上市企业：镇洋发展（603213）,鄂尔多斯（600295）,北元集团（601568）,华塑股份（600935）,氯碱化 工（600618）,新疆天业（600075）,中泰化学（002092）,君正集团（601216）,嘉化能源（600273）,滨 化股份（601678） 相关报告：智研咨询发布的《2025-2031年中国烧碱行业市场调查研究及未来趋势预测报告》 根据国家统计局数据显示：2025年4月中国烧碱(折100％)产量为371万吨，同比增长4.5%；2025年1-4月 中国烧碱(折100％)累计产量为1495.9万吨，累计增长5.3%。 2020-2025年1-4月中国烧碱(折100％)产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Report Industry Investment Rating No relevant content found. Core Viewpoints - For the polyolefin industry, the overall macro - environment is pessimistic, and the cost and supply - demand situation are weak. The prices of PP and PE are under pressure. The 01 contracts of LLDPE and PP have limited upside space due to new device production pressure and lackluster demand [2]. - In the polyester industry, PX is expected to be strong in the short - term due to supply contraction and demand support. PTA may be boosted in the short - term. EG is under pressure due to inventory build - up. Short - fiber prices are expected to be strong in the short - term, and bottle - chip prices follow the cost side [4]. - Regarding pure benzene and styrene, the supply - demand of pure benzene is expected to be loose, and its price drive is weak. The supply - demand of styrene is also expected to be loose, and its price drive is weak. They may follow oil prices in the short - term [5]. - For PVC and caustic soda, short - term caustic soda prices are weak due to supply increase and general demand, while long - term there is demand support. PVC has large supply - demand pressure, and the short - term disk has stopped falling [6]. - In the methanol industry, the price may continue to oscillate under the supply - demand game, and attention should be paid to overseas device operation, port de - stocking, and overseas gas - limiting expectations [7]. Summary by Relevant Catalogs Polyolefin Industry - **Futures and Spot Prices**: On October 22, the closing prices of L2601, L2509, PP2601, and PP2509 increased. The price differences between L2509 - 2601 and PP2509 - 2601 changed. The prices of some spot products such as East China PP wire drawing and North China LDPE film also rose [2]. - **Inventory and Operating Rates**: PE and PP inventories decreased. The operating rates of PE and PP devices and downstream industries changed, with some increasing and some decreasing [2]. Polyester Industry - **Product Prices and Cash Flows**: On October 22, the prices of upstream products such as Brent crude oil and CFR Japan naphtha increased. The prices of downstream polyester products such as POY, FDY, and DTY also changed. The cash flows of some products decreased [4]. - **PX - Related**: Some PX devices had unplanned maintenance or load reduction, and a new PTA device was planned to be put into production. PX supply was expected to shrink, and demand was supported [4]. - **PTA - Related**: As some PTA devices restored their loads and new devices were about to be put into production, the PTA spot basis continued to weaken [4]. - **EG - Related**: Domestic ethylene glycol devices started up and increased their loads, and the supply was sufficient. It was expected to build up inventory in October [4]. - **Short - fiber and Bottle - chip**: Short - fiber supply was high, and demand was supported. Bottle - chip was in the traditional off - season, and demand was weak [4]. Pure Benzene and Styrene Industry - **Prices and Spreads**: On October 22, the prices of some products such as CFR China pure benzene and BZ futures 2603 increased. The spreads between pure benzene - naphtha and ethylene - naphtha decreased [5]. - **Inventory and Operating Rates**: Pure benzene and styrene inventories changed, and the operating rates of industries in the pure benzene and styrene industrial chain also changed [5]. - **Supply - demand Analysis**: Pure benzene supply was expected to be loose due to new capacity and weak demand. Styrene supply was expected to be high, and demand was limited [5]. PVC and Caustic Soda Industry - **Futures and Spot Prices**: On October 22, the prices of SH2601 and V2601 increased, while SH2509 decreased. The price differences between SH2509 - 2601 and V2509 - V2601 changed [6]. - **Export and Inventory**: Caustic soda and PVC export prices and profits changed. The inventories of caustic soda and PVC also changed [6]. - **Supply - demand Analysis**: Caustic soda demand was weak in the short - term but had long - term support. PVC supply - demand pressure was large, and the market was weak [6]. Methanol Industry - **Prices and Spreads**: On October 22, the closing prices of MA2601 decreased, while MA2605 increased. The basis and regional price differences changed [7]. - **Inventory and Operating Rates**: Methanol inventories such as enterprise, port, and social inventories increased. The operating rates of upstream and downstream industries changed [7]. - **Supply - demand Analysis**: Overseas methanol production decreased, and there were expectations of supply reduction. Port inventory was high, and demand was weak in the traditional downstream [7].

