1. Report Industry Investment Ratings There is no information about industry investment ratings in the provided reports. 2. Core Views of the Reports Methanol - In the inland market, Jiutai's maintenance is over, and domestic production will continue to increase. Currently, marginal inland plants are in the red, and attention should be paid to their operating conditions. Some Iranian plants have started to limit gas and stop production, market sentiment has improved, short - sellers have reduced their positions, and the futures price and basis have both strengthened. In the short term, it is expected to fluctuate strongly. Follow the timing and intensity of gas restrictions [1][2][4]. Rubber - The domestic rubber - producing areas are gradually entering the production - reduction and tapping - suspension season, and floods in southern Thailand and Vietnam are yet to subside, providing strong support to the cost side. Overseas shipments are seasonally increasing, and the accumulation of natural rubber inventory suppresses spot prices. Overall demand is weak, and it is expected that the natural rubber market will enter a range - bound consolidation. Follow the raw material output in the main producing areas during the peak season and macro - level changes [5]. Polyolefins - PDH profits continue to weaken this week. PP shows a pattern of both supply and demand increasing, with reduced maintenance driving supply recovery and a slight reduction in inventory. PE shows an increase in supply and a decrease in demand. Despite the alleviation of some supply pressure from planned maintenance, imported supplies are abundant. Except for agricultural films, other demand is generally weak, and inventory accumulates slightly under the pressure of new production capacity. The 01 contract is still under significant pressure [8]. Crude Oil - The uncertainty of the Russia - Ukraine negotiations and the decrease in the number of US oil rigs support short - term oil prices, and international oil prices rose slightly overnight. However, under the pressure of continuous OPEC+ production increases and a record - high US crude oil production, the crude oil supply - demand pattern remains weak. It is expected that oil prices will continue to fluctuate at a low level, and short - term Brent crude oil should be watched for support at $60 per barrel. Pay attention to the results of the Russia - Ukraine negotiations [10]. Glass and Soda Ash - Soda ash: The overall supply - demand pattern is still bearish. This week, some plants reduced their loads, leading to a decline in weekly production and a phased reduction in soda ash plant inventory. In the medium term, downstream demand is expected to remain at the previous rigid - demand level. It is recommended to wait for a rebound and then go short. Hold short positions entered at high prices this week, and those who have not entered the market should wait and see [12]. - Glass: In the short term, there is still some rigid - demand support during the year - end rush season. However, in the long term, as the peak season ends, there are concerns about the sustainability of demand. After December, the demand side will shrink, and glass prices will be under pressure. The real - estate market is still at the bottom of the cycle, and the glass industry needs to clear its inventory. The 01 contract is still under pressure as the delivery month approaches, but it is expected to be strong in the short term, with a 1 - 5 reverse - spread strategy [12]. PVC and Caustic Soda - Caustic soda: There is still some pressure on the supply - demand side. Next week, the regional supply in East China will decline, but monthly contracts will be signed. If the futures price continues to weaken, it is estimated that the spot price in East China will also decline. The Shandong market is unclear, and the unloading situation of major downstream products and the trend of liquid hydrogen need to be monitored. Overall, demand support is weak, and in the long term, supply - demand pressure remains. It is expected that caustic soda prices will run weakly [13]. - PVC: The spot market continues to be weak. This week, the operating rate on the supply side will increase, while demand remains sluggish. Pay attention to the release of Asian contract prices in December. From November to January of the next year is the traditional off - season, and the reduction in real - estate demand in the north is a negative factor. Although India has cancelled the BIS certification policy for imported PVC, the expected implementation of anti - dumping duties means that external demand is difficult to increase. The supply - demand situation remains in an oversupply pattern, and prices are not optimistic. It is expected to continue the weak trend at the bottom [13]. Polyester Industry Chain - PX: Short - term drivers are limited, but in the medium term, the supply - demand outlook is expected to be tight, and it is recommended to treat it as a high - level shock in the short term. - PTA: Supply reduction is greater than expected, and polyester operating rates are expected to decline later. After India cancelled the BIS certification, PTA exports are expected to increase. In December, the supply - demand outlook is tight, but in the first quarter, it is generally loose. The absolute price is relatively firm in the short term, but the rebound space is limited. TA is expected to fluctuate at a high level in the short term, and a short - term low - level positive spread can be considered for TA spreads. - Ethylene Glycol: Support is acceptable, but there are many maintenance plans for coal - based ethylene glycol plants. North American and Middle Eastern ethylene glycol operating rates are high, and import volumes are expected to be significant. Port inventory has limited downward space, and it is expected to fluctuate at a low level. It is recommended to go short on the EG1 - 5 spread at high levels. - Short - fiber: Supply - demand remains weak. Although the spot processing fee has been compressed, there is still profit, and factory inventory pressure is low, so supply remains high. Terminal demand is seasonally weak in November. It is expected that the absolute price has limited drivers, and the processing fee will continue to be compressed. The strategy is the same as for PTA, and the processing fee on the futures market should be shorted when it is high. - Bottle - grade polyester chips: Domestic supply is gradually increasing, while demand is weak during the off - season. The social inventory of bottle - grade polyester chips is likely to enter a seasonal accumulation period, and the price will follow the cost side. The processing fee is expected to decline. The strategy is the same as for PTA, and it is recommended to short the processing fee on the main futures contract, which is expected to fluctuate between 300 - 450 yuan per ton [14]. Benzene - Styrene - Although the short - term supply - demand outlook for styrene has improved, with the recovery of industry profits and the expectation of weakening demand, combined with weak cost - side support, the rebound space of styrene is limited, and overall drivers are insufficient. The EB01 contract should be treated as a shock consolidation. Follow the changes in styrene plants and actual export transactions [15]. LPG - There is no clear view statement in the report, but data shows that LPG futures prices have risen, while the spot price in South China has fallen. Inventory has increased, and the operating rates of some upstream and downstream industries have changed [16]. 3. Summaries According to Relevant Catalogs Methanol - **Price and Spread**: MA2601 and MA2605 futures prices increased, the MA15 spread widened, and the basis in Taicang remained unchanged. Spot prices in some regions increased slightly, and regional spreads changed [1]. - **Inventory**: Methanol enterprise inventory increased by 4.19%, port inventory decreased by 7.83%, and social inventory decreased by 5.49% [1]. - **Upstream and Downstream Operating Rates**: The domestic upstream operating rate decreased slightly, the overseas operating rate increased slightly, the northwest enterprise sales - to - production ratio increased, and the operating rates of some downstream industries changed [2]. Rubber - **Price and Spread**: Spot prices of some rubber varieties decreased, and the basis and monthly spreads changed. - **Fundamental Data**: The production of some countries in September changed, the operating rates of automobile tires decreased, and domestic tire production, export volume, and natural rubber import volume in October decreased. The cost of dry - rubber production in Thailand decreased, and the profit increased. Inventory increased, and the出库 and入库 rates of dry - rubber in Qingdao changed [5]. Polyolefins - **Price and Spread**: Futures prices of LLDPE and PP decreased, and spreads such as L15, PP15, and LP01 changed. Spot prices in some regions decreased, and the basis of some varieties changed [8]. - **Inventory**: PE and PP enterprise inventories decreased, and PP trader inventory decreased [8]. - **Upstream and Downstream Operating Rates**: The PE and PP device operating rates decreased, the PP powder operating rate increased, and the downstream weighted operating rates of PE and PP increased slightly [8]. Crude Oil - **Price and Spread**: Brent, WTI, and SC crude oil prices changed, and spreads such as Brent M1 - M3, WTI M1 - M3, and SC M1 - M3 changed. Refined - oil product prices and spreads also changed, as did refined - oil cracking spreads [10]. Glass and Soda Ash - **Price and Spread**: Glass and soda ash futures and spot prices changed slightly, and the basis changed [12]. - **Supply**: Soda ash well - work efficiency and weekly production decreased, and the daily melting volume of float glass decreased, while the daily melting volume of photovoltaic glass increased slightly [12]. - **Inventory**: Glass terminal inventory increased, soda ash factory inventory decreased, and the number of days of soda ash inventory in glass factories increased [12]. - **Real - Estate Data**: Real - estate new - start area, construction area, and sales area decreased year - on - year, while the completion area increased year - on - year [12]. PVC and Caustic Soda - **Price and Spread**: Prices of caustic soda and PVC varieties changed slightly, and spreads such as SH2605 - 2601 and V2605 - V2601 changed [13]. - **Overseas Quotes and Export Profits**: Overseas quotes for caustic soda and PVC decreased, and export profits changed [13]. - **Supply**: The operating rates of the caustic soda and PVC industries increased, and the profits of some production methods decreased [13]. - **Demand**: The operating rates of some downstream industries of caustic soda and PVC changed, and PVC pre - sales volume decreased [13]. - **Inventory**: Caustic soda factory inventory increased, and PVC upstream factory inventory and total social inventory decreased [13]. Polyester Industry Chain - **Upstream Prices**: Prices of Brent crude oil, WTI crude oil, CFR Japan naphtha, etc. changed [14]. - **Downstream Polyester Product Prices and Cash Flows**: Prices of POY, FDY, DTY, etc. changed, and cash flows of some products changed [14]. - **PX - Related Prices and Spreads**: CFR China PX price increased, and PX spot price in RMB decreased. Spreads such as PX - crude oil and PX - naphtha changed [14]. - **PTA - Related Prices and Spreads**: PTA spot and futures prices increased, and PTA processing fees decreased [14]. - **MEG - Related Prices and Spreads**: MEG spot and futures prices changed, and MEG spreads and cash flows changed [14]. - **Operating Rate Changes**: Operating rates of Asian and Chinese PX, PTA, MEG, and polyester industries changed [14]. Benzene - Styrene - **Upstream Prices and Spreads**: Prices of Brent crude oil, WTI crude oil, CFR Japan naphtha, etc. changed. Pure - benzene prices and spreads changed [15]. - **Styrene - Related Prices and Spreads**: Styrene spot and futures prices increased, and styrene spreads and cash flows changed [15]. - **Downstream Cash Flows**: Cash flows of some downstream products of pure benzene and styrene changed [15]. - **Inventory**: Pure - benzene and styrene inventories in Jiangsu ports increased [15]. - **Operating Rate Changes**: Operating rates of some industries in the pure - benzene and styrene industry chain changed [15]. LPG - **Price and Spread**: LPG futures prices increased, and spot prices in South China decreased. Spreads such as PG12 - 01 and PG12 - 02 changed [16]. - **External Market Prices**: FEI and CP forward - contract prices increased [16]. - **Inventory**: LPG storage capacity ratio, port inventory, and port storage capacity ratio increased [16]. - **Upstream and Downstream Operating Rates**: The upstream main - refinery operating rate decreased, the sample - enterprise weekly sales - to - production ratio decreased, and the operating rates of some downstream industries changed [16].

