1. Report Industry Investment Rating There is no information provided in the document regarding the industry investment rating. 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes target market analysis, option factor research, and option strategy suggestions [9]. - The overall strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Target Futures Market Overview - The document provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil (SC2512) is 465, with a price increase of 6 and a price change percentage of 1.28% [4]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various energy - chemical options are presented. These indicators are used to describe the strength of the option target market and the turning point of the target market. For example, the open interest PCR of crude oil options is 0.77, with a change of - 0.04 [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various energy - chemical options are given, which are determined by the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil options is 500 and the support level is 450 [6]. 3.4 Option Factors - Implied Volatility - The implied volatility of various energy - chemical options is provided, including at - the - money implied volatility, weighted implied volatility, changes in weighted implied volatility, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 28.075, and the weighted implied volatility is 29.38 with a change of - 0.93 [7]. 3.5 Option Strategies and Suggestions 3.5.1 Energy Options - **Crude Oil**: The fundamental situation shows that US refinery demand is picking up, shale oil production reduction is small, OPEC exports are increasing but mostly absorbed by China, and European refined product inventories are in a low - level destocking state. The market has shown a trend of decline, followed by consolidation, and then a rebound. Option strategies include constructing a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [8]. - **LPG**: The US market has high - production and high - inventory pressure, and extreme winter weather and Sino - US trade trends may affect prices. The market has experienced a decline, followed by a rebound and then a fall. Option strategies are similar to those of crude oil, including constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol Options - **Methanol**: Port and enterprise inventories are at certain levels, and the market shows a weak upward - pressured trend. Option strategies include constructing a bearish call + put option combination strategy for volatility and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The load and inventory situation is complex, and the market is in a weak trend. Option strategies include constructing a bearish spread strategy for direction and a short - volatility strategy for volatility, along with a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin Options - **Polypropylene**: The inventory pressure of PP is higher than that of PE, and the market is in a weak trend. Option strategies include a long collar strategy for spot hedging [11]. 3.5.4 Rubber Options - **Rubber**: The import market price is rising, but downstream demand is weak. The market is in a weak consolidation state. Option strategies include constructing a bearish call + put option combination strategy for volatility [12]. 3.5.5 Polyester Options - **PTA**: The load is at a certain level, and the market is in a weak bearish trend. Option strategies include constructing a bearish call + put option combination strategy for volatility [12]. 3.5.6 Alkali Options - **Caustic Soda**: The spot market has issues such as lack of restocking and weakening cost support, and the market is in a weak bearish trend. Option strategies include constructing a bearish spread strategy for direction and a long collar strategy for spot hedging [13]. - **Soda Ash**: The inventory situation is given, and the market is in a low - level weak consolidation state. Option strategies include constructing a short - volatility combination strategy for volatility and a long collar strategy for spot hedging [13]. 3.5.7 Other Options - **Urea**: The enterprise inventory is at a high level, and the market is in a low - level weak consolidation state. Option strategies include constructing a neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [14].

Report Overview - The report consists of four parts: Polyolefin Industry Spot and Futures Daily Report, Pure Benzene - Styrene Daily Report, Polyester Industry Chain Daily Report, and Chlor - Alkali Industry Spot and Futures Daily Report, covering price, inventory, and开工率 data of multiple chemical products, along with corresponding investment strategies [2][4][9][10] Polyolefin Industry Price Changes - L2601, L2509, PP2601, and PP2509 futures prices all increased on October 29, with L2601 up 0.34%, L2509 up 0.06%, PP2601 up 0.42%, and PP2509 up 0.37% [2] - Some spot prices remained stable, while华北LDPE膜料现货 rose 0.15% [2] Inventory and开工率 - PE企业 inventory decreased by 19.16% to 41.6 tons, and社会库存 decreased slightly by 0.04% to 54.5 tons [2] - PP企业 inventory decreased by 6.80% to 59.5 tons, and贸易商库存 decreased by 10.48% to 21.4 tons [2] - PE装置开工率 decreased by 0.37% to 81.5%, while下游加权开工率 increased by 1.85% to 45.8% [2] - PP装置开工率 decreased by 2.9% to 75.9%, while粉料开工率 increased by 7.1% to 41.4%, and下游加权开工率 increased by 1.0% to 52.4% [2] Core View - PP supply recovery slowed due to more unplanned maintenance, while PE supply is expected to increase. Demand improved, and both inventories decreased. Consider long - term low - buying opportunities for the 05 contract and track sanctions' impact on refinery loads [2] Pure Benzene - Styrene Industry Price Changes - Upstream prices such as布伦特原油 and WTI原油 increased slightly on October 29, while纯苯中石化华东挂牌价 remained unchanged [4] -苯乙烯华东现货 and related futures prices increased, with苯乙烯华东现货 up 0.6% [5] Inventory and开工率 -纯苯江苏港口库存 decreased by 14.1% to 8.50 tons, and苯乙烯江苏港口库存 decreased