Report Industry Investment Ratings - Propylene, Polypropylene, Styrene, PVC, Methanol: ★☆☆ (One star, indicating a bullish/bearish bias with a driving force for price increase/decrease, but limited operability on the trading floor) [1] - PTA, Ethylene Glycol, Short Fiber, Bottle Chip, Urea, Caustic Soda, Glass: ☆☆☆ (White star, indicating a relatively balanced short - term bullish/bearish trend and poor operability on the trading floor, suggesting waiting and seeing) [1] - Pure Benzene: Not rated in the table, but with analysis in the report [3] - PX: ☆☆☆ [1] - Soda Ash: The symbol in the table is unclear [1] Core Viewpoints - The chemical market shows a mixed trend, with different products having different price trends and supply - demand situations. Some products are affected by factors such as inventory, cost, demand, and policies, and their short - term and medium - term trends vary [2][3][5] Summary by Related Catalogs Olefins - Polyolefins - Propylene futures rose, with controllable enterprise inventories and stable offers. Downstream follow - up was okay, and the trading range was stable [2] - Polyethylene futures rose, but the market was waiting for news, with cost support weakening and supply pressure. Sellers mostly offered small discounts [2] - Polypropylene futures rose. Although the supply pressure decreased due to more upstream maintenance, the demand improvement in the peak season was limited, and the high - level inventory was slowly digested. The supply - demand contradiction may increase, and the price may remain low for a long time [2] Pure Benzene - Styrene - Pure benzene futures prices rebounded above 5500 yuan/ton. The spot price in East China rebounded, and the low - level transactions in Shandong improved. The short - term price may rebound, but the high import volume in the medium term is the main pressure [3] - Styrene futures rose, but there were only expected device shutdowns. The inventory remained high, and the upward price momentum was limited [3] Polyester - PX and PTA rebounded with reduced positions. The short - term price may continue to rebound, mainly depending on oil prices. In the medium term, with the weakening demand and expected inventory accumulation, the strategy is mainly reverse arbitrage [5] - Ethylene glycol rebounded with increased positions. The short - term price has a rebound expectation, but there is still inventory accumulation pressure in the medium term, suggesting shorting at high prices [5] - Short fiber continued to be a bullish allocation. The new production capacity was limited, the inventory was decreasing, and the downstream备货 sentiment was improved [5] - Bottle chip demand weakened, with inventory accumulation and pressure on processing margins. The long - term pressure is over - capacity [5] Coal Chemical Industry - Methanol fluctuated at a low level. The short - term coastal market may fluctuate within a range, and the price may be bullish in the medium - to - long term as the import supply pressure is expected to decrease [6] - Urea futures prices rose slightly. The short - term market is expected to fluctuate strongly within a range, supported by the marginal improvement of supply - demand and coal prices [6] Chlor - Alkali - PVC showed a fluctuating trend. The supply may increase, and it may operate at the bottom range due to weak domestic demand and potential export policy pressure [7] - Caustic soda fluctuated narrowly. The supply fluctuated slightly, and it is recommended to be cautious when shorting due to non - aluminum downstream restocking and a high basis [7] Soda Ash - Glass - Soda ash fluctuated strongly. The supply was still high, and it is recommended to short at high prices after a rebound [8] - Glass fluctuated narrowly. The inventory continued to accumulate, and the downward range is expected to be limited. It is advisable to pay attention to selling out - of - the - money put options [8]