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - The progress of the Russia-Ukraine peace talks dominates oil prices, and the prices of polyolefin futures have reached new lows in recent years. The situation of strong current and weak expectations in the crude oil market continues, and the key variable lies in the progress of the Russia-Ukraine peace talks. Investors should temporarily adopt a volatile mindset [2]. - The weakening of crude oil leads to a decline in the cost of oil-based chemicals. The production capacity growth rates of PP and PE in 2025 both exceed 10%, and the maintenance efforts are insufficient. The production of polyolefins has been at the highest level in the same period in the past five years, and the monthly production of both varieties in October reached a record high [3]. - The energy and chemical industry will continue its weak and volatile trend, with olefins being weak and the aromatics pattern being slightly stronger [4]. 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Crude Oil - **View**: Geopolitical premium fluctuates, and supply pressure persists. If geopolitical support gradually weakens, it is expected to be volatile and weak [8]. - **Main Logic**: The progress of the Russia-Ukraine peace plan is becoming more optimistic, but uncertainties remain high. API data shows that the US crude oil inventory decreased last week while gasoline and diesel inventories increased. The pressure of inventory accumulation due to oversupply still exists, and there is a lack of marginal positive factors after the reduction of Russian oil production. Macro and geopolitical factors have had an increasing impact on oil prices recently [8]. 3.1.2 Asphalt - **View**: Due to raw material supply disruptions and optimistic sentiment, the asphalt futures price rebounded. The absolute price of asphalt is overestimated, and the monthly spread of asphalt is expected to decline as warehouse receipts increase [9]. - **Main Logic**: OPEC+ will continue to increase production in December, and White House officials expect Russia and Ukraine to reach a framework agreement by the end of November. The increase in crude oil and rebar prices driven by optimistic expectations has boosted the asphalt futures price. Reuters reported that Venezuela is seeking key raw material supplies from Chevron, and the shortage of Venezuelan diluted naphtha supply may lead to a decline in its crude oil exports. After the futures pricing returned to the Shandong spot price, the recent stability of the Shandong spot price has strengthened the support for the futures price [9]. 3.1.3 High-Sulfur Fuel Oil - **View**: The fuel oil futures price is in a weak and volatile state. Geopolitical escalation will only cause short-term price disturbances, and attention should be paid to changes in the Russia-Ukraine situation [9]. - **Main Logic**: OPEC+ will continue to increase production in December, and White House officials expect Russia and Ukraine to reach a framework agreement by the end of November. The three major drivers supporting high-sulfur fuel oil, namely the Russia-Ukraine conflict, refinery purchases, and the Palestine-Israel conflict, are currently weak. The refinery operating rate has dropped significantly in the off-season, and the refinery processing demand is weak. The United States is currently using gas oil as a substitute for residue oil, and the fuel oil demand in the Middle East is still weak during the off-season [9]. 3.1.4 Low-Sulfur Fuel Oil - **View**: The low-sulfur fuel oil futures price is in a weak and volatile state. It is affected by the substitution of green fuels and high-sulfur fuels, and the demand space is limited. However, the current valuation is low, and it will fluctuate with crude oil [10][11]. - **Main Logic**: Low-sulfur fuel oil follows the decline of refined oil products, and the pressure level of 3500 is temporarily effective. Recently, the decline in Russian refined oil exports has driven the rebound of gasoline and diesel cracking spreads, which has supported low-sulfur fuel oil. However, White House officials expect Russia and Ukraine to reach a framework agreement by the end of November, and diesel prices have dropped significantly, causing low-sulfur fuel oil to follow the decline. Low-sulfur fuel oil faces negative factors such as a decline in shipping demand, the substitution of green energy, and the substitution of high-sulfur fuels. Its valuation is low and is expected to fluctuate with crude oil [11]. 3.1.5 Methanol - **View**: The rebound has reflected the confirmed expectations, and high inventories will suppress the upward space of the futures price. It is expected to be in a short-term volatile consolidation state, and there may be a possibility of repeated bottoming in the long term [30][31]. - **Main Logic**: On November 25, methanol continued to rise but showed signs of weakness. The trading atmosphere in the inland market was active, and the demand for long-term contracts and replenishment by traders was obvious. Olefin enterprises purchased in normal quantities, smoothly digesting the enterprise inventories. After the confirmation of the shutdown information of Iranian methanol plants, the expectations have been basically reflected in the futures price through the reduction of short positions on the 24th. However, considering the high expected import volume, the high coastal inventories are expected to remain at a historical high level, continuing to suppress the upward space of the futures price after the rebound [30]. 3.1.6 Urea - **View**: Downstream demand is weak, and the futures price has declined slightly. The fundamental pattern of strong supply and weak demand remains unchanged, with high inventories suppressing prices and spot prices providing support. The market is expected to be in a narrow and volatile consolidation state, and attention should be paid to the impact of environmental protection restrictions on the operation of downstream compound fertilizers [31]. - **Main Logic**: On November 25, the daily production on the supply side remained at a high level. Some devices are expected to resume operation soon, while others have started maintenance. The demand side lacks sustainability, and the market lacks continuous upward momentum. Some regional prices have loosened, and the futures price has declined slightly following the spot price [31]. 3.1.7 Ethylene Glycol - **View**: Without further positive support, the price has entered an adjustment range. The long-term inventory accumulation pressure is large, the rebound height is limited, and the price will maintain a wide and volatile range at a low level [21][22]. - **Main Logic**: The ethylene glycol price rose and then fell during the day. After the short-term sentiment was further released, there was no other obvious positive support. The early implementation of the maintenance plan at Sinochem Quanzhou has relieved the supply-side pressure to some extent, and the price has experienced an emotional recovery. However, there is still an expectation of the return of coal-based devices, and the expectation of inventory accumulation from November to December has not been reversed. With the expectation of future production capacity expansion, the price increase is under pressure [21]. 3.1.8 PX - **View**: The cost-side support is slightly insufficient, but the demand-side support maintains the profitability. In the short term, it is expected to shift from the previous strength to an adjustment phase, and the price will fluctuate with the cost, waiting for the fermentation of sentiment and further feedback from downstream industries [13]. - **Main Logic**: International oil prices are volatile and weak, and the cost-side support for PX is slightly insufficient. After the price increase, PX has entered a correction phase. The market news is relatively calm, and there have been no significant changes in PX devices. The sentiment for blending into gasoline has cooled down slightly, but PX supply still remains at a high level. The demand side still provides some support for PX prices, which will fluctuate within a certain range under the influence of cost and sentiment [13]. 3.1.9 PTA - **View**: The spot basis is strong, and the processing fee has been slightly repaired. The price will fluctuate with the cost, and the support for the processing fee has increased. The basis has emerged from a weak state. There may be an opportunity for a positive spread arbitrage in TA01 - 05 when it is below -50 [14][15]. - **Main Logic**: The cost-side support from upstream is average, and the market sentiment has cooled down, resulting in average negotiations. However, the PTA supply-demand pattern has improved compared to the previous period, leading to a stronger basis. There is a possibility of inventory reduction from November to December. Attention should be paid to the export performance after the cancellation of BIS [15]. 3.1.10 Short Fiber - **View**: Downstream demand is temporarily maintained, and it will passively follow the upstream. The short fiber price will fluctuate with the upstream, and the processing fee is expected to be compressed. A light long position in TA and short position in PF can be considered [24][25]. - **Main Logic**: The cost-side support is limited, and the price increase is modest even with the rebound of ethylene glycol. The current supply-demand pattern of polyester staple fiber is in a weakening cycle, and demand only meets the basic needs. Polyester staple fiber factories are mainly focused on sales [25]. 3.1.11 Bottle Chip - **View**: The price fluctuation is limited, and the profit is stagnant. The absolute price will fluctuate with the raw materials, and the overall support for the processing fee has increased [26]. - **Main Logic**: The upstream raw material futures prices rose and then fell. Polyester bottle chip factories slightly increased their prices in some areas. The trading atmosphere in the polyester bottle chip market was average, and there was a large price difference among different brands. The short-term upstream cost is expected to fluctuate within a certain range, providing no clear directional guidance, and the profit of polyester bottle chips will have limited fluctuations [26]. 3.1.12 Propylene - **View**: The spot is strong, and PL is volatile. PL is expected to be volatile in the short term [35]. - **Main Logic**: The restart of supply has been delayed, and the overall supply remains tight. Propylene enterprises have controllable inventories, and some offer prices have increased slightly. Downstream demand has been positive, with an increase in the premium for actual orders, and the trading center has shifted upwards significantly. The PP - PL spread has narrowed in the short term, and the operating rate of downstream powder plants has declined [35]. 3.1.13 PP - **View**: Oil prices are weakening, and there are still fundamental pressures. Attention should be paid to changes in maintenance. It is expected to be volatile and weak in the short term [34][35]. - **Main Logic**: Oil prices are volatile and declining. The progress of the Russia-Ukraine negotiations has led to a lack of marginal positive factors after the reduction of Russian oil production. The macro and geopolitical factors point to a pessimistic outlook for oil prices. The fundamental support for PP itself is still limited. Although maintenance has increased slightly, the high growth of production capacity still exerts pressure on output. The midstream inventory is at the highest level in the same period in the past five years, and weak demand will continue to suppress the price [35]. 3.1.14 Plastic - **View**: Oil prices are falling, and the downstream is entering the off-season. Maintenance provides limited support, and it is expected to be volatile and weak. It is expected to be volatile and weak in the short term [33][34]. - **Main Logic**: Oil prices are volatile and declining. The progress of the Russia-Ukraine negotiations has led to a lack of marginal positive factors after the reduction of Russian oil production. The macro and geopolitical factors point to a pessimistic outlook for oil prices. The fundamental support for plastics itself is still limited. The upstream and midstream still have the intention to reduce inventories at high prices, which will suppress the upward space of prices. Short-term maintenance provides limited support, and the increase in production capacity still exerts pressure on output. The profit support is limited, and the downstream demand is gradually entering the off-season, with a cautious purchasing attitude [34]. 