Report Industry Investment Ratings - Propylene, Plastic: ☆☆☆ [1] - Pure Benzene, Styrene: ☆☆☆ [1] - PX, PTA: ☆☆☆ [1] - Ethylene Glycol, Short Fiber: ☆☆☆ [1] - Bottle Chip, Methanol: ☆☆☆ [1] - Urea, PVC: ★☆☆ [1] - Caustic Soda: ★☆☆ [1] - Soda Ash: ★☆☆ [1] - Glass: ★☆☆ [1] Core Viewpoints - The chemical market overall shows a complex situation with different products having varying supply - demand dynamics and price trends, some being weak, some in a state of multi - empty game, and investors need to make decisions based on specific product fundamentals [2][3][4] Summary by Related Catalogs Olefins - Polyolefins - Olefin futures main contracts oscillated downward, breaking previous lows. Due to the restart of northern propylene plants, supply pressure increased, and market bearish sentiment rose. There is a long - short game between terminal enterprises' raw material replenishment demand and upstream capacity release, showing an overall weak oscillation [2] - Polyolefin futures main contracts closed slightly lower. For polyethylene, supply is expected to increase as the number of maintenance decreases and ship cargoes arrive. The demand support from the market is limited as only the agricultural film industry is in the peak season, and other downstream industries are cautious. For polypropylene, supply is expected to increase as the intensity of plant maintenance is expected to weaken. Demand is weak as most enterprises have meager profits and are cautious in procurement [2] Pure Benzene - Styrene - Pure benzene futures prices continued to be weak. Although the actual fundamentals are okay with a decline in port inventory, the high expected import volume and poor profits of downstream products drag down the market [3] - Styrene futures main contracts closed lower. Although there is an expected increase in pre - holiday market stocking, new device production release will lead to an increase in supply, and the increase in supply is greater than that in demand, so the price trend is weak [3] Polyester - PX supply - demand strong expectations are weakened, and valuation is under pressure due to postponed plant maintenance, slow increase in polyester load, and weak downstream weaving data. PTA industry profit is still poor, and the repair space of processing margin is limited. There is an expected pre - holiday downstream stocking for polyester yarn, which may relieve polyester inventory [4] - Ethylene glycol returns to the bottom of the range. Although the actual supply pressure is not large, the expectation is weak. Attention should be paid to the commissioning dynamics of two new devices [4] - Short fiber futures prices declined. With limited new capacity this year, high load, and stable - to - decreasing inventory, the peak - season demand recovery boosts the industry expectation. It is recommended to allocate more in the near - month contract and enter the long - spread position at low prices [4] - Bottle chip operating rate declined slightly, with a slight reduction in inventory, a recovery in basis, and a slight repair in processing margin. However, over - capacity is a long - term pressure, and the repair space of processing margin is limited [4] Coal Chemical Industry - Methanol main contracts continued to be weak. Although pre - holiday downstream stocking demand provides some support, high port inventory and the expectation of continuous inventory accumulation suppress the upward space of the market. Attention should be paid to the actual implementation of overseas plant gas restrictions [5] - Urea futures prices oscillated at a low level. Domestic daily production continued to increase, and the overall demand is still less than supply, with continuous inventory accumulation in production enterprises. The market may continue to be under pressure in the short term, and attention should be paid to possible policy adjustments [5] Chlor - Alkali - PVC continues to have a loose supply - demand pattern with large inventory pressure. New device production will increase supply, and although downstream industries have a slight increase in pre - holiday replenishment, the industry continues to accumulate inventory, showing a weak oscillation trend [6] - Caustic soda has a game between weak reality and strong expectation. Currently, it is in a weak reality pattern in Shandong, but there may be pre - stocking demand before the downstream alumina production, so the 2510 - 2601 spread long - spread position may continue to widen [6] Soda Ash - Glass - Soda ash industry has an over - supply pattern. With the earlier - than - expected ignition of Yuanxing's 4th row of boilers, supply pressure will continue. Although there was an increase in heavy soda demand driven by the photovoltaic industry before, it is expected to slow down, and it is recommended to short at high positions with caution near the cost [7] - Glass has a pattern of high supply and weak demand. Although the industry inventory has declined, the improvement in processing orders is insufficient. There is a game between weak reality and low - valuation macro - level benefits, and it is recommended to wait and see before the holiday and look for long opportunities near the cost later [7]

