Report Industry Investment Ratings No relevant content provided. Core Views Methanol Market - The current methanol market is trading on the "weak reality" logic, with the core contradiction centered on high port inventories. The 01 contract faces challenges in inventory digestion, and the weak reality pattern may continue until Iranian gas restrictions are implemented. The 05 contract is expected to see significant inventory reduction, so attention can be focused on the MTO profit shrinkage opportunity of the 05 contract [1][3]. Polyester Industry Chain - PX supply is generally stable with some plant overhauls offset by xylene supplements. Demand has some support in the short - term, but the November supply - demand is expected to be loose, and price drivers are limited. PTA may have a slight inventory build - up, and its price rebound space is restricted. Ethylene glycol is expected to have a high inventory build - up in November - December, facing upward pressure. Short - fiber supply remains high in the short - term, but demand may weaken seasonally, and its price rebound space is limited. Bottle - chip supply and demand are in a loose pattern, and it follows cost fluctuations [6]. Polyolefin Market - PP supply increase is slowing due to more unplanned overhauls, while PE supply is expected to increase as overhauls peak. Demand has improved, but overall, there is pressure from increasing supply and decreasing demand. The 01 contract has inventory pressure, while the 05 contract may offer long - term low - buying opportunities, and the month - spread is biased towards reverse arbitrage [8]. PVC and Caustic Soda Market - Caustic soda supply is expected to increase in November, with weak demand support, and its price is expected to be weakly stable. PVC supply - demand is in an oversupply situation, and its price is expected to continue to fluctuate weakly at the bottom [11]. Pure Benzene and Styrene Market - Pure benzene supply is expected to be loose in November, with limited demand support and increasing port inventories. Its price driver is weak. Styrene supply may slightly decrease in November, demand is expected to change little, and its price driver is also limited [12]. Summary by Relevant Catalogs Methanol Price and Spread - MA2601 closed at 2125 on November 6, down 0.75% from the previous day; MA2605 closed at 2226, down 0.45%. The MA15 spread was - 101, up 6.32%. The太仓 basis was - 30, up 25%. The spot prices of Inner Mongolia North Line, Henan Luoyang, and Port Taicang all had different changes [1]. Inventory - Methanol enterprise inventory was 38.641% (a 2.75% increase), port inventory was 151.7 million tons (a 0.71% increase), and social inventory was 190.4% (a 1.11% increase) [2]. Upstream and Downstream Operating Rates - Domestic upstream enterprise operating rate was 76.09%, up 0.31%; overseas was 70.7%, down 2.68%. The downstream MTO device operating rate was 84.98%, up 1.09%, while the acetic acid operating rate was 72.3%, down 1.15% [3]. Polyester Industry Chain Upstream Prices - Brent crude oil (January) was $63.38 per barrel, down 0.2%; WTI crude oil (December) was $59.43 per barrel, down 0.3%. CFR Japan naphtha was $576 per ton, down 0.3% [6]. Product Prices and Cash Flows - POY150/48 price was 6515 yuan/ton, with a cash - flow of 94 yuan/ton, down 31.2%. The bottle - chip futures PR2601 price was 5736 yuan/ton, up 1.3% [6]. Operating Rates - Asian PX operating rate was 78.1%, down 0.5%; PTA operating rate was 78.0%, down 1.0%; MEG comprehensive operating rate was 76.2%, up 4.0% [6]. Polyolefin Price and Spread - L2601 closed at 6805, down 0.13%; PP2601 closed at 6471, down 0.31%. The L15 spread was - 81, down 6.90%; the PP15 spread was - 121, up 6.14% [8]. Inventory - PE enterprise inventory was 49.0 million tons, up 17.84%; PP enterprise inventory was 60.0 million tons, up 0.81% [8]. Upstream and Downstream Operating Rates - PE device operating rate was 82.6%, up 2.13%; PP device operating rate was 77.8%, up 0.9% [8]. PVC and Caustic Soda Price and Spread - The price of 32% liquid caustic soda in Shandong was 2500 yuan/ton, unchanged. V2601 closed at 4630, down 0.2%; the V basis was - 110, down 12.2% [11]. Supply and Demand - Caustic soda industry operating rate was 88.3%, up 3.3%; PVC total operating rate was 77.1%, up 4.5%. The demand of caustic soda's main downstream, alumina, was weak, and PVC demand was in the off - season [11]. Inventory - Liquid caustic soda inventory in East China plants increased by 18.9%, and PVC total social inventory decreased by 1.8% [11]. Pure Benzene and Styrene Upstream Prices - Brent crude oil (December) was $63.38 per barrel, down 0.2%; CFR Japan naphtha was $576 per ton, down 0.3%. Pure benzene (Sinopec East China listed price) was 5300 yuan/ton, unchanged [12]. Product Prices and Cash Flows - Pure benzene East China spot was 5389 yuan/ton, down 0.4%; styrene East China spot was 6310 yuan/ton, down 0.3%. EB cash - flow (non - integrated) was - 213 yuan/ton, down 1.6% [12]. Operating Rates and Inventories - Domestic pure benzene operating rate was 74.1%, up 1.9%; styrene operating rate was 66.7%, down 3.7%. Pure benzene inventory in Jiangsu ports was 12.10 million tons, up 42.4% [12].