3.1.15 Styrene - **View**: The narrative of blending into gasoline has faded, and styrene has returned to a volatile state. It is expected to be volatile for the time being. Attention should be paid to the expected difference between the de - stocking of styrene ports and the inventory accumulation of pure benzene ports [19]. - **Main Logic**: The gasoline crack spread and the Asia - US aromatic hydrocarbon spread indicate that the driving force of blending into gasoline is questionable. After the speculative premium is squeezed out, the downward space for styrene is limited. There are some positive factors such as exports and the reduction of Korean aromatic hydrocarbon production. The supply - demand balance between pure benzene and styrene from December to January is not a major issue, with only minor de - stocking and inventory accumulation, so it will be mainly volatile for the time being [19]. 3.1.16 PVC - **View**: High inventories suppress prices, and PVC may be anchored to production cuts. If low profits lead to upstream production cuts or export volume exceeds expectations, the downward pressure on the futures price will be relieved [37]. - **Main Logic**: At the macro level, attention should be paid to the Politburo meeting in December and the Fed's interest rate decision to guide market expectations. At the micro level, the de - stocking of high PVC inventories is slow, and attention should be paid to whether low profits can lead to enterprise production cuts. Specifically, PVC production is at a high level, the profits of marginal enterprises are poor but there are no clear production cut plans; downstream operating rates are seasonally weak, and only low - price purchases increase; the anti - dumping measures in India have been cancelled, and with the new low in Chinese PVC prices, last week's PVC export orders were booming; the supply and demand of calcium carbide have both increased, and the price is weakly stable; the supply - demand expectation of caustic soda is different, and the downward space of the price may be restricted by liquid chlorine [37]. 3.1.17 Caustic Soda - **View**: With low valuation and weak supply - demand, caustic soda is in a volatile state. If low profits lead to upstream production cuts or the logic of warehouse receipts in December takes effect, the futures price may stabilize [37]. - **Main Logic**: At the macro level, attention should be paid to the Politburo meeting in December and the Fed's interest rate decision to guide market expectations. At the micro level, the supply - demand expectation of caustic soda is poor, and attention should be paid to whether low profits can lead to upstream production cuts. Specifically, the marginal profit of alumina plants is poor, and the operating capacity may decline; Weiqiao's caustic soda inventory is high, and the purchase volume is still large; the commissioning of a 4.8 million - ton alumina plant in Guangxi in Q1 2026 will boost the demand for caustic soda, and the purchase of caustic soda is in progress, but the delivery time has been postponed; the non - aluminum operating rate has slightly weakened, and the willingness to replenish inventory is not high; the maintenance in November will end one after another, and the production of caustic soda will increase month - on - month; the price of liquid chlorine is 50 yuan/ton and may decline in the future, and the cost of caustic soda (2250 yuan/ton) may increase [37]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Indicator Monitoring - **Cross - Period Spread**: The report provides the cross - period spreads and their changes for various varieties such as Brent, Dubai, PX, PTA, MEG, etc. [40]. - **Basis and Warehouse Receipts**: It shows the basis, its changes, and the number of warehouse receipts for varieties like asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc. [41]. - **Cross - Variety Spread**: The cross - variety spreads and their changes are presented, including 1 - month PP - 3MA, 5 - month TA - EG, etc. [42]. 3.2.2 Chemical Basis and Spread Monitoring - Although specific data and analysis for each variety (methanol, urea, styrene, etc.) are mentioned, no detailed content is provided in the given text, so a summary cannot be made. 3.3 Commodity Index - **Comprehensive Index**: The comprehensive index, special index, and plate index of the commodity are provided. The comprehensive index shows an increase, and the energy index has declined in the short term [284][285].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has disappeared and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A range strategy of buying low and selling high is maintained, but it's advisable to wait and see currently [3]. - For methanol, the positive impact of Iranian plant shutdowns is being realized, but the near - term high - inventory situation persists. The supply remains high while demand changes little. It's recommended to wait and see [6]. - For urea, prices are oscillating at the bottom and are relatively resilient. With support from export policies and costs, the downside is limited. It's suggested to consider buying on dips [8]. - For rubber, the current view is bullish. It's recommended to set stop - losses and conduct short - term bullish trades. Partial positions can be established for the hedging strategy of buying RU2601 and selling RU2609 [16]. - For PVC, the domestic supply is strong while demand is weak. It's advisable to consider short - selling on rallies in the medium term [18]. - For pure benzene and styrene, the port inventory of styrene is decreasing significantly, and prices may stop falling in the short term [21]. - For polyethylene, prices are expected to remain in a low - level oscillation [24]. - For polypropylene, under the background of weak supply and demand, the overall inventory pressure is high. It may be supported when the supply - surplus situation at the cost end changes in the first quarter of next year [27]. - For PX, it's expected to see a slight inventory build - up in November. The valuation is at a neutral level, and there is a risk of valuation correction [30]. - For PTA, the supply is expected to stabilize, and the demand may remain high in the short term. The PXN has a risk of valuation correction [32]. - For ethylene glycol, the supply - demand outlook is weak. It's recommended to consider short - selling on rallies in the medium term [35]. Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures rose 3.00 yuan/barrel, or 0.67%, to 448.60 yuan/barrel. High - sulfur fuel oil futures fell 9.00 yuan/ton, or 0.36%, to 2491.00 yuan/ton, and low - sulfur fuel oil futures fell 40.00 yuan/ton, or 1.31%, to 3015.00 yuan/ton. China's weekly crude oil data showed an inventory build - up of 1.04 million barrels to 207.48 million barrels, a gasoline inventory draw of 1.52 million barrels to 85.45 million barrels, a diesel inventory draw of 4.06 million barrels to 91.54 million barrels, and a total refined oil inventory draw of 5.58 million barrels to 176.99 million barrels [2]. - **Strategy**: Maintain a range strategy of buying low and selling high, and wait and see currently [3]. Methanol - **Market Information**: The price in Taicang increased by 7, in Lunan by 10, and remained stable in Inner Mongolia. The 01 contract on the futures market fell 10 yuan to 2067 yuan/ton, with a basis of - 7. The 1 - 5 spread was + 0, at - 121 [5]. - **Strategy**: The positive impact of Iranian plant shutdowns is being realized, but the near - term high - inventory situation persists. It's recommended to wait and see [6]. Urea - **Market Information**: The spot price in Shandong and Henan fell by 10, and remained stable in Hubei. The 01 contract on the futures market fell 8 yuan to 1630 yuan, with a basis of - 10. The 1 - 5 spread was + 2, at - 71 [8]. - **Strategy**: Prices are oscillating at the bottom and are relatively resilient. Consider buying on dips [8]. Rubber - **Market Information**: Rubber prices rebounded oscillatingly. There was heavy rainfall in the Thai production area with a high risk of floods. The November warehouse receipts of natural rubber on the Shanghai Exchange expired and were about to be delivered out of the warehouse, leading to a bullish market expectation. As of November 20, 2025, the operating rate of all - steel tires of Shandong tire enterprises was 60.57%, down 4.13 percentage points from last week and 2.01 percentage points from the same period last year. The operating rate of semi - steel tires of domestic tire enterprises was 72.77%, down 1.60 percentage points from last week and 6.01 percentage points from the same period last year. The export orders of semi - steel tires slowed down. As of November 16, 2025, China's natural rubber social inventory was 1.062 million tons, a month - on - month increase of 5,000 tons, or 0.5% [12][14][15]. - **Strategy**: The current view is bullish. Set stop - losses and conduct short - term bullish trades. Partially establish positions for the hedging strategy of buying RU2601 and selling RU2609 [16]. PVC - **Market Information**: The PVC01 contract fell 5 yuan to 4491 yuan. The spot price of Changzhou SG - 5 was 4460 (+20) yuan/ton, with a basis of - 31 (+25) yuan/ton. The 1 - 5 spread was - 296 (-2) yuan/ton. The overall operating rate of PVC was 78.8%, a month - on - month increase of 0.3%. Factory inventory was 315,000 tons (-7,000), and social inventory was 1.033 million tons (+5,000) [16]. - **Strategy**: The domestic supply is strong while demand is weak. Consider short - selling on rallies in the medium term [18]. Pure Benzene and Styrene - **Market Information**: The cost of East China pure benzene was 5320 yuan/ton, unchanged. The spot price of styrene was 6500 yuan/ton, down 50 yuan/ton. The upstream operating rate was 68.95%, down 0.30%. The inventory in Jiangsu ports decreased by 26,500 tons to 148,300 tons [20]. - **Strategy**: The port inventory of styrene is decreasing significantly, and prices may stop falling in the short term [21]. Polyethylene - **Market Information**: The closing price of the main contract was 6762 yuan/ton, down 31 yuan/ton. The spot price was 6830 yuan/ton, down 10 yuan/ton. The upstream operating rate was 84.63%, a month - on - month increase of 0.63%. The production enterprise inventory decreased by 25,900 tons to 503,300 tons, and the trader inventory increased by 500 tons to 50,500 tons [23]. - **Strategy**: Prices are expected to remain in a low - level oscillation [24]. Polypropylene - **Market Information**: The closing price of the main contract was 6317 yuan/ton, down 55 yuan/ton. The spot price was 6450 yuan/ton, down 10 yuan/ton. The upstream operating rate was 78.99%, a month - on - month increase of 0.92%. The production enterprise inventory decreased by 26,200 tons to 593,800 tons, the trader inventory decreased by 3,900 tons to 213,400 tons, and the port inventory decreased by 1,100 tons to 65,800 tons [26]. - **Strategy**: Under the background of weak supply and demand, the overall inventory pressure is high. It may be supported when the supply - surplus situation at the cost end changes in the first quarter of next year [27]. PX, PTA, and MEG PX - **Market Information**: The PX01 contract fell 54 yuan to 6718 yuan. The PX CFR remained unchanged at 826 US dollars. The load in China was 89.5%, a month - on - month increase of 2.7%. The load in Asia was 79.7%, a month - on - month increase of 1.2%. In the first and middle of November, South Korea's PX exports to China were 275,000 tons, a year - on - year increase of 19,000 tons [29]. - **Strategy**: It's expected to see a slight inventory build - up in November. The valuation is at a neutral level, and there is a risk of valuation correction [30]. PTA - **Market Information**: The PTA01 contract fell 24 yuan to 4656 yuan. The PTA load was 71%, a month - on - month decrease of 4.7%. The downstream load was 91.3%, a month - on - month increase of 0.8%. The social inventory (excluding credit warehouse receipts) on November 7 was 2.227 million tons, a month - on - month increase of 20,000 tons [31]. - **Strategy**: The supply is expected to stabilize, and the demand may remain high in the short term. The PXN has a risk of valuation correction [32]. MEG - **Market Information**: The EG01 contract fell 11 yuan to 3873 yuan. The supply - side load was 70.8%, a month - on - month decrease of 0.7%. The downstream load was 91.3%, a month - on - month increase of 0.8%. The port inventory remained unchanged at 732,000 tons [34]. - **Strategy**: The supply - demand outlook is weak. Consider short - selling on rallies in the medium term [35].

