Industry Investment Ratings - Two-olefin: ★☆☆ [1] - Plastic: ★☆☆ [1] - Polypropylene: ★☆☆ [1] - Pure benzene: ★☆☆ [1] - Styrene: ★☆☆ [1] - PTA: ★★★ [1] - Ethylene glycol: ★☆☆ [1] - Short fiber: ★★★ [1] - Bottle chip: ★☆☆ [1] - Methanol: ★☆☆ [1] - Urea: ★☆☆ [1] - PVC: ★☆★ [1] - Caustic soda: ★★★ [1] - Soda ash: ★★★ [1] - Glass: ★★★ [1] Core Views - The futures of olefins and polyolefins declined. Propylene prices were supported, while plastics and polypropylene faced supply pressure and weakening demand but had a technical rebound need [2]. - Overseas pure benzene rebounded, but the domestic market faced pressure. Styrene maintained a tight balance with high port inventory but a de - stocking expectation [3]. - PX supported PTA, but PTA faced weakening demand. Ethylene glycol had supply growth pressure and a bearish outlook. Short fiber and bottle chip faced demand weakening [5]. - Methanol was weak due to high inventory and weak demand. Urea might be strong before the Indian tender but could decline later [6]. - PVC continued to decline with high supply and low demand. Caustic soda was in a downward trend with high supply and insufficient demand [7]. - Soda ash declined with a long - term oversupply. Glass continued to decline with high intermediate inventory [8]. Section Summaries Olefins - Polyolefins - Two - olefin futures fell. Propylene prices were supported by restarted downstream devices and low inventory. Plastic and polypropylene futures fell, with supply pressure and weakening demand but a technical rebound need [2]. Pure Benzene - Styrene - Overseas pure benzene rebounded but lacked sustainability. The domestic market faced pressure. Styrene maintained a tight balance, with high port inventory but a de - stocking expectation [3]. Polyester - PX supported PTA, but PTA faced weakening demand. Ethylene glycol had supply growth pressure and a bearish outlook. Short fiber and bottle chip faced demand weakening [5]. Coal Chemical Industry - Methanol was weak due to high inventory and weak demand. Urea might be strong before the Indian tender but could decline later [6]. Chlor - Alkali Industry - PVC continued to decline with high supply and low demand. Caustic soda was in a downward trend with high supply and insufficient demand [7]. Soda Ash - Glass - Soda ash declined with a long - term oversupply. Glass continued to decline with high intermediate inventory [8].

Report Industry Investment Ratings - Olefins: ★☆☆ [1] - Plastic: ★☆☆ [1] - Polypropylene: ★☆☆ [1] - Pure Benzene: ★☆☆ [1] - Styrene: ★☆☆ [1] - PTA: ★★★ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ★★★ [1] - Bottle Chip: ★☆☆ [1] - Methanol: ★☆☆ [1] - Urea: ★☆☆ [1] - PVC: ★☆★ [1] - Caustic Soda: ★★★ [1] - Soda Ash: ★★★ [1] - Glass: ★★★ [1] Report's Core Viewpoints - The overall chemical market shows a mixed trend, with some products facing supply - demand imbalances and price fluctuations [2][3][5] - Some products are affected by factors such as overseas market conditions, domestic production capacity changes, and seasonal demand [2][5][6] Summary by Related Catalogs Olefins - Polyolefins - Olefin futures contracts declined. Propylene spot prices are supported due to restart of downstream plants and low inventory [2] - Plastic and polypropylene futures declined. Supply pressure persists, but prices may rebound technically [2] Pure Benzene - Styrene - Overseas pure benzene rebounded, but lacks sustainability. Domestic pure benzene faces supply pressure and weak demand [3] - Styrene futures declined. Supply - demand is in tight balance, and port inventory is expected to decrease [3] Polyester - PX supports PTA prices, but demand is weakening. PTA processing margin fluctuates with PX [5] - Ethylene glycol supply is increasing, and port inventory is expected to accumulate. A bearish view is maintained [5] Coal Chemical Industry - Methanol prices are weak due to high inventory and weak demand [6] - Urea prices may be strong before the Indian tender, but there is a risk of decline [6] Chlor - Alkali Industry - PVC prices declined due to weak cost support and high supply [7] - Caustic soda prices are weak due to high supply and low demand [7] Soda Ash - Glass - Soda ash prices declined due to lower cost. The long - term supply - demand is in surplus [8] - Glass prices declined. Mid - stream inventory is high, and short - term trading is recommended to be cautious [8]