by 4.7% to 19.30 tons [7] -亚洲纯苯开工率 remained unchanged at 79.2%, while国内纯苯开工率 decreased by 3.6% to 72.7% [8] Core View - No specific core view was mentioned in the text, but price, inventory, and开工率 data can be used for investment analysis Polyester Industry Chain Price Changes - Upstream prices such as布伦特原油 and CFR日本石脑油 increased slightly on October 29 [9] - Most下游聚酯 product prices remained stable, with聚酯切片 price up 0.1% [9] Inventory and开工率 - MEG港口库存 decreased by 9.7% to 52.3 tons, and到港预期 increased significantly by 273.6% to 19.8 tons [9] -亚洲PX开工率 increased by 0.5% to 78.5%, and中国PX开工率 increased by 1.0% to 85.9% [9] Core View - PX supply contracted, and demand support strengthened. However, PX rebound space is limited. PTA,乙二醇,短纤, and瓶片 also have corresponding supply - demand situations and investment strategies [9] Chlor - Alkali Industry Price Changes -山东32%液碱折百价 and山东50%液碱折百价 remained unchanged on October 29, while华东电石法PVC市场价 increased by 0.4% [10] Inventory and开工率 -烧碱行业开工率 increased slightly by 0.1% to 85.6%, and烧碱山东样本开工率 increased by 3.2% to 86.6% [13] - PVC总开工率 decreased by 1.9% to 73.7% [13] Core View - No specific core view was mentioned in the text, but price, inventory, and开工率 data can be used for investment analysis

Core Insights - The report highlights the dual drive of domestic demand and military trade in the radar business of Guorui Technology, indicating a potential for sustained performance improvement due to asset restructuring and increasing defense spending [9][11][12] - The photovoltaic industry is undergoing a supply-side reform led by a coalition of 17 companies, aiming to stabilize prices and improve profitability through coordinated production and quality management [14][19] Guorui Technology (600562) Insights - The company is positioned as a leading radar enterprise backed by significant technological resources from the China Electronics Technology Group Corporation, with a focus on radar equipment and related systems [11] - Continuous growth in defense spending and the need for upgraded military equipment are expected to drive revenue from military radar devices [11][12] - The company anticipates a significant increase in military trade business, supported by recent geopolitical conflicts and rising global military expenditures [11][12] - Civilian radar applications are also expected to contribute to revenue growth, particularly in meteorological and air traffic management sectors [11][12] Photovoltaic Industry Insights - The establishment of a joint platform by 17 photovoltaic companies is aimed at addressing supply-side issues, particularly in the polysilicon segment, which is crucial for cost and profit distribution across the industry [14][19] - The "anti-involution" strategy is showing positive results, with prices recovering and profitability improving as companies adhere to a "not below cost sales" policy [19] - The report suggests that the photovoltaic sector is on a path to recovery, with expectations for improved market performance as the supply-side reforms take effect [19] Market and Economic Insights - The Federal Reserve's recent decision to lower interest rates by 25 basis points reflects a cautious approach to economic expansion, with ongoing uncertainties in the job market and inflation levels [10][12] - The report indicates that the economic outlook remains mixed, with potential implications for investment strategies in various sectors, including defense and renewable energy [10][12]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The PTA price rebounded rapidly in the afternoon due to the news of the "anti - involution" policy. Although the PTA price only rebounded slightly before, with the cost support from rising crude oil prices and policy expectations, it rebounded after long - term low - level operation. The downstream polyester开工率 remains above 91%, and the overall polyester sales are relatively high. The demand in the overseas market for Chinese textile and clothing products is expected to pick up after the positive news from the Sino - US economic and trade negotiations. The ethylene glycol price is under pressure due to domestic device commissioning, and it is expected that the polyester will operate weakly as the polyester peak season is ending and the crude oil fundamentals are downward [2] 3. Summary by Relevant Catalogs 3.1 Market Data - **Crude Oil**: INE crude oil price dropped from 468.9 yuan/barrel on October 27, 2025, to 462.7 yuan/barrel on October 28, 2025, a decrease of 6.20 yuan/barrel [2] - **PTA**: PTA - SC increased from 1208.5 yuan/ton to 1251.5 yuan/ton, PTA/SC ratio rose from 1.3546 to 1.3722. PTA主力期价 decreased from 4616 yuan/ton to 4614 yuan/ton, while the PTA现货价格 increased from 4505 yuan/ton to 4535 yuan/ton. The现货加工 fee rose from 111.7 yuan/ton to 180.7 yuan/ton, and the盘面加工 fee increased from 222.7 yuan/ton to 259.7 yuan/ton [2] - **PX**: CFR中国PX decreased from 821 to 814, and the PX - naphtha spread dropped from 240 to 236 [2] - **MEG**: MEG主力期价 decreased from 4109 yuan/ton to 4069 yuan/ton. The MEG - naphtha was (125.88) yuan/ton on October 27 and (128.07) yuan/ton on October 28. The MEG内盘 decreased from 4183 to 4167 [2] 3.2 Industry Chain Operation - **开工率**: PX开工率 increased from 84.62% to 86.21%, PTA开工率 remained at 79.46%, MEG开工率 rose from 63.50% to 64.41%, and the polyester负荷 remained at 89.28% [2] 3.3 Product Sales and Cash Flow - **Polyester Filament**: POY150D/48F price increased from 6400 to 6415, POY现金流 decreased from (103) to (108). FDY150D/96F price increased from 6655 to 6690, FDY现金流 increased from (348) to (333). DTY150D/48F price increased from 7730 to 7740, DTY现金流 decreased from 27 to 17. The long - filament sales decreased from 70% to 63% [2] - **Polyester Staple Fiber**: 1.4D直纺涤短 price increased from 6405 to 6445, 涤短现金流 increased from 252 to 272. The short - fiber sales decreased from 83% to 43% [2] - **Polyester Chip**: The semi - bright chip price increased