Group 1: Energy and Metals Crude Oil - Overnight international oil prices rebounded, with the Brent 01 contract rising 1.41%. The Russia-Ukraine geopolitical risk is entangled between sanctions and peace talks. Supply and demand face greater inventory accumulation expectations in Q4 and Q1 next year, and the downward drive for oil prices remains. Focus on the progress of the Russia-Ukraine peace plan negotiation and the Venezuelan geopolitical risk [1] Precious Metals - Overnight precious metals rose. As several Fed officials advocated a December rate cut, the implied rate cut probability in the interest rate market rose to 80%. The market is uncertain, and precious metals are oscillating at high levels waiting for a directional breakthrough [2] Copper - Overnight copper prices oscillated. LME copper rose with precious metals at the end of the session. The domestic spot market has a certain bullish sentiment, and the SMM social inventory decreased by 1.39 million tons to 18.06 million tons [3] Aluminum - Overnight SHFE aluminum fluctuated narrowly. The social inventory of aluminum ingots and bars decreased by 0.8 million tons on Monday. The aluminum price may continue to adjust, with support around 21,100 yuan [4] Alumina - Alumina's operating capacity is at a historical high, and the supply surplus pattern remains unchanged. It will operate weakly before large-scale production cuts [5] Cast Aluminum Alloy - The spot price of Baotai ADC12 remained at 20,700 yuan. The supply of scrap aluminum is tight, and it will continue to follow the aluminum price, with the possibility of a narrowing spread with AL [6] Zinc - Domestic and overseas mine TC continued to decline. SHFE zinc oscillated in the range of 22,200 - 23,000 yuan/ton. The external demand supports zinc consumption, but the domestic demand is expected to weaken [7] Lead - SHFE lead oscillated in the range of 17,000 - 17,500 yuan/ton. The export of lead-acid batteries is expected to remain under pressure [8] Nickel and Stainless Steel - SHFE nickel rebounded, and stainless steel inventory decreased. However, the short-term contradiction lies in the macro level, and it is advisable to short on rebounds [9] Tin - LME tin closed higher, and SHFE tin oscillated at high levels. It is still advisable to short, and at the same time, match with out-of-the-money call options to hedge risks [10] Lithium Carbonate - The futures price of lithium carbonate opened low and moved lower. The market is highly divergent, and risk control should be prioritized [11] Polysilicon - The fundamentals of polysilicon are weak. The futures price will maintain an oscillating pattern [12] Industrial Silicon - The industrial silicon futures closed slightly lower. It will maintain an oscillating pattern in the short term [13] Iron Ore - The iron ore futures oscillated strongly overnight. The fundamentals are marginally looser, and the price is expected to oscillate [15] Coke - The coke price oscillated. It may oscillate weakly [16] Coking Coal - The coking coal price oscillated weakly. It may oscillate weakly [17] Manganese Silicon - The manganese silicon price oscillated. The bottom support is expected to move down [18] Silicon Ferrosilicon - The silicon ferrosilicon price oscillated. The bottom support will be tested [19] Fuel Oil and Low-Sulfur Fuel Oil - Both high-sulfur and low-sulfur fuel oils face pressure from abundant supply and weak demand [21] Asphalt - The asphalt price is expected to oscillate weakly under pressure [22] Group 2: Chemicals Urea - Urea supply remains sufficient. The market may return to a stalemate [23] Methanol - The methanol futures rose sharply. It is advisable to try to go long on the 5 - 9 spread at low prices [24] Pure Benzene - It is advisable to continue the idea of shorting on rebounds and consider option allocation [25] Styrene - The supply and demand of styrene are in a tight balance, but the support from the cost and demand sides is questionable [26] Polypropylene, Plastic, and Propylene - The market lacks guidance. Polyethylene supply pressure increases, and polypropylene supply is expected to increase slightly [27] PVC and Caustic Soda - PVC may follow the cost. Caustic soda will operate weakly [28] PX and PTA - PX is still strong before new capacity is put into production. PTA is driven by cost [29] Ethylene Glycol - The ethylene glycol price has a short-term rebound expectation, but the rebound space is limited [30] Short Fiber and Bottle Chip - Short fiber prices fluctuate with raw materials. Bottle chip is cost-driven [31] Group 3: Agricultural Products Soybean and Soybean Meal - The soybean meal futures rebounded. Pay attention to the impact of La Niña on South American soybean production [35] Soybean Oil and Palm Oil - Soybean oil and palm oil will oscillate in the short term. Palm oil is weaker [36] Rapeseed Meal and Rapeseed Oil - The rapeseed market focuses on Australian seeds. It is advisable to wait and see in the short term [37] Domestic Soybeans - Domestic soybeans rebounded strongly. Pay attention to the spot market and policy guidance [38] Corn - The corn futures oscillated at a high level. Pay attention to the sales progress of new corn in the Northeast [39] Live Hogs - The far-month hog futures rose, and the near-month is weak. The price may form a double bottom [40] Eggs - The number of newly laid hens is expected to decrease in December. Pay attention to the spot price [41] Cotton - The cotton futures may oscillate in the short term. It is advisable to wait and see [42] Sugar - The international sugar supply is sufficient. Pay attention to the production in India, Thailand, and Guangxi [43] Apples - The apple futures oscillated at a high level. Pay attention to the inventory removal [44] Wood - The wood futures oscillated. It is advisable to wait and see [45] Pulp - The pulp futures fell slightly. It is advisable to wait and see [46] Group 4: Financial Futures Stock Index Futures - A-shares rose in a shrinking volume. The short-term macro liquidity is uncertain. It is advisable to wait and see [47] Treasury Bond Futures - The treasury bond futures oscillated upward. The yield curve may flatten slightly [48] Group 5: Shipping Container Freight Index (European Line) - The SCFIS European route index rose sharply. The 02 contract may maintain a discount [20]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term excessive bearishness on oil prices is not advisable. A low - buying and high - selling range strategy is maintained, but current prices need to test OPEC's export price - support willingness. Short - term waiting for OPEC's export decline during price drops is recommended [3]. - For methanol, the positive impact of Iranian device shutdowns is being realized, and the market has risen significantly. However, the 01 contract has limited time and high near - end inventories. The supply remains high, and demand changes little. The market is expected to bottom out gradually, but due to the rapid short - term rise, it is advisable to wait and see [6]. - For urea, prices are oscillating and rising at the bottom, relatively resistant to decline. Supply - side enterprise profits are low, and production has slightly decreased but is still high year - on - year. Demand has improved, and with export policies and cost support, the downside is limited. It is expected to build a bottom through oscillation, and low - price long - position allocation can be considered [9]. - For rubber, a bullish short - term trading approach with stop - loss settings is recommended. A partial position in the hedge of buying RU2601 and selling RU2609 can be established [16]. - For PVC, the industry has low comprehensive enterprise profits and high supply. Domestic demand is weak, and it is difficult to reverse the supply - surplus situation. Mid - term short - position allocation on price increases is recommended [18]. - For pure benzene and styrene, the supply of styrene is under pressure, but port inventories are decreasing significantly. Styrene prices may stop falling periodically [21]. - For polyethylene, the price is expected to oscillate at a low level. The cost - side impact has shifted, and although inventories are decreasing, high historical warehouse receipts suppress the market [24]. - For polypropylene, in a supply - demand weak situation with high inventory pressure, the market may be supported when the cost - side supply - surplus pattern changes in the first quarter of next year [27]. - For PX, it is expected to accumulate a small amount of inventory in November. With a neutral valuation, there is a risk of valuation callback [30]. - For PTA, the supply is expected to be stable, and demand may maintain a high level in the short term. However, PX has a risk of valuation callback, and PTA processing fees have limited upside [32]. - For ethylene glycol, the supply - demand pattern is expected to be weak in the medium term. With a neutral - to - low valuation, mid - term short - position allocation on price increases is recommended [36]. 3. Summaries by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures closed down 5.10 yuan/barrel, a 1.13% decline, at 447.90 yuan/barrel. Related refined oil futures also declined. European ARA weekly data showed mixed inventory changes in refined products, with a net decline of 0.38 million barrels in total refined oil inventory [2]. - **Strategy**: Maintain a low - buying and high - selling range strategy, but wait and see in the short term to verify OPEC's export price - support willingness [3]. Methanol - **Market Information**: Prices in Taicang increased by 53, in Lunan by 50, and remained stable in Inner Mongolia. The 01 contract on the futures market rose 73 yuan to 2077 yuan/ton, with a basis of - 24. The 1 - 5 spread was +13, at - 121 [5]. - **Strategy**: The market has risen due to Iranian device shutdowns, but the 01 contract has high near - end inventories. The supply remains high, and demand changes little. It is advisable to wait and see [6]. Urea - **Market Information**: Spot prices in Shandong, Henan, and Hubei remained stable. The 01 contract on the futures market fell 16 yuan to 1638 yuan, with a basis of - 8. The 1 - 5 spread was +1, at - 73 [8]. - **Strategy**: Prices are oscillating and rising at the bottom, relatively resistant to decline. Supply - side profits are low, and demand has improved. It is expected to build a bottom through oscillation, and low - price long - position allocation can be considered [9]. Rubber - **Market Information**: Rubber prices oscillated and rebounded. There was heavy rainfall in the Thai production area, and the November warehouse receipts of natural rubber on the Shanghai Exchange were about to be delivered. Tire factory operating rates were weak, and natural rubber inventories increased slightly. Spot prices of some rubber products rose [12]. - **Strategy**: A bullish short - term trading approach with stop - loss settings is recommended. A partial position in the hedge of buying RU2601 and selling RU2609 can be established [16]. PVC - **Market Information**: The PVC01 contract rose 40 yuan to 4496 yuan. The spot price of Changzhou SG - 5 was 4440 (+20) yuan/ton, with a basis of - 56 (-20) yuan/ton. The 1 - 5 spread was - 294 (+6) yuan/ton. Cost - side carbide prices rebounded, and caustic soda prices fell. Overall operating rates increased slightly, while downstream demand decreased slightly. Factory inventories decreased, and social inventories increased [16]. - **Strategy**: The industry has low comprehensive enterprise profits and high supply. Domestic demand is weak, and it is difficult to reverse the supply - surplus situation. Mid - term short - position allocation on price increases is recommended [18]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene was unchanged, and the futures price was also unchanged, with an enlarged basis. The spot and futures prices of styrene fell, with a strengthened basis. The upstream operating rate of styrene decreased, and port inventories decreased significantly. The demand - side operating rate of three S products increased slightly [20]. - **Strategy**: The supply of styrene is under pressure, but port inventories are decreasing significantly. Styrene prices may stop falling periodically [21]. Polyethylene - **Market Information**: The main contract of polyethylene closed at 6793 yuan/ton, up 23 yuan. The spot price was unchanged. The upstream operating rate increased, and production enterprise inventories decreased, while trader inventories increased slightly. The downstream average operating rate increased slightly [23]. - **Strategy**: The price is expected to oscillate at a low level. The cost - side impact has shifted, and although inventories are decreasing, high historical warehouse receipts suppress the market [24]. Polypropylene - **Market Information**: The main contract of polypropylene closed at 6372 yuan/ton, up 15 yuan. The spot price fell 25 yuan. The upstream operating rate increased, and inventories at production enterprises, traders, and ports all decreased. The downstream average operating rate increased slightly [26]. - **Strategy**: In a supply - demand weak situation with high inventory pressure, the market may be supported when the cost - side supply - surplus pattern changes in the first quarter of next year [27]. PX - **Market Information**: The PX01 contract rose 22 yuan to 6772 yuan. The PX CFR price rose 2 dollars to 826 dollars. The Chinese and Asian operating rates increased. Some devices restarted, and PTA operating rates decreased. November imports from South Korea increased year - on - year, and inventories increased in September [29]. - **Strategy**: It is expected to accumulate a small amount of inventory in November. With a neutral valuation, there is a risk of valuation callback [30]. PTA - **Market Information**: The PTA01 contract rose 14 yuan to 4680 yuan. The spot price in East China rose 15 yuan/ton. The PTA operating rate decreased, and downstream operating rates increased. Inventories increased slightly, and processing fees rose slightly [31]. - **Strategy**: The supply is expected to be stable, and demand may maintain a high level in the short term. However, PX has a risk of valuation callback, and PTA processing fees have limited upside [32]. Ethylene Glycol - **Market Information**: The EG01 contract rose 76 yuan to 3884 yuan. The spot price in East China rose 38 yuan. The supply - side operating rate decreased, and downstream operating rates increased. Port inventories remained unchanged, and production profits were negative [35]. - **Strategy**: The supply - demand pattern is expected to be weak in the medium term. With a neutral - to - low valuation, mid - term short - position allocation on price increases is recommended [36].

