Core Viewpoint - The announcement by Yaqi International regarding the share reduction plan by five directors and executives, including Chairman Guo Baichun, has sparked widespread discussion among investors, particularly due to Guo's legal troubles and the implications for the company's governance and financial reporting [1][4]. Group 1: Share Reduction Plan - Five directors and executives plan to reduce their holdings by a total of up to 540,000 shares, representing 0.06% of the company's total share capital, with Guo Baichun intending to reduce up to 270,000 shares [1][3]. - The share reduction is characterized as a normal personal decision by shareholders, and the company claims it is not aware of the specifics of Guo Baichun's legal case [2][3]. Group 2: Legal Issues Surrounding Guo Baichun - Guo Baichun has been arrested on charges of embezzlement and abuse of power, which has led to his inability to attend board meetings and ensure the accuracy of the company's financial reports [4][5]. - Legal experts have indicated that while Guo cannot sign the semi-annual report, he is permitted to issue a share reduction notice as it pertains to his rights as a shareholder [6][7]. Group 3: Financial Context and Implications - The company's stock price has seen a significant increase of 81.10% year-to-date, reaching a peak of 39.02 yuan, which is the highest level in nearly three years [3]. - Guo Baichun's potential proceeds from the planned share reduction could exceed 9 million yuan based on the current stock price, while his pre-tax remuneration from the company for 2024 is reported to be 3.2839 million yuan [8].

国泰君安期货·能源化工 尿素周度报告 国泰君安期货研究所 杨鈜汉 投资咨询从业资格号：Z0021541 日期：2025年09月21日 Guotai Junan Futures all rights reserved, please do not reprint 资料来源：钢联，隆众资讯，国泰君安期货研究 本周尿素观点：趋势偏弱 • 本周(20250911-0917)，中国尿素生产企业产量：133万吨，较上期涨3.07万吨，环比涨2.36%。周期内新增1家企业装置停车，停车企业恢复6家（装置）企 业，同时延续上周期的装置变化，本周产量明显上涨。下周，中国尿素周产量预计140-141万吨附近，较本期明显上涨。下个周期预计1家企业计划停车， 4-5家停车企业恢复生产，考虑到短时的企业故障发生，延续上周期的变化，预期下个周期产量大概率会有明显增加。（隆众资讯） • 内需方面，内需持续偏弱。北方地区农业追肥需求基本结束，在今年农业需求总量有需求前置的背景下，追肥需求的同比增速出现明显下滑。此外，复 合肥行业近期产成品销售压力较大，开工率维持低位，对尿素原料采购需求较为有限，对高价尿素货源接受度低。 • 出口方面，目前三 ...

Core Insights - The report by Zhiyan Consulting highlights the market trends and strategic outlook for the urea industry in China from 2025 to 2031 [1] Price Trends - As of late August 2025, the market price for urea (medium and small particles) is reported at 1759.9 yuan per ton, reflecting a year-on-year decline of 15.66% and a month-on-month decrease of 0.36% [1] - The highest recorded price in the past five years occurred in late August 2021, reaching 2537.7 yuan per ton [1] Historical Data - A statistical chart detailing the price fluctuations of urea (medium and small particles) from 2019 to late August 2025 is referenced, indicating significant price changes over the years [1]

Report Title - Urea Weekly Report: Nissan Rises, Supply Pressure Increases [1] Report Industry Investment Rating - No relevant information provided. Core Viewpoint of the Report - The market is currently weak, with rising enterprise inventories and falling spot prices. Although the valuation is at a low level, there is limited downside space, but there is no driving force for an upward trend. It is recommended to wait and see or pay attention to long - position opportunities on dips [12]. Summary by Directory 1. Weekly Assessment and Strategy Recommendation - **Market Review**: The futures market continued to fluctuate weakly, closing slightly lower for the week, with prices approaching the lower edge of the range. Enterprises faced pressure to receive orders before the holiday, and the spot market remained weak. The basis and inter - month spreads fluctuated weakly at low levels [12]. - **Supply**: The domestic urea plant operating rate was 81.22%, a 1.88% increase from the previous week, and it is expected to continue rising. The latest daily production was 196,000 tons, and supply pressure has increased again. The enterprise's advance orders were 6.18 days, a decrease of 0.7 days from the previous week, and market sentiment remained cautious [12]. - **Demand**: The compound fertilizer operating rate was 38.63%, a slight increase from the previous week, and it is currently mainly producing wheat fertilizer. It is the off - season for agricultural demand, and there has been no concentrated release of agricultural demand. Coal - based production