Core Viewpoint - The domestic futures market in the energy and chemical sector showed significant gains, with PTA futures experiencing a slight increase of 1.27%, reaching 4642.00 yuan/ton [1] Macro Factors - The U.S. manufacturing index has declined for 18 consecutive months, coupled with a strengthening U.S. dollar and falling international oil prices, which are impacting the polyester market [1] Supply Side - Yisheng Dahuacheng has slightly reduced its production to 375 million tons, adjusting PTA load to around 78% - Dushan Energy's Phase 4 with a capacity of 300 million tons has started production in October, with both lines currently operational - In November, more PTA maintenance is expected than restarts, with planned maintenance at Honggang Petrochemical (2.5 million tons), Sichuan Energy Investment (1 million tons), and others, while Dushan Energy will halt 2.5 million tons [1][1][1] Demand Side - Polyester load remains stable, with a significant recovery in the weaving operating rate of terminal enterprises in the Jiangsu and Zhejiang regions - Downstream spinning and weaving factories are further replenishing inventory, leading to increased production and sales of polyester filament [1][1] Market Outlook - Despite delays in the commissioning of new PTA facilities by Dushan Energy, supply pressure has eased - The demand during this year's polyester peak season is below expectations, and U.S.-China tariff issues are causing cautious inventory stocking among downstream players, leading to heightened market concerns - Short-term PTA prices are expected to follow cost fluctuations [1][1][1]

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated November 6, 2025 [1] - It covers various energy and chemical option types including energy, polyolefins, polyesters, alkali chemicals, and others [2] - The recommended strategy is to construct option portfolio strategies mainly as sellers and spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest for multiple option underlying futures contracts such as crude oil, LPG, methanol, etc [3] Group 3: Option Factors - Volume and Open Interest PCR - The report presents the volume and open interest PCR data for different option varieties, which are used to describe the strength of the option underlying market and the turning point of the market [4] Group 4: Option Factors - Pressure and Support Levels - It shows the pressure and support levels of various option underlying assets from the perspective of the strike prices with the largest open interest of call and put options [5] Group 5: Option Factors - Implied Volatility - The report provides data on the implied volatility of different option varieties, including at-the-money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 6: Option Strategies and Recommendations Energy Options - Crude Oil - Fundamental analysis: US refinery demand is stabilizing and rising, shale oil production has slightly increased, OPEC exports are increasing but mostly absorbed by China, and European refined product inventories are in low-level destocking [7] - Market analysis: The crude oil market has shown a trend of weakening, consolidation, and then a rebound since July [7] - Option factor research: The implied volatility of crude oil options has decreased to near the average, the open interest PCR is below 0.80, indicating a weak market, and the pressure and support levels are 500 and 450 respectively [7] - Strategy recommendations: Construct a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7] Energy Options - LPG - Fundamental analysis: The cost side of LPG, crude oil, is under pressure from oversupply and geopolitical issues, and US propane inventories are at a historical high [9] - Market analysis: The LPG market has shown a pattern of decline, rebound, and then resistance since August [9] - Option factor research: The implied volatility of LPG options has significantly decreased to below the average, the open interest PCR is around 0.80, indicating a weak market, and the pressure and support levels are 4500 and 4200 respectively [9] - Strategy recommendations: Construct a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] Alcohol Options - Methanol - Fundamental analysis: Port inventories are at a high level and difficult to effectively reduce, while enterprise inventories are at a low level compared to the same period last year [9] - Market analysis: The methanol market has shown a weakening trend with resistance since July [9] - Option factor research: The implied volatility of methanol options fluctuates around the historical average, the open interest PCR is below 0.80, indicating a weak and volatile market, and the pressure and support levels are 2300 and 2125 respectively [9] - Strategy recommendations: Construct a bear spread strategy for direction, a short-biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] Alcohol Options - Ethylene Glycol - Fundamental analysis: Port inventories are expected to increase due to high arrival volumes and low departure volumes, and the domestic load is at a high level [10] - Market analysis: The ethylene glycol market has shown a weakening trend since July [10] - Option factor research: The implied volatility of ethylene glycol options fluctuates below the average, the open interest PCR is around 0.70, indicating strong short - side power, and the pressure and support levels are 4500 and 4050 respectively [10] - Strategy recommendations: Construct a bear spread strategy for direction, a short volatility strategy for volatility, and a long collar strategy for spot hedging [10] Polyolefin Options - Polypropylene - Fundamental analysis: PP inventories have an overall higher pressure than PE, with both production and trade inventories showing a downward trend [10] - Market analysis: The polypropylene market has shown a weakening trend with resistance since July [10] - Option factor research: The implied volatility of polypropylene options has decreased to near the average, the open interest PCR is around 0.70, indicating a weak market, and the pressure and support levels are 7000 and 6300 respectively [10] - Strategy recommendations: A long collar strategy for spot hedging [10] Rubber Options - Rubber - Fundamental analysis: China's natural rubber social inventories have decreased, and inventories