Group 1: Report Overview - The report is the caustic soda industry daily report on October 22, 2025 [1] Group 2: Market Data Futures Market - The closing price of the main caustic soda contract was 2380 yuan/ton, with a 5-yuan increase; the contract closing price of caustic soda for January was 2380 yuan/ton, and for May was 2475 yuan/ton with a 2-yuan increase [2] - The position of the main caustic soda contract was 120124 lots, a decrease of 1434 lots; the trading volume was 252513 lots, an increase of 28850 lots [2] - The net position of the top 20 futures traders for caustic soda was -787 lots, a decrease of 1801 lots [2] Spot Market - The price of 32% ion-exchange membrane caustic soda in Shandong was 820 yuan/ton, and in Jiangsu was 950 yuan/ton, both unchanged [2] - The converted 100% caustic soda price in Shandong was 2562.5 yuan/ton, unchanged; the basis of caustic soda was 188 yuan/ton, a 5-yuan increase [2] Upstream - The mainstream price of raw salt in Shandong and Northwest China was 210 yuan/ton, unchanged; the price of steam coal was 647 yuan/ton, a 3-yuan increase [2] Industry - The mainstream price of liquid chlorine in Shandong was 150 yuan/ton, and in Jiangsu was 100 yuan/ton, both unchanged [2] Downstream - The spot price of viscose staple fiber was 13120 yuan/ton, unchanged; the spot price of alumina was 2830 yuan/ton, a 5-yuan decrease [2] Group 3: Industry News - From October 10th to 16th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 81.4%, a 2.6% decrease from the previous week [2] - Last week, the capacity utilization rate of alumina decreased by 0.10% to 86.22%, the operating rate of viscose staple fiber decreased by 1.02% to 88.61%, and the operating rate of printing and dyeing increased by 0.63% to 67.26% [2] - As of October 16th, the inventory of liquid caustic soda in sample enterprises was 403,300 tons (wet tons), a 4.25% decrease from the previous week and a 13.83% increase year-on-year [2] - From October 10th to 16th, the average weekly profit of the Shandong chlor-alkali industry was 394 yuan/ton [2] Group 4: Core Views - The SH2601 contract showed a "cross" oscillation and closed at 2380 yuan/ton. Last week, the impact of maintenance devices increased, and the operating rates of caustic soda in North, East, and Northwest China decreased to varying degrees, with the national average operating rate decreasing [2] - The high operating state of downstream alumina continued, and the operating rates of viscose staple fiber and printing and dyeing changed slightly. After the National Day, the inventory of liquid caustic soda factories resumed the destocking trend, but the inventory pressure was still high [2] - Affected by the subsidy from liquid chlorine and the relatively strong market price of liquid caustic soda in Shandong, the profit of the Shandong chlor-alkali industry recovered last week. This week, there are both shutdown and restart devices for caustic soda, and the supply is expected to increase [2] - The number of loss-making alumina enterprises increased, but there are currently no large-scale production reduction plans, and the short-term caustic soda demand is not expected to shrink significantly. In the fourth quarter, there are both expectations of new alumina capacity being put into production and cost-driven production reduction of existing devices [2] - If the alumina production reduction is implemented in the future, the impact will be greater than the replenishment demand of new devices. The caustic soda warehouse receipts have declined from a high level, and the pressure has eased. In the short term, SH2601 is expected to oscillate, with a daily range of around 2300 - 2420 [2]

Core Viewpoint - The stock of Xinjin Road has experienced fluctuations, with a year-to-date increase of 52.50%, but a recent decline of 2.14% in the last five trading days, indicating volatility in its performance [1][2]. Financial Performance - For the first half of 2025, Xinjin Road reported a revenue of 816 million yuan, a year-on-year decrease of 16.27%, and a net profit attributable to shareholders of -67.04 million yuan, down 15.16% year-on-year [2]. - The company has cumulatively distributed 124 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of October 22, Xinjin Road's stock price was 5.49 yuan per share, with a total market capitalization of 3.561 billion yuan [1]. - The stock has seen significant trading activity, with a net outflow of 10.07 million yuan from major funds and a total trading volume of 73.95 million yuan on the same day [1]. Shareholder Information - As of October 10, the number of shareholders for Xinjin Road was 49,400, a decrease of 7.85% from the previous period, while the average number of circulating shares per person increased by 8.52% to 12,275 shares [2]. Business Overview - Xinjin Road, established on April 18, 1992, and listed on May 7, 1993, operates in the chlor-alkali chemical and plastic products sectors, with its main revenue sources being resin products (41.61%), alkali products (38.43%), and others (19.97%) [1][2].