profits have further declined, and attention should be paid to cost support [12]. - **Fundamentals**: The inter - month spreads and basis were generally weak, both at low levels compared to the same period last year. The export profit was high, and the domestic market was relatively undervalued. Urea was undervalued [12]. - **Inventory**: Enterprise inventories were 1.1653 million tons, a 32,600 - ton increase from the previous week, and at a high level compared to the same period last year, indicating weak domestic demand. Port inventories were 516,000 tons, a 33,400 - ton decrease from the previous week [12]. - **Strategy**: Wait and see or pay attention to long - position opportunities on dips [12]. 2. Futures and Spot Market - **Futures Contracts**: The prices of the 09, 01, and 05 contracts were 1,744, 1,661, and 1,722 respectively. The 09 contract increased by 174, the 01 contract decreased by 2, and the 05 contract increased by 4 compared to the previous week. The 9 - 1 spread increased by 176, the 1 - 5 spread decreased by 6, and the 5 - 9 spread decreased by 170 [13]. - **Spot Market**: The latest prices in Shandong, Henan, and Hebei were 1,640, 1,650, and 1,680 respectively. The Shandong price remained unchanged, while the Henan and Hebei prices increased by 10. The Shandong, Henan, and Hebei basis were - 21, - 11, and 19 respectively, with increases of 2, 12, and 12 compared to the previous week [13]. - **Downstream Prices**: The prices of compound fertilizers (45%S) in Shandong and Hubei were 2,930 and 2,950 respectively. The Shandong price decreased by 20, while the Hubei price remained unchanged. The prices of melamine decreased by 17. The export profit of urea increased by 85 [13]. 3. Profit and Inventory - **Production Profit**: The profit of fixed - bed production decreased again [28]. - **Inventory**: Enterprise inventories were 1.1653 million tons, a 32,600 - ton increase from the previous week. Port inventories were 516,000 tons, a 33,400 - ton decrease from the previous week [12]. 4. Supply Side - **Urea Capacity**: There were planned production - increasing devices in some enterprises, such as Anhui Quansheng Chemical, Henan Jinkai Yanhua, etc. [42]. - **Urea Operating Rate**: The supply has recovered, and the domestic urea plant operating rate was 81.22%, a 1.88% increase from the previous week [12]. - **Enterprise Maintenance**: Many enterprises carried out maintenance, including Hebei Zhengyuan Hydrogen Energy Technology Co., Ltd., Jiangxi Xinlianxin Chemical Industry Co., Ltd., etc. Some enterprises also have planned maintenance in the future, such as Shanxi Tianze Coal Chemical Group Co., Ltd. [47][48]. 5. Demand Side - **Consumption Forecast**: There are seasonal characteristics in domestic and international fertilizer demand. The peak season in China is from March to July, while in India it is from June to October, and in the United States it is about one month earlier than in China [111][112]. - **Compound Fertilizer**: The compound fertilizer operating rate was 38.63%, a slight increase from the previous week, and it is currently mainly producing wheat fertilizer [12]. - **Nitrogen Source Price Ratio**: Attention should be paid to the price ratios of urea to synthetic ammonia, ammonium sulfate, ammonium chloride, and monoammonium phosphate [59]. - **Melamine**: The operating rate and profit of melamine have changed, and the export volume also shows certain trends [62][64]. - **Terminal Demand**: The terminal demand is affected by factors such as the real estate market and export volume [70][73]. - **Export**: The export profit is good, and the export volume shows certain changes [80][81]. 6. Option - related - **Urea Options**: The trading volume and open interest of urea options, as well as the PCR of open interest and trading volume, show certain trends. The volatility of urea options also has a certain relationship with the futures price [92][94][101]. 7. Industrial Structure Diagram - **Urea Industry Chain**: It shows the characteristics and structure of the urea industry chain, as well as the research framework analysis [104][106][108].

《阿拉伯海湾商业洞察》（AGBI）9月17日报道，阿曼印度化肥公司（Omifco）计划在马斯喀特证 券交易所（MSX）上市，作为阿曼政府重启私有化进程的重要组成部分。该上市计划目前尚处早期阶 段，已向银行发出上市申请。Omifco是阿曼和印度于1994年合资成立的化肥企业，其在苏尔工业城 （Sur Industrial City）的工厂每日可生产3500吨无水氨和5060吨颗粒尿素。阿曼综合能源集团OQ持有 Omifco 50%股份，其余由印度两家公司各持有25%股份。 （原标题：阿曼-印度合资公司Omifco计划在MSX上市） ...