from 5545 to 5560, 切片现金流 decreased from (58) to (63). The chip sales decreased from 222% to 57% [2] 3.4 Device Maintenance - An East China 2.2 - million - ton PTA device slightly reduced its load, and the recovery time is to be tracked [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9]. - Select some varieties from each sector to provide options strategies and recommendations [9]. - Write options strategy reports for each options variety according to the analysis of the underlying market, research on options factors, and options strategy recommendations [9]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The futures prices of most energy and chemical products showed a downward trend. For example, the price of crude oil SC2512 dropped by 8 to 458, a decline of 1.78%; the price of synthetic rubber BR2512 dropped by 285 to 10,585, a decline of 2.62%. Only the price of rubber RU2601 increased by 10 to 15,395, an increase of 0.06% [4]. 3.2 Options Factor - Volume and Position PCR - The PCR indicators of different options varieties showed different trends. For example, the volume PCR of crude oil increased by 0.14 to 0.86, and the position PCR decreased by 0.01 to 0.81; the volume PCR of methanol increased by 0.26 to 0.84, and the position PCR decreased by 0.02 to 0.51 [5]. 3.3 Options Factor - Pressure and Support Levels - Different options varieties have different pressure and support levels. For example, the pressure level of crude oil is 590, and the support level is 440; the pressure level of methanol is 2300, and the support level is 2200 [6]. 3.4 Options Factor - Implied Volatility - The implied volatility of different options varieties also showed different trends. For example, the weighted implied volatility of crude oil decreased by 1.69 to 30.31; the weighted implied volatility of methanol increased by 1.00 to 19.46 [7]. 3.5 Strategy and Recommendations 3.5.1 Energy - Related Options: Crude Oil - Fundamental analysis: US refinery demand has stabilized and rebounded. During the recent oil price decline, shale oil production only decreased by 10,000 barrels per day. OPEC exports have increased, but most of them are absorbed by China, so there is no obvious visible inventory in the market. In Europe, the overall refined oil inventory is in a low - level destocking state, the crude oil inventory has increased, but the refinery demand is about to enter the peak season, and the diesel crack spread remains high [8]. - Market analysis: Since July, the crude oil market has gradually weakened and then consolidated in a range. In August, it first rose and then fell, showing a short - term weak shock. In September, it continued to be weak and bearish and then gradually rebounded. In October, it fell sharply and then stopped falling and rebounded [8]. - Options factor research: The implied volatility of crude oil options has decreased to near the average. The position PCR of options is reported at around 0.80, indicating that the crude oil market has been weak recently. From the perspective of options, the pressure level of the underlying is 590, and the support level is 440 [8]. - Strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - neutral call + put options combination strategy to obtain options time value and directional returns, and dynamically adjust the position to keep the position delta neutral. Spot long - hedging strategy: Construct a long collar strategy, hold a spot long position + buy a put option + sell an out - of - the - money call option [8]. 3.5.2 Energy - Related Options: Liquefied Petroleum Gas (LPG) - Fundamental analysis: The US is under great pressure due to high production and high inventory. Extreme weather in winter and the trend of Sino - US trade will affect its price and trade flow. At present, the total export volume from the Middle East is relatively stable, and OPEC+ policies and actual production increases will affect future exports [10]. - Market analysis: In July, LPG reached a high and then fell back, continuously declining and then weakly consolidating. Since August, it has accelerated its decline, moved downward bearishly, then rebounded and rose but was blocked and fell back. In September, it first fell and then rose, gradually warming up. Overall, it shows an oversold rebound market with pressure above [10]. - Options factor research: The implied volatility of LPG options has significantly decreased and returned to near the lower - than - average level. The position PCR of LPG options is reported at around 0.80, indicating that the LPG market has been weak recently. From the perspective of options, the pressure level of the underlying is 4550, and the support level is 4000 [10]. - Strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - neutral call + put options combination strategy to obtain options time value and directional returns, and dynamically adjust the position to keep the position delta neutral. Spot long - hedging strategy: Construct a long collar strategy, hold a spot long position + buy a put option + sell an out - of - the - money call option [10]. 3.5.3 Alcohol - Related Options: Methanol - Fundamental analysis: The port inventory is 1.5122 million tons, a month - on - month increase of 20,800 tons. The unloading is lower than expected, and the inventory accumulation speed has slowed down. The enterprise inventory is 360,400 tons, a month - on - month increase of 500 tons, and it is at a low level compared with the same period last year [10]. - Market analysis: In July, methanol reached a high and then fell back, continuously declining and then fluctuating greatly. Since August, it has gradually weakened and moved downward bearishly. In September, it consolidated at a low level and then rebounded. Since October, it has continued to be weak and bearish. Overall, it shows a weak market trend with pressure above [10]. - Options factor research: The implied volatility of methanol options fluctuates around the historical average level. The position PCR of methanol options is reported below 0.80, indicating that the methanol market has been in a weak and oscillating state recently. From the perspective of options, the pressure level of the underlying is 2300, and the support level is 2200 [10]. - Strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - bearish call + put options combination strategy to obtain options time value, and dynamically adjust the position to keep the position delta bearish. Spot long - hedging strategy: Construct a long collar strategy, hold a spot long position + buy a put option + sell an out - of - the - money call option. When the market rebounds to a high strike price, close the position in combination with spot sales [10]. 