Report Industry Investment Ratings - Propylene: ★☆☆ (One star, indicating a bullish/bearish bias, but with limited operability on the trading floor) [1] - Polypropylene: ★☆☆ [1] - Plastic: ★☆★ [1] - Styrene: ★☆☆ [1] - PTA: ★★☆ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ★★★ [1] - Bottle Chip: ☆☆☆ [1] - Methanol: ★★★ [1] - Urea: ☆☆☆ [1] - PVC: ★★☆ [1] - Caustic Soda: ★☆☆ [1] - Soda Ash: ★★☆ [1] - Glass: ★★☆ [1] Core Viewpoints - The olefins and polyolefins market shows mixed trends, with propylene having price support and plastics and polypropylene facing supply - demand imbalances but potential for technical rebounds [2] - The pure benzene - styrene market has different outlooks, with caution on pure benzene rebounds and a relatively stable situation for styrene [3] - The polyester market is affected by multiple factors, with PTA, ethylene glycol, short fiber, and bottle chip having their own supply - demand and price trends [5] - The coal - chemical market has a weak methanol market and a potentially volatile urea market [6] - The chlor - alkali market shows PVC in a narrow - range oscillation and caustic soda in a weak state [7] - The soda ash - glass market has an oversupply situation in the long - term for soda ash and a weak reality for glass [8] Summary by Directory Olefins - Polyolefins - Propylene futures' main contracts oscillated and tested the 5 - day moving average. Propylene prices are supported by low enterprise inventories and good downstream demand [2] - Plastic and polypropylene futures' main contracts had a narrow - range consolidation. Supply pressure persists, and demand is expected to decline seasonally, but prices may rebound technically [2] Pure Benzene - Styrene - Overseas gasoline trends are strong, but the rebound of domestic pure benzene is limited. A strategy of shorting on rallies and reverse spreads on monthly differentials is recommended [3] - Styrene futures' main contracts rose slightly. Supply - demand is in a tight balance, and there is an expectation of continuous inventory reduction [3] Polyester - PX supports PTA prices, but PTA load is decreasing due to device maintenance. Caution is needed when being bullish on PX, and PTA processing margins fluctuate with PX [5] - Ethylene glycol production increased slightly, and port inventories rose. A bearish view is maintained, and reverse spreads on monthly differentials are recommended [5] - Short fiber has no new investment pressure, but demand is expected to weaken. Bottle chip demand fades with the cooling weather [5] Coal - Chemical - Methanol futures declined significantly. Overseas device start - up increased, and port inventories remained high. Demand is likely to be weak, and the market will continue to be weak [6] - Urea futures were strong, but there is a possibility of a downward trend as the market sentiment returns to rationality. Attention should be paid to Indian urea tenders [6] Chlor - Alkali - PVC oscillated. The cancellation of India's BIS certification has little impact. Supply is high and demand is weak, so PVC may oscillate in a narrow range [7] - Caustic soda declined. Supply is high, and downstream demand is insufficient. Its weak operation should be monitored for profit changes [7] Soda Ash - Glass - Soda ash oscillated. Costs increased, and production decreased due to some plant maintenance. It is in an oversupply situation in the long - term [8] - Glass oscillated. Intermediate inventories are high, and the market is weak. It is recommended to wait and see for now [8]

Report Industry Investment Ratings - Urea: ☆☆☆ (implies a certain state, but unclear from the context whether it's bullish or bearish) [1] - Methanol: ★☆☆ (bearish, with a downward trend but low operability) [1] - Pure Benzene: ★☆☆ (not clear from context, just following the format) [1] - Styrene: ★☆☆ (not clear from context, just following the format) [1] - Propylene: ★☆☆ (not clear from context, just following the format) [1] - Plastic: ★★★ (bullish, with a clear upward trend and investment opportunities) [1] - PVC: ★☆☆ (not clear from context, just following the format) [1] - Caustic Soda: ★★★ (bullish, with a clear upward trend and investment opportunities) [1] - PTA: ★★★ (bullish, with a clear upward trend and investment opportunities) [1] - Ethylene Glycol: ★☆☆ (bearish, with a downward trend but low operability) [1] - Short Fiber: ★★★ (bullish, with a clear upward trend and investment opportunities) [1] - Glass: ★★★ (bullish, with a clear upward trend and investment opportunities) [1] - Soda Ash: ★★★ (bullish, with a clear upward trend and investment opportunities) [1] - Bottle Chip: ★☆☆ (bearish, with a downward trend but low operability) [1] Core Viewpoints - The overall supply in the chemical market is relatively loose, and the demand is generally weak, with different products showing different trends and investment opportunities [2][3][4][5][6][7] - For some products, such as methanol and ethylene glycol, there are downward pressure and bearish expectations; while for others like plastic and