in Qingdao have also declined [11] - Market analysis: The rubber market has shown a pattern of short - term strength, followed by a decline and then consolidation since July [11] - Option factor research: The implied volatility of rubber options has decreased to below the average after a rapid increase, the open interest PCR is below 0.60, and the pressure and support levels are 17000 and 14000 respectively [11] - Strategy recommendations: Construct a short - biased call + put option combination strategy for volatility [11] Polyester Options - PTA - Fundamental analysis: PTA load has decreased, and November maintenance volume is expected to increase significantly, with overall load under pressure [11] - Market analysis: The PTA market has shown a weakening trend with resistance since August [11] - Option factor research: The implied volatility of PTA options fluctuates at a relatively high level, the open interest PCR is around 0.70, indicating a volatile market, and the pressure and support levels are 4700 and 4300 respectively [11] - Strategy recommendations: Construct a short - biased call + put option combination strategy for volatility [11] Alkali Chemical Options - Caustic Soda - Fundamental analysis: The average utilization rate of caustic soda production capacity has increased, with an increase in load in multiple regions [12] - Market analysis: The caustic soda market has shown a weakening trend with resistance since July [12] - Option factor research: The implied volatility of caustic soda options fluctuates at a high level, the open interest PCR is below 0.80, indicating a weak and volatile market, and the pressure and support levels are 2600 and 2240 respectively [12] - Strategy recommendations: Construct a bear spread strategy for direction, and a long collar strategy for spot hedging [12] Alkali Chemical Options - Soda Ash - Fundamental analysis: Soda ash inventories are at a certain level, with a slight change in overall inventories [12] - Market analysis: The soda ash market has shown a weak and volatile pattern since August [12] - Option factor research: The implied volatility of soda ash options fluctuates at a relatively high historical level, the open interest PCR is below 0.60, indicating strong short - side pressure, and the pressure and support levels are 1300 and 1100 respectively [12] - Strategy recommendations: Construct a bear spread strategy for direction, a short volatility combination strategy for volatility, and a long collar strategy for spot hedging [12] Other Options - Urea - Fundamental analysis: Enterprise inventories are decreasing due to the follow - up of some reserve demands, and port inventories have decreased significantly [13] - Market analysis: The urea market has shown a weak and volatile pattern since July [13] - Option factor research: The implied volatility of urea options fluctuates around the historical average, the open interest PCR is below 0.60, indicating strong short - side pressure, and the pressure and support levels are 1800 and 1600 respectively [13] - Strategy recommendations: Construct a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [13] Group 7: Option Charts - The report also includes various option charts for different option varieties, such as price trends, volume and open interest, PCR, implied volatility, and historical volatility cones [14][32][49]

Report Industry Investment Ratings No relevant content provided. Core Views Polyolefin Industry - Supply: PP supply recovery slowed due to more unplanned maintenance, while PE supply is expected to increase as maintenance nears its peak. Overseas inventory clearance at the end of the year may impact the market [2]. - Demand: Demand has improved with increased downstream开工率, but the peak season for agricultural film is approaching, and demand is expected to decline [2]. - Strategy: The 01 contract faces inventory pressure, while the 05 contract may present long - term low - buying opportunities. A reverse spread strategy for the monthly spread is recommended [2]. Methanol Industry - Supply: The port methanol market is under pressure due to high inventory, postponed Iranian gas restrictions, and increased imports. The restart of domestic devices and overseas device shutdowns also affect the supply [5][6]. - Demand: Multiple MTO units reduced their loads due to profit issues, and subsequent maintenance is expected to increase [6]. - Strategy: The 01 contract will continue to trade the "weak reality" logic until Iranian gas restrictions take effect [6]. Polyester Industry Chain - PX: Supply is stable despite some plant maintenance, and demand has support in the short term. However, the November supply - demand is expected to be loose, and oil price support is limited. Strategies include reducing long positions above 6600 and short - selling on rallies, and narrowing the PX - SC spread [9]. - PTA: There are many planned maintenance in November, and demand is relatively high. But supply - demand is slightly loose, and oil price support is weak. Strategies include reducing long positions above 4600, short - selling on rallies, and a rolling reverse spread for TA1 - 5 [9]. - Ethylene Glycol: Overseas supply is high in November, and inventory accumulation is expected. Strategies include selling out - of - the - money call options on rallies and a reverse spread for EG1 - 5 [9]. - Short - fiber: Supply is high in the short term, but demand may decline seasonally. Cost support is limited. Strategies are similar to PTA, and narrowing the processing margin on rallies [9]. - Bottle - chip: Supply changes little, and demand is weak in the off - season. The market is in a loose supply - demand pattern, and the price follows the cost. Strategies are similar to PTA, and the processing margin is expected to fluctuate between 300 - 450 yuan/ton [9]. Pure Benzene - Styrene Industry - Pure Benzene: Supply is expected to be loose with many device restarts and new capacity. Demand support is limited as downstream products are mostly in losses. Inventory in East China ports is increasing. Strategies include short - selling on rallies following oil price movements [10]. - Styrene: Supply may slightly decrease, and demand is expected to remain stable. Cost support is weakening. The market is currently in a loose supply - demand