Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The soda ash futures market is in a weak and volatile stage, and the glass futures market is also showing a weak and volatile trend. The main contradiction in the current soda ash market is the imbalance between supply and demand, and the glass market is also affected by factors such as slow demand recovery and increased supply expectations [6][30] - For soda ash futures, it is recommended to wait and see in the medium - term, and expect the operating range of soda ash 2601 to be 1100 - 1250 this week. For glass futures, it is recommended to hold an empty - position and wait and see, and the market is expected to continue narrow - range fluctuations in the short term [6][30] Group 3: Summary According to the Catalog Soda Ash Futures 1. Mid - line Market Analysis - The soda ash futures are in a volatile stage. The domestic soda ash market was stable to weak last week, with significant price drops in the northwest region. The main contradiction is the imbalance between supply and demand, with continuous supply pressure and weak demand. In the short term, the price may continue to be weakly volatile, but the downward space is limited. It is recommended to wait and see [6] 2. Variety Trading Strategy - **Last Week's Strategy Review**: Soda ash futures were weakly volatile last week. The weekly output was 77.69 tons, the operating rate dropped to 88.41%, and the total inventory increased to 165.98 tons. The overall supply was strong, and the demand was difficult to exceed expectations. It was expected that the operating range of soda ash 2601 was 1200 - 1350 [9] - **This Week's Strategy Suggestion**: The domestic soda ash market continued the weak trend last week. It is expected that the price will still be weakly volatile in the short term, but the downward space is limited. The expected operating range of soda ash 2601 is 1100 - 1250 [10] 3. Relevant Data Situation - The relevant data include soda ash's operating rate, output, light - weight and heavy - weight inventory, basis, and ammonia - soda production cost in North China (weekly data) [11][15][18] Glass Futures 1. Mid - line Market Analysis - The glass is in an oscillating trend. The domestic float glass market was generally weak last week. After the festival, the demand recovery was limited, the enterprise inventory pressure remained, and some manufacturers had difficulty in maintaining prices. The glass futures price declined unilaterally. It is recommended to hold an empty - position and wait and see [30] 2. Variety Trading Strategy - **Last Week's Strategy Review**: Float glass futures were oscillating and strengthening since September 28. The weekly output increased to 112.89 tons, the operating rate remained stable, the capacity utilization rate increased slightly, and the inventory decreased slightly. The market was supported by policies but the supply - demand contradiction was not resolved. It was expected that the operating range of glass 2601 was 1150 - 1300, and it was advisable to hold an empty - position and wait and see [33] - **This Week's Strategy Suggestion**: The domestic float glass market was generally weak last week. The demand recovered slowly, the enterprise inventory pressure remained, and the supply increase expectation further suppressed the market. The futures also weakened, and it is expected to maintain a weak and volatile trend in the short term [34] 3. Relevant Data Situation - The relevant data include float glass's output, operating rate, production cost and gross profit of the float process using natural gas as fuel, basis, and ending inventory (weekly data) [36][39][41]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The supply and demand of polyolefins continue to be weak, leading to a downward trend in prices. For PE, factors such as inventory accumulation, weak cost support from crude oil, and new device production contribute to the decline. For PP, cost - side weakness and supply - demand imbalances cause the downward movement of the market [1][2][3] Summary According to Related Catalogs Market News and Important Data - **Price and Basis**: L主力合约收盘价为6910元/吨（-8），PP主力合约收盘价为6595元/吨（-7），LL华北现货为6910元/吨（-60），LL华东现货为6950元/吨（-50），PP华东现货为6620元/吨（-20），LL华北基差为0元/吨（-52），LL华东基差为40元/吨（-42），PP华东基差为25元/吨（-13）[1] - **Upstream Supply**: PE开工率为83.9%（+1.9%），PP开工率为77.7%（+1.1%）[1] - **Production Profit**: PE油制生产利润为452.3元/吨（-8.9），PP油制生产利润为 - 147.7元/吨（-8.9），PDH制PP生产利润为174.6元/吨（+64.2）[1] - **Import and Export**: LL进口利润为 - 108.2元/吨（-80.0），PP进口利润为 - 554.0元/吨（-30.0），PP出口利润为23.6美元/吨（+3.7）[1] - **Downstream Demand**: PE下游农膜开工率为35.6%（+2.8%），PE下游包装膜开工率为52.9%（+0.5%），PP下游塑编开工率为44.3%（+0.0%），PP下游BOPP膜开工率为60.7%（+0.5%）[1] Market Analysis - **PE**: After the holiday, the inventory of major plastic producers has accumulated significantly. The downstream procurement is mainly for rigid demand, and the slow inventory digestion, weak cost support from crude oil, and new device production lead