氯碱产业期现日报 投资咨询业务资格:证监许可 [2011] 1292号 2025年9月29日 移诗语 Z0017002 | PVC、烧碱现货&期货 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 9月26日 | 9月25日 | 涨跌 | 涨跌幅 | 单位 | | 山东32%液碱折百价 | 2500.0 | 2500.0 | 0.0 | 0.0% | | | 山东50%液碱折百价 | 2600.0 | 2600.0 | 0.0 | 0.0% | | | 华东电石法PVC市场价 | 4740.0 | 4760.0 | -20.0 | -0.4% | | | 华东乙烯法PVC市场价 | 5000.0 | 5000.0 | 0.0 | 0.0% | | | SH2509 | 2661.0 | 2668.0 | -7.0 | -0.3% | | | SH2601 | 2528.0 | 2537.0 | -9.0 | -0.4% | 元/吨 | | SH基美 | -161.0 | -168.0 | 7.0 | -4.2% | | | SH2509-2601 ...

Key Points of the Report Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. Core Viewpoints of the Report - The Chinese capital market is in the initial stage of strategic allocation, with the 9 - month stock index in a high - level consolidation phase after continuous growth. The CSI 500 and CSI 1000 indices are more offensive, while the SSE 50 and SSE 300 are more defensive [2][12]. - For bonds, it is recommended to be bearish on long - term bonds and remain on the sidelines for short - term bonds, as the central bank's policy adjustment awaits central government deployment, and the equity market is strengthening [14]. - In the energy and chemical sector, the outlook for various products varies. For example, crude oil's future depends on OPEC's production increase; methanol is short - term bearish; rubber is expected to fluctuate within a range; and polyolefins may continue to oscillate in a low - level range [15][16][17][19]. - Regarding metals, copper is supported in the long - term due to potential supply shortages; zinc may fluctuate weakly in the short - term; and lithium carbonate may oscillate in the short - term with demand and inventory factors at play [21][22][23]. - In the agricultural product sector, protein meal may oscillate at a low level; some oils are showing signs of rebound; and cotton and sugar are expected to have complex short - term trends influenced by supply and demand [27][28][30][31]. - The shipping index of container shipping to Europe may be in a short - term oscillatory pattern, with the focus on shipping companies' price increases and capacity adjustment [32]. Summaries by Related Catalogs 1. Macroeconomic Situation - From January to August, the total profit of Chinese industrial enterprises above designated size was 4.69297 trillion yuan, a year - on - year increase of 0.9%. In August, the profit increased by 20.4% year - on - year, compared with a 1.5% decline in the previous month. The equipment manufacturing industry was a major driver, with 7 out of 8 sub - industries seeing profit growth [1]. - The US core PCE price index in August increased by 2.9% year - on - year and 0.2% month - on - month, in line with expectations. Real consumer spending increased by 0.4% for the third consecutive month, exceeding the expected 0.2% [1]. 2. Key Varieties Analysis Financial - **Stock Index**: The US three major indices rose, while the previous trading day's stock index declined. The oil and petrochemical sector led the gain, and the computer sector led the decline, with a market turnover of 2.17 trillion yuan. On September 25, the margin trading balance increased by 13.288 billion yuan to 2.427411 trillion yuan [2][12]. - **Treasury Bonds**: Treasury bonds rose slightly. The central bank continued to inject medium - term liquidity, but the cross - festival capital tightened. The profit of industrial enterprises above designated size in August increased significantly. The Fed restarted interest rate cuts, and the US GDP growth rate was revised up. It is recommended to be bearish on long - term bonds and remain on the sidelines for short - term bonds [13][14]. Energy and Chemical - **Crude Oil**: The SC night session rose 1.21%. Russia will impose a partial ban on diesel exports by the end of the year and extend the gasoline export ban. The global decline rate of oil and gas field production has accelerated. Attention should be paid to OPEC's production increase [3][15]. - **Methanol**: Methanol oscillated at night. The average operating load of domestic coal - to - olefin plants increased. Coastal methanol inventory decreased, but it is still at a historical high. Methanol is short - term bearish [16]. - **Rubber**: Natural rubber futures oscillated. Supply in some areas improved, and bonded area inventory decreased. The start - up rate of all - steel tires increased. It is expected to continue to oscillate within a range [17]. - **Polyolefins**: Polyolefins continued to rebound at night. The price generally fluctuated with the cost. It may continue to oscillate in a low - level range, with attention on demand and supply - side policies [18][19]. - **Glass and Soda Ash**: Glass futures declined. The short - term market supply and demand are slowly recovering, and attention is on the supply - side contraction. The inventory of glass and soda ash production enterprises decreased. The market has a positive expectation for the glass industry's supply change [4][20]. Metals - **Copper**: The copper price at night decreased by 0.7%. The concentrate supply has been tight, but the smelting output has been growing. The Indonesian mine accident may lead to a supply shortage, supporting the long - term price [21]. - **Zinc**: The zinc price at night decreased by 1.25%. The zinc concentrate processing fee increased, and the smelting output is expected to rise. The short - term supply may be in surplus, and the price may fluctuate weakly [22]. - **Lithium Carbonate**: Supply and demand both increased, and inventory decreased. The bullish logic has been weakened, and the price may oscillate in the short - term [23]. - **Double Cokes**: The double - coke futures were weak at night. The steel fundamentals put pressure on coking coal, and investors are advised to operate cautiously before the holiday [24]. - **Iron Ore**: Steel mills' demand for iron ore is supported. Global iron ore shipments decreased, and port inventory decreased rapidly. The price is expected to be strong and oscillate [25]. - **Steel**: The steel supply pressure is increasing, and the inventory is accumulating. The export of billets is strong. The market is in a situation of weak supply and demand, with hot - rolled coils stronger than rebar [26]. Agricultural