3.5.4 Alcohol - Related Options: Ethylene Glycol - Fundamental analysis: Last week, the EG load was 73.3%, a month - on - month decrease of 3.7%. Among them, the load of synthetic gas production was 82.2%, a month - on - month increase of 0.8%; the load of ethylene production was 68.2%, a month - on - month decrease of 6.3%. The port inventory is 579,000 tons, a month - on - month increase of 38,000 tons; the inventory days of downstream factories are 13.4 days, a month - on - month increase of 0.2 days. In the short term, the arrival volume last week was moderately low, the departure volume increased, and the port inventory is expected to slightly decrease. With the high domestic load and the increase in overseas arrivals, ethylene glycol has entered the inventory accumulation cycle [11]. - Market analysis: In July, ethylene glycol weakly consolidated and oscillated at a low level, gradually rose, and then fell rapidly. In August, it continued to weakly consolidate slightly. Since September, it has continued to be weak and bearish. Overall, it shows a weak market trend with pressure above [11]. - Options factor research: The implied volatility of ethylene glycol options fluctuates around the lower - than - average level. The position PCR of options is reported at around 0.70, indicating that the short - selling force of ethylene glycol has been relatively strong recently. From the perspective of options, the pressure level of the underlying is 4500, and the support level is 4050 [11]. - Strategy recommendations: Directional strategy: Construct a bearish spread combination strategy of put options to obtain directional returns. Volatility strategy: Construct a short - volatility strategy to obtain time value returns. Spot long - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [11]. 3.5.5 Polyolefin - Related Options: Polypropylene - Fundamental analysis: The inventory of PE production enterprises is 514,600 tons, a month - on - month decrease of 2.81%, and an increase of 2.02% compared with the same period last year; the inventory of PE traders is 50,000 tons, a month - on - month decrease of 0.70%. The inventory of PP production enterprises is 638,500 tons, a month - on - month decrease of 5.92%, and an increase of 12.69% compared with the same period last year; the inventory of PP traders is 220,000 tons, a month - on - month decrease of 7.80%; the PP port inventory is 66,800 tons, a month - on - month decrease of 1.62%. The overall inventory pressure of PP is higher than that of PE [11]. - Market analysis: Since July, the decline of polypropylene has narrowed, gradually stabilized, slightly oscillated and rebounded, and then rapidly declined. In August, it maintained a weak and slight fluctuation. In September, it continued to be weak and bearish. In October, it accelerated its decline and then oscillated at a low level. Overall, it shows a weak market trend with bearish pressure above [11]. - Options factor research: The implied volatility of polypropylene options has decreased to near the average level. The position PCR of options is reported at around 0.70, indicating that the polypropylene market has weakened recently. From the perspective of options, the pressure level of the underlying is 6900, and the support level is 6300 [11]. - Strategy recommendations: Directional strategy: None. Volatility strategy: None. Spot long - hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [11]. 3.5.6 Rubber - Related Options: Rubber - Fundamental analysis: The offer price of the imported rubber market has risen, traders have rotated stocks, and the factory's inventory - building sentiment has been weak. The futures market has maintained a relatively strong oscillating pattern, and the spot price of domestic natural rubber has followed the market up. The downstream procurement willingness has been relatively weak, mainly replenishing goods with appropriate rigid demand. The overall trading atmosphere in the market has been average, and the actual transaction performance has been light [12]. - Market analysis: Since July, the rubber market has continued to rise in the short term, reached a high, and then fell back. In August, it gradually warmed up and rose and then consolidated and oscillated in a range. Since September, it has maintained a weak and bearish trend. In October, it continued to be weak and consolidated at a low level. Overall, it shows a weak consolidation market trend with support below and pressure above [12]. - Options factor research: The implied volatility of rubber options has risen rapidly and then decreased to near the lower - than - average level. The position PCR of rubber options is reported below 0.60. From the perspective of options, the pressure level of the underlying has dropped significantly to 17,000, and the support level is 14,000 [12]. - Strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - bearish call + put options combination strategy to obtain options time value and directional returns, and dynamically adjust the position to keep the position delta bearish. Spot hedging strategy: None [12]. 