to the downward trend. In the future, supply is expected to increase with new device production and restart of shutdown devices, while demand improvement is limited [2] - **PP**: The weakening of the futures market is mainly due to the weakening of crude oil and propane prices. Supply is expected to increase with the restart of devices and new production, while demand fails to meet expectations during the peak season. The cost support is weak [3] Strategy - **Unilateral**: Cautiously short - hedge L and PP [4] - **Inter - period**: Reverse spread L01 - L05 and PP01 - PP05 [4] - **Inter - variety**: Shrink the spread of PP01 - 3MA01 when it is high [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Polyolefin futures fluctuated at a low level and closed in the red, with a slight decline during the night session. In the spot market, Sinopec lowered the price of linear LL by 100 in some cases, while PetroChina kept it stable. For drawn PP, Sinopec and PetroChina both lowered the price by 50 in some cases. From a fundamental perspective, the medium - term market should pay more attention to the realization of actual demand and potential industrial policy changes on the supply side of polyolefins in the fourth quarter. Currently, due to the continued China - US game, crude oil is under pressure, weakening cost support. In the short term, polyolefin prices generally fluctuate passively following the cost side, and market sentiment is cautious. However, after continuous declines in chemicals, the decline rate may slow down [2] Group 3: Summary Based on Relevant Catalogs Futures Market LL Futures - Previous day's closing prices for January, May, and September contracts were 6910, 6945, and 6997 respectively, with changes of - 8, - 4, and 0, and percentage changes of - 0.12%, - 0.06%, and 0.00% compared to the prices two days ago. Volumes were 205449, 17406, and 257, and open interests were 568826, 60269, and 618, with changes of - 8271, 1224, and 72 respectively. Spreads such as January - May, May - September, and September - January had present values of - 35, - 52, and 87, compared to previous values of - 31, - 48, and 79 [2] PP Futures - Previous day's closing prices for January, May, and September contracts were 6595, 6648, and 6672 respectively, with changes of - 7, - 3, and - 8, and percentage changes of - 0.11%, - 0.05%, and - 0.12% compared to the prices two days ago. Volumes were 270926, 28348, and 476, and open interests were 667779, 113474, and 3657, with changes of 2325, 2983, and 128 respectively. Spreads such as January - May, May - September, and September - January had present values of - 53, - 24, and 77, compared to previous values of - 49, - 29, and 78 [2] Spot Market Upstream and Downstream - For raw materials, the current values of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and plastic film were 2300 yuan/ton, 6260 yuan/ton, 531 dollars/ton, 5600 yuan/ton, 6510 yuan/ton, and 8800 yuan/ton respectively, compared to previous values of 2278 yuan/ton, 6280 yuan/ton, 524 dollars/ton, 5600 yuan/ton, 6520 yuan/ton, and 8800 yuan/ton [2] Mid - stream - For LL, the current price ranges in the East China, North China, and South China markets were 6950 - 7500, 6900 - 7150, and 7150 - 7600 respectively, compared to previous ranges of 6950 - 7550, 6950 - 7250, and 7150 - 7600. For PP, the current price ranges in the East China, North China, and South China markets were 6450 - 6650, 6500 - 6600, and 6500 - 6650 respectively, compared to previous ranges of 6500 - 6650, 6500 - 6600, and 6500 - 6650 [2] Information on Crude Oil - On Wednesday (October 15), the settlement price of WTI crude oil futures for November 2025 on the New York Mercantile Exchange was $58.27 per barrel, down $0.43 or 0.73% from the previous trading day, with a trading range of $58.2 - $59.42. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $61.91 per barrel, down $0.48 or 0.77% from the previous trading day, with a trading range of $61.79 - $63.04 [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The Sino-US trade conflict has dragged down the chemical sector as a whole. For pure benzene, the port de-stocking rate has slowed down, indicating that downstream procurement has not continued after the holiday. The recovery rate of CPL and aniline operations may be limited, and there is still inventory pressure on PA6 & nylon filament and MDI. The concentrated maintenance of styrene in late October has dragged down the demand for pure benzene. For styrene, port inventory pressure persists, downstream pick-up performance remains average, and port basis has weakened slightly. EPS seasonal low operating rate awaits recovery, PS operating rate continues to decline, and the pressure on PS finished product inventory has increased after the holiday. ABS operating rate has rebounded from a low level, but inventory pressure has further increased. Supply is affected by ongoing maintenance of some plants and new device launches, and overseas demand remains weak, increasing the import pressure on China [3]. 