1. Report Industry Investment Ratings - No investment ratings were provided in the reports [1][3][5][6][7][9][11][12] 2. Core Views of the Reports Rubber Industry - Natural rubber market is expected to enter a range - bound consolidation. If raw material supply is smooth, rubber prices are expected to weaken; if supply is disrupted, prices may range from 15,000 - 15,500 [1] Ester Industry - PX is expected to be range - bound at high levels in the short term, with a tight supply - demand outlook in the medium term. PTA's TA01 may oscillate between 4,500 - 4,800 in the short term. Ethylene glycol is expected to be range - bound at low levels. Short - fiber prices have limited upward drivers, and bottle - chip prices will follow the cost trend [3] Polyolefin Industry - The 01 contracts of LLDPE and PP are under pressure due to increasing supply and decreasing demand [5] Glass and Soda Ash Industry - Soda ash has a bearish supply - demand outlook, and short - selling opportunities are recommended after price rebounds. Glass prices are expected to be weak in the short term, and a 1 - 5 reverse spread strategy is suggested [6] Crude Oil Industry - The crude oil supply - demand pattern remains weak. Short - term support for Brent crude is at $60 per barrel, and geopolitical developments in Russia and Ukraine should be monitored [7] Methanol Industry - The methanol market is under pressure due to high inventories. The current trading logic is "weak reality", and the inventory issue in the 01 contract remains unresolved [9] Pure Benzene and Styrene Industry - Pure benzene is expected to have limited rebound space in the short term, and short - selling opportunities are recommended for BZ2603. Styrene is expected to oscillate in the short term, and changes in its production facilities and export volume should be monitored [11] PVC and Caustic Soda Industry - Caustic soda prices are expected to be weak. PVC is in an oversupply situation, and prices are expected to continue to decline at the bottom [12] 3. Summary by Relevant Catalogs Rubber Industry - **Spot Prices and Basis**: Most rubber spot prices declined on November 21, with the basis of whole milk rubber dropping by 22.50% [1] - **Monthly Spreads**: The 9 - 1 spread decreased by 14.29%, while the 1 - 5 and 5 - 9 spreads increased [1] - **Fundamental Data**: Thailand's and Vietnam's rubber production decreased in September, while India's and China's increased. Tire production and export volume decreased in October [1] - **Inventory Changes**: Bonded area and futures warehouse inventories increased, while the outbound rate of dry rubber in Qingdao decreased [1] Ester Industry - **Upstream Prices**: Crude oil and naphtha prices declined, while ethylene prices remained stable [3] - **PX - Related Prices and Spreads**: CFR China PX prices decreased by 1.1% [3] - **PTA - Related Prices and Spreads**: PTA spot and futures prices declined, and the basis was repaired [3] - **MEG - Related Prices and Spreads**: MEG prices declined, and the basis decreased [3] - **Downstream Product Prices and Cash Flows**: Most polyester product prices and cash flows declined [3] Polyolefin Industry - **Futures Prices and Spreads**: L2601, L2605, PP2601, and PP2605 prices declined, and spreads changed [5] - **Spot Prices and Basis**: Most polyolefin spot prices declined, and the basis of some products increased [5] - **Inventory and Operating Rates**: PE and PP enterprise inventories decreased, and some operating rates changed [5] Glass and Soda Ash Industry - **Glass - Related Prices and Spreads**: Glass prices in some regions declined, and the 01 basis decreased [6] - **Soda Ash - Related Prices and Spreads**: Soda ash prices were stable, and the 01 basis decreased [6] - **Supply and Inventory**: Soda ash production and some inventory decreased [6] - **Real Estate Data**: Real estate new construction, construction, completion, and sales areas all declined [6] Crude Oil Industry - **Crude Oil Prices and Spreads**: Brent, WTI, and SC crude oil prices declined, and spreads changed [7] - **Refined Oil Prices and Spreads**: Most refined oil prices and spreads declined [7] - **Refined Oil Crack Spreads**: Most refined oil crack spreads declined [7] Methanol Industry - **Methanol Prices and Spreads**: Methanol futures prices declined, and the basis increased [9] - **Inventory**: Methanol enterprise, port, and social inventories decreased [9] - **Operating Rates**: Some upstream and downstream operating rates changed slightly [9] Pure Benzene and Styrene Industry - **Pure Benzene - Related Prices and Spreads**: Pure benzene prices declined, and the basis increased [11] - **Styrene - Related Prices and Spreads**: Styrene prices declined, and the basis increased [11] - **Inventory and Operating Rates**: Pure benzene port inventory increased, and styrene port inventory decreased. Some operating rates changed [11] PVC and Caustic Soda Industry - **PVC and Caustic Soda Prices and Spreads**: PVC and caustic soda futures prices declined, and spreads changed [12] - **Supply and Demand**: Caustic soda and PVC supply and demand have certain pressures, and demand is weak [12] - **Inventory**: Some caustic soda and PVC inventories increased or decreased [12]

Report Industry Investment Ratings No relevant content provided. Core Views of the Reports Polyolefins - PP shows a pattern of both supply and demand increase, with reduced maintenance leading to increased supply and slight inventory accumulation under new capacity pressure. PE shows increased supply and decreased demand, with abundant imported goods and weak demand except for agricultural film. The cost side has fluctuating crude oil and strong coal, and PDH profits continue to weaken [2]. Crude Oil - The US proposed a new plan to restart the Russia - Ukraine peace negotiation, causing geopolitical premiums to decline and oil prices to fall. OPEC+ is continuously increasing production, and US crude oil production is at a new high, resulting in a weak supply - demand pattern and significant pressure on oil prices. Short - term Brent crude is expected to find support at $60 per barrel [3]. Natural Rubber - Supply: Domestic production areas are entering the production - reducing and cutting - off season, and rainfall in overseas areas keeps raw material prices high. However, the arrival of overseas ships is increasing seasonally, and inventory accumulation suppresses spot prices. Demand: Overall demand is weak, and the market mainly focuses on digesting channel inventory. It is expected that the natural rubber market will enter a range - bound consolidation [5]. Glass and Soda Ash - Soda Ash: The market is in an overall surplus situation. Supply is high, and downstream demand is mainly based on rigid needs. The supply - demand pattern is still bearish, and it is recommended to wait for rebounds to short [7]. - Glass: Recently, prices have been falling, and low prices have driven better sales. However, there are still production line restarts in the future, which will increase supply pressure. In the short term, there is some rigid demand support, but in the long term, demand will shrink, and prices will be under pressure [7]. PVC and Caustic Soda - Caustic Soda: The supply - demand situation is under pressure. The main downstream, alumina, has reduced purchasing enthusiasm. Although there is some supply reduction in the East China region, the long - term supply - demand pressure remains large, and prices are expected to be weak [8]. - PVC: The spot market is in a weak and volatile state. Supply is still at a high level, and demand is in the off - season. The export situation is not optimistic, and the supply - demand surplus pattern continues, with prices expected to remain at the bottom [8]. Polyester Industry Chain - PX: Asian and domestic PX loads have decreased, but supply remains high. Demand is weak, and although there are some supporting factors, the rebound space is limited, and it is expected to be in a high - level shock in the short term [9]. - PTA: After the maintenance of some devices, the basis has strengthened slightly. The supply - demand situation is expected to be relatively balanced in November and more relaxed from December to the first quarter. The rebound space is limited, and it is expected to be in a high - level shock in the short term [9]. - Ethylene Glycol: Domestic supply remains high, and overseas shipments will be concentrated in November, leading to inventory accumulation and a weak basis. It is under pressure above, and corresponding option and spread strategies are recommended [9]. - Short - fiber: Supply remains high, and demand is seasonally weak. The absolute price drive is limited, and processing fees are expected to be compressed [9]. - Bottle - grade PET: Supply changes little, and demand support is insufficient. The supply - demand pattern is loose, and the social inventory is likely to enter the seasonal accumulation period. The processing fee will follow the raw material cost [9]. Methanol - In the inland market, production will continue to increase, and marginal devices are in a loss state. In the port market, Iranian gas restrictions are postponed, and shipments are accelerating, resulting in high inventory and weak prices. The core contradiction is high port inventory, and the "weak reality" logic will continue [10]. Pure Benzene and Styrene - Pure Benzene: Although there are maintenance expectations for some devices, imports are expected to be high, and overall supply may be relatively loose. Demand support is limited, and port inventory is accumulating. The supply pressure is large, and the short - term BZ2603 contract is recommended to be observed [13]. - Styrene: The supply - demand situation has improved, with export expectations and falling port inventory. However, profit recovery may lead to delayed maintenance and new device trials, and downstream EPS demand is expected to weaken, so the upside space is limited [13]. Summaries According to Related Catalogs Polyolefins - **Prices and Spreads**: L2601, L2605, PP2601, and PP2605 have different price changes, and there are also changes in spreads such as L15, PP15, and LP01. Spot prices of PP and LLDPE in some regions have declined [2]. - **Inventory and开工率**: PE and PP enterprise and social inventories have decreased to varying degrees. PE and PP device and downstream weighted开工率 also show different trends [2]. Crude Oil - **Prices and Spreads**: Brent, WTI, and SC crude oil prices have declined, and there are also changes in spreads such as Brent - WTI and SC - Brent. Product oil prices and spreads have also changed [3]. Natural Rubber - **Prices and Spreads**: Spot prices of various natural rubber products have changed, and there are also changes in monthly spreads such as 9 - 1, 1 - 5, and 5 - 9 [5]. - **Fundamentals**: Production in September in Thailand, Indonesia, India, and China has changed. Tire production, export, and import data in October have also changed, as well as开工率 data [5]. - **Inventory**: Bonded area inventory and factory - warehouse futures inventory have increased, while some出库 and入库 rates have changed [5]. Glass and Soda Ash - **Prices and Spreads**: Glass and soda ash prices in different regions and futures prices have changed, and basis has also changed [7]. - **Supply**: Soda ash production rate and weekly output have decreased slightly, and glass melting volume has remained stable [7]. - **Inventory**: Glass factory - warehouse inventory and soda ash factory - warehouse inventory have increased, while soda ash delivery - warehouse inventory has decreased [7]. PVC and Caustic Soda - **Prices and Spreads**: PVC and caustic soda prices in different regions and futures prices have changed, and there are also changes in spreads [8]. - **Supply and Demand**: Chlor - alkali开工率 and industry profits have changed, and downstream开工率 of caustic soda and PVC has also changed. Inventory has decreased to some extent [8]. Polyester Industry Chain - **Downstream Product Prices and Cash Flows**: Prices of polyester products such as POY, FDY, and DTY have remained stable, and cash flows have changed [9]. - **PX - related**: PX prices and spreads have changed, and开工率 has decreased [9]. - **PTA - related**: PTA prices, basis, and processing fees have changed, and开工率 has decreased slightly [9]. - **MEG - related**: MEG prices, basis, and spreads have changed, and开工率 has changed slightly [9]. Methanol - **Prices and Spreads**: Methanol futures and spot prices have changed, and basis and regional spreads have also changed [10]. - **Inventory**: Methanol enterprise, port, and social inventories have decreased [10]. - **开工率**: Upstream and downstream开工率 of methanol have changed [10]. Pure Benzene and Styrene - **Upstream Prices and Spreads**: Prices of pure benzene and related spreads have changed, and import profits have also changed [13]. - **Styrene - related Prices and Spreads**: Styrene prices, basis, and spreads have changed, and cash flows have also changed [13]. - **Downstream Cash Flows**: Cash flows of pure benzene and styrene downstream products have changed [13]. - **Inventory and开工率**: Pure benzene and styrene port inventories have changed, and产业链开工率 has also changed [13].