situation, and the price drive is limited. Strategies include short - selling on price rebounds for the EB12 contract [10]. PVC - Caustic Soda Industry - Caustic Soda: Supply is expected to increase in November with few maintenance enterprises. Demand support is weak as the alumina price is falling and downstream enterprises are consuming their own inventories. The price is expected to be weakly stable, and the overall trend is bearish [11]. - PVC: The supply - demand surplus situation persists. Demand from real estate and other downstream industries is weak, and new capacity will increase supply in November - December. The price is expected to continue to oscillate weakly at the bottom, and a short - selling strategy on rebounds is recommended [11]. Summary by Directory Polyolefin Industry - **Prices and Spreads**: L2601, L2509, PP2601, and PP2509 futures prices decreased on November 4 compared to November 3. Spot prices of PP and PE also showed changes, with some increasing and some decreasing. The price differences between different contracts and between spot and futures also changed [2]. - **Inventory**: Both PE and PP inventories showed a de - stocking trend [2]. - **开工率**: PE device开工率 decreased slightly, while PP device and powder开工率 increased. Downstream weighted开工率 of both increased [2]. Methanol Industry - **Prices and Spreads**: MA2601 and MA2605 futures prices decreased on November 4. Spot prices in different regions also decreased, and price differences and basis changed [5]. - **Inventory**: Methanol enterprise inventory increased, while port inventory decreased slightly, and social inventory increased [5]. - **开工率**: Domestic upstream enterprise开工率 decreased slightly, overseas upstream enterprise开工率 decreased significantly, and some downstream enterprise开工率 increased [6]. Polyester Industry Chain - **Upstream Prices**: Brent and WTI crude oil prices decreased, and other upstream raw material prices also showed different degrees of change [9]. - **Downstream Product Prices and Cash Flows**: Prices of some polyester products changed slightly, and cash flows also showed different trends [9]. - **PX - related**: PX prices and spreads changed, and the开工率 of Asian and Chinese PX decreased slightly [9]. - **PTA - related**: PTA prices, processing fees, and开工率 changed, and the market is expected to be slightly loose in terms of supply - demand [9]. - **MEG - related**: MEG prices, spreads, and开工率 changed, and the market is expected to accumulate inventory [9]. Pure Benzene - Styrene Industry - **Upstream Prices and Spreads**: Crude oil and raw material prices decreased, and pure benzene prices and spreads changed [10]. - **Styrene - related Prices and Spreads**: Styrene prices and spreads decreased, and cash flows also declined [10]. - **Inventory**: Pure benzene inventory in Jiangsu ports increased, while styrene inventory decreased [10]. - **开工率**: The开工率 of some pure benzene and styrene - related industries changed, with some increasing and some decreasing [10]. PVC - Caustic Soda Industry - **Prices and Spreads**: PVC and caustic soda prices and spreads changed on November 4 compared to November 3 [11]. - **Overseas Quotes and Export Profits**: Overseas quotes for caustic soda and PVC remained stable, but export profits changed [11]. - **Supply - related**: The开工率 of the caustic soda and PVC industries increased, and the profit of PVC production methods also changed [11]. - **Demand - related**: The开工率 of caustic soda and PVC downstream industries changed, and PVC pre - sales volume increased [11]. - **Inventory**: Liquid caustic soda inventory in some regions increased, while PVC total social inventory decreased slightly [11].

Group 1: Report Overview - The report is an early morning strategy report on energy and chemical options dated November 5, 2025 [1] - It covers various energy and chemical options including energy (crude oil, LPG), polyolefins (PP, PVC, etc.), polyesters (PX, PTA, etc.), alkali chemicals (caustic soda, soda ash), and others like rubber [2] - The recommended strategy is to construct option combination strategies mainly as sellers, along with spot hedging or covered call strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of multiple underlying futures contracts are presented, such as SC2512 for crude oil at 464 with a -0.19% change, and PG2512 for LPG at 4,239 with a -0.63% change [3] Group 3: Option Factor - Volume and Open Interest PCR - PCR indicators for various options are provided, including volume PCR and open interest PCR, which are used to describe the strength of the underlying option market and potential turning points [4] Group 4: Option Factor - Pressure and Support Levels - Pressure and support levels for each option are determined from the strike prices with the largest open interest of call and put options, such as 500 and 440 for crude oil [5] Group 5: Option Factor - Implied Volatility - Implied volatility data for different options are presented, including at - the - money implied volatility and volume - weighted implied volatility, with explanations on calculation methods [6] Group 6: Strategy and Recommendations for Specific Options Crude Oil Options - Fundamental analysis shows stable and rising refinery demand in the US, with OPEC exports mostly absorbed by China, and low refined product inventories in Europe [7] - Market analysis indicates a trend of weakening, consolidation, and then a rebound since July [7] - Option factor research reveals a decline in implied volatility to near the mean, a low open interest PCR indicating a weak market, and pressure and support levels at 500 and 450 [7] - Recommended strategies include a neutral call + put option selling combination for time value and directional gains, and a long collar strategy for spot hedging [7] LPG Options - Fundamental analysis points out pressure from oversupply and geopolitical issues on crude oil, and high propane inventories in the US [9] - Market analysis shows a pattern of decline, rebound, and then weakening since August [9] - Option factor research shows a significant decline in implied volatility to below the mean, an open interest PCR around 0.8 indicating a weak market, and pressure and support levels at 4500 and 4200 [9] - Recommended strategies are similar to crude oil options, including a neutral