Products - **Protein Meal**: The prices of soybean and rapeseed meal were weak at night. Argentina temporarily cancelled export taxes, but the exemption period has ended. The domestic market may oscillate at a low level [27]. - **Oils**: The price of soybean oil declined slightly at night, while rapeseed and palm oil were strong. After the digestion of the negative news of Argentina's tax cancellation, the oil price rebounded [28]. - **Sugar**: The international sugar market is in a stock - building stage, and the domestic market is supported by high sales - to - production ratio and low inventory, but also dragged by import pressure. Zhengzhou sugar may oscillate after a rebound [30]. - **Cotton**: The international cotton market has supply pressure, and the domestic market is affected by the new cotton harvest. The price may oscillate weakly in the short - term [31]. Shipping Index - **Container Shipping to Europe**: The EC oscillated and declined on Friday. The SCFI European line price decreased. Shipping companies are trying to raise prices, and the contract may shift to the 12 - month contract. It is expected to be in an oscillatory pattern in the short - term [32]. 3. News Summaries - **International News**: Ukrainian drones attacked Russian refineries, causing fuel shortages in some Russian regions. Russia will impose a partial ban on diesel exports and extend the gasoline export ban [3][6][15]. - **Domestic News**: The "Super Golden Week" of the Mid - Autumn Festival and National Day is approaching. The tourism market is booming, with changes in travel patterns and consumer preferences [7]. - **Industry News**: The Ministry of Agriculture and Rural Affairs requires supporting Xinjiang to improve grain production capacity, promote cotton seed breeding, and develop characteristic industries [8][9].

Report Industry Investment Ratings - **Macro - finance**: Long - term bullish on stock indices, recommended to buy on dips; neutral on treasury bonds, recommended to hold a wait - and - see stance [1][5] - **Black building materials**: Neutral on coking coal and rebar, recommended for range trading; bullish on glass, recommended to buy on dips [1][7][8] - **Non - ferrous metals**: Neutral on copper, recommended to trade cautiously before the holiday; bullish on aluminum, recommended to buy on dips; neutral on nickel, recommended to wait and see or short on rallies; neutral on tin, recommended for range trading; neutral on gold and silver, recommended for range trading [1][10][11][18][19] - **Energy and chemicals**: Neutral on PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefin, recommended for range trading; recommended for shorting 01 contract and longing 05 contract in soda ash [1][20][21][23][25][26][27][29][31][32] - **Cotton textile industry chain**: Neutral on cotton and cotton yarn, recommended for range trading; neutral on PTA, recommended for narrow - range trading; bullish on apples, recommended for range - bound and upward trading; bearish on jujubes, recommended for range - bound and downward trading [1][33][34][35] - **Agriculture and livestock**: Bearish on pigs and eggs, recommended to short on rallies; neutral on corn, recommended for range trading; neutral on soybean meal, recommended for weak - range trading; bullish on oils, recommended for bottom - building and slight rebound trading [1][37][39][40][42][43] Core Views - Affected by the weakening of the external market and the pre - holiday effect, the A - share market is cautious, with significant structural differentiation. Stock indices are expected to oscillate in the short term and are bullish in the long term. Treasury bonds are recommended to be observed due to potential long - term downward pressure [5] - The black building materials market is mixed. The coal market is active, while rebar is affected by weak industry and strong macro factors. Glass is expected to be supported by demand in October and is recommended to be bought on dips [7][8] - Non - ferrous metals are affected by various factors such as supply disruptions and macro policies. Copper is expected to be high - range volatile, aluminum is recommended to be bought on dips, nickel is recommended to be shorted on rallies, and tin, gold, and silver are recommended for range trading [10][11][17][18][19] - In the energy and chemical sector, most products are expected to oscillate due to factors such as supply - demand imbalance, cost fluctuations, and policy uncertainties. Soda ash is recommended for a specific arbitrage strategy [20][21][23][25][26][27][29][31][32] - The cotton textile industry chain shows different trends. Cotton and cotton yarn are affected by supply - demand changes, PTA is affected by cost and supply - demand games, apples are expected to be strong, and jujubes are expected to be weak [33][34][35] - In the agriculture and livestock sector, pigs and eggs are under pressure due to supply - demand imbalances. Corn is expected to oscillate, soybean meal is expected to be weak, and oils are expected to rebound slightly [37][39][40][42][43] Summaries by Categories Macro Finance - **Stock Indices**: In the short term, the A - share market is affected by external and pre - holiday factors, with active large - tech sectors and weak small - cap stocks. In the long term, it is bullish, and buying on dips is recommended [5] - **Treasury Bonds**: Although the bond market rebounded on Friday, the long - term downward pressure remains. It is recommended to observe and pay attention to the end - of - month data [5] Black Building Materials - **Coking Coal**: The coal market is active due to factors such as production reduction and price increases. It is recommended for range trading [7] - **Rebar**: The futures price dropped last Friday. It is currently undervalued, but the demand is weak. It is recommended to observe or conduct short - term trading before the holiday [7] - **Glass**: The spot price increased, and the inventory decreased. It is expected to be supported by demand in October. Buying on dips is recommended [8] Non - Ferrous Metals - **Copper**: Affected by the mine accident in Grasberg, the copper price is expected to be high - range volatile. It is recommended to trade cautiously before the