees were not high. Pay attention to the opportunity to go long on dips. Pay attention to the range of TA at [4650 - 4725] [28]. Ethylene Glycol - **Market Performance**: The EG05 contract closed at 3808 yuan/ton, down 14 yuan/ton [29]. - **Basic Logic**: The domestic start - up rate decreased, the new devices were put into production, the supply pressure increased, and the demand was relatively good but the orders were weakening [30]. - **Fundamentals**: The domestic and overseas device status changed, the inventory increased slightly, and the cost was under pressure [30]. - **Strategy Recommendation**: Pay attention to the opportunity to go short on rebounds. Pay attention to the range of EG at [3880 - 3930] [31]. Methanol - **Market Performance**: The main contract position decreased slightly [34]. - **Basic Logic**: The spot price in Taicang stabilized, the port basis strengthened, the inventory decreased but was still at a high level. The supply pressure was large, the demand improved, and the cost support was weak [34]. - **Fundamentals**: Domestic devices increased production, overseas devices maintained stability, downstream demand improved, and the inventory decreased [35]. - **Strategy Recommendation**: Close short positions at the low - valuation level. Pay attention to the opportunity to go long on the 05 contract on dips [34]. Urea - **Market Performance**: The UR01 contract closed at 1654 yuan/ton, down 11 yuan/ton [37]. - **Basic Logic**: The supply pressure remained, the demand was mixed, the social inventory was high, and the export had been priced in. Be vigilant about the downward risk [38]. - **Fundamentals**: The supply was high, the domestic demand was weak before the year, the export was good, the inventory decreased slightly, and the cost was supported [39]. - **Strategy Recommendation**: The fundamentals are weak. Pay attention to the opportunity to go short on rebounds. Pay attention to the range of UR at [1625 - 1655] [40]. Natural Gas - **Market Performance**: On November 25, the NG main contract closed at 4.481 US dollars per million British thermal units, down 4.09% [43]. - **Basic Logic**: The easing of the Russia - Ukraine conflict led to concerns about the return of Russian gas, putting pressure on the gas price. The demand entered the peak season, providing some support [44]. - **Fundamentals**: The number of US natural gas drilling platforms increased, China's natural gas production increased, and US natural gas inventories decreased [44]. - **Strategy Recommendation**: The demand is supported in the peak season, but the supply is sufficient, and the gas price is under pressure. Pay attention to the range of NG at [4.565 - 4.800] [45]. Asphalt - **Market Performance**: On November 26, the BU main contract closed at 3043 yuan/ton, up 0.81% [47]. - **Basic Logic**: The price is mainly anchored to crude oil. Affected by the easing of the Russia - Ukraine conflict and South American geopolitics, there is still room for price compression [48]. - **Fundamentals**: The production plan decreased in December, the demand increased slightly, and the inventory decreased [48]. - **Strategy Recommendation**: The valuation is returning to normal, the supply is sufficient, and the demand is in the off - season. Hold short positions. Pay attention to the range of BU at [2950 - 3050] [49]. Glass - **Market Performance**: The FG01 contract closed at 1037 yuan/ton, up 2.3% [51]. - **Basic Logic**: The cold - repair expectation provides support, but the supply is difficult to decline further, and the demand is weak [53]. - **Fundamentals**: The daily melting volume remained stable, the real - estate market was weak, and the deep - processing orders were at a low level [53]. - **Strategy Recommendation**: Close short positions in the short - term. Medium - to - long - term, go short on rebounds. Pay attention to the range of FG at [990 - 1040] [53]. Soda Ash - **Market Performance**: The SA01 contract closed at 1173 yuan/ton, down 0.8% [55]. - **Basic Logic**: The demand weakened, the supply was in a loose pattern in the medium - to - long - term, and the market was in a bearish consolidation [54]. - **Fundamentals**: Some devices were under maintenance or reduced production, the demand from the glass industry decreased, and the inventory was high [55]. - **Strategy Recommendation**: Hold short positions on the 01 alkali - glass spread. Be cautious about short - selling at the low price level. Medium - to - long - term, go short on rebounds [55].