Report Industry Investment Ratings No relevant content provided. Core Views Polyolefins - The supply of PE is increasing steadily, with significant profit improvement, continuous increase in the operating rate, and limited planned maintenance. Overseas inventory clearance at the end of the year also brings impacts, highlighting long - term supply pressure. PP's valuation has been significantly repaired due to the sharp decline in propane and crude oil. Although there are more recent overhauls in PP, the new device commissioning pressure in October is large, and the demand side lacks bright performance. The supply - demand structure of polyolefins is loose, and the upside space of the 01 contract is limited. Overall, the macro - environment is pessimistic, and the prices of PP and PE face pressure [2]. Methanol - At the port, due to sanctions, some warehouses do not accept sanctioned vessels, increasing the willingness to hold spot goods. Coupled with supply - side disturbances, the port basis has strengthened significantly. Overseas production has declined, and some devices have stopped. In late October, attention should be paid to the expected supply reduction caused by overseas gas restrictions. Inland supply has a certain bottom - support for prices due to a relatively healthy inventory structure. The demand side is weak. Overall, the price may continue to fluctuate under the supply - demand game, and attention should be paid to the port de - stocking rhythm and the implementation effect of overseas gas - restriction expectations [4]. Benzene - Styrene - For pure benzene, although there are device overhauls, there are also new production capacity commissioning expectations, and the domestic supply is expected to remain at a relatively high level. The downstream demand support is limited, and the inventory in East China ports may continue to decline. The price drive is weak in October. For styrene, under the double pressure of inventory and industry profit, some devices are under overhaul, but new devices are about to be commissioned, and the overall supply will remain high. The demand side support is also limited, and the price drive is weak. In the short - term, the price is still under pressure [6]. Polyester Industry Chain - For PX, the supply has shrunk compared to expectations due to unexpected overhauls or load reductions of some devices, while the demand has increased. However, overall, the supply - demand is still weak, and the price is in a weak oscillation. For PTA, the spot basis continues to weaken, but the downward space is limited. The absolute price is also in a weak oscillation. For short - fiber, the price is supported in the short - term, but the cost - side support is weak. For bottle - chips, it is likely to enter a seasonal inventory accumulation period, and it follows the cost - side fluctuations. For ethylene glycol, the domestic supply is abundant, and it is expected to accumulate inventory in October, with the upper price limit under pressure [7]. PVC and Caustic Soda - For caustic soda, the demand support from the aluminum industry is weak in the short - term, but there may be long - term demand support. The supply is increasing in the short - term, and the price is weak. For PVC, the supply - demand pressure is large, the fundamental contradiction is difficult to resolve, and the price is weak. The cost - side provides bottom support, and short - term short positions can stop profit [8]. Summary by Catalogs Polyolefins Price and Spread - L2601 closed at 6883 yuan/ton on October 21, up 4 yuan or 0.06% from the previous day. PP2601 closed at 6283 yuan/ton, up 18 yuan or 0.27%. The price difference between L2509 - 2601 decreased by 5.48%, and that of PP2509 - 2601 decreased by 24.71% [2]. Inventory - PE enterprise inventory increased by 27.67% to 48.9 (unit unclear), and social inventory decreased by 0.04% to 54.5. PP enterprise inventory increased by 30.96% to 68.1 (unit unclear), and trader inventory increased by 39.48% to 26.1 [2]. Operating Rate - The PE device operating rate decreased by 2.61% to 81.8%, and the downstream weighted operating rate increased by 1.26% to 44.9%. The PP device operating rate increased by 0.6% to 78.2%, the powder operating rate increased by 5.4% to 39.3%, and the downstream