holiday [10][11] - **Aluminum**: The alumina price is under pressure, while the electrolytic aluminum demand is in the peak season. Buying on dips is recommended [12][13] - **Nickel**: The nickel supply is in an oversupply situation in the long term. Shorting on rallies is recommended [17] - **Tin**: The tin supply is tight, and the downstream consumption is recovering. Range trading is recommended [18] - **Gold and Silver**: Affected by the US economic data and Fed policy expectations, range trading is recommended [18][19] Energy and Chemicals - **PVC**: The supply is high, and the demand is weak. It is expected to oscillate in the short term, and the 01 contract is recommended to focus on the 4850 - 5050 range [20][21][22] - **Caustic Soda**: The supply and demand are in a balanced state. It is expected to oscillate, and the 01 contract is recommended to focus on the 2450 - 2650 range [22][23] - **Styrene**: The supply is sufficient, and the demand is limited. It is expected to be weak - range volatile, and the 6700 - 7100 range is recommended [25] - **Rubber**: The downstream tire factory's pre - holiday replenishment is completed. It is expected to oscillate weakly, and the 15500 level is recommended as the support [25] - **Urea**: The supply increases, and the demand is scattered. It is recommended to focus on the 01 contract's 1600 - 1630 support [26][27] - **Methanol**: The supply recovers, and the demand increases. It is expected to be strong - range volatile, and the 2330 - 2450 range is recommended [27] - **Polyolefin**: The demand recovers, and the supply increases slightly. It is expected to oscillate in the range, and the LL and PP contracts are recommended to focus on the 7200 - 7500 and 6900 - 7200 ranges respectively [28][29] - **Soda Ash**: It is recommended to short the 01 contract and long the 05 contract due to the expected supply increase [31][32] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The global supply and demand are adjusted, and the future price may face pressure. Range trading is recommended [33] - **PTA**: Affected by oil prices and supply - demand, it is expected to be narrow - range volatile [33][34] - **Apples**: The price of early - maturing apples is firm, and it is expected to be strong - range volatile [34] - **Jujubes**: The market is light, and it is expected to rebound in a range [35] Agriculture and Livestock - **Pigs**: The supply is large, and the price is under pressure. Shorting on rallies is recommended, and attention should be paid to the 05 - 03 arbitrage [37][38] - **Eggs**: The short - term price is under pressure, and shorting on rallies is recommended. The 12 and 01 contracts are recommended to be observed [39] - **Corn**: The new crop supply eases the tight supply situation. A short - selling strategy is recommended, and attention should be paid to the 1 - 5 reverse arbitrage [40][41] - **Soybean Meal**: The supply is sufficient, and the price is expected to be weak - range volatile. Holding long positions on dips is recommended [42] - **Oils**: The palm oil and soybean oil fundamentals have some support, and the rapeseed oil supply has a gap. It is expected to rebound slightly, and attention should be paid to the arbitrage opportunities [43][44][45][46][47][48]

59 61 63 65 67 69 71 6800 6900 7000 7100 7200 7300 7400 7500 聚烯烃 2025年第三季度复盘 求和项:PP主力合约价格 求和项:LLDPE主力合约价格 求和项:WTI现货 OPEC+增产预期压缩成本端，叠加PP新装置投产，聚烯烃弱 基差+高仓单压制下，行情走势偏弱 反内卷预期主导行情，聚烯 烃周期7月下旬迎来一波反 弹 聚烯烃 01合约投产 聚烯烃季报 | | | | | 2025年PE投产表 | | | | | | | | PP投产进度--国产 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 企 业 | | LLDPE HDPE | 全 密 度 | LDPE | LDPE/ EVA | PE合计 | 预计投产时间 | 投产时间 | 地 区 | 省 份 | 企 业 | 生产路径 | 产 能 | 预计投产时 间 | | | 万华化学 | | | | 2 5 | | 2 5 | 2025年 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Options strategies and suggestions are provided for selected varieties in each sector [9]. - A seller - dominated options portfolio strategy, along with spot hedging or covered strategies, should be constructed to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy and chemical futures contracts, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2511) is 495, with a price increase of 6 and a price change rate of 1.21% [4]. 3.2 Options Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of various options are provided, along with their changes. These indicators are used to describe the strength of the options underlying market and the timing of market turning points. For example, the volume PCR of crude oil options is 0.66, with a change of - 0.07, and the open interest PCR is 1.10, with a change of 0.01 [5]. 3.2.2 Pressure and Support Levels - The pressure and support levels of various options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil options is 570, and the support level is 480 [6]. 3.2.3 Implied Volatility - The implied volatility of various options is presented, including at - the - money implied volatility, weighted implied volatility, and its change, annual average implied volatility, call and put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 40.31, and the weighted implied volatility is 43.83, with a change of 5.56 [7]. 3.3 Options Strategies and Suggestions 3.3.1 Energy - related Options - **Crude Oil Options** - **Fundamentals**: OPEC +'s production return plan may exacerbate the supply surplus, but the Russia - Ukraine situation causes supply disruptions. The US EIA apparent demand is weak, and the economic recovery after interest rate cuts needs to be observed [8]. - **Market Analysis**: Since July, crude oil has shown a pattern of weakening, followed by range - bound consolidation, and then a rebound. - **Options Factor Research**: The implied volatility of crude oil options fluctuates at a level slightly higher than the average. The open interest PCR is above 1.00, indicating some support below. The pressure level is 570, and the support level is 480 [8]. - **Options Strategies**: Construct a short neutral call + put options combination strategy for volatility strategies; construct a long collar strategy for spot long - position hedging [8]. - **LPG Options** - **Fundamentals**: The maintenance of PDH plants in China is stable, but the profit of PDH plants has declined significantly. It is expected that the capacity utilization rate will decline after entering the peak season [10]. - **Market Analysis**: LPG has shown a pattern of over - decline and rebound, with pressure above [10]. - **Options Factor Research**: The implied volatility of LPG options has dropped significantly to near the average. The open interest PCR is below 0.80, indicating a weak market. The pressure level is 4500, and the support level is 4200 [10]. - **Options Strategies**: Similar to crude oil options, construct a short neutral call + put options combination strategy for volatility strategies; construct a long collar strategy for spot long - position hedging [10]. 