Industry Investment Ratings - Urea: ☆☆☆ (judged as a relatively clear downward trend) [1] - Methanol: ★★★ (judged as a relatively clear upward trend) [1] - Pure Benzene: ★★★ (judged as a relatively clear downward trend) [1] - Styrene: ★★★ (judged as a relatively clear downward trend) [1] - Polypropylene: ☆☆☆ (judged as a relatively clear downward trend) [1] - Plastic: ★☆☆ (judged as a downward trend, but with limited operability on the market) [1] - PVC: ☆☆☆ (judged as a relatively clear downward trend) [1] - Caustic Soda: ★☆☆ (judged as a downward trend, but with limited operability on the market) [1] - PX: ★★☆ (judged as a relatively clear downward trend, and the market is fermenting) [1] - PTA: ★★☆ (judged as a relatively clear downward trend, and the market is fermenting) [1] - Ethylene Glycol: ☆☆☆ (judged as a relatively clear downward trend) [1] - Short Fiber: ★★★ (judged as a relatively clear upward trend) [1] - Glass: ★☆☆ (judged as a downward trend, but with limited operability on the market) [1] - Soda Ash: ★☆☆ (judged as a downward trend, but with limited operability on the market) [1] - Bottle Chip: ★☆☆ (judged as a downward trend, but with limited operability on the market) [1] - Propylene: ★☆☆ (judged as a downward trend, but with limited operability on the market) [1] Core Views - The overall chemical market shows a mixed trend, with different products having different supply - demand situations and price trends [2][3][5] - Some products are affected by factors such as new device expectations, overseas device changes, and seasonal demand changes [5][6] - The market sentiment is also influenced by macro - economic data and external factors [5] Summary by Category Olefins - Polyolefins - Olefin futures contracts continued to decline. Although the cost pressure on downstream products has not been fully alleviated, the demand for propylene has improved, and some companies are more willing to hold prices [2] - Polyolefin futures contracts declined slightly. The demand for polyethylene has increased, and the supply has decreased. The supply - demand situation of polypropylene has limited improvement [2] Pure Benzene - Styrene - Pure benzene continued to be weak, with a decline in spot prices in East China and a significant reduction in trading volume in Shandong. The supply - demand situation may improve in the third quarter, but high import volume expectations suppress the market [3] - Styrene futures contracts declined. The supply has decreased unexpectedly, but the demand is in a dull period, and there may be price promotions in the north before the National Day [3] Polyester - PTA is under price pressure, and the market is weak in the short term. There is an expectation of downstream restocking before the festival, and the processing margin of polyester yarn may be repaired [5] - Ethylene glycol has returned to the bottom of the range. The supply pressure is not large in reality, but the expectation is weak [5] - Short fiber prices have declined. The industry is expected to be boosted by the peak - season demand, and the near - month contracts can be configured more [5] - Bottle chip production has slightly decreased, and the processing margin has been slightly repaired, but the long - term pressure of over - capacity exists [5] Coal Chemical Industry - Methanol futures contracts have shown a strong shock. The short - term supply - demand gap is expected to narrow, and the long - term focus is on the actual implementation of overseas gas restrictions [6] - Urea futures contracts have continued to decline. The domestic supply is sufficient, and the market is in a state of loose supply - demand, with low - level fluctuations [6] Chlor - Alkali - PVC continues to have a loose supply - demand pattern, with high inventory pressure, and may show a weak shock trend [7] - The performance of caustic soda varies by region. The market may be in a shock pattern [7] Soda Ash - Glass - Soda ash has accumulated inventory again. The long - term supply is in an over - supply pattern, and it is expected to fluctuate with the macro - sentiment in the short term [8] - Glass has a pattern of high supply and weak demand. The inventory has declined, and the futures price is expected to fluctuate with the macro - sentiment [8]