Core Viewpoint - The announcement by Yaqi International regarding the share reduction plan by five directors and executives, including Chairman Guo Bochun, has sparked widespread discussion among investors, particularly due to Guo's legal issues and the implications for the company's governance and financial reporting [1][4][5]. Group 1: Share Reduction Plan - Five directors and executives, including Guo Bochun, plan to reduce their holdings by a total of up to 540,000 shares, representing 0.06% of the total share capital [1][3]. - The planned reductions include Guo Bochun's maximum reduction of up to 270,000 shares, with the other four executives planning to reduce their holdings by 72,000 shares each and one by 54,000 shares [3][8]. - The company clarified that these reductions are normal personal actions by shareholders and that the five individuals are not the controlling shareholders or actual controllers of the company [3][8]. Group 2: Legal Context and Implications - Guo Bochun is currently under legal scrutiny, having been arrested on charges of embezzlement and abuse of power, which has raised questions about his ability to fulfill his duties as chairman [4][5][7]. - Despite being unable to attend board meetings and sign the semi-annual report, legal experts have stated that Guo can still issue a share reduction notice as it pertains to his rights as a shareholder [6][7]. - The company has stated that it is unaware of the specific details regarding Guo's legal case, indicating a potential disconnect between management and governance issues [2][8]. Group 3: Market Performance and Future Outlook - Yaqi International's stock price has seen significant growth, with an increase of 81.1% year-to-date, reaching a peak of 39.02 yuan per share on September 16, marking a three-year high [3][8]. - The company’s stock performance is influenced by rising potassium fertilizer prices, which have contributed to a favorable market outlook [3].

Report Overview - Research Date: September 18, 2025 - Report Cycle: Daily - Research Variety: Urea - Researcher: He Ning (Qualification No.: F0238922; Investment Consulting Certificate No.: Z0001219) [1] 1. Futures Market 1.1 Contract Quotes - On September 18, 2025, the price of the main urea futures contract fluctuated downward, closing at 1670 yuan/ton, with a maximum of 1681 yuan/ton and a minimum of 1662 yuan/ton. The trading volume was 114,000 lots, an increase of 21,000 lots from the previous day, and the open interest was 287,000 lots, an increase of 6,000 lots from the previous day [2] 1.2 Variety Prices - Domestic major regional urea spot prices generally remained stable, with slight differences in some areas due to demand. Representative factory quotes were: Henan Xinlianxin in Central China at 1680 yuan/ton (basis 10 yuan/ton), Ningxia Petrochemical in Northwest China at 1530 yuan/ton (basis -140 yuan/ton), Ruixing Group in East China at 1630 yuan/ton (basis -40 yuan/ton), and Hualu Hengsheng in North China at 1650 yuan/ton (basis -20 yuan/ton) [6] 2. Spot Market 2.1 Spot Prices and Basis Data - Domestic major regional urea spot prices generally maintained a stable trend, with slight differences in some areas due to demand [6] 3. Influencing Factors 3.1 Industry News - The Fed announced a 25 - basis - point interest rate cut as planned, but the policy signals it released were complex, with both hawkish and dovish stances [7][8] 4. Market Outlook - Currently, domestic urea production has rebounded, but agricultural demand is in the off - season, industrial demand is growing slowly, and upstream factories are continuously accumulating inventory. The lowest bid in the latest Indian tender was lower than market expectations. The total inventory of domestic urea enterprises has reached 1165300 tons, a month - on - month increase of 32600 tons. Supply is slightly stronger than demand, and enterprise inventory has increased slightly. It is expected that the short - term urea futures market may continue to fluctuate weakly [9][11]