3.5.7 Polyester - Related Options: PTA - Fundamental analysis: The PTA load is 78.8%, a month - on - month increase of 2.8%. In terms of equipment, the load of Yisheng Ningbo has slightly decreased, and the load of individual equipment has recovered. The maintenance volume of PTA in October has slightly decreased, and the overall load is low under low processing fees [12]. - Market analysis: In July, the PTA market continued to be weak and then rebounded and rose. In August, it fell back, slightly consolidated, and then rapidly rebounded, rose, and was blocked and fell back. In September, it continued to be weak and bearish. Overall, it shows a weak and bearish market trend with pressure above [12]. - Options factor research: The implied volatility of PTA options fluctuates at a relatively high level above the average. The position PCR of PTA options is reported at around 0.70, indicating that the PTA market has been in an oscillating state recently. From the perspective of options, the pressure level of the underlying is 4600, and the support level is 4300 [12]. - Strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - bearish call + put options combination strategy to obtain options time value, and dynamically adjust the position to keep the position delta bearish. Spot hedging strategy: None [12]. 3.5.8 Alkali - Related Options: Caustic Soda - Fundamental analysis: In the spot market, non - aluminum industries have no obvious inventory - building behavior, which is lower than expected, or they are waiting for the spot price to bottom out to stimulate speculative demand. Secondly, as the maintenance is restored, the spot support may weaken. The price of liquid chlorine has risen, weakening the cost support [13]. - Market analysis: In July, caustic soda first rose and then fell. In August, it quickly fell back, then gradually rebounded, moved upward bullishly in the short term, and then oscillated at a high level. Since September, it has continuously reported negative lines and gradually weakened. In October, it accelerated its decline. Overall, it shows a weak and bearish market trend with pressure above recently [13]. - Options factor research: The implied volatility of caustic soda options fluctuates at a relatively high level. The position PCR of caustic soda options is reported below 0.80, indicating that the caustic soda market has been in a weak and oscillating state recently. From the perspective of options, the pressure level of the underlying is 2600, and the support level is 2240 [13]. - Strategy recommendations: Directional strategy: Construct a bearish spread combination strategy to obtain directional returns. Volatility strategy: None. Spot collar hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [13]. 3.5.9 Alkali - Related Options: Soda Ash - Fundamental analysis: As of October 25, 2025, the in - factory inventory of soda ash is 1.7021 million tons, a month - on - month increase of 16,000 tons; the available inventory days are 14.11 days, a month - on - month increase of 0.01 days. The in - factory inventory of heavy soda ash is 93.45 yuan/ton, a month - on - month decrease of 0.62 yuan/ton; the in - factory inventory of light soda ash is 76.76 yuan/ton, a month - on - month increase of 0.78 yuan/ton [13]. - Market analysis: Since August, the soda ash market has continued to be weak and consolidated. In September, it fluctuated slightly at a low level and was weak. In October, it continued to be weak. Recently, it shows a low - level weak oscillating market trend with support below [13]. - Options factor research: The implied volatility of soda ash options fluctuates at a relatively high level in history. The position PCR of soda ash options is reported below 0.60, indicating that the bearish pressure is relatively strong. From the perspective of options, the pressure level of the underlying is 1300, and the support level is 1100 [13]. - Strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - volatility combination strategy to obtain volatility returns. Spot long - hedging strategy: Construct a long collar strategy, hold a spot long position + buy a put option + sell an out - of - the - money call option [13]. 3.5.10 Other Energy - Chemical Options: Urea - Fundamental analysis: The enterprise inventory is 1.6302 million tons, a month - on - month increase of 14,800 tons, and it is at a high level compared with the same period last year. The port inventory is 210,000 tons, a month - on - month decrease of 236,000 tons, and the goods are accelerating to leave the port [14]. - Market analysis: In July, the urea market oscillated widely in a range under the bearish pressure line and then rose rapidly. In August, it continued to fluctuate widely in a range. In September, it gradually weakened. In October, it oscillated weakly at a low level. Overall, it shows a low - level oscillating and weak market trend [14]. - Options factor research: The implied volatility of urea options fluctuates slightly around the historical average level

Report Investment Ratings - No investment ratings are provided in the reports. Core Views Polyolefin (LLDPE & PP) - Supply: PP supply recovery is slowing due to unplanned maintenance, while PE supply is expected to increase as maintenance peaks. Attention should be paid to the potential impact of expanded international sanctions on domestic refinery loads [2]. - Demand: The demand side is warming up, with downstream开工 rising, especially in the agricultural film sector. Both LLDPE and PP inventories are decreasing [2]. - Strategy: The 01 contract still faces inventory pressure, while the 05 contract has less new capacity. Long - term low - buying opportunities for the 05 contract can be considered, and the impact of sanctions on refinery loads should be continuously monitored [2]. Methanol - Market Situation: The port methanol market is under significant pressure due to high inventories and weak demand. The inland market has deeper price drops as some external procurement stops. Overseas, multiple