weighted operating rate increased by 0.2% to 51.9 [2]. Methanol Price and Spread - MA2601 closed at 2268 yuan/ton on October 21, up 2 yuan or 0.09%. The basis of Taicang decreased by 50.00% to - 33 [4]. Inventory - Methanol enterprise inventory increased by 6.33% to 36.09%, and port inventory decreased by 3.36% to 149.1 million tons [4]. Operating Rate - The domestic upstream operating rate decreased by 1.86% to 76.55%, and the overseas upstream operating rate increased by 2.28% to 73.7%. The downstream MTO device operating rate remained unchanged at 86.28% [4]. Benzene - Styrene Upstream Price and Spread - Brent crude oil (December) was at $61.32/barrel on October 21, up $0.31 or 0.5%. The price of pure benzene (Sinopec East China listed price) decreased by 3.5% to 5450 yuan/ton [6]. Styrene - Related Price and Spread - Styrene East China spot price was 6440 yuan/ton on October 21, up 70 yuan or 1.1%. The EB11 - EB12 spread increased by 81.9% [6]. Inventory - Pure benzene inventory in Jiangsu ports increased by 10.0% to 0.90 million tons, and styrene inventory increased by 3.1% to 20.25 million tons [6]. Operating Rate - The Asian pure benzene operating rate decreased by 1.1% to 79.2%, and the domestic pure benzene operating rate decreased by 4.8% to 75.5% [6]. Polyester Industry Chain Upstream Price - Brent crude oil (December) was at $61.32/barrel on October 21, up $0.31 or 0.5%. CFR Japan naphtha was at $540/ton, up $3 or 0.6% [7]. PX - Related Price and Spread - CFR China PX was at $784/ton on October 21, up $1 or 0.1%. The PX - naphtha spread was $244/ton, down $2 or 0.8% [7]. PTA - Related Price and Spread - PTA East China spot price was 4320 yuan/ton on October 21, up 5 yuan or 0.1%. The PTA spot processing fee was 122 yuan/ton, up 1.8% [7]. MEG - MEG East China spot price was 4075 yuan/ton on October 21, down 25 yuan or 0.6%. MEG port inventory increased by 7.0% to 57.9 million tons [7]. Operating Rate - The Asian PX operating rate decreased by 2.4% to 78.0%, and the PTA operating rate decreased by 4.3% to 74.4% [7]. PVC and Caustic Soda Price and Spread - Shandong 50% liquid caustic soda converted to 100% price remained unchanged at 2560.0 yuan/ton. V2509 was at 5125.0 yuan/ton on October 21, down 10 yuan or 0.2% [8]. Overseas Quotation and Export Profit - The FOB East China port price of caustic soda was $380/ton on October 16, down $20 or - 5.0%. The export profit of PVC decreased by 81.5% to 19.0 yuan/ton [8]. Operating Rate - The caustic soda industry operating rate decreased by 3.9% to 85.5%, and the PVC total operating rate decreased by 7.0% to 75.1% [8]. Inventory - Liquid caustic soda inventory in East China factories decreased by 1.1% to 19.5, and PVC total social inventory decreased by 0.1% to 55.6 [8].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Polyester Industry - PX: Short - term drive is limited, with weak oscillations. Supply is expected to contract, but overall remains weak. Suggest to wait and see, focus on Brent crude oil support at $60/barrel, and conduct month - spread reverse arbitrage [1]. - PTA: Short - term drive is limited, with weak oscillations. Spot basis has weakened, but the downward space is limited. Suggest to wait and see, focus on Brent crude oil support at $60/barrel, and treat TA1 - 5 with rolling reverse arbitrage [1]. - Ethylene Glycol (MEG): Supply is abundant, with expected inventory accumulation in October and high accumulation in November - December. Suggest to short EG01 at high prices, hold the seller of call option EG2601 - C - 4250, and conduct EG1 - 5 reverse arbitrage at high prices [1]. - Short - fiber: Supply is at a high level, and terminal demand in Q4 is expected to be weak. Prices are supported in the short - term due to low inventory. Suggest the same strategy as PTA for single - side trading, and shrink the processing margin when it is above 1000 in the range of 800 - 1100 [1]. - Bottle - chip: Entering the seasonal inventory accumulation period, prices fluctuate with the cost side. Suggest the same strategy as PTA for PR single - side trading, and expect the main - contract processing margin to fluctuate between 350 - 500 yuan/ton [1]. Pure Benzene - Styrene Industry - Pure Benzene: Overall supply and demand in October are expected to be loose, with weak price