Report Summary 1. Report Industry Investment Ratings - Urea: Not explicitly stated, but market is in a weak state [6] - Methanol: Not explicitly stated, continues to fluctuate at a low level [6] - Pure Benzene: Not explicitly stated, price is at a low level with potential improvement [3] - Styrene: Not explicitly stated, supply - demand situation has improved [3] - Polypropylene: Not explicitly stated, supply may slightly decrease, demand is weak [2] - Plastic: Not explicitly stated, no specific rating - related content provided - PVC: Not explicitly stated, runs with an upward bias under macro - expectations [7] - Caustic Soda: Not explicitly stated, expected to be in a wide - range oscillation pattern [7] - PX: Not explicitly stated, no specific rating - related content provided - PTA: Not explicitly stated, price is driven by raw materials, pay attention to device reduction [5] - Ethylene Glycol: Not explicitly stated, at a low - level oscillation [5] - Short Fiber: Not explicitly stated, positive configuration for near - month contracts [5] - Bottle Chip: Not explicitly stated, long - term pressure from over - capacity [5] - Glass: Not explicitly stated, runs with an upward bias, price may follow macro - sentiment [8] - Soda Ash: Not explicitly stated, runs strongly, long - term supply surplus [8] - Propylene: Not explicitly stated, supply is expected to increase, demand support may weaken [2] 2. Core Views - The chemical futures market shows a mixed trend, with different products having their own supply - demand characteristics and price trends. Some products are affected by factors such as new device production, seasonal demand changes, and inventory levels [2][3][5] - In general, many products are facing the influence of supply - demand relationships and macro - factors, and price trends are complex. Some products may follow macro - sentiment, while others are mainly driven by raw materials or cost factors [5][6][8] 3. Summary by Relevant Catalogs Olefins - Polyolefins - Propylene: The futures main contract closes slightly higher. Supply is expected to increase, and demand support may weaken as some downstream devices stop work [2] - Polyolefins: The futures main contract fluctuates narrowly. PE demand increases with the rise of downstream factory operating rates, and supply decreases due to many domestic maintenance enterprises. PP supply may slightly decrease, but downstream procurement enthusiasm is restricted [2] Pure Benzene - Styrene - Pure Benzene: The night - session price opens high and closes low. Weekly production slightly increases, and the processing margin oscillates at a low level. The domestic market supply - demand may improve in the third quarter, but high import volume expectations suppress market sentiment [3] - Styrene: The futures main contract fluctuates narrowly. Supply contracts, driving the spot price to stabilize and rise slightly. Downstream demand is supported by good profits and increased operating rates [3] Polyester - PTA: New device production is postponed. TA - PX spread oscillates. It is in a continuous de - stocking state, but processing margin and basis weaken. Demand shows a good trend, but polyester filament inventory is relatively high and profit is poor [5] - Ethylene Glycol: It oscillates at a low level. Domestic production decreases slightly, and port inventory continues to decline. Pay attention to the trial - run of new devices [5] - Short Fiber: Supply - demand is stable, and price fluctuates with cost. Before the National Day, downstream has restocking expectations, and near - month contracts can be configured long [5] - Bottle Chip: Downstream has rigid demand procurement. Basis and processing margin rebound, but over - capacity is a long - term pressure [5] Coal Chemical Industry - Methanol: The main contract continues to fluctuate at a low level. Import volume decreases, and port inventory accumulation slows down. Demand from the olefin industry increases, and port goods flow to the inland. Pay attention to overseas gas - restriction [6] - Urea: The market remains weak. Supply is sufficient, and production enterprises continue to accumulate inventory. Industrial demand recovers, and agricultural demand has a phased replenishment expectation [6] Chlor - Alkali - PVC: Runs with an upward bias under macro - expectations. Supply pressure is high. Downstream operating rates increase slightly, and pay attention to pre - holiday restocking demand [7] - Caustic Soda: Runs with an upward bias in an oscillatory manner. Regional performance is differentiated. Overall inventory is small, and it is expected to oscillate widely [7] Soda Ash - Glass - Soda Ash: Runs strongly. Inventory decreases, and production remains high. Pay attention to macro - favorable policies, and long - term supply is in surplus [8] - Glass: Runs strongly. Inventory decreases, and downstream restocking sentiment increases. Capacity slightly recovers, and processing orders improve. Price may follow macro - sentiment [8]