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The overall economic outlook is mixed, with most Fed districts reporting flat economic activity, some facing a risk of slowdown, and others showing slight growth or decline [8]. - The steel and ore market is expected to be volatile in the short - term and bearish in the medium - to long - term [11][13]. - The bond market is likely to continue wide - range fluctuations [11]. - In the agricultural sector, different products have different trends, such as cotton in low - level oscillations, sugar under supply pressure, and eggs with high inventory and limited upside potential [26][28][29]. - In the energy and chemical industry, oil prices are in a long - term downward trend, and various products' prices follow different factors such as geopolitical events and supply - demand relationships [37]. 3. Summary by Relevant Catalogs Macro - information - China and the EU discussed semiconductor and other economic and trade issues, aiming to restore the semiconductor supply chain [6]. - Vanke faced a "double - kill" in stocks and bonds, and a bond展期 meeting will be held [6]. - Six departments issued a plan to boost consumer goods consumption, targeting specific consumption areas by 2027 [6]. - The Chinese non - ferrous metals association opposed zero or negative processing fees in copper smelting and managed copper smelting capacity [7]. - Treasury companies that hoarded cryptocurrencies suffered a "double - kill" in stock and coin prices [7]. - NVIDIA denied accounting fraud accusations [7]. - The Fed's economic activity was mostly flat, with some areas showing decline or growth, and the risk of slowdown increased [8]. - US economic data showed mixed results, including changes in jobless claims, durable goods orders [8][9]. - Japan's central bank may raise interest rates [8]. Macro - finance Stock Index Futures - Adopt a volatile mindset and temporarily hold off on trading. The A - share market had mixed performance, with military stocks falling and some concepts rising. Vanke's situation affected the market [10]. Treasury Futures - The bond market is likely to continue wide - range fluctuations. Although there were sharp fluctuations, the short - term nature was high, considering factors like capital and fundamentals [11]. Steel and Ore - Short - term: expected to be volatile; Medium - to long - term: bearish. Demand for building materials is weak, while demand for some plate products is okay. Supply may decline, and inventory is relatively high. Valuation shows that steel prices are likely to be weak [11][12][13]. Agriculture Cotton - Under the influence of large supply pressure and weak demand, it is in low - level oscillations, with high costs providing some support [26]. Sugar - Facing supply pressure, the price is under downward pressure, but cost provides a limit. It is recommended to wait and see [28]. Eggs - The near - month futures contracts are under pressure, and it is recommended to short on rebounds with caution. High inventory and weak consumption are the main factors, but there are positive expectations for the long - term [29][30]. Apples - Expected to be slightly bullish. The acquisition season has ended, and the market is now in the outbound stage. Prices are stable, and inventory and consumption need attention [31]. Corn - Pay attention to the upper pressure on the futures price. The current rise is due to "supply - demand mismatch," and there may be a correction in the spot price [33]. Red Dates - Temporarily wait and see. The prices in production and sales areas are stable, and the futures price is weak [34]. Pigs - In the short - term, supply pressure increases, and the price is weak. In the long - term, the decline in the number of sows is positive for prices [35]. Energy and Chemicals Crude Oil - In a long - term downward trend, it is advisable to short on rallies. Geopolitical events and supply - demand expectations affect the price [37]. Fuel Oil - The price fluctuates with the oil price. Supply is loose, and demand is flat. Geopolitical and macro factors are the main drivers [39]. Plastics - Polyolefins are expected to be weak and volatile due to large supply and weak demand, but production losses may provide some support [40]. Rubber - The price difference between ru and nr may widen. Pay attention to Southeast Asian weather and raw material supply [41]. Synthetic Rubber - The short - term price is weak. It is advisable to hold short - call strategies or short on rallies [42]. Methanol - Near - month contracts: temporarily weak and volatile; Far - month contracts: turn to a volatile trend. Pay attention to inventory and import arrivals [43][44]. Caustic Soda - Keep a volatile mindset. The spot price is weakening, and the futures price is controlled by bears [45]. Asphalt - The price fluctuation is expected to increase. Pay attention to the price bottom after the winter storage game [46]. Polyester Industry Chain - The price is adjusting strongly due to improved sentiment and supply - demand structure. Different products in the chain have different supply - demand situations [47]. Liquefied Petroleum Gas - The short - term bullish factors are fully realized, and the price may turn weak. It is affected by supply, demand, and oil price trends [48]. Paper Pulp - Enter a range - bound stage. It is advisable to wait and see. The fundamentals are stable, and supply and demand are in a weak balance [49][50]. Logs - The fundamentals are weakly bearish. The spot price is under pressure, and the market is expected to be in a weak supply - demand balance [51]. Urea - The spot price may be bullish, and the futures market may have short - term emotional trading. Keep a wide - range volatile mindset [52]. Non - ferrous Metals and New Materials Zinc - Hold short positions at high levels. The domestic inventory is decreasing, and the price is affected by macro and inventory factors [18]. Lead - Hold short positions cautiously. The price is falling, and the inventory is decreasing. Import and export data show certain trends [19][20][21]. Lithium Carbonate - In wide - range fluctuations. The short - term is affected by the game between weak fundamentals and long - term optimistic expectations [22]. Industrial Silicon - Continue to oscillate. The supply - demand contradiction is not prominent, and the adjustment space is limited [23]. Polysilicon - Continue to oscillate. Buy on dips. The supply - demand contradiction is weaker than the policy expectation contradiction [24].

Core Viewpoint - The company, Qide New Materials, has indicated that its current main products, high-performance modified plastics (such as nylon), are not yet applied in 3D printing technology. However, the company possesses the technical potential to develop materials specifically for 3D printing due to its strong expertise in polymer material modification [1]. Group 1 - The company is actively monitoring downstream technological trends and customer demands to promote the technical extension and innovation of related materials in the future [1].