soda ash, there are upward trends and investment opportunities [1][2][7] Summaries by Related Catalogs Olefins - Polyolefins - The two - olefin futures contracts rose slightly after an intraday high - low movement. The supply is loose, the production enterprises want to stabilize the market, but the trading is average. The demand for propylene has some support due to the resumption of previously shut - down butanol and octanol plants [2] - The plastic and polypropylene futures contracts rose slightly. The supply of polyethylene is stable, but the demand from packaging and shed film factories is weakening. The supply pressure of polypropylene is increasing slightly, and the market has supply - demand contradictions [2] Pure Benzene - Styrene - The overseas gasoline market is strong, leading to an increase in the outflow of Asian pure benzene and toluene. The price of unified benzene has some elasticity, but the downstream profits are weak, so the rebound height should be viewed cautiously [3] - The styrene futures contract rose significantly. The overseas market provides support, but the future supply is expected to increase [3] Polyester - The PX price rebound drives up the PTA price, but considering the weakening demand and uncertain overseas demand, a cautious bullish view is taken [4] - The weekly output of ethylene glycol increased slightly, and the supply pressure is large. A bearish view is maintained in the medium - term, and attention should be paid to the device dynamics [4] - The short - fiber market has a good spot pattern but weakening demand expectations. The bottle - chip demand is weakening, and the long - term pressure is over - capacity [4] Coal Chemical Industry - The methanol futures price dropped significantly. The import volume is high, the port inventory is accumulating, and the traditional downstream demand is weak. It may continue to be under pressure in the short - term [5] - The urea futures price fluctuated narrowly. The new device in Xinjiang is producing, and the industrial compound fertilizer production is increasing. The short - term market is expected to fluctuate in a range with a slightly rising price center [5] Chlor - Alkali Industry - The PVC price fluctuated strongly. The cancellation of the Indian BIS certification has little impact, and the market is in a supply - high - demand - low situation, expected to fluctuate narrowly [6] - The caustic soda price showed an oscillating trend. The upstream cost is rising, the price is weakening, and the supply is high while the demand is insufficient [6] Soda Ash - Glass - The soda ash price fluctuated strongly. The light - soda market is okay, the cost is rising, and the supply is high in the long - term, showing an oversupply situation [7] - The glass price decreased with increased positions. The intermediate inventory is high, the cost is rising, and the processing orders are improving but still insufficient compared to the same period last year. It is recommended to wait and see [7]

Core Viewpoint - The recent rebound in the prices of pure benzene and styrene futures, both rising over 2%, has sparked market interest, raising questions about whether this is a short-term recovery or a signal of a trend reversal, especially given the backdrop of declining oil prices and unchanged fundamentals [1][2]. Supply and Demand Analysis - The rebound in "two benzene" prices is attributed to a mismatch in supply and demand, with pure benzene operating at over 80% capacity while downstream utilization has dropped to 69.39%, indicating a weak demand environment [1][2]. - Analysts suggest that the rebound is driven by short-term factors, including a reduction in short positions and a temporary supply contraction due to high maintenance levels in styrene production, alongside a low inventory situation post-holiday [2][3]. Cost Factors - The cost support for "two benzene" prices is expected to weaken, as the previous rise in oil prices was largely due to geopolitical risks, and the global economic recovery remains sluggish, limiting oil demand growth [3][4]. - The expectation of increased supply from new refining capacities and imports in the coming months suggests that the long-term supply pressure on pure benzene will persist, despite short-term reductions in production [3][4]. Market Sentiment - Market participants are currently optimistic due to low inventory levels and a potential seasonal increase in styrene production in December, which may support pure benzene demand [4]. - However, the overall sentiment remains cautious, with analysts indicating that the current price rebound does not signify a sustainable change in the supply-demand dynamics, which continue to favor a weak market [5].