Report Industry Investment Ratings - Pure Benzene: ☆☆☆ [1] - Styrene: ☆☆☆ [1] - PX: ☆☆☆ [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 supply of propylene is tight, downstream demand is strong, and the price is expected to rise; the supply of polyolefin is under pressure, and the demand recovery is slow, with limited upward price drivers [2] - The domestic pure benzene market may improve in the third quarter, but the current price is in low - level shock; the price of styrene is supported in the short - term [3] - PTA price is driven by raw materials, and the processing margin is low; ethylene glycol price is weak; short fiber can be bullishly allocated in the near - term; bottle chip has limited processing margin recovery space [5] - Methanol is expected to stabilize in shock; urea market is expected to remain weak [6] - PVC price may fluctuate weakly; caustic soda price may show a wide - range shock pattern [7] - Soda ash is suitable for short - selling at high rebounds; glass price may show a wide - range shock pattern [8] Summary by Directory Olefins - Polyolefins - Propylene futures fluctuate narrowly around the 5 - day moving average, with tight supply and strong downstream demand [2] - Polyolefin futures remain in a low - level range, with slow demand recovery and limited upward price drivers [2] Pure Benzene - Styrene - Pure benzene price is in low - level shock, with possible improvement in the third quarter [3] - Styrene price is supported in the short - term due to regional downstream stocking [3] Polyester - PTA price follows the raw materials, with low processing margin and increasing device maintenance [5] - Ethylene glycol price is weak, affected by new device commissioning [5] - Short fiber can be bullishly allocated in the near - term, with demand improvement expected [5] - Bottle chip has limited processing margin recovery space due to over - capacity [5] Coal Chemical Industry - Methanol is expected to stabilize in shock with the improvement of downstream demand [6] - Urea market is expected to remain weak due to loose supply and demand [6] Chlor - Alkali Industry - PVC price may fluctuate weakly due to high supply and soft demand [7] - Caustic soda price may show a wide - range shock pattern with inventory reduction and supply pressure [7] Soda Ash - Glass - Soda ash is suitable for short - selling at high rebounds due to over - supply [8] - Glass price may show a wide - range shock pattern with inventory reduction and demand improvement [8]

Core Viewpoint - Styrene futures are experiencing a strong fluctuation, with the main contract reaching a peak of 7140.00 yuan and currently trading at 7110.00 yuan, reflecting a 1.69% increase [1] Group 1: Market Analysis - Short-term expectations for EB2510 are projected to fluctuate within the range of 6900-7100 yuan, with supply reduction anticipated and downstream demand potentially increasing during the peak season [2][4] - The overall market for styrene is currently in a state of balance between profit and loss, with no significant contradictions in supply and demand. Despite losses widening, production remains high, and port inventories are severely piled up, indicating substantial inventory pressure [3] - The weak overall market for styrene is unlikely to change in the short term, as the industry may need to reduce production loads to alleviate supply pressure [3][5] Group 2: Supply and Demand Dynamics - Downstream industries are expected to slightly adjust their operating loads, with low profits and high inventories continuing to suppress growth in styrene demand [4] - The potential for a decrease in styrene production and capacity utilization is anticipated due to the impact of maintenance on production facilities [4]

