Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core Views - PTA: The PTA futures market is expected to oscillate in the short - term, mainly influenced by the cost side. The processing fee remains low, leading to frequent changes in PTA plant loads, and the spot basis is running weakly. The downstream weaving start - up rate is rising slowly [2]. - MEG: The ethylene glycol market is expected to experience short - term shock adjustments. Port inventories have been accumulating since October. Although the cost pressure of oil - based production has eased, coal and natural gas prices are squeezing the coal - based and gas - based production routes. The orders in the weaving market are differentiated, and the demand for winter warm - keeping fabrics is gradually picking up [3]. 3) Summary by Related Catalogs PTA - **Market Condition**: On October 21, the basis of the main contract TA2601 was - 85 yuan/ton, down 11 yuan/ton from the previous day. The market price in East China was 4325 yuan/ton, down 15 yuan/ton from the previous trading day [2]. - **Fundamentals**: The cost side, crude oil, is oscillating downward. The PTA capacity utilization rate is 75.98%, unchanged from the previous day. There have been many maintenance and changes in devices under low processing fees recently. The PTA factory inventory days this week are 4.08 days, a decrease of 0.14 days compared to the previous week [2]. - **Main Force Trends**: There are differences between long and short main forces [2]. MEG - **Market Condition**: On October 21, the basis of the main contract eg2601 was 72 yuan/ton, up 2 yuan/ton from the previous day. The market price in East China was 4075 yuan/ton, down 25 yuan/ton from the previous trading day [3]. - **Fundamentals**: The cost side, crude oil, is oscillating downward, and coal prices are falling. The total inventory of MEG ports in East China this week is 49.3 tons, an increase of 4.99 tons compared to the previous week [3]. - **Main Force Trends**: The long main force has increased positions [3].

Core Viewpoint - The Dalian Commodity Exchange (DCE) has announced the launch of monthly average price futures for linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC), and polypropylene (PP), starting from October 28, 2023, marking a significant development in risk management tools for the domestic commodity futures market [1][6]. Group 1: Product Launch Details - The monthly average price futures will fill a gap in domestic average price risk management tools and facilitate long-cycle trade in the chemical industry through an innovative cash settlement mechanism [1][6]. - The trading unit for these futures contracts is set at 5 tons per contract, with a minimum price fluctuation of 1 yuan per ton, and the contracts will cover months from January to December [1][2]. - The initial contracts available for trading will be for the months of 2602, 2603, and 2604, with the base price determined by the corresponding physical delivery futures settlement price on October 28 [2]. Group 2: Trading and Settlement Mechanism - The cash settlement method will allow for direct payment of profits and losses between the parties based on the settlement price, complementing the existing physical delivery futures [2][3]. - The last trading day and last delivery day for the monthly average price futures will be the same, specifically the last trading day of the month prior to the contract month [2]. Group 3: Risk Management and Pricing Mechanism - The risk control system for the monthly average price futures will maintain consistency with existing physical delivery futures in terms of margin requirements and price limits, with stricter position limits for non-futures company members [3]. - The pricing mechanism will utilize a "phased calculation" model to ensure fair pricing and mitigate market manipulation risks, transitioning from direct anchoring to an average pricing model as the contract approaches expiration [4]. Group 4: Market Impact and Industry Response - The launch of these futures is expected to enhance pricing strategies for companies engaged in spot trading, providing a fair average price signal and enabling more diverse risk management strategies [6]. - Industry representatives have indicated that the introduction of monthly average price futures will positively impact the pricing influence of China's plastic industry in international markets, supporting high-quality development [6].