option selling combination and a long collar strategy [9] Methanol Options - Fundamental analysis shows high - level and hard - to - reduce port inventories and an increase in enterprise inventories [9] - Market analysis indicates a weakening trend since July [9] - Option factor research reveals implied volatility around the historical mean, an open interest PCR below 0.8 indicating a weak and volatile market, and pressure and support levels at 2300 and 2125 [9] - Recommended strategies include a bear spread strategy for directional gains, a bearish option selling combination, and a long collar strategy for spot hedging [9] Ethylene Glycol Options - Fundamental analysis shows a decrease in port inventories but an expected increase in the future due to high domestic production and incoming shipments [10] - Market analysis indicates a weakening trend since July [10] - Option factor research shows implied volatility below the mean, an open interest PCR around 0.7 indicating strong bearish power, and pressure and support levels at 4500 and 4050 [10] - Recommended strategies include a bear spread strategy, a volatility - selling strategy, and a long collar strategy for spot hedging [10] Polypropylene Options - Fundamental analysis shows inventory reduction in PE and PP production and trading enterprises, with higher inventory pressure on PP [10] - Market analysis indicates a weakening trend since July [10] - Option factor research reveals a decline in implied volatility to near the mean, an open interest PCR around 0.7 indicating a weak market, and pressure and support levels at 7000 and 6300 [10] - Recommended strategies include a long collar strategy for spot hedging [10] Rubber Options - Fundamental analysis shows a decline in natural rubber inventories in China [11] - Market analysis indicates a pattern of rise, fall, and then weak consolidation since July [11] - Option factor research shows a sharp rise and then a decline in implied volatility to below the mean, an open interest PCR below 0.6, and pressure and support levels at 17000 and 14000 [11] - Recommended strategies include a bearish option selling combination [11] PTA Options - Fundamental analysis shows a decline in PTA load and an expected increase in maintenance in November [11] - Market analysis indicates a weakening trend since August [11] - Option factor research shows implied volatility above the mean, an open interest PCR around 0.7 indicating a volatile market, and pressure and support levels at 4700 and 4300 [11] - Recommended strategies include a bearish option selling combination [11] Caustic Soda Options - Fundamental analysis shows an increase in the average utilization rate of caustic soda production capacity [12] - Market analysis indicates a weakening trend since September [12] - Option factor research shows high - level implied volatility, an open interest PCR below 0.8 indicating a weak and volatile market, and pressure and support levels at 2600 and 2240 [12] - Recommended strategies include a bear spread strategy and a long collar strategy for spot hedging [12] Soda Ash Options - Fundamental analysis shows stable soda ash inventories [12] - Market analysis indicates a weak and consolidating trend since August [12] - Option factor research shows high - level implied volatility, an open interest PCR below 0.6 indicating strong bearish pressure, and pressure and support levels at 1300 and 1100 [12] - Recommended strategies include a bear spread strategy, a volatility - selling combination, and a long collar strategy for spot hedging [12] Urea Options - Fundamental analysis shows a decline in enterprise and port inventories [13] - Market analysis indicates a weakening trend since September [13] - Option factor research shows implied volatility around the historical mean, an open interest PCR below 0.6 indicating strong bearish pressure, and pressure and support levels at 1800 and 1600 [13] - Recommended strategies include a neutral option selling combination and a long collar strategy for spot hedging [13]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies mainly involve constructing option portfolios dominated by sellers and spot hedging or covered strategies to enhance returns [2][8] 3. Summary by Related Catalogs 3.1 Futures Market Overview - For various energy - chemical option underlying futures, data such as the latest price, change, change rate, trading volume, volume change, open interest, and open interest change are presented. For example, the latest price of crude oil (SC2512) is 467, with a change of 2 and a change rate of 0.41% [3] 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of crude oil is 0.72 with a change of - 0.17, and the open interest PCR is 0.74 with a change of 0.09 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each option variety are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure point of crude oil is 500 and the support point is 440 [5] 3.4 Option Factors - Implied Volatility - Indicators such as at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility are provided. For example, the at - the - money implied volatility of crude oil is 27.525, and the weighted implied volatility is 30.25 with a change of 0.56 [6] 3.5 Option Strategies and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: The fundamental situation shows that US refinery demand is rising, shale oil production has a slight increase, and OPEC exports are increasing. The market has been in a state of consolidation. Option strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [7] - **LPG**: The cost - end crude oil is affected by supply and geopolitical issues. The market has shown a pattern of over - sold rebound. Option strategies involve constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [9] 3.5.2 Alcohol - related Options - **Methanol**: Port and enterprise inventories are in a state of high - level shock and low - level accumulation respectively. The market is weak. Option strategies include constructing a bear spread strategy for call options, a short - biased call + put option selling combination strategy, and a long collar strategy for spot hedging [9] - **Ethylene Glycol**: Port inventory is expected to accumulate. The market is weak. Option strategies include constructing a bear spread strategy for call options, a