3. Summary by Relevant Catalogs I. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Pure benzene main contract basis is 33 yuan/ton (-5), and the spot - M2 spread is 40 yuan/ton (-30 yuan/ton). EB main contract basis is 41 yuan/ton (+26 yuan/ton) [1]. II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee is 136 dollars/ton (+7 dollars/ton), FOB Korea processing fee is 123 dollars/ton (+7 dollars/ton), and the US - Korea spread is 75.5 dollars/ton (+3.0 dollars/ton). Styrene non - integrated production profit is - 546 yuan/ton (-47 yuan/ton) and is expected to gradually compress [1]. III. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 9.00 tons (-0.10 tons), and the operating rate is not mentioned. Styrene East China port inventory is 196,500 tons (-5,400 tons), East China commercial inventory is 121,500 tons (+5,100 tons), and the operating rate is 73.6% (+2.4%) [1]. IV. Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 331 yuan/ton (+119 yuan/ton), operating rate is 40.74% (-2.37%); PS production profit is - 119 yuan/ton (+69 yuan/ton), operating rate is 54.60% (-1.70%); ABS production profit is - 15 yuan/ton (-24 yuan/ton), operating rate is 72.50% (+1.50%) [2]. V. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is - 1830 yuan/ton (+90), operating rate is 96.00% (+0.00%); Phenol - acetone production profit is - 526 yuan/ton (+92), operating rate is 78.00% (-1.00%); Aniline production profit is 478 yuan/ton (+140), operating rate is 77.16% (+1.12%); Adipic acid production profit is - 1292 yuan/ton (+81), operating rate is 66.90% (+4.00%) [1]. 4. Strategy - Unilateral: Short - hedge BZ and EB on rallies. - Basis and Inter - Period: Do reverse spreads on the EB2511 - EB2512 spread on rallies. - Cross - Variety: No strategy [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The Sino-US tariff game continues, and EG remains weak. The main EG contract closed at 4,061 yuan/ton, down 50 yuan/ton (-1.22%) from the previous trading day. The spot price in the East China market was 4,150 yuan/ton, down 28 yuan/ton (-0.67%). The spot basis in East China was 68 yuan/ton, down 1 yuan/ton [1]. - On the supply side, the domestic ethylene glycol load is operating at a high level, and there are still many overseas supply losses. In Saudi Arabia, more than two sets of plants are still shut down or operating at low loads. On the demand side, demand is slightly boosted by pre - holiday stocking, but the increase in polyester load is limited. Under the commissioning of new plants, there is a large inventory accumulation pressure in the EG balance sheet in the fourth quarter, and the ethylene glycol port inventory has increased significantly around the National Day [2]. - For trading strategies, it is advisable to cautiously short - sell on rallies for hedging. An inverse spread between EG2601 and EG2605 is recommended, and there is no cross - variety strategy [3]. Summary by Directory Price and Basis - The main EG contract closed at 4,061 yuan/ton, down 50 yuan/ton (-1.22%) from the previous trading day. The spot price in the East China market was 4,150 yuan/ton, down 28 yuan/ton (-0.67%). The spot basis in East China was 68 yuan/ton, down 1 yuan/ton [1]. Production Profit and Operating Rate - The production profit of ethylene - based EG was -$61/ton, down $1/ton from the previous day. The production profit of coal - based syngas - to - EG was -431 yuan/ton, up 96 yuan/ton [1]. International Spread No specific data analysis provided, only mentions the chart of "ethylene glycol international spread: US FOB - China CFR" [20]. Downstream Sales, Production and Operating Rate - Due to pre - holiday stocking, demand is slightly boosted, but the increase in polyester load is limited, and attention should be paid to the sustainability of the demand recovery [2]. Inventory Data - According to CCF data, the MEG inventory at the main ports in East China was 54.1 tons, up 3.4 tons. According to Longzhong data, it was 44.3 tons, up 4.3 tons. From October 9th to 12th, the actual arrival at the main ports was 8.7 tons, and the port inventory continued to accumulate. The planned arrival at the main ports in East China this week is 10.2 tons, and the planned arrival at the secondary ports is 2.5 tons, with a possibility of continued inventory accumulation [1]. - Under the commissioning of new plants, there is a large inventory accumulation pressure in the EG balance sheet in the fourth quarter, and the ethylene glycol port inventory has increased significantly around the National Day [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Polyolefin futures are operating weakly. In the spot market, prices of linear LL and拉丝 PP from Sinopec and PetroChina remain stable. In the medium - term, the market focuses on actual demand fulfillment and potential industrial policy changes in the polyolefin supply side in the fourth quarter. After being