Core Viewpoint - The Dalian Commodity Exchange has announced the launch of monthly average futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene, set to begin trading on October 28, 2025 [2]. Listing and Trading Details - The trading of the three chemical monthly average futures will commence on October 28, 2025, at 21:00, with a pre-trading session from 20:55 to 21:00 [2]. - The first batch of contracts for linear low-density polyethylene includes L2602F, L2603F, and L2604F [3]. - The first batch of contracts for polyvinyl chloride includes V2602F, V2603F, and V2604F [4]. - The first batch of contracts for polypropylene includes PP2602F, PP2603F, and PP2604F [5]. Pricing and Margin Requirements - The listing benchmark price for the three chemical monthly average futures contracts will be based on the settlement price on October 28, 2025 [6]. - The trading margin ratio and price fluctuation limits for the three chemical monthly average futures will align with the corresponding contracts [6]. Trading Features - The three chemical monthly average futures will support arbitrage trading instructions, including same-species inter-period arbitrage and cross-species arbitrage [7]. - The trading fee for the three chemical monthly average futures is set at 1 yuan per contract, with a hedging transaction fee of 0.5 yuan per contract [8]. Reporting and Limits - Daily settlement will include the publication of relevant transaction volume and open interest for the contracts [12]. - The trading limits for linear low-density polyethylene contracts are set at 8,000 lots, for polyvinyl chloride at 18,000 lots, and for polypropylene at 10,000 lots [13]. - The position limits will follow the Dalian Commodity Exchange's risk management regulations, with specific limits based on the time period [14].

10月20日，国内期市能化板块多数飘绿。其中，PTA期货呈现震荡下行走势，截至发稿主力合约小幅下 挫0.90%，报4384.00元/吨。 需求端，创元期货分析称，目前织造端秋冬订单环比9月份回暖，以"小批量、多批次"的秋冬面料补单 为主，整体增量不明显，织造端原料备货数据表现一般，原料阴跌的背景下，厂商多选择消耗现有库 存。聚酯端负荷变动有限，截至最新，聚酯周度开机负荷约：87.78%。预估10月内聚酯开机负荷整体 维持稳定。 库存方面，据瑞达期货介绍，本周PTA工厂库存在4.08天，较上周-0.14天，较去年同期-0.54天；聚酯工 厂PTA原料库存在7.35天，较上周+1.15天，较去年同期-1.35天。 展望后市，广州期货表示，近期PTA低加工费下装置负荷开工不高，虽面临旺季预期，但成本支撑不足 及后期PTA供应偏宽松格局下，聚酯类期价偏空，PTA2601合约运行区间4350-4800。 供应端，华联期货指出，上周装置开工率降低，周内恒力石化计划内减停，逸盛新材料小幅提负。今年 新增产能压力仍偏高，目前已新投产570万吨，关注四季度新凤鸣300万吨投产进度。 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Polyolefin futures are oscillating at a low level. In the medium - term, the market focuses more on the actual demand fulfillment and potential industrial policy changes on the supply side of polyolefins in the fourth quarter. Currently, due to the continued Sino - US game, crude oil is under pressure, weakening cost support. In the short - term, polyolefin prices fluctuate passively with the cost side, and market sentiment is cautious. However, after continuous declines, the decline speed of chemical products may slow down [2] Group 3: Summary by Related Catalogs Futures Market - **Price and Fluctuation**: For LL, the previous day's closing prices for January, May, and September contracts were 6929, 6968, and 7004 respectively, with increases of 19, 23, and 7, and涨幅 of 0.27%, 0.33%, and 0.10% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6618, 6670, and 6691 respectively, with increases of 23, 22, and 19, and涨幅 of 0.35%, 0.33%, and 0.28% respectively [2] - **Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 239611, 22986, and 234 respectively, and the open interests were 566645, 60931, and 662 respectively, with open interest changes of - 2181, 662, and 44 respectively. For PP, the trading volumes for January, May, and September contracts were 264044, 23995, and 804 respectively, and the open interests were 661984, 115861, and 3936 respectively, with open interest changes of - 5795, 2387, and 279 respectively [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January are - 39, - 36, and 75 respectively, compared with previous values of - 35, - 52, and 87. For PP, the current spreads of January - May, May - September, and September - January are - 52, - 21, and 73 respectively, compared with previous values of - 53, - 24, and 77 [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film are 2321 yuan/ton, 6215 yuan/ton, 533 dollars/ton, 5600 yuan/ton, 6500 yuan/ton, and 8800 yuan/ton respectively, compared with previous values of 2301 yuan/ton, 6260 yuan/ton, 531 dollars/ton, 5600 yuan/ton, 6510 yuan/ton, and 8800 yuan/ton [2] - **Mid - stream Spot**: For LL, the current price ranges in the East China, North China, and South China markets are 6950 - 7500 yuan/ton, 6900 - 7150 yuan/ton, and 7150 - 7600 yuan/ton respectively, compared with previous ranges of 6950 - 7550 yuan/ton, 6950 - 7250 (8100 - 8250) yuan/ton, and 7150 - 7600 yuan/ton. For PP, the current price ranges in the East China, North China, and South China markets are 6450 - 6650 yuan/ton, 6500 - 6600 yuan/ton, and 6500 - 6650 yuan/ton respectively, which are the same as the previous ranges [2] News - On Thursday (October 16), the settlement price of West Texas Light Crude Oil futures for November 2025 on the New York Mercantile Exchange was $57.46 per barrel, the lowest since May 5, down $0.81 or 1.39% from the previous trading day, with a trading range of $57.26 - $59.11. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $61.06 per barrel, also the lowest since May 5, down $0.85 or 1.37% from the previous trading day, with a trading range of $60.84 - $62.75 [2]

1. Report Industry Investment Rating - No information provided about the industry investment rating in the given content 2. Core Viewpoints of the Report - For pure benzene, the port destocking rate has slowed down, domestic production capacity utilization has declined, and downstream capacity utilization has decreased with inventory pressure in some products [2] - For styrene, the absolute level of port inventory remains high, downstream capacity utilization has a mixed performance with high finished - product inventory pressure, and there are both maintenance and new - device commissioning situations, along with increasing import pressure [2] - The recommended strategies are to short - hedge BZ and EB on rallies, and to do reverse spreads on the EB2511 - EB2512 spread on rallies [3] 3. Summary Based on Relevant Catalogs I. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Pure benzene: The main contract basis is - 29 yuan/ton (- 75), and the spot - M2 spread is 50 yuan/ton (+ 0) [1] - Styrene: The main contract basis is - 65 yuan/ton (- 65 yuan/ton) [1] II. Pure Benzene and Styrene Production Profits and Internal - External Spreads - Pure benzene: The CFR China processing fee is 139 dollars/ton (+ 4 dollars/ton), and the FOB Korea processing fee is 124 dollars/ton (+ 4 dollars/ton) [1] - Styrene: The non - integrated production profit is - 582 yuan/ton (+ 6 yuan/ton) and is expected to gradually compress [1] III. Pure Benzene and Styrene Inventories and Capacity Utilization Rates - Pure benzene: The port inventory is 9.00 million tons (- 0.10 million tons), and the domestic capacity utilization rate has declined [1][2] - Styrene: The East China port inventory is 196,500 tons (- 5,400 tons), the East China commercial inventory is 121,500 tons (+ 5,100 tons), and the capacity utilization rate is 71.9% (- 1.7%) [1] IV. Styrene Downstream Capacity Utilization and Production Profits - EPS: The production profit is 280 yuan/ton (+ 5 yuan/ton), and the capacity utilization rate is 62.52% (+ 21.78%) [2] - PS: The production profit is - 170 yuan/ton (- 45 yuan/ton), and the capacity utilization rate is 53.80% (- 0.80%) [2] - ABS: The production profit is - 251 yuan/ton (- 64 yuan/ton), and the capacity utilization rate is 73.10% (+ 0.60%) [2] V. Pure Benzene Downstream Capacity Utilization and Production Profits - Caprolactam: The production profit is - 1,865 yuan/ton (- 35), and the capacity utilization rate is 92.41% (- 3.59%) [1] - Phenol - acetone: The production profit is - 526 yuan/ton (+ 0), and the phenol capacity utilization rate is 78.00% (+ 0.00%) [1] - Aniline: The production profit is 826 yuan/ton (+ 348), and the capacity utilization rate is 75.73% (- 1.43%) [1] - Adipic acid: The production profit is - 1,279 yuan/ton (+ 9), and the capacity utilization rate is 59.10% (- 7.80%) [1]