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided reports. 2. Core Views of the Reports Polyester Industry - PX: In the fourth quarter, PX supply - demand is expected to weaken, and PXN may be compressed. The absolute price is expected to fluctuate weakly in the short - term. PX11 can be treated as fluctuating between 6600 - 6900 [2]. - PTA: New device commissioning is postponed, and some device maintenance plans are announced, which boosts PTA in the short - term. In the medium - term, the supply - demand is expected to be weak, and the absolute price follows raw materials. TA can be treated as fluctuating between 4600 - 4800, and TA1 - 5 can be rolled in reverse arbitrage [2]. - Ethylene Glycol: The supply pattern is strong in the near - term and weak in the long - term. In September, it is expected to be good, but in the fourth quarter, it will enter the inventory accumulation period. EG can be observed unilaterally, and EG1 - 5 can be in reverse arbitrage [2]. - Short Fiber: The short - term supply - demand is weak. The short - fiber price has support at low levels but weak rebound drive, and the rhythm follows raw materials [2]. - Bottle Chip: In September, supply increases slightly, demand may decline, and inventory is expected to increase slowly. PR follows the cost side, and the processing fee has limited upside space [2]. Urea Industry The urea futures are running weakly due to increasing supply and lack of demand growth. The short - term futures are expected to run weakly [6]. PVC and Caustic Soda Industry - Caustic Soda: After a rebound, it retraces. The supply may decline due to maintenance, and the demand support is limited. The spot price may stabilize, and the decline space of the futures price is limited [12]. - PVC: After a rebound, it retraces. The supply is expected to decrease due to maintenance, and the demand shows a marginal improvement. The cost provides bottom support. It can be short - sold at high prices [12]. Methanol Industry The mainland supply is at a high level, and the inventory pattern is relatively healthy, which supports the price. The demand is weak, and the port inventory is accumulating. The overall valuation is neutral. The market sways between high inventory and overseas gas - restriction expectations, and the inventory inflection point should be followed [22]. Pure Benzene and Styrene Industry - Pure Benzene: Supply may be higher than expected, and demand is weak. The short - term price is affected by geopolitical and macro factors. BZ2603 follows styrene to fluctuate [26]. - Styrene: Supply is relatively sufficient, and demand support is average. The port inventory is falling but still high. EB10 can be bought at low levels, and the spread between EB11 and BZ11 can be widened at low levels [26]. Crude Oil Industry The overnight oil price fluctuates in a range. The tight refined oil market supports the price, but the macro - economic slowdown restricts the upside. The oil price may fluctuate in a range in the short - term. It is recommended to wait and see unilaterally, and look for opportunities to widen the spread on the option side [28]. Polyolefin Industry For PP, the profit is suppressed, there are many unplanned maintenance, and the inventory decreases. For PE, the maintenance is high, the basis rises, and the inventory is reduced. The demand has few new orders, and the market shows "supply decrease and demand increase" [33]. 3. Summaries According to Related Catalogs Polyester Industry - **Upstream Prices**: Brent crude oil (November) decreased by 0.8%, WTI crude oil (October) decreased by 0.7%, CFR Japan naphtha decreased by 1.6%, etc. [2]. - **Downstream Polyester Product Prices and Cash Flows**: POY150/48 price decreased by 0.4%, FDY150/96 price remained unchanged, etc. [2]. - **PX - related Prices and Spreads**: CFR China PX decreased, PX spot price (RMB) decreased, and PX basis (11) decreased by 39.0% [2]. - **PTA - related Prices and Spreads**: PTA East China spot price increased by 0.2%, TA futures 2601 decreased by 1.0% [2]. - **MEG - related Prices and Spreads**: MEG East China spot price decreased by 0.3%, EG futures 2601 decreased by 0.7% [2]. - **Polyester Industry Chain Operating Rates**: Asian PX operating rate increased by 2.5%, China PX operating rate increased by 4.9%, etc. [2]. Urea Industry - **Fertilizer Market**: The prices of some fertilizers such as ammonium sulfate and sulfur decreased slightly, while others remained unchanged [6]. - **Supply - demand Overview**: Domestic urea daily output increased by 1.82%, coal - based urea daily output increased by 1.97%, etc. [6]. PVC and Caustic Soda Industry - **Prices**: Shandong 32% liquid caustic soda converted to 100% price decreased by 2.4%, East China calcium carbide - based PVC market price decreased by 0.4% [12]. - **Overseas Quotes and Export