pressured by Sino - US game over the weekend, crude oil rebounded due to some loose news. It may have a positive impact on chemicals. In the short - term, polyolefin prices fluctuate passively with the cost, and market sentiment is cautious [2] Group 3: Summary by Relevant Catalogs Futures Market - **Price Changes**: For LL, the previous day's closing prices for January, May, and September contracts were 6983, 7029, and 7071 respectively, with price drops of - 54, - 37, and - 53 and declines of - 0.77%, - 0.52%, and - 0.74% compared to the day before. For PP, the previous day's closing prices for January, May, and September contracts were 6693, 6748, and 6746 respectively, with price drops of - 29, - 14, and - 36 and declines of - 0.43%, - 0.21%, and - 0.53% [2] - **Trading Volume and Open Interest**: LL's trading volumes for January, May, and September contracts were 280022, 24605, and 231 respectively, and open interests were 564785, 59115, and 426 respectively, with open interest changes of 6917, 5830, and - 1. PP's trading volumes for January, May, and September contracts were 369442, 45498, and 698 respectively, and open interests were 643294, 109256, and 3183 respectively, with open interest changes of 8393, 4, and 408 [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January are - 46, - 42, and 88 respectively, compared to the previous values of - 29, - 58, and 87. For PP, the current spreads of January - May, May - September, and September - January are - 55, 2, and 53 respectively, compared to the previous values of - 40, - 20, and 60 [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film are 2344 yuan/ton, 6210 yuan/ton, 527 dollars/ton, 5600 yuan/ton, 6560 yuan/ton, and 8800 yuan/ton respectively. The previous values were 2310 yuan/ton, 6470 yuan/ton, 532 dollars/ton, 5600 yuan/ton, 6590 yuan/ton, and 8800 yuan/ton [2] - **Mid - stream Spot Market**: The current price ranges of LL in the East China, North China, and South China markets are 7050 - 7550, 7000 - 7250, and 7200 - 7650 respectively. The previous price ranges were 8100 - 8250, 7050 - 7600, and 7000 - 7250. The current price ranges of PP in the East China, North China, and South China markets are 6550 - 6700, 6550 - 6650, and 6550 - 6650 respectively. The previous price ranges were 7200 - 7650, 6600 - 6700, and 6550 - 6700 [2] News - On Monday (October 13), the settlement price of WTI crude oil futures for November 2025 on the New York Mercantile Exchange was $59.49 per barrel, up $0.59 or 1.00% from the previous trading day, with a trading range of $59 - $60.17. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $63.32 per barrel, up $0.59 or 0.94% from the previous trading day, with a trading range of $62.90 - $63.95 [2]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Cost - end**: This week, oil prices fluctuated weakly. After the National Day, China's import demand slowed down while US exports increased, and Middle - East exports also rose, leading to an oversupply situation. The re - fermentation of the China - US tariff war on Friday caused a sharp drop in crude oil prices [1]. - **PX**: China's PX operating rate was 87.4% (up 1.0% week - on - week), and Asia's was 79.9% (up 0.8% week - on - week). China's PX load has recovered to a relatively high level, and overseas restarts and capacity expansion have weakened the Q4 supply - demand outlook and support [1]. - **PTA**: China's PTA operating rate was 74.4% (down 2.4% week - on - week), and the spot processing fee was 199 yuan/ton. The increase in maintenance plans has narrowed the inventory accumulation in the near - term, but the new device commissioning in December may lead to high inventory pressure. Demand improvement needs to be observed [2]. - **PF**: The direct - spinning polyester staple fiber operating rate was 94.3% (down 1.1% week - on - week). After the holiday, the load decreased slightly. The short - term supply - demand situation is better than the raw material end, and the processing fee is expected to remain high [3]. - **PR**: The bottle - chip factory operating rate (based on maximum capacity) was 72.4% (+0.4%), and the inventory was 16.8 days (up 2.1 days week - on - week). The processing fee rebounded to around 500 yuan. The short - term load change is limited, and the supply - demand pressure is large after the new device commissioning [4]. - **Strategy**: - **Single - side**: Consider short - hedging PX/PTA/PF/PR on rallies. - **Cross - variety**: Go long on PF processing fees at low levels: PF2511 - 0.855PTA2601 - 0.332MEG2601. - **Cross - period**: Reverse spread PX/PTA2601 - 2605 [5]. 