short - volatility strategy, and a long collar strategy for spot hedging [10] 3.5.3 Polyolefin - related Options - **Polypropylene**: Inventory pressure is relatively high. The market is weak. Option strategies include a long collar strategy for spot hedging [10] 3.5.4 Rubber - related Options - **Rubber**: Social inventory is decreasing. The market is in a state of weak consolidation. Option strategies include constructing a short - biased call + put option selling combination strategy [11] 3.5.5 Polyester - related Options - **PTA**: The load is under pressure, and the market is weak. Option strategies include constructing a short - biased call + put option selling combination strategy [11] 3.5.6 Alkali - related Options - **Caustic Soda**: The capacity utilization rate is rising, and the market is weak. Option strategies include constructing a bear spread strategy and a long collar strategy for spot hedging [12] - **Soda Ash**: Inventory is in a state of low - level shock. The market is weak. Option strategies include constructing a bear spread strategy, a short - volatility combination strategy, and a long collar strategy for spot hedging [12] 3.5.7 Other Options - **Urea**: Enterprise and port inventories are decreasing. The market is in a state of low - level shock. Option strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [13]

1. Report Industry Investment Ratings - Propylene: ★★★ [1] - Polypropylene: ★★★ [1] - Plastic: ★★☆ [1] - Pure Benzene: ★★☆ [1] - Styrene: ★★☆ [1] - PX: ★★☆ [1] - PTA: ★★☆ [1] - Ethylene Glycol: ★★☆ [1] - Short Fiber: ★★☆ [1] - Bottle Chip: ★★☆ [1] - Methanol: ★★☆ [1] - Urea: ★★☆ [1] - PVC: ★☆☆ [1] - Caustic Soda: ★★☆ [1] - Soda Ash: ★☆☆ [1] - Glass: ★★☆ [1] 2. Core Views - The chemical market is generally under pressure from demand, with different products facing various supply - demand situations. Positive and negative factors coexist, and investors need to pay attention to specific product trends and relevant influencing factors [2][3][5][6][7][8] 3. Summaries by Directory Olefins - Polyolefins - Propylene futures had narrow intraday fluctuations. The demand is weak, but the maintenance of Binzhou PDH device may support price stabilization [2] - Plastic and polypropylene futures declined. The supply of polyethylene increased due to reduced maintenance and new production, while demand weakened. Polypropylene faced supply pressure from new capacity and reduced maintenance, and demand was limited by low profit [2] Pure Benzene - Styrene - Pure benzene futures oscillated around 5,500 yuan/ton. The port inventory increased, and there are medium - term negatives. The strategy is mainly month - spread reverse arbitrage [3] - Styrene futures were weak. The cost support was insufficient, and the high inventory pressure continued [3] Polyester - PX and PTA prices fluctuated. Supply increased, and there was a risk of inventory accumulation. The strategy is reverse arbitrage [5] - Ethylene glycol production decreased slightly, but inventory increased. The supply pressure is high, and the strategy is reverse arbitrage [5] - Short fiber had a good spot pattern but may face inventory accumulation in mid - to late November. Bottle chip demand weakened, and the cost was the main driver [5] Coal Chemical Industry - Methanol prices fell sharply. High inventory and weak demand persisted, waiting for supply reduction and demand improvement [6] - Urea prices oscillated narrowly. Downstream demand increased, and inventory decreased, but the market may continue to oscillate at a low level [6] Chlor - Alkali - PVC was at a low level due to weak cost support, high supply, and weak demand [7] - Caustic soda prices were slightly stronger, but high inventory and weak demand may keep prices low. Attention should be paid to liquid chlorine prices [7] Soda Ash - Glass - Soda ash prices declined due to increased supply and reduced demand. Consider the strategy of long glass and short soda ash [8] - Glass prices rose. Inventory is expected to decrease, but cost increase and insufficient orders may limit the rise [8]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - PTA: Sino-US trade negotiations have progressed, but the market's optimistic sentiment has declined as the outcome did not exceed expectations. PTA supply has slightly shrunk, polyester production is stable with a load above 90%, and domestic polyester exports remain optimistic. However, PTA processing fees have been compressed below 200 due to lack of anti - involution information. Industry profits are affected by over - capacity from new installations. The current peak season in the downstream weaving industry may last until November, and attention should be paid to whether tariff cuts can boost domestic exports [2]. - Ethylene glycol: The inventory of ethylene glycol in East China ports remains low, with limited port arrivals and expected decline in overseas imports. New installations are pressuring prices, and the spot tightness due to low inventory is mainly reflected in the basis. Coal price increases have not provided strong cost support, and the profit of coal - based ethylene glycol has been restored. Tariff cuts from the Sino - US trade deal may increase textile and clothing export demand [2]. Group 3: Summary by Related Catalogs Market Data - **Crude Oil**: INE crude oil price decreased from 458.9 yuan/barrel on October 30, 2025, to 458.7 yuan/barrel on October 31, 2025, a decrease of 0.2 yuan/barrel [2]. - **PTA**: PTA - SC increased by 17.45 yuan/ton, PTA/SC ratio increased by 0.0054. PTA主力期价 rose by 16 yuan/ton, while the spot price dropped by 25 yuan/ton. Spot processing fees decreased by 42 yuan/ton, and the PTA仓单数量 increased by 806 [2]. - **PX**: CFR China PX price increased by 3, and the PX - naphtha spread increased by 3 [2]. - **MEG**: MEG主力期价 decreased by 14 yuan/ton, MEG - naphtha decreased by 0.2 yuan/ton, and MEG内盘 decreased by 41 yuan/ton [2]. - **Industry Chain开工情况**: PTA开工率 decreased by 0.43% to 79.66%, MEG开工率 remained unchanged at 64.41%, and polyester负荷 increased slightly by 0.06% to 89.34% [2]. - **Polyester Products**: - **Polyester Filament**: POY, FDY, and DTY prices remained stable, while their cash flows increased by 35. The long - filament sales rate remained at 43% [2]. - **Polyester Staple Fiber**: 1.4D直纺涤短 price decreased by 25, and the cash flow increased by 10. The short - fiber sales rate increased from 42% to 49% [2]. - **Polyester Chips**: The semi - bright chip price decreased by 5, and the cash flow increased by 30. The chip sales rate decreased from 46% to 45% [2]. Device Status - An East China PTA device with a capacity of 2.2 million tons has slightly reduced its load, and the recovery time is to be tracked [3]