3.3.2 Alcohol - related Options - **Methanol Options** - **Fundamentals**: Port and enterprise inventories of methanol have decreased, and enterprise orders to be delivered have increased due to pre - holiday downstream stocking [10]. - **Market Analysis**: Methanol has shown a weak upward trend with pressure above [10]. - **Options Factor Research**: The implied volatility of methanol options fluctuates around the historical average. The open interest PCR is below 0.80, indicating a weak and volatile market. The pressure level is 2350, and the support level is 2250 [10]. - **Options Strategies**: Construct a short bearish call + put options combination strategy for volatility strategies; construct a long collar strategy for spot long - position hedging [10]. - **Ethylene Glycol Options** - **Fundamentals**: Port inventory of ethylene glycol is expected to be low and volatile in the short term and may enter a stocking cycle later [11]. - **Market Analysis**: Ethylene glycol has shown a weak downward trend [11]. - **Options Factor Research**: The implied volatility of ethylene glycol options fluctuates slightly below the average. The open interest PCR is around 0.70, indicating strong bearish power. The pressure level is 4500, and the support level is 4250 [11]. - **Options Strategies**: Construct a bearish spread combination strategy of put options for directional strategies; construct a short volatility strategy for volatility strategies; construct a long collar strategy for spot long - position hedging [11]. 3.3.3 Polyolefin - related Options - **Polypropylene Options** - **Fundamentals**: The inventory pressure of PP is higher than that of PE, with overall inventory reduction [12]. - **Market Analysis**: Polypropylene has shown a weak downward trend [12]. - **Options Factor Research**: The implied volatility of polypropylene options has decreased to near the average. The open interest PCR is around 0.70, indicating a weak market. The pressure level is 7400, and the support level is 6700 [12]. - **Options Strategies**: Construct a long collar strategy for spot long - position hedging [12]. 3.3.4 Rubber - related Options - **Rubber Options** - **Fundamentals**: Pre - holiday stocking has ended, and the buying sentiment at home and abroad has weakened, leading to a decline in rubber prices [13]. - **Market Analysis**: Rubber has shown a weak and volatile trend [13]. - **Options Factor Research**: The implied volatility of rubber options has risen rapidly and then dropped to near the average. The open interest PCR is below 0.60. The pressure level has dropped significantly to 17000, and the support level is 14500 [13]. - **Options Strategies**: Construct a short bearish call + put options combination strategy for volatility strategies [13]. 3.3.5 Polyester - related Options - **PTA Options** - **Fundamentals**: The weekly production and capacity utilization rate of domestic PTA have decreased, and social inventory has decreased [14]. - **Market Analysis**: PTA has shown a weak downward trend [14]. - **Options Factor Research**: The implied volatility of PTA options fluctuates at a level slightly higher than the average. The open interest PCR is around 0.70, indicating a volatile market. The pressure level is 5000, and the support level is 4600 [14]. - **Options Strategies**: Construct a short bearish call + put options combination strategy for volatility strategies [14]. 3.3.6 Alkali - related Options - **Caustic Soda Options** - **Fundamentals**: The caustic soda market is stable, with some fluctuations in the liquid caustic soda market and stability in the flake caustic soda market. Some chlor - alkali enterprises have maintenance or under - capacity operation, which has a certain positive impact on local prices [15]. - **Market Analysis**: Caustic soda has shown a downward - trending and volatile pattern [15]. - **Options Factor Research**: The implied volatility of caustic soda options is at a relatively high level. The open interest PCR is below 0.90, indicating a weak and volatile market. The pressure level is 3000, and the support level is 2440 [15]. - **Options Strategies**: Construct a bearish spread combination strategy for directional strategies; construct a long collar strategy for spot long - position hedging [15]. - **Soda Ash Options** - **Fundamentals**: The inventory of soda ash plants has decreased, and the inventory - available days have also decreased [15]. - **Market Analysis**: Soda ash has shown a weak and volatile trend at a low level [15]. - **Options Factor Research**: The implied volatility of soda ash options is at a relatively high historical level. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1300, and the support level is 1160 [15]. - **Options Strategies**: Construct a short volatility combination strategy for volatility strategies; construct a long collar strategy for spot long - position hedging [15]. 3.3.7 Urea Options - **Fundamentals**: The enterprise and port inventories of urea have increased, and the supply has returned, resulting in a continuous increase in enterprise inventory [16]. - **Market Analysis**: Urea has shown a weak and volatile trend at a low level [16]. - **Options Factor Research**: The implied volatility of urea options fluctuates slightly around the historical average. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1800, and the support level is 1620 [16]. - **Options Strategies**: Construct a short bearish call + put options combination strategy for volatility strategies; construct a long collar strategy for spot long - position hedging [16].