Profits**: FOB East China port caustic soda increased by 1.3%, and the export profit increased by 120.2% [12]. - **Supply (Chlor - alkali Operating Rate and Industry Profit)**: PVC overall operating rate increased by 4.2%, and the profit of externally purchased calcium carbide - based PVC decreased by 12.8% [12]. - **Demand**: Alumina industry operating rate increased by 1.5%, and Longzhong sample pipe operating rate increased by 12.3% [12]. - **Inventory**: Liquid caustic soda Shandong inventory increased by 17.0%, and PVC upstream factory inventory decreased by 1.8% [12]. Methanol Industry - **Prices and Spreads**: MA2601 closing price decreased by 1.26%, and the spread between MA9 and MA1 changed by - 360.00% [22]. - **Inventory**: Methanol enterprise inventory decreased by 0.61%, and methanol port inventory increased by 0.48% [22]. - **Upstream and Downstream Operating Rates**: Domestic upstream enterprise operating rate decreased by 0.12%, and downstream externally - purchased MTO device operating rate increased by 8.72% [22]. Pure Benzene and Styrene Industry - **Upstream Prices and Spreads**: CFR China pure benzene decreased by 0.5%, and pure benzene - naphtha spread increased by 4.5% [26]. - **Styrene - related Prices and Spreads**: Styrene East China spot price decreased by 1.1%, and EB futures 2510 decreased by 1.1% [26]. - **Inventory**: Pure benzene Jiangsu port inventory decreased by 6.9%, and styrene Jiangsu port inventory decreased by 9.9% [26]. - **Industrial Chain Operating Rates**: Asian pure benzene operating rate increased by 1.4%, and domestic pure benzene operating rate decreased by 0.1% [26]. Crude Oil Industry - **Crude Oil Prices and Spreads**: Brent decreased by 0.75%, WTI decreased by 0.05%, and the spread between Brent M1 and M3 increased by 4.55% [28]. - **Refined Oil Prices and Spreads**: NYM RBOB increased by 0.13%, NYM ULSD increased by 0.02%, and ICE Gasoil decreased by 0.39% [28]. - **Refined Oil Crack Spreads**: US gasoline crack spread decreased by 0.51%, European gasoline crack spread decreased by 2.44% [28]. Polyolefin Industry - **Prices**: L2601 closing price decreased by 0.79%, PP2601 closing price decreased by 0.80% [33]. - **Inventory**: PE enterprise inventory increased by 5.57%, PP enterprise inventory increased by 8.06% [33]. - **Upstream and Downstream Operating Rates**: PE device operating rate increased by 2.97%, PP device operating rate decreased by 2.5% [33].

Report Investment Rating - Unilateral: Neutral; - Inter - period: After the export window period, conduct a reverse spread on UR01 - 05 when the price is high; - Inter - variety: None [3] Core Viewpoints - The domestic spot market of urea sees manufacturers reducing prices to attract orders. After the prices in Shandong and Henan dropped to 1,580 yuan/ton, the transaction improved. After manufacturers raised the quotes, the transaction was average. - Domestic demand is weak, with urea factory inventories continuing to accumulate, mainly in Inner Mongolia. Attention should be paid to the start time of demand in Northeast China. - Urea production remains at a high level. With the release of new production capacity, the medium - and long - term supply and demand of urea are still relatively loose. - The profit of coal - based urea is acceptable, and the cost - side support is average. - The export side still has a significant impact on the sentiment of urea prices. In September, it is still the export window period, and urea exports are continuing with an accelerating pace, leading to a decline in port inventories. The export volume in August was 800,000 tons, and the export volume in September is still expected. Attention should be paid to the resonance period of the increase in export speed and the month - on - month improvement of domestic demand [2] Summary of Each Section Market Analysis - **Price and Basis**: On September 18, 2025, the closing price of the urea main contract was 1,670 yuan/ton (- 11). The ex - factory price of small - particle urea in Henan was 1,650 yuan/ton (0); in Shandong, it was 1,640 yuan/ton (- 10); in Jiangsu, it was 1,650 yuan/ton (+ 0). The price of small - block anthracite was 750 yuan/ton (+ 0). The basis in Shandong was - 30 yuan/ton (+ 1); in Henan, it was - 20 yuan/ton (+ 1); in Jiangsu, it was - 20 yuan/ton (+ 11). The urea production profit was 110 yuan/ton (- 10), and the export profit was 1,158 yuan/ton (- 5) [1] - **Supply