plants have shut down, and many MTO plants have reduced their loads due to profit issues [5]. - Market Logic: The market is trading on the "weak reality vs. strong expectation" logic, with the core contradiction being the game between high port inventories and potential supply reduction (overseas plant shutdowns/geopolitical factors) [5]. - Strategy: In the short - term, prices may continue to fluctuate. Attention should be paid to the port destocking rhythm and the implementation of overseas gas restrictions [5]. Chlor - alkali (PVC & Caustic Soda) - Price and Spread: There are various price changes in PVC and caustic soda products, including futures and spot prices, as well as spreads between different contracts [8]. - Supply and Demand: Caustic soda industry开工 is stable, while PVC开工 has decreased slightly. Downstream开工 of both products has some positive changes, and PVC inventories are increasing [8]. Pure Benzene - Styrene - Price and Spread: Prices of upstream raw materials such as crude oil, naphtha, and pure benzene have declined, while some spreads have changed. Styrene prices have also decreased, and its cash flow has improved to some extent [9][10]. - Inventory and开工: Both pure benzene and styrene inventories in Jiangsu ports have decreased, and there are changes in the开工 rates of related industries [12][13]. Polyester Industry Chain - PX: Supply is expected to contract due to unplanned maintenance or load reduction of some PX plants. Demand is supported by new PTA plants and improved terminal orders. However, the short - term rebound space of PX is limited due to weak oil price support [14]. - PTA: The spot basis is weak due to increased supply from load recovery and new capacity. The futures market is relatively firm but limited by the lack of substantial policies and weak cost - side expectations [14]. - Ethylene Glycol (MEG): Upward momentum is weakened by factors such as port conditions, plant restarts, and weak cost. The supply structure in the far - month is still weak [14]. - Short - fiber: Supply remains high, and demand has improved, leading to inventory reduction. However, the rebound space is limited due to weak downstream chasing willingness and compressed processing fees [14]. - Polyester Bottle - chip: Demand is weak in the off - season, and it is likely to enter a seasonal inventory accumulation period. The processing fee is expected to decline [14]. Summary by Directory Polyolefin (LLDPE & PP) - Price and Spread: On October 28, L2601 closed at 7051, down 0.56% from the previous day; PP2601 closed at 6657, down 0.63%. The spread between L2509 - 2601 increased by 22.11%, and PP2509 - 2601 increased by 12.68% [2]. - Inventory: PE enterprise inventory decreased by 2.81% to 51.5, and social inventory decreased slightly by 0.04% to 54.5 million tons. PP enterprise inventory decreased by 5.92% to 63.9 million tons, and trader inventory decreased by 15.74% to 22.0 million tons [2]. -开工: PE装置开工率 decreased by 0.37% to 81.5%, and downstream加权开工率 increased by 1.85% to 45.8%. PP装置开工率 decreased by 2.9% to 75.9%, while the powder开工率 increased by 7.1% to 41.4%, and downstream加权开工率 increased by 1.0% to 52.4 [2]. Methanol - Price and Spread: On October 28, MA2601 closed at 2241, down 1.19% from the previous day; MA2605 closed at 2303, down 0.95%. The MA15 spread decreased by 8.77%, and the Taicang basis decreased by 10.00% [3]. - Inventory: Methanol enterprise inventory increased by 0.13% to 36.036, port inventory increased by 1.40% to 151.2 million tons, and social inventory increased by 1.15% to 187.3 [4]. -开工: Upstream domestic enterprise开工 decreased by 0.91% to 75.85, and overseas enterprise开工 decreased by 2.37% to 73.3. Downstream外采MTO装置开工 decreased by 9.48% to 78.1, while some traditional downstream开工 such as formaldehyde and acetic acid increased slightly [5]. Chlor - alkali (PVC & Caustic Soda) - Price and Spread: On October 28, the price of Shandong 32% liquid caustic soda (converted to 100%) remained unchanged at 2500. The price of East China calcium - carbide - based PVC increased by 0.4% to 4620. There are also various changes in futures prices and spreads [8]. - Supply and Demand: Caustic soda industry开工 increased slightly by 0.1% to 85.6, and PVC总开工 decreased by 1.9% to 73.7. Downstream开工 of caustic soda and PVC products has some positive changes, and PVC inventories increased by 14.4% to 63.5 million tons [8]. Pure Benzene - Styrene - Upstream Prices: On October 28, Brent crude oil (December) was at $64.40, down 2.3%; WTI crude oil (December) was at $60.15, down 2.2%. CFR Japan naphtha was at $569, down 2.1%. CFR China pure benzene was at $676, down 2.2% [9]. - Styrene - related Prices: Styrene East China spot price was at 6440, down 1.1%. EB futures 2512 was at 6466, down 1.0%. EB cash flow (non - integrated) improved slightly by 0.8% [10]. - Inventory: Pure benzene inventory in Jiangsu ports decreased by 14.1% to 8.50 million tons, and styrene inventory decreased by 4.7% to 19.30 million tons [12]. -开工: Asian pure benzene开工 remained unchanged at 79.2%, while domestic pure benzene开工 decreased by 3.6% to 72.7%. Some downstream开工 such as phenol remained unchanged, and others had slight changes [13]. Polyester Industry Chain - Upstream Prices: On October 28, Brent crude oil (December) was at $64.40, down 1.9%; WTI crude oil (December) was at $60.15, down 1.9%. CFR Japan naphtha was at $569, down 1.6%. CFR China MX was at $684, down 1.6% [14]. - PX - related Prices: CFR China PX was at $814, down 1.2%. PX spot price (in RMB) was at 6848, down 2.4%. PX basis (01) decreased by 84.0% [14]. - Product Prices and Cash Flows: POY150/48 price increased by 0.2% to 6415, and its cash flow decreased by 5.9%. FDY150/96 price increased by 0.5% to 7100, and its cash flow increased by 4.4% [14]. -开工: Asian PX开工 increased by 0.5% to 78.5%, and Chinese PX开工 increased by 1.0% to 85.9%. PTA开工 increased by 2.1% to 78.8%, and MEG综合开工 decreased by 3.9% to 73.3% [14].