Report Summary 1. Investment Ratings The report does not provide any industry investment ratings. 2. Core Views - **Chlor - Alkali Industry**: The caustic soda market has a high supply, and there is a possibility of price cuts. PVC is expected to stop falling and stabilize in the peak season from September to October, but the supply - demand contradiction is still difficult to ease [2]. - **Crude Oil Industry**: The current oil market shows a game between weak macro - expectations and tight spot fundamentals. It is likely to operate in a short - term range. It is recommended to focus on unilateral segment operations [24]. - **Methanol Industry**: The port inventory has decreased. The supply in the inland is at a relatively high level, and the demand is weak. The overall valuation is neutral, and the futures price fluctuates between high inventory and overseas gas - restriction expectations [29]. - **Urea Industry**: The urea futures market shows a weak and volatile pattern, mainly due to the deepening contradiction between high supply and weak demand. Although the cost provides some support, it is difficult to reverse the market downturn [37]. - **Polyolefin Industry**: PP production has decreased recently, and the inventory has declined. PE maintenance has reached a high point, and the upstream and mid - stream inventory has decreased. The pressure of inventory accumulation for 01 contracts is relatively large, which limits the upward space [43]. - **Polyester Industry**: PX supply increases, and the fourth - quarter supply - demand is expected to be weak. PTA supply is expected to shrink, and the short - term basis is supported. Ethylene glycol supply - demand is gradually weakening. Short - fiber support is strong in the short - term, and bottle - chip supply - demand is still loose [46]. - **Styrene Industry**: The supply of pure benzene is loose, and the demand support is limited. The overall supply - demand of styrene is relatively loose, and the port inventory has accumulated, so the price may be under pressure [53]. 3. Summary by Directory Chlor - Alkali Industry - **Prices**: From September 24th to 25th, the prices of some caustic soda products remained unchanged, while PVC prices showed a slight increase. The futures prices of some contracts decreased slightly [2]. - **Supply and Demand**: The caustic soda industry's operating rate decreased slightly, and the PVC total operating rate decreased by 5%. The demand for downstream products of caustic soda and PVC generally increased [2]. - **Inventory**: The inventory of liquid caustic soda in Shandong increased, while the inventory in some areas decreased. The PVC upstream factory inventory decreased slightly, and the total social inventory increased slightly [2]. Crude Oil Industry - **Prices**: On September 26th, Brent crude oil rose by 0.16%, WTI rose by 0.45%, and SC fell by 1.55%. The spreads of some contracts changed significantly [24]. - **Market Logic**: The market focus has shifted from geopolitical risks and tight supply to concerns about the macro - economy. The strong US economic data and the expected resumption of crude oil supply in the Kurdish region of Iraq put pressure on oil prices, while the supply interruption concerns caused by the Russia - Ukraine conflict support the price [24]. Methanol Industry - **Prices**: From September 24th to 25th, the prices of some methanol futures contracts increased slightly, and the spot prices of some regions decreased slightly [29]. - **Inventory**: The port inventory decreased, mainly due to increased demand for pick - up and a significant decrease in the unloading volume of imported ships [29]. - **Supply and Demand**: The supply in the inland is at a high level, and the demand is affected by the traditional off - season. The overall valuation is neutral [29]. Urea Industry - **Futures Market**: The futures prices of urea showed a weak and volatile pattern. The trading volume decreased, and the long - short ratio decreased slightly [34]. - **Upstream and Downstream**: The prices of upstream raw materials were relatively stable, and the prices of downstream products were mostly unchanged. The cross - regional spreads and basis differences changed to some extent [35][36][37]. - **Supply and Demand**: The daily output of urea was at a high level, the agricultural demand was in the off - season, and the industrial demand was dragged down by the decline in the compound fertilizer operating rate [37]. Polyolefin Industry - **Prices**: From September 24th to 25th, the prices of some polyolefin futures contracts and spot prices increased slightly, and the spreads between some contracts decreased significantly [43]. - **Inventory**: The inventory of PE and PP decreased. The operating rates of PE and PP devices increased slightly, and the downstream weighted operating rates also increased [43]. Polyester Industry - **Prices**: On September 25th, the prices of some polyester products changed. The prices of upstream raw materials such as crude oil and PX also fluctuated. The spreads and processing fees of related products changed [46]. - **Supply and Demand**: The supply of PX increased, the supply of PTA was expected to shrink, ethylene glycol supply - demand was gradually weakening, short - fiber supply was at a high level, and bottle - chip supply - demand was still loose [46]. Styrene Industry - **Prices**: From September 24th to 25th, the prices of upstream raw materials and styrene - related products changed to some extent. The cash flows of some products improved [49][50][51]. - **Inventory**: The pure benzene inventory in Jiangsu ports decreased, and the styrene inventory increased [52]. - **Supply and Demand**: The supply of pure benzene was loose, and the demand support was limited. The overall supply - demand of styrene was relatively loose, and the port inventory had accumulated [53].