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A range - trading strategy of buying low and selling high is maintained, but it's advisable to wait and see for now to verify OPEC's export price - support willingness when prices fall [2]. - For methanol, the futures market continues to decline weakly. High port inventory pressure persists, with limited destocking before the 01 contract. Supply remains high while demand shows little change. The market is trading on the weak - reality logic, and prices may further decline [3]. - For urea, prices are oscillating and rising from the bottom, showing relative resilience. Supply - side corporate profits are low, and production has slightly declined but is still high year - on - year. Demand has improved due to agricultural reserves and exports. With export policies and cost support, the downside is limited, and it's expected to oscillate and build a bottom, suggesting buying on dips [6][8]. - For rubber, the start - up load of tire enterprises has decreased, and semi - steel tire export orders have slowed. However, typhoons may increase supply, and the cancellation of warehouse receipts may benefit the January contract. Arbitrage strategies include going long on RU2601 and short on RU2609 or NR [10]. - For PVC, corporate profits are at a low level, supply is high with new installations coming online, and demand is weak both domestically and in exports. There is a risk of continuous inventory accumulation, and it's advisable to short on rallies in the medium term [12]. - For pure benzene and styrene, pure benzene prices are stable, while styrene prices are rising. Supply is under pressure, but the BZN spread has room to recover. Port inventory is decreasing, and prices may stop falling in the short term [15]. - For polyethylene, OPEC +'s plan to pause production growth may support oil prices. PE valuation has limited downside, but high warehouse receipts suppress the market. With inventory reduction and seasonal demand, prices may oscillate at a low level [18]. - For polypropylene, cost - side supply may increase, and supply pressure remains high. Although demand has rebounded seasonally, overall inventory pressure is high. Prices may be supported when the supply - surplus situation changes in Q1 next year [20]. - For PX, the load is high, but downstream PTA maintenance is frequent, leading to expected inventory accumulation in November. However, there is support from aromatics blending and long - term supply - demand structure, and there may be opportunities for valuation increase in the medium term [23]. - For PTA, supply - side maintenance has increased, but new installations will lead to inventory accumulation in November. Demand may remain high, but there is limited room for improvement. PTA processing fees are under pressure, but it may strengthen when PXN rises in the medium term [25]. - For ethylene glycol, domestic and overseas installations are operating at high loads, imports are increasing, and inventory is accumulating. Valuation is relatively low, and it's advisable to short on rallies [28]. 3. Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures closed down 7.70 yuan/barrel, a 1.66% decline, at 455.50 yuan/barrel. US EIA weekly data showed that commercial crude oil inventories decreased by 3.43 million barrels to 424.16 million barrels, a 0.80% decline; SPR increased by 0.53 million barrels to 410.93 million barrels, a 0.13% increase [6][7]. - **Strategy**: Maintain a range - trading strategy of buying low and selling high, but wait and see for now to verify OPEC's export price - support willingness [2]. Methanol - **Market Information**: Taicang price increased by 3, Lunan by 5, and Inner Mongolia remained stable. The 01 contract on the futures market increased by 3 yuan to 2016 yuan/ton, with a basis of - 16. The 1 - 5 spread was - 137 [2]. - **Strategy**: The market is trading on the weak - reality logic, and prices may further decline. Be vigilant about price drops [3]. Urea - **Market Information**: Shandong's spot price increased by 10, while Henan and Hubei remained stable. The 01 contract on the futures market increased by 2 yuan to 1665 yuan, with a basis of - 45. The 1 - 5 spread increased by 2 to - 70 [5]. - **Strategy**: Prices are oscillating and rising from the bottom, with limited downside. It's expected to oscillate and build a bottom, suggesting buying on dips [6][8]. Rubber - **Market Information**: As of November 20, 2025, the start - up load of full - steel tires in Shandong tire enterprises was 60.57%, down 4.13 percentage points from last week and 2.01 percentage points from the same period last year. The start - up load of semi - steel tires was 72.77%, down 1.60 percentage points from last week and 6.01 percentage points from the same period last year. Semi - steel tire export orders slowed. Typhoons may increase supply, and 110,000 tons of warehouse receipts will be cancelled on November 15 [10]. - **Strategy**: Arbitrage strategies include going long on RU2601 and short on RU2609 or NR [10]. PVC - **Market Information**: The PVC01 contract decreased by 36 yuan to 4456 yuan. The spot price of Changzhou SG - 5 was 4420 yuan/ton, down 30 yuan/ton, with a basis of - 36. The 1 - 5 spread was - 311. The overall start - up rate was 78.5%, down 2.2%. Factory inventory was 322,000 tons, down 12,000 tons, and social inventory was 1.028 million tons, down 13,000 tons [11]. - **Strategy**: The supply - demand situation is poor, and it's advisable to short on rallies in the medium term [12]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene remained unchanged, and the futures price was also stable, with a narrowing basis. The spot price of styrene increased, and the futures price also rose, with a strengthening basis. The upstream start - up rate was 69.25%, up 2.31%. Jiangsu port inventory decreased by 265,000 tons [14][15]. - **Strategy**: Port inventory is decreasing, and prices may stop falling in the short term [15]. Polyethylene - **Market Information**: The main contract's closing price was 6835 yuan/ton, up 2 yuan/ton. The spot price was 6855 yuan/ton, unchanged. The basis was 20 yuan/ton, weakening by 2 yuan. The upstream start - up rate was 83.77%, up 0.89%. Production enterprise inventory decreased by 259,000 tons, and trader inventory increased by 50,000 tons [17]. - **Strategy**: Prices may oscillate at a low level [18]. Polypropylene - **Market Information**: The main contract's closing price was 6400 yuan/ton, down 34 yuan/ton. The spot price was 6520 yuan/ton, unchanged. The basis was 120 yuan/ton, strengthening by 34 yuan. The upstream start - up rate was 77.71%, down 0.68%. Overall inventory decreased [19]. - **Strategy**: Prices may be supported when the supply - surplus situation changes in Q1 next year [20]. PX - **Market Information**: The PX01 contract decreased by 40 yuan to 6830 yuan. PX CFR increased by 1 dollar to 833 dollars. The basis was - 22 yuan. The Chinese load was 86.8%, down 3%, and the Asian load was 78.5%, down 1.7%. Some installations were shut down or under maintenance [22]. - **Strategy**: There may be inventory accumulation in November, but there is support, and there may be opportunities for valuation increase in the medium term [23]. PTA - **Market Information**: The PTA01 contract decreased by 16 yuan to 4696 yuan. The spot price in East China decreased by 10 yuan/ton to 4630 yuan. The basis was - 69 yuan. The load was 72.1%, down 3.6%. Some installations were under maintenance, and downstream load increased [24]. - **Strategy**: Supply - side inventory may accumulate in November, and PTA processing fees are under pressure, but it may strengthen when PXN rises in the medium term [25]. Ethylene Glycol - **Market Information**: The EG01 contract decreased by 81 yuan to 3822 yuan. The spot price in East China decreased by 34 yuan to 3885 yuan. The basis was 32 yuan. The load was 70.7%, down 0.9%. Port inventory increased by 71,000 tons [27]. - **Strategy**: Inventory is accumulating, and it's advisable to short on rallies [28].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports Polyolefins - PP shows a pattern of both supply and demand growth, with reduced maintenance leading to increased supply and a slight accumulation of inventory under the pressure of new production capacity. PE shows increased supply and decreased demand. Although unplanned maintenance eases some supply pressure, imported goods are abundant, and demand is generally weak except for agricultural films. The inventory of hedging merchants is gradually decreasing, the basis is strengthening, and inventory is being cleared. When the price is below 6800, the downstream's willingness to buy increases. The cost side is affected by the shock of crude oil and the strength of coal, and the PDH profit has continued to weaken this week. [2] Methanol - In the domestic market, Baofeng continues to purchase externally, and Jiutai has an unexpected maintenance. The domestic production will continue to increase. Currently, the marginal devices in the domestic market have suffered losses. In the port market, the gas restriction in Iran has been postponed, and the shipment has accelerated. As of November 19, Iran has shipped 885,000 tons, putting significant pressure on the port methanol market. With high inventory and the profit of imported methanol from Iran, the willingness to hold goods has weakened, and the price has declined while the basis remains stable. The demand side is based on rigid procurement. The market is currently trading on the logic of "weak reality", and the core contradiction lies in the high inventory in the port. The inventory contradiction of the 01 contract cannot be resolved, and the weak reality will continue to be traded before the gas restriction in Iran. [4] Glass and Soda Ash - Soda ash: The market has returned to a weak state, and the overall pattern of oversupply is still prominent. Fundamentally, the weekly production remains at a high level of around 750,000 tons, and the oversupply is obvious compared with the current rigid demand. The inventory of manufacturers has been transferred to the middle and lower reaches, and the trade inventory has continued to rise. In the medium term, there is no expectation of a significant increase in downstream production capacity, so the overall demand for soda ash will continue the previous rigid demand pattern. If there is no actual production capacity exit or load reduction in the future, the supply - demand situation will be further pressured. - Glass: The spot sales have strengthened, and the high sales rate in some regions has continued to be above 100%. Consecutive price cuts have driven the middle and lower reaches to purchase. Although 4 production lines in the Shahe area were cold - repaired last week, there