1. Report Industry Investment Rating - The investment view for the polyester industry is "oscillating", with no obvious driving force, and it is expected to mainly oscillate. The trading strategy for the unilateral position is to wait and see, and attention should be paid to geopolitical risks [5]. 2. Core View of the Report - The polyester market is affected by multiple factors. The supply of PTA has slightly shrunk, the downstream load of polyester remains at about 90%, the port inventory of PTA has slightly increased, the basis of PTA has stabilized, and the profit has continued to shrink. The price of PX has rebounded, and the profit has been significantly repaired. The market is expected to mainly oscillate due to the lack of obvious driving forces [5]. 3. Summary According to Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: The supply of domestic PTA devices has slightly shrunk, the PTA basis has stabilized, and the operating rate of PX devices has been stable, with the PXN expanding. It is bearish [5]. - **Demand**: The downstream load of polyester remains at about 90%, the inventory of polyester factories is optimistic, and the downstream weaving has performed well recently. It is expected that the current peak season can last until November. It is bullish [5]. - **Inventory**: The port inventory of PTA has slightly increased, with a 50,000 - ton increase in inventory this week. It is neutral [5]. - **Basis**: The PTA basis has quickly stabilized, and the PTA profit has continued to shrink. It is bearish [5]. - **Profit**: The spread between PX and naphtha is $250, and the processing fee of PTA remains below 200 yuan. It is bearish [5]. - **Valuation**: The PTA price is at a neutral - low level, the profit of the reforming device has declined, and the anti - involution news has disturbed the market, causing the absolute price of PTA to rebound. It is neutral [5]. - **Macro Policy**: On October 30 local time, the Chinese and US presidents held a meeting. It is neutral [5]. - **Investment View**: There is no obvious driving force, and it is expected to mainly oscillate [5]. - **Trading Strategy**: The unilateral position should wait and see, and attention should be paid to geopolitical risks [5]. 3.2 Oil Product Fundamentals Overview - **Crude Oil**: North American crude oil inventories are at a recent low, and the US has imposed new sanctions on two Russian oil companies. The market fundamentals support oil prices, with a decrease in US crude oil inventories and a large drop in gasoline inventories, both slightly below the five - year average level. The refinery operating rate has risen from 85.7% to 88.6%. Crude oil and gasoline markets have strengthened under the tightening supply and geopolitical risks, but the reforming oil has performed relatively weakly [7][29]. - **Gasoline**: US gasoline inventories are approaching a low point. North American refinery loads have declined, and gasoline cracking profits have strengthened. The premium of reforming oil to RBOB has narrowed, the octane number profit rate of the reforming device has increased, and the refinery's oil - blending efficiency has improved. However, the reforming oil performance reflects that the oil - blending demand has not fully followed up [11][17][29]. 3.3 Aromatic Hydrocarbon Fundamentals Overview - **Aromatic Hydrocarbons**: The supply of xylene has increased, and the weakness of aromatic hydrocarbons has continued. The cross - regional arbitrage space for aromatic hydrocarbons has opened, but physical trade has not occurred. The price of pure benzene continues to suppress the disproportionation profit, and the profit of the STDP device is negative. Some producers have reduced the load of the reforming device due to the average profit of benzene [37][47][62]. - **PX**: It is the core of the price fluctuation in the polyester industry. After the listing of PX futures, its pricing is closely linked to futures. The PX spot trading is active, the price has significantly rebounded, and the profit has been significantly repaired. However, attention should be paid to the sustainability of downstream demand and geopolitical supply disturbances [58][67]. - **PTA**: Due to the large domestic PTA production capacity, the processing interval of PTA has long been maintained below 500 yuan. With the launch of new devices and new production capacities, the option - based income - enhancement scheme is increasingly widely used in the market [58][66]. - **Short Fibers and Bottle Chips**: They are in the production capacity launch cycle. Since the domestic downstream demand is relatively stable, overseas demand has become an important variable. With the implementation of the "Belt and Road" initiative, the industry has found new export opportunities and sales growth points in countries along the "Belt and Road" [58][66]. 3.4 Polyester Fundamentals Overview - **Ethylene Glycol**: The port inventory of ethylene glycol in East China is still at a low level, the port arrivals are still limited, and the import volume of ethylene glycol in the overseas market is expected to decline. New device launches have continuously pressured the ethylene glycol price. The coal price has risen, but it has not provided stronger cost support for ethylene glycol, and the profit of coal - based ethylene glycol has been repaired. The downstream weaving load may remain optimistic [87]. - **Gasoline**: The profit of Asian gasoline has significantly rebounded due to the reduction in domestic exports [89]. - **Polyester**: Polyester continues to maintain a high load, and the weaving load remains optimistic. The production of polyester has rebounded, and attention should be paid to the export performance after the tariff adjustment. The domestic polyester export is still optimistic, but the industry profit is still restricted by the over - capacity caused by new device launches [73][96][98].