行业 聚烯烃日报 日期 2025 年 9 月 26 日 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业硅） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 | 表1：期货市场行情 | ...

Report Industry Investment Rating - L, PP are rated neutral; L01 - L05 and PP01 - PP05 are recommended for reverse spreads; no recommendation for cross - variety trading [3] Core View - For PE, the supply side has seen a more - than - expected return due to the restart of many previously shut - down plants. The demand side has a slight improvement in pre - holiday stocking, but the demand follow - up is slow. The cost side is supported by rising international oil prices, yet the PE trend is still suppressed by the supply side [2] - For PP, the supply pressure remains high despite the decline in overall PP start - up rate. The demand side is in a seasonally improving period, but the recovery is slow. The cost side has a slight rebound in international oil prices. In the short term, PP demand improves but is limited by supply, and low profits restrict its downside [2] Summary by Directory Market News and Important Data - **Price and Basis**: L main contract closed at 7,142 yuan/ton (+37); PP main contract closed at 6,877 yuan/ton (+35). LL North China spot was 7,080 yuan/ton (+10), LL East China spot was 7,110 yuan/ton (+0), PP East China spot was 6,730 yuan/ton (+0). LL North China basis was - 62 yuan/ton (-27), LL East China basis was - 32 yuan/ton (-37), PP East China basis was - 147 yuan/ton (-35) [1] - **Upstream Supply**: PE start - up rate was 80.4% (+2.3%), PP start - up rate was 74.9% (-1.9%) [1] - **Production Profit**: PE oil - based production profit was 177.5 yuan/ton (-139.0), PP oil - based production profit was - 442.5 yuan/ton (-139.0), PDH - based PP production profit was - 267.8 yuan/ton (-8.2) [1] - **Imports and Exports**: LL import profit was - 148.9 yuan/ton (-57.6), PP import profit was - 528.9 yuan/ton (+2.4), PP export profit was 34.9 US dollars/ton (-0.3) [1] - **Downstream Demand**: PE downstream agricultural film start - up rate was 26.8% (+2.6%), PE downstream packaging film start - up rate was 51.8% (+0.5%), PP downstream plastic weaving start - up rate was 43.6% (+0.5%), PP downstream BOPP film start - up rate was 61.4% (-0.1%) [1] Market Analysis - **PE**: Supply side has more plants restarting than planned to shut down; demand side has a slight improvement in pre - holiday stocking but slow follow - up; cost side is supported by rising oil prices, yet the trend is suppressed by supply [2] - **PP**: Supply side has increased supply pressure despite more plants likely to restart; demand side is in a seasonally improving period but with slow recovery; cost side has a slight rebound in oil prices and strong propane. Short - term demand improves but is limited by supply, and low profits restrict downside [2] Strategy - **Single - sided**: L, PP are neutral [3] - **Inter - period**: L01 - L05 reverse spread; PP01 - PP05 reverse spread [3] - **Cross - variety**: No recommendation [3]

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided reports. 2. Core Views of the Report - The oil price is expected to fluctuate strongly in the short - term due to inventory depletion, geopolitical factors, and market sentiment. The Brent crude oil has strong support at the $65 level [1]. - The prices of high - and low - sulfur fuel oil may rebound slightly following the oil price, but the upside space is limited due to increasing supply in the future [2]. - The asphalt price is expected to remain stable in the short - term, and attention should be paid to the actual realization of the demand peak season [2]. - The prices of polyester products such as TA and ethylene glycol are expected to fluctuate weakly due to factors like increased maintenance in the fourth quarter, slow recovery of terminal demand, and pressure on long - term oil prices [4]. - The rubber price is expected to fluctuate mainly due to the slow recovery of production, stable downstream tire demand, and weakening export support [6]. - The methanol price is expected to enter a phased bottom, and the basis will gradually strengthen, but there are risks in short - term unilateral long positions [6]. - The polyolefin market will show a weakly fluctuating pattern with marginal improvement in demand and little change in supply [8]. - The PVC price is expected to fluctuate weakly due to high - level supply, slow recovery of domestic demand, and weakening exports [8][9]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, the oil price center continued to rise. The EIA reported a decline in US crude and refined product inventories last week. An agreement on resuming oil exports in the Iraqi Kurdistan region was reached. The Brent crude has strong support at $65, and the oil price is expected to fluctuate strongly in the short - term [1]. - **Fuel Oil**: On Wednesday, the prices of high - and low - sulfur fuel oil rose. Attacks on Russian oil infrastructure and changes in supply affected the market. High - sulfur fuel oil has short - term support, but increasing supply will pressure the market in the future [2]. - **Asphalt**: On Wednesday, the asphalt price rose. The social inventory rate decreased, the refinery inventory level increased, and the plant operating rate increased. The traditional consumption peak season has备货 demand, but high - level supply may limit price increases [2]. - **Polyester**: On Wednesday, the prices of TA, EG, and PX rose. Some devices were affected by typhoons and other factors. The fundamentals are under pressure, and the prices are expected to fluctuate weakly [4]. - **Rubber**: On Wednesday, the prices of various types of rubber rose. There were disturbances in production areas, and the supply and demand increased simultaneously. The price is expected to fluctuate mainly [6]. - **Methanol**: Supply is at a low level due to domestic and overseas device maintenance. The Xingxing device has resumed production, and the port inventory is expected to decline. The price is expected to enter a phased bottom [6]. - **Polyolefin**: The prices of polyolefin products are given. Supply will remain high, and demand is improving with the arrival of the peak season. The market will show a weakly fluctuating pattern [8]. - **PVC**: The PVC market price was adjusted. Domestic real estate construction is stabilizing but weak year - on - year. Supply is high, demand recovery is slow, and exports are affected by policies. The price is expected to fluctuate weakly [8][9]. 