Core Viewpoint - The domestic PVC futures market is experiencing fluctuations, with the main contract closing at 4581.00 yuan/ton, down 0.22% [1] Market Price Summary - In East China, PVC market prices are adjusting weakly, with calcium carbide method 5 type material priced between 4490-4610 yuan/ton and ethylene material around 4600-4700 yuan/ton [1] - In North China, PVC market prices are down, with calcium carbide method 5 type material priced at 4430-4530 yuan/ton and ethylene material at 4730-4880 yuan/ton [1] - In South China, PVC market prices are also adjusting weakly, with calcium carbide method 5 type material priced at 4570-4660 yuan/ton and ethylene material at 4660-4750 yuan/ton [1] Supply and Demand Analysis - New Lake Futures indicates that the concentrated maintenance period is nearly over, with future maintenance volumes expected to remain low, leading to continued high operating rates [1] - Heng Tai Futures notes that downstream product enterprises are maintaining low operating rates, with no signs of improvement in orders, leading to low procurement strategies [1] - Guotou Anxin Futures suggests that the chlor-alkali integration still has profit potential, but cost support is weak, resulting in a supply surplus and weak demand, indicating that PVC may continue to operate at low levels [1]

Report Industry Investment Ratings - Urea: ★☆☆ [1] - Methanol: ★☆☆ [1] - Pure Benzene: ★☆☆ [1] - Styrene: ★☆☆ [1] - Propylene: ★☆☆ [1] - Plastic: ★★★ [1] - PVC: ★☆☆ [1] - Caustic Soda: ☆☆☆ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ☆☆☆ [1] - Glass: ★☆☆ [1] - Soda Ash: ☆☆☆ [1] - Bottle Chip: ★☆☆ [1] Core Views - The supply - demand fundamentals of the chemical industry are generally weak, with limited support from cost and macro - aspects. Each sub - sector faces different supply and demand situations, and short - term market trends vary [2][3][4][5][6][7] Summary by Directory Olefins - Polyolefins - The main contracts of olefin futures rose first and then fell, closing below the 5 - day moving average. Propylene demand improved temporarily, but overall supply was loose. Plastic and polypropylene futures closed down. Domestic supply of polyethylene increased, and demand weakened. For polypropylene, supply pressure increased, and demand was weak [2] Pure Benzene - Styrene - Pure benzene prices continued to be weak, hitting a new low. There was short - term consolidation, and medium - term negatives included high imports and falling demand. The main contract of styrene futures closed down. Although supply increased slightly, demand was good, but there were concerns about future supply - demand [3] Polyester - PX and PTA prices fell. PX supply increased, PTA load decreased, and polyester load increased slightly. There was an expectation of industry减产 for PTA, and it was expected to accumulate inventory. Ethylene glycol supply pressure was large, and demand was expected to weaken. Short fiber had no new investment pressure, but demand was expected to decline. Bottle chip demand faded, and there was long - term over - capacity [4] Coal Chemical Industry - Methanol futures prices continued to fall. With high imports and weak demand, it might be under pressure in the short term, but with low valuation. Urea prices also fell. Domestic supply - demand was loose, and prices were likely to decline [5] Chlor - Alkali Industry - PVC prices continued to decline due to weak cost support, high supply, and falling demand. Caustic soda fluctuated. Although liquid chlorine prices were good, there was still high inventory pressure [6] Soda Ash - Glass - Soda ash prices weakened slightly. Cost increased, and there was a long - term supply pressure. Glass prices fell. Cost increased, profit narrowed, and there was weak demand [7]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For PTA, short - term PTA device operating rate will decline slightly as planned. Spot processing fees will recover slightly but still run at a low level. Without substantial production - cut policies, the supply will be in excess in the long - term. High downstream polyester operation supports demand, and the PTA market is expected to follow the cost side and fluctuate strongly in the short - term [3] - For MEG, the expected arrival volume in the future is large, the visible inventory rises significantly, and there may be continuous inventory accumulation in the far - month. There is an incremental expectation on the supply side. The demand peak season is near the end, and the MEG price is expected to fluctuate weakly in the short - term [4] 3. Summary according to Related Contents PTA - **Market situation**: On November 10, the PTA main futures contract TA2601 rose 1.12%, and the basis strengthened to - 78 yuan/ton, up 14 yuan/ton from the previous day [3] - **Fundamentals**: The market price in East China was 4594 yuan/ton, up 22 yuan/ton from the previous trading day. The crude oil price fluctuated narrowly. The PTA capacity utilization rate decreased by 0.71% to 75.42%. The PTA factory inventory days were 4.09 days, a week - on - week increase of 0.06 days [3] - **Main force trends**: The long - position main force reduced positions [3] MEG - **Market situation**: On November 10, the ethylene glycol main futures contract eg2601 rose 0.56%, and the basis strengthened to 72 yuan/ton, up 1 yuan/ton from the previous day [4] - **Fundamentals**: The market price in East China was 4008 yuan/ton, down 13 yuan/ton from the previous trading day. The crude oil price fluctuated narrowly. The production margins of oil - based and coal - based ethylene glycol losses expanded. The port inventory in East China was 56.4 tons, a week - on - week increase of 6.5 tons [4] - **Main force trends**: There were differences between long and short main forces [4]