Side**: As of September 18, 2025, the enterprise capacity utilization rate was 81.21% (0.08%). The total inventory of sample enterprises was 1.1653 million tons (+ 32,600 tons), and the port sample inventory was 516,000 tons (- 33,400 tons) [1] - **Demand Side**: As of September 18, 2025, the capacity utilization rate of compound fertilizers was 38.63% (+ 0.81%); the capacity utilization rate of melamine was 56.78% (+ 1.40%); the number of pre - received order days of urea enterprises was 6.18 days (- 0.70) [1] Strategy - Unilateral: Neutral; - Inter - period: After the export window period, conduct a reverse spread on UR01 - 05 when the price is high; - Inter - variety: None [3] Sections in the Table of Contents - **Urea Basis Structure**: It includes figures such as the market price of small - particle urea in Shandong and Henan, the basis of Shandong and Henan main contracts, the price of the urea main continuous contract, and the 1 - 5, 5 - 9, 9 - 1 spreads [5][1][6] - **Urea Production**: It includes figures of urea weekly production and urea plant maintenance loss volume [5][23] - **Urea Production Profit and Operating Rate**: It includes figures of production cost, spot production profit, disk production profit, national capacity utilization rate, coal - based capacity utilization rate, and gas - based capacity utilization rate [5][27][35] - **Urea Foreign Market Price and Export Profit**: It includes figures of FOB prices of small - particle urea in the Baltic Sea, CFR prices of large - particle urea in Southeast Asia, FOB and CFR prices of small - and large - particle urea in China, and urea export profit and disk export profit [5][34][44] - **Urea Downstream Operating Rate and Orders**: It includes figures of compound fertilizer operating rate, melamine operating rate, and the number of days of orders to be delivered [5][51][52] - **Urea Inventory and Warehouse Receipts**: It includes figures of upstream factory inventory, port inventory, raw material inventory days of downstream urea manufacturers in Hebei, futures warehouse receipts, main contract positions, and main contract trading volume [5][55][58]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views Polyester Industry - **PX**: Short - term expected to be volatile and weak. PX11 to be treated as oscillating between 6600 - 6900 [2]. - **PTA**: Short - term to oscillate between 4600 - 4800; TA1 - 5 to be rolled in reverse arbitrage. Mid - term supply - demand is weak [2]. - **Ethylene Glycol**: 9 - month outlook is positive, but Q4 is expected to enter a stockpiling phase. EG to be observed unilaterally; EG1 - 5 for reverse arbitrage [2]. - **Short - fiber**: Low - level support exists, but rebound drive is weak. Unilateral strategy same as PTA; processing fees to oscillate between 800 - 1100 [2]. - **Bottle - chip**: PR to follow cost, with limited upside for processing fees. Unilateral strategy same as PTA; main - contract processing fees to fluctuate between 350 - 500 yuan/ton [2]. Urea Industry - Urea futures are weakly operating. Supply is rising while demand lacks growth. Policy intervention on coal prices cannot reverse the surplus. Short - term, the futures are expected to be weak [8]. Chlor - alkali Industry - **Caustic Soda**: After a rebound, it is re - adjusting. Supply may decline due to maintenance. Demand from the alumina industry is stable, but overall, it may continue to be weak in the short - term. Spot prices may stabilize [11]. - **PVC**: After a rebound, it is re - adjusting. Supply may decrease due to maintenance, and demand is slightly improving. Cost support is at the bottom. It can be short - sold at high levels [11]. Methanol Industry - Supply is at a high level, and inventory is relatively healthy. Demand is weak due to the off - season. Valuation is neutral. The market is wavering between high inventory and overseas gas - restriction expectations. Follow - up focus on inventory inflection points [55]. Pure Benzene and Styrene Industry - **Pure Benzene**: Supply may be higher than expected, and demand is weak. Short - term price is affected by geopolitics and macro factors. BZ2603 to follow styrene oscillations [60]. - **Styrene**: Supply is relatively sufficient, and demand support is average. Port inventory is declining, but still restricts price increases. EB10 to be bought at low levels, and the spread between EB11 - BZ11 to be widened at low levels [60]. Crude Oil Industry - Oil prices are oscillating. The refined oil market provides support, but macro - economic concerns limit the upside. Short - term, prices are expected to oscillate within a range. Unilateral observation is recommended [63]. Polyolefin Industry - **LLDPE and PP**: PP has more unplanned maintenance and inventory decline, with a weak basis. PE has more maintenance, a rising basis, and inventory reduction. Demand orders are poor. Focus on pre - holiday restocking [68]. 