3.2 Daily Data Monitoring - The report provides data on the basis, basis rate, price changes, etc. of various energy - chemical varieties such as crude oil, liquefied petroleum gas, asphalt, etc. on September 24 and 23 [10]. 3.3 Market News - The EIA reported that US crude and refined product inventories decreased last week, and the net import volume of crude oil increased while the export volume decreased [12]. - Eight oil companies in the Iraqi Kurdistan region reached a principle agreement on resuming oil exports, which will allow about 230,000 barrels per day of crude oil to be transported through the Iraq - Turkey pipeline [12]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents charts of the closing prices of main contracts of various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, etc. [14][15][18] - **4.2 Main Contract Basis**: Charts of the basis of main contracts of various products such as crude oil, fuel oil, etc. are provided [29][33][37] - **4.3 Inter - period Contract Spreads**: Charts of the spreads of inter - period contracts of various products such as fuel oil, asphalt, etc. are presented [43][45][48] - **4.4 Inter - variety Spreads**: Charts of the spreads and ratios between different varieties such as crude oil, fuel oil, etc. are shown [59][61][66] - **4.5 Production Profits**: Charts of the production profits of products such as ethylene - made ethylene glycol, PP, etc. are provided [69][70] 3.5 Team Member Introduction - The report introduces the members of the energy - chemical research team, including their positions, educational backgrounds, honors, and professional experiences [75][76][77]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Crude Oil - Overnight oil prices rose due to increased market concerns about supply tightening, especially the return of geopolitical risk premiums. The attacks on Russian refining and export facilities by Ukraine led to concerns about supply disruptions, verified by the strengthening of diesel crack spreads and traders' bets on price increases. Additionally, the unexpected decline in US crude inventories and lower gasoline and distillate inventories supported the demand side. The short - term support for oil prices has increased, but marginal supply increments will limit the rebound amplitude. It is recommended to conduct unilateral band operations, with WTI in the range of [60, 66], Brent in [64, 69], and SC in [471, 502]. For options, wait for opportunities to expand after volatility increases [2]. Polyester Industry Chain - **PX**: Supply is expected to be abundant due to negative short - term operations and postponed maintenance of some domestic PX plants. Demand is weak as PTA processing fees are low, new PTA plants' commissioning is delayed, and multiple PTA plants have maintenance plans. PXN is expected to compress, but short - term prices may be supported by geopolitical events and pre - holiday demand. Strategies include short - term long on PX11 or shorting after a rebound [7]. - **PTA**: Supply is expected to shrink as new plant commissioning is delayed and maintenance plans are in place. Pre - holiday restocking demand supports the short - term basis, but the rebound space is limited under weak expectations. Absolute prices may be supported by geopolitical factors. Strategies include short - term long on TA or shorting after a rebound, and rolling reverse arbitrage on TA1 - 5 [7]. - **Ethylene Glycol**: Short - term imports are expected to be low, and inventory is expected to decline. However, the terminal market is weak, and the basis fluctuates at a high level. In the long - term, supply will increase as new plants start up and demand seasonally declines, leading to inventory accumulation. Strategies include selling call options EG2601 - C - 4400 at high prices and reverse arbitrage on EG1 - 5 [7]. - **Short Fiber**: Supply is at a high level, and demand is in the peak season but with limited new orders. Prices are supported at low levels but lack upward momentum, following raw material fluctuations. Strategies are the same as PTA, and the processing fee on the disk oscillates between 800 - 1100 [7]. - **Bottle Chips**: Supply in September is lower than expected due to typhoons, and low prices and pre - holiday restocking demand support prices and processing fees. However, the supply - demand pattern remains loose. Strategies are the same as PTA, and the main - contract processing fee on the disk is expected to oscillate between 350 - 500 yuan/ton [7]. Urea - Urea futures rebounded on September 24 due to expectations of short - term supply contraction and technical repair. Shanxi Tianze plans to shut down some large - scale plants on October 7, which supports market sentiment. Although spot demand is weak, export orders provide some support [14][16]. Methanol - This week, both port and inland inventories decreased, partly due to typhoons in South China. Supply in the inland area is at a high level, and although unplanned maintenance has increased, some plants are expected to resume production in mid - September. The inventory pattern in the inland area is healthy, supporting prices. Demand is weak due to the traditional off - season. The overall valuation is neutral. The disk fluctuates between trading the reality of