Investment Rating - The investment rating for Hengli Petrochemical is "Buy" (maintained) [1] Core Views - The company reported better-than-expected performance in Q3 2025, with a significant increase in net profit compared to the previous quarter, driven by inventory gains and improved gross margins [6] - The "anti-involution" policy is expected to accelerate the exit of small refineries, improving the refining landscape and providing substantial recovery potential for the refining sector [6] - The polyester sector is facing challenges due to oversupply, but industry cooperation is anticipated to lead to a recovery in profitability [6] - The company has concluded large capital expenditures, and with improving cash flow, dividends are expected to increase, currently yielding 3.1% [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 243.57 billion, with a year-on-year growth rate of 3.0% [5] - Net profit attributable to shareholders is forecasted to be 8.04 billion in 2025, reflecting a 14.2% increase year-on-year [5] - Earnings per share are expected to be 1.14 yuan in 2025, with a projected PE ratio of 15 [5] - The gross margin for Q3 2025 was reported at 16.36%, an increase of 8.58 percentage points year-on-year [6] - The company’s return on equity (ROE) is expected to improve from 11.5% in 2025 to 14.7% by 2027 [5] Company Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 157.38 billion, down 11.46% year-on-year, but net profit was 5.02 billion, only down 1.61% year-on-year [6] - In Q3 2025, the company’s revenue was 53.50 billion, a decrease of 17.98% year-on-year but an increase of 14.15% quarter-on-quarter [6] - The refining margin for Q3 2025 was estimated at 1,575 yuan/ton, up 219 yuan/ton from the previous quarter [6]

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346) [6] Core Views - The company's performance exceeded expectations, with a notable recovery in Q3 2025 driven by "anti-involution" policies that are expected to enhance the refining landscape [6] - The report anticipates a significant recovery in refining margins due to the exit of less competitive domestic refineries and a decline in overseas refining capacity [6] - The company has completed major capital expenditures, leading to improved cash flow and increased dividends for shareholders, with a current dividend yield of 3.1% [6] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 243.57 billion, with a year-on-year growth rate of 3.0% [5] - Net profit attributable to shareholders is expected to reach 8.04 billion in 2025, reflecting a 14.2% increase year-on-year [5] - Earnings per share (EPS) is forecasted to be 1.14 yuan in 2025, with a projected price-to-earnings (PE) ratio of 15 times [5] - The gross margin is expected to be 11.3% in 2025, with a return on equity (ROE) of 11.5% [5] - The company achieved a gross margin of 16.36% in Q3 2025, up 8.58 percentage points year-on-year [6] Market Data - As of October 27, 2025, the closing price of the stock is 17.07 yuan, with a market capitalization of 120.157 billion [6] - The stock has a price-to-book ratio of 1.9 and a dividend yield of 3.1% based on the most recent dividend announcements [6]

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating [1][2] 2) Core Viewpoints - PTA prices rebounded rapidly due to policy expectations, with cost support from rising crude oil prices, high polyester downstream demand, and potential overseas demand recovery after positive signals from China - US economic and trade negotiations [2] - The price of ethylene glycol is under continuous pressure due to low port inventory, limited port arrivals, expected decline in overseas imports, and domestic device commissioning, but the overall polyester inventory is in good condition and downstream weaving load is maintained [2] - It is expected that polyester will run weakly as the polyester peak season is ending and the fundamentals of crude oil are declining [2] 3) Summary by Relevant Catalogs Market Data - INE crude oil price increased from 464.9 yuan/barrel on October 24, 2025, to 468.9 yuan/barrel on October 27, 2025, with a change of 4.00 yuan/barrel [2] - PTA - SC increased from 1139.5 yuan/ton to 1208.5 yuan/ton, with a change of 68.93 yuan/ton; PTA/SC ratio increased from 1.3373 to 1.3546, with a change of 0.0174 [2] - CFR China PX increased from 815 to 821, with a change of 6; PX - naphtha spread increased from 234 to 240, with a change of 6 [2] - PTA main contract futures price increased from 4518 yuan/ton to 4616 yuan/ton, with a change of 98.0 yuan/ton; PTA spot price increased from 4450 to 4505, with a change of 55.0 yuan/ton [2] - PTA spot processing fee increased from 75.9 yuan/ton to 111.7 yuan/ton, with a change of 35.8 yuan/ton; PTA futures processing fee increased from 153.9 yuan/ton to 222.7 yuan/ton, with a change of 68.8 yuan/ton [2] - MEG main contract futures price increased from 4077 yuan/ton to 4109 yuan/ton, with a change of 32.0 yuan/ton; MEG - naphtha was at (131.72) yuan/ton on October 24 and (131.91) yuan/ton on October 27, with a change of - 0.2 yuan/ton [2] - MEG domestic price decreased from 4187 to 4183, with a change of - 4.0 yuan/ton [2] Industry Chain Operating Conditions - PX operating rate remained at 84.62%; PTA operating rate remained at 79.46%; MEG operating rate increased from 61.89% to 63.50%, with a change of 1.61% [2] - Polyester load decreased from 89.38% to 89.28%, with a change of - 0.10% [2] Product Price and Cash - flow - POY150D/48F price remained at 6400; POY cash - flow decreased from (57) to (103), with a change of - 46.0 [2] - FDY150D/96F price remained at 6655; FDY cash - flow decreased from (302) to (348), with a change of - 46.0 [2] - DTY150D/48F price increased from 7720 to 7730, with a change of 10.0; DTY cash - flow decreased from 63 to 27, with a change of - 36.0 [2] - Long - filament sales decreased from 101% to 70%, with a change of - 31% [2] - 1.4D direct - spun polyester staple fiber price increased from 6400 to 6405, with a change of 5; polyester staple fiber cash - flow decreased from 293 to 252, with a change of - 41.0 [2] - Short - fiber sales decreased from 83% to 68%, with a change of - 15% [2] - Semi - bright chip price increased from 5525 to 5545, with a change of 20.0; chip cash - flow decreased from (32) to (58), with a change of - 26.0 [2] - Chip sales increased from 54% to 222%, with a change of 168% [2] Device Maintenance - A 2.2 - million - ton PTA device in East China slightly reduced its load, and the recovery time is to be tracked [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The prices of most energy and