drive. Suggest BZ2603 to oscillate following styrene and oil prices [2]. - Styrene: Supply will remain high, and demand support is limited. Prices are still under pressure in the short - term. Suggest to short EB12 on price rebounds [2]. Chlor - Alkali Industry - Caustic Soda: Short - term supply is increasing, and demand support is weak, with prices tending to be weak. In the medium - to - long - term, there is demand support. Suggest to short in the short - term and track downstream restocking [3]. - PVC: Supply and demand pressure is high, and the contradiction is difficult to resolve. Cost provides bottom support. Suggest to stop short - selling and wait for changes in demand [3]. Methanol Industry - Methanol: Prices may continue to oscillate. Focus on overseas device stability, customs clearance efficiency of sanctioned vessels, and actual arrival. Pay attention to port inventory reduction and overseas gas - limiting expectations [4]. Polyolefin Industry - LLDPE and PP: Supply pressure is prominent in the medium - to - long - term, and demand lacks bright spots. The 01 - contract upside is limited. Prices are under pressure due to macro - environment, cost, and supply - demand factors [6]. 3. Summaries by Catalogs Polyester Industry - **Upstream Prices**: Brent crude oil (December) decreased by 0.5%, WTI crude oil (December) decreased slightly. CFR Japan naphtha remained unchanged. Most upstream prices were stable or slightly decreased [1]. - **Downstream Polyester Product Prices and Cash Flows**: Most downstream polyester product prices decreased slightly, and cash flows showed different changes [1]. - **PX - related Prices and Spreads**: CFR China PX remained unchanged, while PX spot price in RMB decreased by 1.2% [1]. - **PTA - related Prices and Spreads**: PTA spot price decreased by 0.6%, and futures prices also decreased slightly [1]. - **MEG - related Prices and Spreads**: MEG spot price decreased by 0.4%, and futures prices had minor changes [1]. - **Industry Operating Rates**: Asian and Chinese PX operating rates decreased, while PTA and MEG operating rates increased slightly [1]. Pure Benzene - Styrene Industry - **Upstream Prices and Spreads**: Brent and WTI crude oil prices decreased slightly, and most upstream prices remained stable [2]. - **Styrene - related Prices and Spreads**: Styrene spot and futures prices decreased, and cash flows and spreads changed [2]. - **Downstream Cash Flows**: Cash flows of most downstream products improved [2]. - **Inventory**: Pure benzene and styrene inventories in Jiangsu ports increased [2]. - **Industry Operating Rates**: Operating rates of most products in the pure benzene and styrene industries decreased [2]. Chlor - Alkali Industry - **PVC and Caustic Soda Spot & Futures**: Caustic soda prices decreased, PVC prices remained stable, and futures prices had minor changes [3]. - **Caustic Soda Overseas Quotes & Export Profits**: FOB quotes and export profits decreased [3]. - **PVC Overseas Quotes & Export Profits**: CFR quotes decreased slightly, and export profits decreased significantly [3]. - **Supply: Chlor - Alkali Operating Rates & Industry Profits**: Caustic soda and PVC operating rates decreased, and some profit indicators changed [3]. - **Demand: Downstream Operating Rates**: Some downstream operating rates of caustic soda and PVC changed [3]. - **Inventory**: Liquid caustic soda and PVC inventories decreased slightly [3]. Methanol Industry - **Methanol Prices and Spreads**: Futures prices had minor changes, and spot prices in different regions showed different trends [4]. - **Inventory**: Enterprise inventory increased, while port and social inventories decreased [4]. - **Upstream and Downstream Operating Rates**: Domestic upstream operating rate decreased, and overseas upstream operating rate increased [4]. Polyolefin Industry - **Polyolefin Prices and Spreads**: Futures prices of LLDPE and PP increased slightly, and spot prices also had minor changes [6]. - **PE and PP Non - standard Prices**: Some non - standard prices of PE and PP decreased slightly [6]. - **Inventory**: PE and PP enterprise inventories increased [6]. - **Upstream and Downstream Operating Rates**: PE and PP device operating rates changed slightly, and downstream weighted operating rates increased slightly [6].