1. Report Industry Investment Ratings - No direct industry investment ratings are provided in the report. However, trend intensities are given for each product, indicating their short - to medium - term outlooks. For example, - 1 represents a weakly bearish outlook, 0 represents a neutral outlook, and - 2 represents a strongly bearish outlook [11][17][28] 2. Core Views of the Report - The report analyzes multiple energy and chemical products, highlighting their current market conditions, trends, and future outlooks. It notes that some products are facing cost pressures, supply - demand imbalances, and policy uncertainties, while others are influenced by seasonal factors and inventory levels [4][9][16] 3. Category - by - Category Summaries A. Aromatics and Polyester - Related Products - **Para - Xylene (PX)**: Cost has collapsed, and the unilateral trend has weakened. It is recommended to do 11 - 01 positive spreads and 1 - 5 reverse spreads. Unilateral prices have limited downside space, and it is advisable to go long on dips before mid - September [4][9] - **PTA**: Followed the decline in crude oil prices. Continue to focus on the 11 - 1 positive spreads for the month - spread and long PTA short PX for processing fees [4][9] - **MEG**: With the decline of coal and crude oil prices, the valuation of ethylene glycol has declined, and the short - term trend is weak [4][9] B. Rubber and Synthetic Rubber - **Rubber**: The market is in a weakly bearish and oscillating pattern. In August, the prices of natural rubber and other raw materials fluctuated upwards, and the tire raw material cost increased. The full - steel tire market price was basically stable in August, and it is expected to remain stable in September [10][11][13] - **Synthetic Rubber**: In the short term, it is in an oscillating and pressured state. The inventory of high - cis polybutadiene rubber has increased slightly, and the short - term supply of butadiene is under pressure. However, the "anti - involution" policy provides some support to the overall valuation of commodities [14][15][16] C. Bitumen - The price is under pressure from OPEC's potential production increase, but geopolitical risks still exist. The total weekly output of domestic bitumen decreased by 3.3% week - on - week and increased by 3.3% year - on - year. Both factory and social inventories have decreased [19][20][31] D. Plastics - **LLDPE**: In the short term, it is weak, and in the medium term, it will be in an oscillating market. The demand for PE is improving due to the upcoming peak season for the agricultural film industry, but recent commodity sentiment has declined, affecting futures prices. The supply pressure may be alleviated in the East China region at the end of September [32][33] - **PP**: In the short term, it oscillates, and in the medium term, there is still downward pressure. Although short - term demand has improved, the cost side is weak, and the supply pressure will increase in the future [36][37] E. Alkali Products - **Caustic Soda**: It is not advisable to chase short positions. The market will still have wide - range oscillations in the short term. The current driving force for caustic soda is insufficient, and the market is in a state of expectation game. The main obstacles to the rise are export and alumina [40][41] - **Soda Ash**: The spot market has little change. The domestic soda ash market is weakly stable and oscillating, with flexible price transactions. The downstream demand fluctuates little, and the procurement sentiment is not good [63][65] F. Pulp and Paper - **Pulp**: It is in an oscillating state. The spot price of pulp is stable, and the futures market has a slight upward trend. The supply side has support from the new round of foreign offers, but the demand side is still weak [45][48] - **Offset Printing Paper**: It is oscillating at a low level with limited upward momentum [2] G. Glass and Methanol - **Glass**: The price of the original glass sheet is stable. The short - term supply - demand situation is relatively stable, and downstream orders have little change [50][51] - **Methanol**: It is in an oscillating pattern. The short - term fundamentals have significant contradictions, with continuous inventory accumulation at ports. However, the "anti - involution" policy provides some support to the overall valuation of commodities [53][56][57] H. Fertilizers - **Urea**: Spot trading is light, and futures are at a premium. In the short term, the export has not significantly driven the spot market, and the mid - term trend is still under pressure due to the expected inventory accumulation in the fourth quarter [58][59][60] I. Styrene - **Styrene**: It is bearish in the medium term. The short - term market is oscillating, but the mid - term fundamentals are weak due to factors such as inventory accumulation and the end of the "anti - involution" hype [61][62] J. LPG and Propylene - **LPG**: There is an expectation of OPEC+ production increase, leading to a decline in crude oil cost [68] - **Propylene**: High spot prices have suppressed buying interest, and attention should be paid to the risk of price decline [69] K. PVC - The market is still under pressure. The high - production and high - inventory structure is difficult to change, and exports may be affected by policy disturbances [79][80][81] L. Fuel Oil - **Fuel Oil**: It has been continuously retracing, and may continue to be weaker than low - sulfur fuel oil in the short term [82] - **Low - Sulfur Fuel Oil**: The downward trend continues, and the spread between high - and low - sulfur fuels in the overseas spot market is oscillating at a high level [82] M. Shipping Index - **Container Shipping Index (European Line)**: It is in a wide - range oscillating state, with recent price declines in European and US - West shipping routes [84]