chemical products are expected to be volatile. Specifically, the price of crude oil is expected to return to a volatile state due to OPEC+'s production increase plan and concerns about weak demand; the prices of fuel oil, asphalt, polyester, rubber, methanol, polyolefin, and polyvinyl chloride are also expected to be volatile due to various factors such as supply and demand and cost [1][2][3][4][5] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Monday, oil prices fluctuated weakly. The WTI December contract closed down $0.19 to $61.31 per barrel, a decline of 0.31%. The Brent December contract closed down $0.32 to $65.62 per barrel, a decline of 0.49%. The SC2512 closed at 464.9 yuan per barrel, down 3.5 yuan per barrel, a decline of 0.75%. OPEC+ tends to moderately increase production in December. Eight member countries have increased their production targets by a total of 2.7 million barrels per day through a series of monthly production increases, accounting for about 2.5% of global supply. The market's concern about weak demand continues to suppress oil prices, and it is expected that oil prices will return to a volatile state in the short term [1] - **Fuel Oil**: On Monday, the main fuel oil contract FU2601 on the Shanghai Futures Exchange closed up 1.28% at 2,842 yuan per ton; the main low-sulfur fuel oil contract LU2512 closed up 1.8% at 3,275 yuan per ton. Due to weak downstream demand and sufficient recent supply, the Asian low-sulfur market structure has weakened. The Asian high-sulfur market is expected to remain stable. In the short term, the absolute prices of FU and LU will rebound following the cost side, and attention should be paid to the fluctuations of oil prices under the influence of macro factors [2] - **Asphalt**: On Monday, the main asphalt contract BU2601 on the Shanghai Futures Exchange closed down 0.03% at 3,295 yuan per ton. From the perspective of refinery production schedules in early November, the supply pressure will be alleviated. In the short term, the absolute price of BU will rebound following the cost side, and attention should be paid to the fluctuations of oil prices under the influence of macro factors [2] - **Polyester**: TA601 closed at 4,616 yuan per ton yesterday, up 2.17%; EG2601 closed at 4,109 yuan per ton yesterday, up 0.78%. The production and sales of polyester yarn in Zhejiang and Jiangsu are generally good, with an average production and sales estimate of about 70%. The fundamentals of TA and EG have improved. In the short term, the prices of polyester products are expected to be volatile [2][3] - **Rubber**: On Monday, the main Shanghai rubber contract RU2601 rose 45 yuan per ton to 15,380 yuan per ton, and the main NR contract rose 35 yuan per ton to 12,540 yuan per ton. The inventory of natural rubber in Qingdao has decreased. Macroscopically, the Sino-US economic and trade negotiations have reached a preliminary consensus, and it is expected that rubber prices will be strongly volatile [3] - **Methanol**: On Monday, the spot price in Taicang was 2,230 yuan per ton. In the short term, the port supply is still relatively high, and the short-term rebound of crude oil has a positive impact on the valuation of chemicals. Therefore, the performance of methanol may tend to be volatile [4] - **Polyolefin**: On Monday, the mainstream price of East China拉丝 was 6,560 - 6,650 yuan per ton. In the short term, the production will remain high, and the marginal increase in demand will gradually decline. The short-term rebound of crude oil supports the valuation, but the fundamental driving force is weakening. It is expected that polyolefin prices will enter a volatile stage [4] - **Polyvinyl Chloride**: On Monday, the price of the PVC market in East China fluctuated slightly. The supply remains at a high level, the domestic demand has slowed down, and the export is expected to be weak. The price has a demand for phased repair, but the rebound height is limited under the suppression of high inventory [5] 3.2 Daily Data Monitoring - The report provides the basis data of various energy and chemical products on October 28, 2025, including spot prices, futures prices, basis, basis rates, and their changes and historical quantiles [6] 3.3 Market News - Market participants said that OPEC+ tends to moderately increase production in December to regain market share. Eight member countries have increased their production targets by a total of 2.7 million barrels per day through a series of monthly production increases, accounting for about 2.5% of global supply [10] - Morgan Stanley said that the fundamentals of the oil market are expected to return to balance from an oversupply state in the second half of next year [10] 3.4 Chart Analysis - **Main Contract Prices**: The report provides the closing price charts of the main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low-sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, short fiber, LLDPE, polypropylene, PVC, methanol, rubber, synthetic rubber, European line container shipping, paraxylene, and bottle chips [12][13][14][15][16][18][19][20][22][23] - **Main Contract Basis**: The report provides the basis charts of the main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low-sulfur fuel oil, asphalt, ethylene glycol, PP, LLDPE, natural rubber, 20 - number rubber, paraxylene, synthetic rubber, and bottle chips [24][26][30][32][33][36] - **Inter - period Contract Spreads**: The report provides the spread charts of inter - period contracts of various energy and chemical products, including fuel oil, asphalt, European line container shipping index, PTA, ethylene glycol, PP, LLDPE, and natural rubber [38][40][43][46][49][50][53] - **Inter - variety Spreads**: The report provides the spread charts of inter - variety contracts of various energy and chemical products, including crude oil internal and external markets, crude oil B - W spread, fuel oil high - low sulfur spread, fuel oil/asphalt ratio, BU/SC ratio, ethylene glycol - PTA spread, PP - LLDPE spread, and natural rubber - 20 - number rubber spread [55][59][61][62] - **Production Profits**: The report provides the production profit charts of various energy and chemical products, including ethylene - based ethylene glycol cash flow, PP production profit, and LLDPE production profit [64][66] 3.5 Team Member Introduction - The report introduces the members of the energy and chemical research team of Everbright Futures, including Zhong Meiyan, Du Bingqin, Di Yilin, and Peng Haibo, and their positions, educational backgrounds, honors, and work experiences [69][70][71][72]