Group 1 - Braskem has completely shut down its chlor-alkali production facility in Maceió, Brazil, and plans to dismantle it for waste treatment, while continuing to operate its downstream PVC and EDC production lines, sourcing the necessary feedstock from the U.S. [1] - The chlor-alkali facility in Maceió had a caustic soda production capacity of 460,000 tons per year, with Brazil's total remaining caustic soda capacity at 1.3 million tons per year. [1] - Unipar Carbocloro is the largest chlor-alkali producer in Brazil, with a total capacity of 607,000 tons per year across four plants, followed by Dow with a single plant capacity of 468,000 tons per year. [1] Group 2 - The shutdown of the Maceió chlor-alkali facility is expected to significantly impact the PVC and polyethylene markets, as confirmed by PVC traders and distributors. [1] - The U.S. is the primary exporter of caustic soda to Brazil, and with Braskem's exit, U.S. producers are likely to see an increase in demand. In the first half of 2025, Brazil accounted for 53% of U.S. caustic soda exports, consistent with the same period in 2024. [1] - Braskem's contract customers are actively seeking alternative solutions, including negotiations with external suppliers and Unipar, another Brazilian caustic soda producer. [1] Group 3 - As of October 14, the spot export price for caustic soda from the U.S. Gulf Coast was $400 per dry ton, reflecting a decrease of $30 from the previous week. [2]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports - **Polyester Industry**: In the short term, PX, PTA, and other products are mainly in a weak shock state. The supply of PX is expected to shrink, but the overall supply - demand is still weak. PTA's basis has weakened, and the supply of ethylene glycol is abundant with a high probability of inventory accumulation. Short - fiber prices are supported by low inventory, and bottle - chips may enter a seasonal inventory accumulation channel [1]. - **Pure Benzene - Styrene Industry**: The supply - demand of pure benzene in October is expected to be loose, and the price drive is weak. The supply - demand of styrene is also expected to be loose, and the price is under pressure in the short term [2]. - **PVC and Caustic Soda Industry**: The demand for caustic soda is weakly supported in the short term but may have support in the medium - long term. The supply - demand pressure of PVC is large, and the price is weak, but the cost end provides bottom support [3]. - **Methanol Industry**: The price of methanol may continue to fluctuate. Attention should be paid to the stability of overseas device operation, the clearance efficiency of sanctioned vessels, and the actual arrival performance [4]. - **Polyolefin Industry**: The supply - demand structure of polyolefins is loose, and the upside space of the 01 contract is limited. The prices of PP and PE are under pressure [6]. 3. Summaries According to Related Catalogs Polyester Industry - **Upstream Prices**: Brent crude oil (December) decreased by 0.5%, WTI crude oil (December) remained unchanged, CFR Japan naphtha remained unchanged, etc [1]. - **Downstream Polyester Product Prices and Cash Flows**: POY150/48 price decreased by 1.2%, FDY150/96 price decreased by 0.1%, etc [1]. - **PX - Related Prices and Spreads**: CFR China PX remained unchanged, PX spot price (RMB) decreased by 1.2%, etc [1]. - **PTA - Related Prices and Spreads**: PTA East China spot price decreased by 0.6%, TA futures 2601 decreased by 0.4%, etc [1]. - **MEG - Related Prices and Spreads**: MEG East China spot price decreased by 0.4%, EG futures 2601 remained unchanged, etc [1]. - **Polyester Industry Chain Operating Rates**: Asian PX operating rate decreased by 2.4%, China PX operating rate decreased by 2.5%, etc [1]. Pure Benzene - Styrene Industry - **Upstream Prices and Spreads**: Brent crude oil (December) decreased by 0.5%, WTI crude oil (November) remained unchanged, CFR Japan naphtha remained unchanged, etc [2]. - **Styrene - Related Prices and Spreads**: Styrene East China spot decreased by 1.7%, EB futures 2511 decreased by 1.8%, etc [2]. - **Pure Benzene and Styrene Downstream Cash Flows**: The cash flow of phenol increased by 20.8%, the cash flow of caprolactam (single product) increased by 4.1%, etc [2]. - **Pure Benzene