3. Summaries by Relevant Catalogs Polyester Industry - **Upstream Prices**: Brent crude (November) decreased by 0.8% to 67.44 dollars/barrel; CFR Japan naphtha decreased by 1.6% [2]. - **Downstream Polyester Product Prices and Cash Flows**: POY150/48 price decreased by 0.4% to 6680 yuan/ton; DTY150/48 price remained unchanged at 7960 yuan/ton [2]. - **PX - related**: CFR China PX decreased; PX - crude decreased by 1% to 397 dollars/ton [2]. - **PTA - related**: PTA East China spot price increased by 0.2% to 4630 yuan/ton; TA futures 2601 decreased by 1% to 4712 yuan/ton [2]. - **MEG - related**: MEG port inventory decreased by 460,000 tons to 9.4 million tons; EG futures 2601 decreased by 0.7% to 4297 yuan/ton [2]. Urea Industry - **Futures Prices**: Urea 01 contract decreased by 0.65% to 1670 yuan/ton; methanol main - contract decreased by 1.26% to 2346 yuan/ton [7]. - **Spot Prices**: Shandong (small - particle) decreased by 0.61% to 1640 yuan/ton; FOB China: small - particle remained unchanged at 424 dollars/ton [8]. - **Supply and Demand**: Domestic urea daily output increased by 1.82% to 195,600 tons; enterprise inventory increased by 2.88% to 1.1653 million tons [8]. Chlor - alkali Industry - **PVC and Caustic Soda Spot and Futures**: Shandong 32% liquid caustic soda decreased by 2.4% to 2500 yuan/ton; V2509 decreased by 0.7% to 5347 yuan/ton [11]. - **Caustic Soda Overseas Quotes and Export Profits**: FOB East China port increased by 1.3% to 395 dollars/ton; export profit increased by 120.2% to 5.8 yuan/ton [11]. - **PVC Overseas Quotes and Export Profits**: CFR Southeast Asia decreased by 3% to 650 dollars/ton; export profit decreased by 77.2% to 13.5 yuan/ton [11]. - **Supply and Demand**: PVC total operating rate increased by 4.2% to 79.4%; alumina industry operating rate increased by 1.5% to 82.8% [11]. Methanol Industry - **Futures and Spot Prices**: MA2601 decreased by 1.26% to 2346 yuan/ton; Inner Mongolia north - line spot decreased by 0.95% to 2090 yuan/ton [55]. - **Inventory**: Methanol enterprise inventory decreased by 0.61% to 34.048%; methanol port inventory increased by 0.48% to 1.558 million tons [55]. - **Operating Rates**: Upstream domestic enterprise operating rate decreased by 0.12% to 72.66%; downstream MTO device operating rate increased by 8.72% to 75.08% [55]. Pure Benzene and Styrene Industry - **Upstream Prices**: CFR China pure benzene decreased by 0.5% to 738 dollars/ton; pure benzene - naphtha decreased by 4.5% to 130 dollars/ton [60]. - **Styrene - related Prices**: Styrene East China spot decreased by 1.1% to 7100 yuan/ton; EB futures 2510 decreased by 1.1% to 7062 yuan/ton [60]. - **Inventory**: Pure benzene Jiangsu port inventory decreased by 6.9% to 134,000 tons; styrene Jiangsu port inventory decreased by 9.9% to 159,000 tons [60]. - **Operating Rates**: Asian pure benzene operating rate increased by 1.4% to 79.096%; domestic styrene operating rate decreased by 5.9% to 75% [60]. Crude Oil Industry - **Crude Oil Prices and Spreads**: Brent decreased by 0.75% to 67.44 dollars/barrel; SC decreased by 1.27% to 490 yuan/barrel [63]. - **Refined Oil Prices and Spreads**: NYM RBOB increased by 0.13% to 201.4 cents/gallon; ICE Gasoil decreased by 0.39% to 702.5 dollars/ton [63]. - **Refined Oil Crack Spreads**: European gasoline decreased by 2.44% to 19.03 dollars/barrel; US diesel decreased by 2.48% to 34.45 dollars/barrel [63]. Polyolefin Industry - **Futures Prices**: L2601 decreased by 0.79% to 7188 yuan/ton; PP2601 decreased by 0.8% to 6926 yuan/ton [68]. - **Spot Prices**: East China PP raffia decreased by 0.59% to 6760 yuan/ton; North China LDPE film decreased by 0.56% to 7120 yuan/ton [68]. - **Inventory**: PE enterprise inventory increased by 5.57% to 451,000 tons; PP enterprise inventory increased by 8.06% to 582,000 tons [68]. - **Operating Rates**: PE device operating rate increased by 2.97% to 80.4%; PP device operating rate decreased by 2.5% to 74.9% [68].