1. Report Industry Investment Ratings No information provided in the reports. 2. Core Views of the Reports Polyester Industry Chain - PX: In November, with few PX unit overhauls in Asia and China, but concentrated PTA unit overhauls, PX supply - demand is expected to be weak. PX absolute prices are expected to gradually face pressure. The strategy is to follow crude oil for unilateral trading and go short on rallies, and try to shrink the PX - SC spread [1]. - PTA: In November, there are still many PTA unit overhaul plans. With better - than - expected terminal and polyester demand in October and low polyester inventory, PTA supply - demand is expected to be slightly loose with a small inventory accumulation expectation. PTA will continue to oscillate at a low level. The strategy is to follow crude oil for unilateral trading and go short on rallies, and treat TA1 - 5 as a rolling reverse spread [1]. - Ethylene Glycol (MEG): In November, domestic supply is high, overseas shipments are concentrated, and inventory accumulation is expected to be high, putting pressure on the price. The strategy is to sell out - of - the - money call options on rallies and do a reverse spread on EG1 - 5 on rallies [1]. - Short Fiber: In November, supply is expected to remain high, demand may weaken seasonally, and cost support is limited. Short - fiber prices will gradually face pressure. The strategy is similar to PTA for PF12, and try to shrink the PF processing margin when it is above 1000 [1]. - Bottle Chips: In November, supply changes little, demand is in the off - season, and the supply - demand pattern remains loose. Bottle - chip prices will follow the cost side, and the processing margin will fluctuate with raw material costs. The strategy is similar to PTA for PR, and the main - contract processing margin is expected to fluctuate between 300 - 450 yuan/ton [1]. Chlor - Alkali Industry - Caustic Soda: In November, supply is expected to increase, demand support is weak, and prices are expected to be weakly stable. The overall trend is bearish, and it is necessary to track downstream restocking rhythm [2]. - PVC: In October, PVC prices continued to decline. In November - December, supply pressure will continue due to new capacity and high - season operation, and demand is in the off - season. Prices are expected to continue to oscillate at the bottom [2]. Methanol Industry The current market is trading the "weak reality" logic centered on high port inventory. Before the Iranian gas restriction, the weak reality will continue to be priced in. The 01 - contract inventory problem cannot be solved [3][4][5]. Pure Benzene - Styrene Industry - Pure Benzene: In November, supply is expected to be loose, demand support is limited, and although the East China port inventory decreased in October, it may increase later. Pure - benzene prices are expected to have weak driving force, but attention should be paid to unit changes [8]. - Styrene: In November, supply may slightly decrease, demand is expected to change little, and the supply - demand may be in a tight - balance state. However, high port inventory will limit price increases. The strategy is to be bearish on EB12 price rebounds [8]. Polyolefin Industry PP supply recovery has slowed down due to unplanned overhauls, while PE supply is expected to increase. Demand has recovered, but the agricultural film peak is approaching. Overall, supply will increase and demand will decrease, and there is inventory pressure on the 01 - contract. The 05 - contract may have long - term low - buying opportunities, and the monthly spread is suitable for reverse spreads [10]. 3. Summaries According to Relevant Catalogs Polyester Industry Chain Price and Spread - Upstream: Brent crude oil (December) dropped 0.1% to $65.00/barrel, WTI crude oil (December) dropped 0.7% to $60.57/barrel, CFR Japan naphtha rose 1.4% to $573/ton, etc. [1] - Downstream: POY150/48 price remained unchanged at 6415 yuan/ton, FDY150/96 price remained unchanged at 6690 yuan/ton, etc. [1] - PX: CFR China PX rose 0.4% to $820/ton, PX spot price (RMB) dropped 2.4% to 6753 yuan/ton [1]. - PTA: PTA East China spot price dropped 0.6% to 4535 yuan/ton, TA2601 futures rose 0.4% to 4586 yuan/ton [1]. - MEG: MEG port inventory dropped 9.7% to 52.3 million tons, MEG arrival expectation rose 273.6% to 19.8 million tons [1]. 开工率 - Asian PX开工率 dropped 0.5% to 78.1%, Chinese PX开工率 rose 1.1% to 87.0%, PTA开工率 dropped 0.8% to 78.0%, etc. [1] Chlor - Alkali Industry Price and Spread - Shandong 32% liquid caustic soda (converted to 100%) remained at 2500 yuan/ton, East China calcium - carbide - based PVC market price dropped 1.1% to 4610 yuan/ton [2]. 开工率 - Caustic soda industry开工率 rose 0.1% to 85.6%, PVC total开工率 dropped 1.9% to 73.7% [2]. 库存 - Liquid caustic soda East China factory inventory dropped 3.8% to 18.8 million tons, PVC upstream factory inventory dropped 7.4% to 33.4 million tons [2]. Methanol Industry Price and Spread - MA2601 closed at 2180 yuan/ton, down 1.27% from the previous day, and the regional spread between Taicang and Inner Mongolia's north line dropped 9.09% to 150 yuan/ton [3]. 库存 - Methanol enterprise inventory rose 4.36% to 37.606%, methanol port inventory dropped 0.38% to 150.6 million tons [4]. 开工率 - Upstream domestic enterprise开工率 dropped 0.09% to 75.78%, downstream external - procurement MTO device开工率 rose 7.63% to 84.06% [5]. Pure Benzene - Styrene Industry Price and Spread - CFR China pure benzene rose 0.4% to $677/ton, styrene East China spot price rose 1.1% to 6470 yuan/ton [8]. 库存 - Pure benzene Jiangsu port inventory dropped 14.1% to 8.50 million tons, styrene Jiangsu port inventory dropped 4.7% to 19.30 million tons [8]. 开工率 - Asian pure benzene开工率 dropped 0.5% to 78.8%, domestic styrene开工率 dropped 3.7% to 66.7% [8]. Polyolefin Industry Price and Spread - L2601 closed at 6968 yuan/ton, down 0.99% from the previous day, PP2601 closed at 6590 yuan/ton, down 0.92% from the previous day [10]. 库存 - PE enterprise inventory dropped 19.16% to 41.6 million tons, PP enterprise inventory dropped 6.80% to 59.5 million tons [10]. 开工率 - PE device开工率 dropped 0.73% to 80.9%, PP device开工率 rose 1.5% to 77.1% [10].