will be production lines restarting and igniting in the future, which will put pressure on the supply side. The latest deep - processing order days have improved slightly, and there is still some rigid demand support in the short term as November is the peak season for year - end rush work. However, in the medium and long term, at the end of the peak season, the market is worried about the sustainability of future demand. As the temperature in the north drops, outdoor construction will gradually stop, and the demand side will shrink after December, putting pressure on the glass price. The real estate is still in the bottom cycle, and the completion volume has decreased significantly. Therefore, in the oversupply pattern, the glass industry still needs to clear production capacity to solve the oversupply dilemma. [7] PVC and Caustic Soda - Caustic soda: The supply - demand situation of the caustic soda industry still faces certain pressure. The purchasing enthusiasm of the main downstream alumina has decreased, so the support from the main demand side of caustic soda is weak, which suppresses the caustic soda price upwards. During the northern environmental protection control period, some alumina plants may have production reduction expectations. There is an overhaul expectation in the East China region, and the supply will decrease slightly. The price in this region may be relatively stable due to certain rigid demand support, but in the long term, the supply - demand still has pressure. The non - aluminum market is still sluggish, and overall, the supply - demand pressure is still relatively large. It is expected that the caustic soda price will fluctuate weakly. - PVC: The PVC spot market continues to fluctuate weakly. This week, maintenance and partial device load reduction have led to a decrease in production on a month - on - month basis, but it is still at a high level. Affected by local logistics, the market arrivals have decreased, and the social inventory has decreased on a month - on - month basis. Next week, the supply - side operating rate will increase. The demand side is in the traditional off - season from November to January of the next year. As the outdoor construction in the north gradually decreases in winter, the overall real estate demand reduction still has a negative impact. In terms of exports, India has officially cancelled the BIS certification for imported PVC issued in 2024, which is beneficial for domestic PVC to enter the Indian market. However, there is an expectation of anti - dumping duties, and the Asian contract price for December is still to be observed next week. It is expected that the external demand will be difficult to increase. The overall demand side has limited support for PVC. The supply - demand is still in an oversupply pattern, and it is difficult for the price to form an upward drive. It is expected to continue the weak pattern at the bottom. [8] Natural Rubber - The supply side: Yunnan has encountered cold weather, which has accelerated the end of the tapping season in Yunnan. The rainy season in southern Thailand continues, and the price of overseas raw materials is high, which strongly supports the rubber price. The demand side: Currently, the overall demand is weak. Channels are cautious in purchasing and mainly focus on digesting inventory. Next week, the purchasing enthusiasm of some agents on an as - needed basis may increase slightly, which will drive the overall sales volume. However, the overall demand is weakening, and the actual increase in purchasing volume is limited. The market still mainly focuses on digesting inventory. In conclusion, the natural rubber inventory has entered the seasonal inventory accumulation period, and the terminal demand support is insufficient. There is an expectation that the operating rate of downstream enterprises will further decline. It is expected that the natural rubber market will enter a range - bound consolidation. In the future, attention should be paid to the raw material output in the peak production season of the main producing areas and macro - level changes. If the raw material supply is smooth, the rubber price is expected to decline. If the raw material supply is not smooth, the rubber price is expected to operate in the range of 15,000 - 15,500. [9] Pure Benzene and Styrene - Pure benzene: Recently, many sets of pure benzene devices have overhaul expectations, but the import expectation remains high, and the overall supply may still be relatively loose. On the demand side, the load of downstream styrene has increased due to the restart of some devices, but some loss - making varieties have reduced production to maintain prices, and the domestic demand side has limited support. The port inventory has increased, and there are still many arrivals in the future, so the supply pressure of pure benzene is relatively large. After the overhaul of the disproportionation device in the US Gulf ends, the support from blending oil may weaken, but South Korea's aromatics have an export expectation to the US, and the US dollar price of pure benzene has increased. Overall, the supply - demand expectation of pure benzene is still relatively loose, and the limited support from the cost side may limit the upward space. It may fluctuate and consolidate. However, since the current valuation of pure benzene is low, future attention should be paid to device changes. In the short term, it is advisable to wait and see for BZ2603. - Styrene: After the overhaul of the disproportionation device in the US Gulf ends, the blending oil demand may weaken. However, in November, the supply - demand situation of styrene has further improved. With the South Korean mixed aromatics trading, styrene has an export transaction expectation, and the port inventory has decreased. There are positive factors supporting styrene, and it will mainly fluctuate and repair in the short term. However, as the profit of styrene is repaired, the overhaul of some factories may be delayed. Coupled with the trial operation of new devices and the expected weakening of downstream EPS demand, it is expected that the upward space of styrene will be limited. In the short term, the price of EB01 may mainly fluctuate and consolidate. [10] Polyester Industry Chain - PX: Recently, the operating loads of Asian and domestic PX have decreased. However, the supply of Asian MX is abundant, and some factories rely on MX to supplement PX production, so the PX supply still remains at a relatively high level. On the demand side, the PTA price still has certain support this week. However, the spot floating price and monthly spread of PX are still weak, and the overall support from oil prices is limited. It is expected that the rebound space of PX is limited. Strategically, PX should be regarded as a short - term high - level shock. - PTA: As two PTA devices in East China are gradually under maintenance, the basis has slightly strengthened. According to the balance sheet, the supply - demand of PTA is in a tight balance in November, but the supply - demand of PTA is expected to be relatively loose from December to the first quarter of next year, and the upward drive of the basis is limited. In terms of absolute price, recently, the absolute price of PTA is relatively strong due to the support of blending oil demand and India's cancellation of BIS certification. However, the overall support from oil prices is limited, and the rebound space of PTA is still limited. Strategically, TA should be regarded as a short - term high - level shock, and TA1 - 5 should be treated as a rolling reverse spread. - Ethylene glycol: The operating load of ethylene glycol is at a high level. The arrival of overseas ethylene glycol shipments is relatively concentrated in November, and the port inventory will continue to increase recently, and the basis will weaken. In addition, the inventory accumulation amplitude of ethylene glycol from November to December is expected to be relatively high, and the upward pressure on ethylene glycol is significant. Strategically, the seller of the out - of - the - money call option with an exercise price of no less than 4100 for EG2601 should hold, and EG1 - 5 should be reversely spread at high levels. - Short - fiber: Although the spot processing margin of short - fiber has been significantly compressed recently, there is still profit at present, and the inventory pressure of short - fiber factories is not large, so the short - fiber supply remains at a high level. On the demand side, the terminal demand has seasonally weakened in November. In addition, the cancellation of India's BIS certification has certain benefits for PTA and filament, but has relatively little impact on short - fiber. Therefore, under the short - term weak supply - demand expectation and cost - side support, it is expected that the absolute price of short - fiber will be under pressure, and the processing margin still has room for compression. Strategically, the unilateral strategy is the same as that of PTA; the processing margin on the disk should be shorted at high levels. - Bottle - grade polyester: In mid - November, the Huarun device has both maintenance and restart. In addition, according to Longzhong Information, the commissioning of the new device of Dongying Fuhai has been postponed, and the domestic supply has not changed much. Considering that November is in the off - season of demand and the window period between the Spring Festival stocking, the demand side has insufficient support for bottle - grade polyester. The supply - demand of bottle - grade polyester remains in a loose pattern. Therefore, the social inventory of bottle - grade polyester will probably enter the seasonal inventory accumulation channel, and PR will mainly fluctuate with the cost side. The processing margin of PR is limitedly boosted by supply - demand and will change dynamically with the raw material cost. Strategically, the unilateral strategy of PR is the same as that of PTA; the processing margin of the main contract of PR is expected to fluctuate in the range of 300 - 450 yuan/ton. [12] Crude Oil - Overnight, affected by the news that Russia and Ukraine may restart peace talks, the geopolitical premium has declined, and the oil price has declined under pressure. However, EIA data shows that the US crude oil inventory has decreased more than expected, and the decline of the oil price has been slightly narrowed. Recently, attacks or sanctions caused by the Russia - Ukraine issue have had a short - term impact on the oil price. However, under the pressure of continuous production increase by OPEC+ and the record - high US crude oil production, the supply - demand pattern of crude oil is still weak, and the upward pressure on the oil price is significant. In the short term, attention should be paid to the support of Brent crude oil at $60 per barrel and the geopolitical dynamics between Russia and Ukraine. [14] 3. Summary According to Relevant Catalogs Polyolefins - **Price and Spread**: The closing prices of L2601, L2605, PP2601, and PP2605 have all increased, and the L15 and PP15 spreads have also increased. The spot prices of East China PP raffia and North China LLDPE have increased, while the North China LL basis has decreased significantly, and the East China pp basis has remained unchanged. The prices of some PE and PP non - standard products have remained unchanged, while the prices of some have decreased. - **Inventory**: PE enterprise inventory and social inventory have decreased, while PP enterprise inventory has increased, and PP trader inventory has decreased. - **Operating Rate**: The operating rate of PE devices has increased slightly, while the weighted operating rate of PE downstream has decreased slightly. The operating rate of PP devices and powder devices has increased, and the weighted operating rate of PP downstream has increased slightly. [2] Methanol - **Price and Spread**: The closing prices of MA2601 and MA2605 have decreased, and