high inventory and weak basis and the expectation of overseas gas restrictions in the long - term [19]. Pure Benzene and Styrene - **Pure Benzene**: Supply is expected to remain high as some plants resume production or start producing, and there are maintenance plans. Demand is weak as most downstream products are in the red, and there are many maintenance plans for downstream plants in September - October. However, continuous de - stocking at ports may provide some support. Prices are driven by geopolitical and macro factors in the short - term. Strategies include BZ2603 following styrene and crude oil fluctuations [23]. - **Styrene**: Downstream demand is fair due to peak - season demand and pre - holiday stocking, but it is mainly for rigid needs. Supply is expected to decrease as overseas plants are under maintenance and exports are expected to increase. Port inventories are accumulating, pressuring prices. Strategies include shorting EB11 on price rebounds and widening the spread of EB11 - BZ11 [23]. Chlor - Alkali Industry - **Caustic Soda**: The market is weak. Supply is high, and the decline in alumina prices has squeezed the profit margins of domestic alumina enterprises, weakening the support for spot prices. Inventory in North China is rising, while in East China, it is falling due to tight supply and non - aluminum rigid demand. In Shandong, prices may continue to decline before the National Day holiday. Short - selling positions can be held [27]. - **PVC**: The market is also weak, and the supply - demand contradiction is difficult to resolve. Supply is expected to increase as many plants finish maintenance next week. Demand is limited as downstream product start - up rates are low, and buyers are resistant to high prices. Cost support is provided by rising calcium carbide prices and stable ethylene prices. PVC is expected to stop falling and stabilize during the September - October peak season [27]. Polyolefins - **PP**: Production has decreased recently due to heavy losses in PDH and external - propylene procurement routes, leading to increased unplanned maintenance and lower inventory. - **PE**: Maintenance has reached a peak, and the start - up rate is gradually increasing. Inventory in the upstream and mid - stream has decreased this week. More import offers from North America are emerging, and the supply rhythm and import offers need to be monitored. There is pressure on inventory accumulation for the 01 contract [31]. 3. Summaries by Relevant Catalogs Crude Oil - **Prices and Spreads**: On September 25, Brent rose 2.48% to $69.31/barrel, WTI fell 0.38% to $64.74/barrel, and SC fell 1.55% to 483.60 yuan/barrel. Some spreads, such as Brent M1 - M3, increased, while others like WTI M1 - M3 decreased [2]. - **EIA Data**: As of the week ending September 19, 2025, US crude production increased to 1350.1万桶/日, refinery utilization rate decreased to 93%, commercial crude inventory decreased by 60.7万桶, and gasoline and distillate inventories also decreased [9]. Polyester Industry Chain - **Upstream Prices**: Brent crude (November) rose to $69.31/barrel, CFR Japan naphtha rose to $606/ton, etc. [7]. - **PX - Related**: CFR China PX rose to $812/ton, PX - naphtha spread decreased to 120 [7]. - **PTA - Related**: PTA East - China spot price rose to 4525 yuan/ton, TA01 - TA05 spread decreased [7]. - **MEG - Related**: MEG port inventory decreased to 700,000 tons, and the arrival forecast decreased [7]. - **Downstream Products**: POY150/48 price decreased to 6600 yuan/ton, and polyester bottle - chip price rose to 5804 yuan/ton [7]. Urea - **Futures**: On September 24, the 01 contract rose 0.90% to 1673 yuan/ton, the 05 contract rose 0.64% to 1724 yuan/ton, and the 09 contract rose 0.63% to 1745 yuan/ton [14]. - **Spot**: Shandong (small - particle) urea price remained at 1610 yuan/ton, and FOB China (small - particle) remained at $418/ton [15]. - **Supply**: Domestic urea daily production increased to 19.56 million tons on September 26, and the production start - up rate increased to 83.59% [16]. Methanol - **Prices and Spreads**: MA2601 closed at 2351 yuan/ton on September 24, up 0.34%. The spread between MA2509 and MA2601 widened. The basis of Taicang decreased [19]. - **Inventory**: As of Wednesday, methanol enterprise inventory decreased to 31.994%, port inventory decreased to 149.2 million tons, and social inventory decreased to 181.2% [19]. - **Start - up Rates**: Upstream domestic enterprise start - up rate decreased slightly, while downstream external - MTO device start - up rate increased [19]. Pure Benzene and Styrene - **Pure Benzene**: CFR China pure benzene rose to $726/ton, and the spread between pure benzene and naphtha decreased. Port inventory decreased [23]. - **Styrene**: Styrene East - China spot price rose to 6910 yuan/ton, and the basis of EB10 decreased [23]. Chlor - Alkali Industry - **Prices**: On September 24, Shandong 32% liquid caustic soda's converted - to - 100% price remained at 2500 yuan/ton, and East - China calcium - carbide - based PVC market price remained at 4740 yuan/ton [27]. - **Supply**: Caustic soda industry start - up rate decreased to 85.4%, and PVC total start - up rate decreased to 75.4% [27]. - **Demand**: Alumina industry start - up rate increased to 83.7%, and PVC downstream product start - up rates increased slightly [27]. Polyolefins - **Futures**: On September 24, L2601 closed at 7142 yuan/ton, up 0.52%, and PP2601 closed at 6877 yuan/ton, up 0.51% [31]. - **Spot**: East - China PP拉丝 spot price remained at 6720 yuan/ton, and North - China LDPE film - grade spot price rose to 7070 yuan/ton [31]. - **Inventory**: PE enterprise inventory decreased to 45.8 million tons, and PP enterprise inventory decreased to 52.0 million tons [31]. - **Start - up Rates**: PE device start - up rate increased to 80.4%, and PP device start - up rate decreased to 74.9% [31].