Report Industry Investment Ratings - Urea: Not clearly defined [1] - Methanol: Not clearly defined [1] - Pure Benzene: ★☆☆ (One star, indicating a bullish/bearish bias with limited trading operability) [1] - Styrene: ★☆☆ [1] - Polypropylene: ★☆☆ [1] - Plastic: ☆☆☆ (White star, suggesting a balanced short - term trend and poor trading operability) [1] - PVC: ★☆☆ [1] - Caustic Soda: ★☆☆ [1] - PX: ★☆☆ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ★☆★ [1] - Glass: ★☆☆ [1] - Soda Ash: ★☆☆ [1] - Bottle Chip: ☆☆☆ [1] - Propylene: ☆☆☆ [1] Core Viewpoints - The overall chemical market shows a mixed trend with different products having various supply - demand situations and price trends. Some products are affected by factors such as supply disruptions, demand changes, and inventory levels [2][3][5] Grouped Summaries Olefins - Polyolefins - Propylene futures fluctuate above the 5 - day average line. Downstream restocking is active, and supply - side news is positive, boosting prices [2] - Polyolefin futures have narrow fluctuations. Polyethylene has supply pressure and slow - growing demand, while polypropylene has supply support but slow - recovering demand [2] Pure Benzene - Styrene - Pure benzene prices oscillate around 6200 yuan/ton. There is an expected seasonal improvement in the third quarter and potential pressure in the fourth quarter [3] - Styrene futures are in a consolidation pattern. Cost is weak, and the supply - demand is in a wide - balance state with potential inventory accumulation [3] Polyester - PTA is driven by cost and shows a strong trend. Terminal weaving is improving, and PX supply - demand is expected to improve [5] - Ethylene glycol prices rise to 4500 yuan/ton and then fall back. Supply is increasing, and inventory is rising [5] - Short - fiber supply - demand is stable and cost - driven. New capacity is limited, and mid - term long - position allocation is considered [5] - Bottle - chip industry has over - capacity, limiting profit margin recovery [5] Coal Chemicals - Methanol prices are weak. Import volume is slightly down, but port inventory may reach a high level at the end of the third quarter [6] - Urea prices fall after export news. Supply is loose in the short term, and the market is affected by sentiment and export news [6] Chlor - Alkali - PVC shows an oscillating trend. Supply is high, demand is poor, and export pressure is increasing [7] - Caustic soda is strong. Non - aluminum seasonal restocking and demand increase support prices, but long - term supply pressure remains [7] Soda Ash - Glass - Soda ash prices rise. Supply may decline slightly, but inventory is high, and the long - term supply - demand is in surplus [8] - Glass prices rise. Inventory accumulation slows down, and cost increases provide support [8]

Report Investment Ratings - Urea: ★★★ [1] - Methanol: ★★★ [1] - Pure Benzene: ★★★ [1] - Styrene: ★★★ [1] - Propylene: ★★★ [1] - Plastics: ★★★ [1] - PVC: ★★★ [1] - Caustic Soda: ★★★ [1] - PX: ★★★ [1] - PTA: ★★★ [1] - Ethylene Glycol: ★★★ [1] - Short Fibre: ★★★ [1] - Glass: ★★★ [1] - Soda Ash: ★★★ [1] - Bottle Chips: ★★★ [1] Core Views - The olefin - polyolefin market shows mixed trends. Propylene prices are boosted by improved supply - demand, while polyolefin has different supply - demand situations for polyethylene and polypropylene [2]. - The pure benzene - styrene market has different outlooks for different periods. There is a seasonal improvement expectation in Q3 for pure benzene, and benzene - styrene has stable supply and limited downstream boost [3]. - The polyester market has various factors affecting different products. PX has positive valuation, ethylene glycol is multi - factor intertwined, short - fibre has positive demand expectations, and bottle chips face long - term over - capacity pressure [5]. - The coal - chemical market has different performances for methanol and urea. Methanol has weak reality but strong expectation, and urea is affected by market sentiment and export news [6]. - The chlor - alkali market shows different trends for PVC and caustic soda. PVC is expected to be weak, and caustic soda is strong in the short - term but limited in long - term increase [7]. - The soda ash - glass market is weak. Soda ash has an over - supply situation, and glass has cost support but weak demand [8]. Summary by Categories Olefin - Polyolefin - Propylene futures rose, with positive supply - demand factors such as downstream restocking and supply - side changes [2]. - Polyolefin futures had a mixed performance. Polyethylene has supply pressure and slow demand, while polypropylene has short - term supply support and slow demand recovery [2]. Pure Benzene - Styrene - Pure benzene has a seasonal improvement expectation in Q3 but may face pressure in Q4. It is recommended for monthly - spread band trading [3]. - Styrene has cost support, stable supply, and limited downstream boost, maintaining a consolidation pattern [3]. Polyester - PX has positive valuation due to improved demand expectations. PTA is affected by device news with limited impact [5]. - Ethylene glycol has a mixed situation with increased supply and stable demand, and needs to focus on policy and demand recovery [5]. - Short - fibre has positive demand expectations in the peak season and is recommended for long - term allocation. Bottle chips face long - term over - capacity pressure [5]. Coal - Chemical - Methanol has weak current conditions but strong expectations, with port inventory issues and changes in supply and demand [6]. - Urea is affected by market sentiment and export news, with a loose short - term supply - demand situation [6]. Chlor - Alkali - PVC is expected to be weak due to high supply, low demand, and increased export pressure [7]. - Caustic soda is strong in the short - term due to demand for restocking but has long - term supply pressure [7]. Soda Ash - Glass - Soda ash has an over - supply situation with high inventory at all levels, and its price is under pressure [8]. - Glass has cost support but weak demand, with a slowdown in inventory accumulation [8].

Core Viewpoint - The recent surge in paraxylene (PX) futures prices is influenced by fluctuations in crude oil prices, with a notable increase of 2.33% observed in the main contract [1] Group 1: Market Analysis - The main paraxylene futures contract reached a peak of 6984.0 yuan, closing at 6940.0 yuan [1] - Domestic PX production for the week was reported at 6.6933 million tons, reflecting a week-on-week increase of 0.4% [1] - The average domestic PX capacity utilization rate was 82.67%, up 0.32% from the previous week [1] Group 2: Demand and Supply Dynamics - The average PTA capacity utilization rate was 75.01%, down 0.91% from the previous week, with PTA production at 1.3841 million tons, an increase of 15,800 tons week-on-week [1] - PX load increased to 84.3%, a rise of 2.3% compared to the previous week [1] - Import statistics indicate that in July 2025, China's mainland PX imports totaled approximately 782,000 tons, marking a 2.2% increase month-on-month and a 23.7% increase year-on-year [1] Group 3: Future Outlook - Short-term PX prices are expected to follow crude oil price trends, with resistance around 7050 yuan and support near 6600 yuan [1] - The market anticipates a potential short-term adjustment in PX prices, with a focus on cost factors and macroeconomic policy changes [1]

Report Industry Investment Rating - The investment rating for PX/PTA/PF/PR is neutral, with attention on the cost-side crude oil and macro sentiment changes [3] Core Viewpoints - The marginal demand has improved, and attention should be paid to cost-side changes. The most pessimistic period on the demand side has passed, but the market is still affected by factors such as supplier actions and inventory [1][2][3] Summary by Directory I. Price and Basis - Include TA and PX main contract trends, basis, and inter-period spreads, as well as PTA East China spot basis and short fiber basis [7][8][10] II. Upstream Profits and Spreads - Cover PX processing fee, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [16][19] III. International Spreads and Import-Export Profits - Involve toluene spreads between the US and Asia, toluene spreads between South Korea and Japan, and PTA export profit [24][25] IV. Upstream PX and PTA Start-up - Include the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia [27][30][32] V. Social Inventory and Warehouse Receipts - Include PTA weekly social inventory, PX monthly social inventory, and various warehouse receipt inventories [35][38][39] VI. Downstream Polyester Load - Include filament and short fiber production and sales, polyester load, and various factory inventory days and operating rates in the downstream [47][49][51] VII. PF Detailed Data - Include polyester staple fiber load, inventory days, profit, and related operating rates and spreads [73][79][83] VIII. PR Fundamental Detailed Data - Include polyester bottle chip load, inventory days, processing fees, export profits, and various spreads [86][88][95]