and Styrene Inventories**: Pure benzene Jiangsu port inventory increased by 10.0%, styrene Jiangsu port inventory increased by 3.1% [2]. - **Pure Benzene and Styrene Industry Chain Operating Rates**: Asian pure benzene operating rate decreased by 1.1%, domestic pure benzene operating rate decreased by 4.8%, etc [2]. PVC and Caustic Soda Industry - **PVC, Caustic Soda Spot & Futures**: Shandong 32% liquid caustic soda converted to 100% price decreased by 1.2%, Shandong 50% liquid caustic soda converted to 100% price decreased by 0.8%, etc [3]. - **Caustic Soda Overseas Quotes & Export Profits**: FOB East China port decreased by 5.0%, export profit decreased by 77.6% [3]. - **PVC Overseas Quotes & Export Profits**: CFR Southeast Asia remained unchanged, CEREDIa decreased by 1.4%, etc [3]. - **Supply: Chlor - Alkali Operating Rates & Industry Profits**: Caustic soda industry operating rate decreased by 3.9%, PVC total operating rate decreased by 7.0%, etc [3]. - **Demand: Caustic Soda Downstream Operating Rates**: Viscose staple fiber industry operating rate decreased by 1.1%, printing and dyeing industry operating rate increased by 0.2% [3]. - **Demand: PVC Downstream Products Operating Rates**: Longzhong sample building materials operating rate increased by 21.8%, Longzhong sample profile operating rate increased by 109.6% [3]. - **Chlor - Alkali Inventories: Social and Factory Inventories**: Liquid caustic soda East China factory inventory decreased by 1.1%, PVC upstream factory inventory decreased by 6.1% [3]. Methanol Industry - **Methanol Prices and Spreads**: MA2601 closing price decreased by 0.26%, MA2605 closing price increased by 0.09%, etc [4]. - **Methanol Inventories**: Methanol enterprise inventory increased by 6.33%, methanol port inventory decreased by 3.36%, etc [4]. - **Methanol Upstream and Downstream Operating Rates**: Upstream - domestic enterprise operating rate decreased by 1.86%, upstream - overseas enterprise operating rate increased by 2.28%, etc [4]. Polyolefin Industry - **Polyolefin Prices and Spreads**: L2601 closing price increased by 0.07%, L2509 closing price increased by 0.30%, etc [6]. - **PE and PP Non - Standard Prices**: East China LDPE price decreased by 0.54%, East China HD film price remained unchanged, etc [6]. - **PE and PP Upstream and Downstream Operating Rates**: PE device operating rate decreased by 2.61%, PE downstream weighted operating rate increased by 1.26%, etc [6]. - **PE and PP Inventories**: PE enterprise inventory increased by 27.67%, PE social inventory increased by 4.02%, etc [6].

Core Viewpoint - The stock of Xinjin Road has shown a significant increase of 55.56% year-to-date, despite a recent slight decline in the last five trading days, indicating volatility in its performance [1][2]. Group 1: Stock Performance - As of October 21, Xinjin Road's stock price rose by 2.00% to 5.60 CNY per share, with a trading volume of 33.06 million CNY and a turnover rate of 0.98%, resulting in a total market capitalization of 3.632 billion CNY [1]. - The stock has experienced a decline of 0.88% over the last five trading days, but has increased by 4.67% over the past 20 days and 12.45% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" 10 times this year, with the most recent appearance on May 27, where it recorded a net buy of -61.16 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Xinjin Road reported an operating income of 816 million CNY, a year-on-year decrease of 16.27%, and a net profit attributable to shareholders of -67.04 million CNY, down 15.16% year-on-year [2]. - The company has cumulatively distributed 124 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Company Overview - Xinjin Road, established on April 18, 1992, and listed on May 7, 1993, is located in Deyang, Sichuan Province, and primarily engages in the production and operation of chlor-alkali chemicals and plastic products [1]. - The main revenue composition of the company includes resin products (41.61%), alkali products (38.43%), and other products (19.97%) [1]. - The company belongs to the basic chemical industry, specifically in the chlor-alkali sector, and is associated with various concept sectors including non-ferrous copper, graphene, aerospace and military, chip concepts, and low-price segments [2].