the MA15 spread has increased. The basis of Taicang has remained unchanged. The spot prices of Inner Mongolia North Line and Henan Luoyang have increased, while the spot price of Taicang Port has decreased. The regional spreads have changed significantly. - **Inventory**: Methanol enterprise inventory, port inventory, and social inventory have all decreased. - **Operating Rate**: The operating rates of domestic and overseas upstream enterprises have increased, the production - sales rate of Northwest enterprises has increased, the operating rate of downstream external - procurement MTO devices has decreased, the operating rate of downstream formaldehyde has increased slightly, the operating rate of downstream acetic acid has decreased significantly, and the operating rate of downstream MTBE has increased. [4] Glass and Soda Ash - **Price and Spread**: The prices of glass in North China have remained unchanged, while the prices in East China, Central China, and South China have decreased. The closing prices of glass 2601 have decreased, and the closing price of glass 2605 has remained unchanged. The 01 basis has increased. The prices of soda ash in North China, East China, Central China, and Northwest have remained unchanged. The closing prices of soda ash 2601 and 2605 have decreased, and the 01 basis has increased significantly. - **Supply**: The operating rate and weekly output of soda ash have decreased slightly, the daily melting volume of float glass has remained unchanged, the daily melting volume of photovoltaic glass has decreased, and the price of 3.2mm coated glass has decreased. - **Inventory**: The inventory of glass factories has increased, the inventory of soda ash factories has increased, the inventory of soda ash delivery warehouses has decreased, and the inventory days of soda ash in glass factories have remained unchanged. - **Real Estate Data**: The new construction area, construction area, completion area, and sales area have all decreased compared with the previous period. [7] PVC and Caustic Soda - **Price and Spread**: The prices of Shandong 32% liquid caustic soda and 50% liquid caustic soda have remained unchanged. The market prices of East China calcium - carbide - based PVC and East China ethylene - based PVC have decreased. The prices of SHSEOS, SH2601, V2605, and V2601 have decreased, and the V basis has increased significantly. - **Export and Profit**: The overseas quotes and export profits of caustic soda and PVC have some data unavailable, and some data have changed. - **Supply and Profit**: The operating rate of the caustic soda industry and the sample operating rate in Shandong have decreased slightly, the operating rate of PVC has decreased, the profit of externally - purchased calcium - carbide - based PVC has remained unchanged, and the profit of Northwest integrated PVC has decreased. - **Demand**: The operating rates of some downstream industries of caustic soda and PVC have increased or decreased. The pre - sales volume of PVC has decreased. - **Inventory**: The factory - warehouse inventory of liquid caustic soda in East China and Shandong has decreased, the upstream factory - warehouse inventory of PVC has decreased, and the total social inventory of PVC has decreased. [8] Natural Rubber - **Price and Spread**: The price of Yunnan state - owned full - latex has increased, the full - latex basis has decreased, the price of Thai standard mixed rubber has decreased, the non - standard price difference has decreased significantly, and the prices of some raw materials have remained unchanged. The 9 - 1 spread has remained unchanged, the 1 - 5 spread has increased, and the 5 - 9 spread has decreased. - **Production and Consumption**: The production of Thailand, Indonesia, and China in September has changed, the production of India has increased. The operating rates of semi - steel and full - steel tires have changed slightly, the domestic tire production in October has decreased, the tire export volume in October has decreased, the import volume of natural rubber in September has increased, and the import volume of natural and synthetic rubber in October has decreased. - **Inventory**: The bonded - area inventory and the factory - warehouse futures inventory of natural rubber in the SHFE have increased, the出库 rate of dry rubber in the bonded warehouse in Qingdao has decreased, and the入库 and出库 rates of dry rubber in general trade in Qingdao have increased. [9] Pure Benzene and Styrene - **Upstream Price and Spread**: The prices of Brent crude oil, WTI crude oil, and CFR Japan naphtha have decreased, the price of CFR Northeast Asia ethylene has remained unchanged, the price of CFR China pure benzene has increased, the pure benzene - naphtha spread and ethylene - naphtha spread have decreased,

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Views of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A range strategy of buying low and selling high is maintained, but it's advisable to wait and see to verify OPEC's export price - support intention [2]. - For methanol, high port inventories suppress prices. Overseas production remains high, and with coal prices strong and enterprise profits falling, supply pressure persists. Demand is weak, so prices may decline further, and it's recommended to wait and see [3]. - For urea, the market is sensitive to news. Domestic demand lacks support, and supply is high. New export policies have improved the market atmosphere, and inventories are decreasing. Urea prices are expected to bottom out with limited downside [6]. - For rubber, the current view is bullish. Short - term bullish trading with quick in - and - out is recommended, and partial position - building for the hedge of buying RU2601 and selling RU2609 is advised [9]. - For PVC, the fundamentals are poor. Supply is strong, demand is weak, and export expectations are weakening. It's recommended to consider short - selling on rallies in the medium term [10]. - For pure benzene and styrene, the BZN spread has room to recover. Port inventories are decreasing, and styrene prices may stop falling temporarily [14]. - For polyethylene, the price may remain in a low - level oscillation. The cost - driven decline may shift to the impact of South Korea's ethylene clearance policy [17]. - For polypropylene, in a weak supply - demand situation with high inventory pressure, the price may be supported when the supply - surplus situation of the cost side changes in Q1 next year [19]. - For PX, it is expected to accumulate a small amount of inventory in November, but there is support from aromatics blending for gasoline and the long - term supply - demand structure. Mid - term valuation increase opportunities are worth attention [22]. - For PTA, it is expected to accumulate inventory in November. Although polyester load may remain high, PTA processing fees are under pressure. Pay attention to the opportunity of PTA strengthening driven by the increase of PXN in the medium term [24]. - For ethylene glycol, inventories are expected to accumulate in Q4. With a weak pattern, the valuation may be further compressed, and short - selling on rallies is recommended [27]. 3. Summary by Relevant Catalogs Crude Oil - **Market Quotes**: INE's main crude oil futures rose 2.20 yuan/barrel, a 0.48% increase, to 464.50 yuan/barrel. Fujeirah port's gasoline inventory decreased by 1.11 million barrels to 6.31 million barrels, a 14.96% decline; diesel inventory increased by 0.02 million barrels to 2.85 million barrels, a 0.56% increase; fuel oil inventory decreased by 0.25 million barrels to 10.65 million barrels, a 2.33% decline; total refined oil inventory decreased by 1.35 million barrels to 19.81 million barrels, a 6.37% decline [1]. - **Strategy**: Maintain a range strategy of buying low and selling high, and wait and see in the short term [2]. Methanol - **Market Quotes**: Taicang's price decreased by 5, Lunan remained stable, Inner Mongolia increased by 5, the 01 contract on the futures market decreased by 17 yuan to 2013 yuan/ton, and the basis was - 16. The 1 - 5 spread was - 14, reported at - 137 [2]. - **Strategy**: High port inventories, strong coal prices, and weak demand. It's recommended to wait and see as prices may decline [3]. Urea - **Market Quotes**: Shandong's spot price increased by 10, Henan's by 20, Hubei's by 10. The 01 contract on the futures market increased by 1 yuan to 1663 yuan, and the basis was - 53. The 1 - 5 spread increased by 2 to - 72 [5]. - **Strategy**: The market is sensitive to news. With high supply and weak demand, new export policies have improved the situation, and prices are expected to bottom out [6]. Rubber - **Market Quotes**: Rubber prices rebounded. Typhoons affected rainfall in Thailand. Shanghai Exchange's November natural rubber warehouse receipts are about to be delivered. The long - short views are divided. Tire factory operating rates are neutral, and inventories are mixed [8]. - **Strategy**: Bullish view, short - term bullish trading with quick in - and - out, and partial position - building for the hedge of buying RU2601 and selling RU2609 [9]. PVC - **Market Quotes**: The PVC01 contract decreased by 28 yuan to 4492 yuan. The spot price of Changzhou SG - 5 was 4450 (- 30) yuan/ton, the basis was - 42 (- 2) yuan/ton, and the 1 - 5 spread was - 306 (+ 13) yuan/ton. Costs decreased, production and demand decreased, and inventories decreased [9]. - **Strategy**: Weak fundamentals, supply is strong, demand is weak, and export expectations are poor. Consider short - selling on rallies in the medium term [10]. Pure Benzene and Styrene - **Market Quotes**: The price of East China pure benzene remained unchanged, the spot price of styrene decreased, and the futures price increased. Supply increased, demand increased slightly, and port inventories decreased [13]. - **Strategy**: The BZN spread has room to recover, and styrene prices may stop falling temporarily [14]. Polyethylene - **Market Quotes**: The futures price increased, the spot price decreased, the basis weakened. Upstream production decreased, inventories were mixed, and downstream demand was weak [16]. - **Strategy**: The price may remain in a low - level oscillation due to cost and supply - demand factors [17]. Polypropylene - **Market Quotes**: The futures price increased, the spot price decreased, the basis weakened. Upstream production increased, inventories were mixed, and downstream demand increased slightly [18]. - **Strategy**: In a weak supply - demand situation with high inventory pressure, the price may be supported when the cost - side situation changes in Q1 next year [19]. PX - **Market Quotes**: The PX01 contract increased by 102 yuan to 6870 yuan, and the PX CFR increased by 5 dollars to 832 dollars. Loads decreased in China and Asia, and some plants had maintenance or production cuts. Imports increased, and inventories increased [21]. - **Strategy**: Expected to accumulate a small amount of inventory in November, but there is support from the supply - demand structure. Mid - term valuation increase opportunities are worth attention [22]. PTA - **Market Quotes**: The PTA01 contract increased by 42 yuan to 4712 yuan, and the spot price in East China increased by 30 yuan/ton to 4640 yuan. Loads decreased, some plants had maintenance or production increases, downstream loads decreased, and inventories increased [23]. - **Strategy**: Expected to accumulate inventory in November, processing fees are under pressure. Pay attention to the opportunity of PTA strengthening driven by the increase of PXN in the medium term [24]. Ethylene Glycol - **Market Quotes**: The EG01 contract decreased by 4 yuan to 3903 yuan, and the spot price in East China decreased by 33 yuan to 3919 yuan. Supply loads were mixed, downstream loads decreased, imports were expected, and port inventories increased [26]. - **Strategy**: Inventories are expected to accumulate in Q4, and the valuation may be further compressed. Short - selling on rallies is recommended [27].