Core Viewpoint - The significant decline in styrene futures prices since late September is attributed to multiple factors, including a sharp drop in oil prices and weak fundamentals in the styrene market [1][2]. Group 1: Price Decline Factors - Styrene futures prices began to decline from a high of 7831 yuan/ton in late June 2025, reaching a low of 6437 yuan/ton by October 16 [1]. - The drop in oil prices is a major factor affecting styrene prices, driven by geopolitical risks, trade tensions, and an oversupply situation as the demand season ends [1][2]. - The overall chemical product prices have also fallen due to macroeconomic disturbances and OPEC+ production increases, impacting styrene prices [1]. Group 2: Supply and Inventory Dynamics - Styrene's weak fundamentals are reflected in rising port inventories and a marginal weakening in the upstream pure benzene supply-demand balance [2]. - As of mid-October, styrene inventories at East China ports were around 200,000 tons, significantly higher than the approximately 40,000 tons from the same period last year, marking a five-year high [2]. - Despite maintenance activities reducing production slightly, the overall supply remains high, and demand has also decreased, leading to a continued oversupply situation [2][3]. Group 3: Industry Chain Analysis - The basic fundamentals of pure benzene, the direct raw material for styrene, are also weak, with expectations of declining demand due to losses in downstream products [3]. - High hidden inventories of pure benzene, concentrated in styrene plants, are expected to keep production rates high, as plants are unlikely to significantly reduce output to maintain market share [3]. - The entire industry chain, including pure benzene, styrene, and downstream synthetic materials, is experiencing historically high inventory levels, which will take time to alleviate [3]. Group 4: Market Outlook - Short-term reversal of styrene prices is considered difficult, with potential for a temporary rebound due to supply constraints from geopolitical factors [4]. - For a price reversal to occur, improvements in oil prices, upstream pure benzene fundamentals, and downstream orders are necessary [5]. - The likelihood of a decrease in styrene inventory and low valuation suggests that overly bearish views may not be warranted, although new production capacity and oil price declines pose challenges [5].

Report Industry Investment Ratings - Urea: Bullish [1] - Methanol: Bearish [1] - Pure Benzene: Bullish [1] - Styrene: Bearish [1] - Polypropylene: Bearish [1] - Plastic: Bullish [1] - PVC: Bearish [1] - Caustic Soda: Bullish [1] - PX: Bullish [1] - PTA: Bearish [1] - Ethylene Glycol: Bearish [1] - Short Fiber: Bearish [1] - Glass: Bullish [1] - Soda Ash: Bearish [1] - Bottle Chip: Bullish [1] - Propylene: Bearish [1] Core Views - The overall chemical market is affected by multiple factors such as oil prices, trade frictions, and supply - demand relationships, with different product trends varying [2][3][5] - Some products are facing supply pressure, while others are influenced by demand changes and cost fluctuations Summary by Relevant Catalogs Olefins - Polyolefins - Propylene futures prices decline due to lower oil prices and weak demand [2] - Plastic and polypropylene futures prices are under pressure, with supply increase expectations and inventory digestion pressure [2] Pure Benzene - Styrene - Pure benzene is affected by oil prices and trade frictions, with a complex market situation [3] - Styrene futures prices continue to decline, with supply increments exceeding demand improvements [3] Polyester - PX and PTA prices are weak but the impact of trade frictions is weakening, and long - term supply - demand is under pressure [5] - Ethylene glycol's downward space depends on the energy market, and there are trading suggestions for spreads [5] - Short fiber prices decline slightly, and bottle chip may face weakening demand [5] Coal Chemical Industry - Methanol prices rise due to potential import reduction, and the market may be strong in the short term [6] - Urea supply is