Report Industry Investment Rating - No information provided Core Viewpoints - The PTA market is expected to follow the cost side and fluctuate with a slightly upward trend in the short term, while the ethylene glycol price is expected to weaken and fluctuate in the short term [3][4] Summary by Related Content PTA - **Market Conditions**: On November 06, the PTA main futures contract TA2601 rose 2.27%, and the basis was -144 yuan/ton, down 70 yuan/ton from the previous day [3] - **Fundamentals**: The market price of PTA in East China was 4540 yuan/ton, up 30 yuan/ton from the previous trading day. The crude oil price in the cost side fluctuated narrowly. The PTA capacity utilization rate increased by 0.10% to 77.19% compared with the previous day. The PTA factory inventory days within the week were 4.03 days, a decrease of 0.04 days month-on-month [3] - **Main Force Movements**: Short - side main forces increased positions [3] - **Trend**: In the short term, the PTA plant operating rate decreased slightly, the inventory accumulation pressure eased, the spot processing fee was around 140 yuan/ton and operated at a low level, the supply was still in excess, the downstream polyester operating rate rebounded, and the PTA market was expected to follow the cost side and fluctuate with a slightly upward trend [3] MEG (Ethylene Glycol) - **Market Conditions**: On November 06, the ethylene glycol main futures contract eg2601 rose 0.56%, and the basis was 44 yuan/ton, down 22 yuan/ton from the previous day [4] - **Fundamentals**: The market price of ethylene glycol in East China was 3946 yuan/ton, down 22 yuan/ton from the previous trading day. The crude oil price in the cost side fluctuated narrowly, the production gross profit losses of oil - based and coal - based ethylene glycol further expanded, and the total inventory of MEG ports in East China within the week was 49.9 tons, an increase of 1.6 tons month - on - month [4] - **Main Force Movements**: There were differences between long - side and short - side main forces [4] - **Expectation**: The expected arrival volume of ethylene glycol in the future will increase, and there is an expectation of inventory accumulation in the far - month. Recently, some ethylene glycol plants have been under maintenance and restarted simultaneously, and there are still plans for new plants to test - run, so there is an expectation of supply increase. Although terminal orders increased during the Double Eleven period, the peak demand season is coming to an end, and the ethylene glycol price is expected to weaken and fluctuate in the short term [4]

Report Industry Investment Rating - Information not provided in the given content Core View of the Report - The chemical market shows a mixed performance with different products facing various supply - demand and price trends. Some products like PVC, methanol are under pressure due to high supply and weak demand, while others like urea have some positive factors but still face supply - demand imbalances [2][5][6] Summary by Related Catalogs Olefins - Polyolefins - Propylene futures declined as supply was overall loose, production enterprise shipments weakened, and downstream demand and purchasing enthusiasm decreased [2] - Plastic and polypropylene futures also fell. For polyethylene, cost support declined, supply was stable, and downstream demand was average. For polypropylene, cost support weakened, trade - sellers actively sold, and downstream new orders were limited [2] Pure Benzene - Styrene - Pure benzene futures had prices fluctuating around 5400 yuan/ton, with inventory rising and supply increasing. Although the Sino - US tariff situation eased, it had limited impact on the market [3] - Styrene futures declined. New production devices were operating normally, and the future market outlook was not optimistic [3] Polyester - PX and PTA prices fluctuated widely. PX and PTA supply increased, with PTA facing inventory accumulation pressure. The demand was expected to weaken in the medium - term [4] - Ethylene glycol had a slight decline in weekly production, but supply was expected to increase. It was expected to continue accumulating inventory, and the strategy was to go short the spread [4] - Short - fiber had no new investment pressure and followed raw material price fluctuations. It was expected to accumulate inventory in mid - to late November [4] - Bottle - chip demand decreased with the cooling weather, and the processing margin was under pressure. It was mainly driven by cost [4] Coal Chemical Industry - Methanol futures fell continuously and stabilized in the afternoon. High port inventory, high import supply, and weak downstream demand suppressed the market, and the inventory inflection point was yet to appear [5] - Urea futures oscillated strongly. Daily production increased, and agricultural demand improved slightly. However, the domestic supply - demand imbalance continued, and the market was expected to oscillate within a range [5] Chlor - Alkali - PVC was operating at a low level. Supply was expected to increase, demand was declining, and cost support was weak [6] - Caustic soda continued to decline. Inventory was accumulating, and downstream demand was weak [6] Soda Ash - Glass - Soda ash was oscillating. Supply increased, and demand from float glass decreased, so it was under pressure at a high level [7] - Glass futures declined from a high level. Production lines were shut down, and inventory was expected to decrease. Cost increased, and the decline space was limited [7]