high, and the demand is weak, with a likely weak market [6] Chlor - Alkali - PVC may have a weak and oscillating trend due to trade frictions and supply pressure [7] - Caustic soda may oscillate strongly with supply pressure relief and potential downstream demand [7] Soda Ash - Glass - Soda ash prices oscillate, with an oversupply situation in the long term [8] - Glass prices are weak, with high inventory and cautious operation suggestions [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - After the holiday, the sentiment in the chemical market was poor, and soda ash followed the sector with weak fluctuations. During the domestic long - holiday, soda ash production facilities had narrow adjustments, with individual companies having short - term shutdowns, resulting in a narrow decline in supply. Downstream demand was mediocre, and overall purchasing enthusiasm was low, with limited fundamental drivers. Given the fundamental situation of oversupply, it is expected that the short - term soda ash futures market may continue to fluctuate weakly. Attention should be paid to the progress of the second - phase capacity release of Yuanxing and the restocking situation of downstream enterprises [7][8] 3. Summary by Directory 3.1 Futures Market - **Contract行情**: On October 9, 2025, the soda ash futures fluctuated downward. The opening price of soda ash 2601 (SA601) was 1256 yuan/ton, the highest price was 1268 yuan/ton, the lowest price was 1237 yuan/ton, and the closing price was 1250 yuan/ton, a decrease of 22 yuan/ton or 1.73% from the previous trading day's settlement price. The trading volume was 756,000 lots, a decrease of 27,000 lots from the previous day, and the open interest was 1,317,000 lots, an increase of 67,000 lots from the previous day [2] - **Variety Price**: The opening, highest, lowest, and closing prices of different soda ash futures contracts on October 9, 2025, are provided, including soda ash 2609, soda ash 2601 M, and soda ash 2605 [4] 3.2 Spot Market - On October 9, 2025, the domestic soda ash spot market quotes are presented in a price summary table, but the specific prices in the table are not detailed in the text [5] 3.3 Influencing Factors - **Industry Chain - Related**: On October 9, 2025, the spot price of 5.00mm large - size glass in North China was reported at 1230 yuan/ton [6] - **Fundamental - Related**: As of October 9, 2025, the total domestic soda ash inventory was 1.6598 million tons, an increase of 59,900 tons compared to before the holiday. Among them, the inventory of light soda ash was 739,100 tons, a month - on - month increase of 42,400 tons, and the inventory of heavy soda ash was 920,700 tons, a month - on - month increase of 17,500 tons [6] 3.4 Market Outlook - Due to the fundamental situation of oversupply, the short - term soda ash futures market is expected to continue to fluctuate weakly. Attention should be paid to the progress of the second - phase capacity release of Yuanxing and the restocking situation of downstream enterprises [8]

Group 1 - The core viewpoint of the news is the introduction of monthly average price futures for low-density polyethylene, polyvinyl chloride, and polypropylene to enhance risk management tools in the plastic industry [1] - The Dalian Commodity Exchange, in collaboration with local associations, held a seminar to discuss the application scenarios and business plans for these futures [1] - Over 80 representatives from relevant industries and futures trading institutions participated in the seminar, indicating strong interest and support for the new financial instruments [1] Group 2 - The Dalian Commodity Exchange provided a systematic introduction to the contract rules, application cases, and the current development of chemical options markets [1] - Industry representatives expressed optimism about the monthly average price futures aiding chemical companies in managing price risks more accurately [1] - The Ningbo Securities and Futures Industry Association emphasized its role in facilitating communication and promoting a favorable environment for the integration of industry and finance [2]