3. Summary by Directory Price and Spread - The report presents various price and spread charts, including TA, PX, PF, and PR contract price trends, basis, and inter - period spreads, as well as processing fees and other related data [8][10][11][12][16] PX and PTA Supply - China's PX load and Asia's PX load are shown, along with PTA load data from China, South Korea, and Taiwan, reflecting the supply situation of PX and PTA [46][47][52] Inventory - It includes PTA weekly social inventory, PX monthly social inventory, and the inventory data of PTA and PX warehouse receipts, showing the inventory status of related products [55][60][63] Demand - Charts show the production and sales of filaments and short - fibers, polyester load, and the operating rates of various downstream industries such as weaving, texturing, and dyeing, reflecting the demand situation [65][69][71] PF Supply - Demand - Inventory - It presents the load of polyester staple fibers, factory inventory days, and the operating rates and profits of pure - polyester yarn and polyester - cotton yarn, showing the supply - demand - inventory situation of PF [87][91][93] PR Supply - Demand - Inventory - It shows the load of polyester bottle - chips, factory inventory days, and processing fees and export profits, reflecting the supply - demand - inventory situation of PR [106][108][110]

Report Industry Investment Rating - PX/PTA/PF/PR are rated as neutral in the short term and bearish in the medium term [4] Core Viewpoints - The cost side shows that before the National Day, the strong oil price was mainly driven by geopolitics, with a weak fundamental situation. After the National Day, the slowdown in China's import demand and the increase in US exports, along with the increase in Middle - East exports, have led to an oversupply situation [1] - For PX, the PXN was $222/ton (a month - on - month increase of $3.50/ton). The PX load in China has recovered to a relatively high level, and with the restart of several overseas plants, the overall PX operation rate has increased. The postponed fourth - quarter maintenance plan and capacity expansion of some plants have put pressure on PXN. The downstream PTA plants have more maintenance plans, weakening the fourth - quarter supply - demand outlook [1] - For TA, the spot basis of the TA main contract is - 63 yuan/ton (no month - on - month change), the PTA spot processing fee is 152 yuan/ton (a month - on - month decrease of 35 yuan/ton), and the processing fee of the main contract on the disk is 312 yuan/ton (a month - on - month increase of 6 yuan/ton). The inventory accumulation rate has narrowed in October and November, but there is significant inventory accumulation pressure in December [2] - In terms of demand, the polyester operation rate is 91.5% (a month - on - month increase of 1.2%). In late September, the weaving and texturing loads increased, and orders improved marginally. Before the National Day, the replenishment demand led to a significant increase in filament sales, and the polyester factory's product inventory decreased significantly [2] - For PF, the spot production profit is 251 yuan/ton (a month - on - month increase of 45 yuan/ton). The direct - spinning polyester staple fiber load has reached a high level, and the factory inventory has decreased significantly. The short - term supply - demand situation of direct - spinning polyester staple fiber is better than that of raw materials [3] - For PR, the spot processing fee of bottle chips is 507 yuan/ton (a month - on - month increase of 4 yuan/ton). In the short term, the bottle - chip load remains stable, and the export order - taking and shipping performance are average. There is large supply - demand pressure under the upcoming commissioning of the new Fuhai plant [3] Summary by Directory Price and Basis - The report includes figures on the TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber basis [9][10][13] Upstream Profits and Spreads - Figures cover PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [16][19] International Spreads and Import - Export Profits - It includes figures on the toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [24][26] Upstream PX and PTA Operation - Figures show the PTA load in China, South Korea, and Taiwan, as well as the PX load in China and Asia [27][30][32] Social Inventory and Warehouse Receipts - It includes figures on PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [35][38][39] Downstream Polyester Load - Figures cover filament sales, short - fiber sales, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, Jiangsu and Zhejiang loom operation rate, Jiangsu and Zhejiang texturing machine operation rate, Jiangsu and Zhejiang dyeing machine operation rate, and filament profit [49][51][60] PF Detailed Data - It includes figures on polyester staple fiber load, polyester staple fiber factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, original - recycled spread, pure polyester yarn operation rate, pure polyester yarn production profit, polyester - cotton yarn operation rate, and polyester - cotton yarn processing fee [69][73][80] PR Fundamental Detailed Data - Figures cover polyester bottle - chip load, bottle - chip factory bottle - chip inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, East China water bottle chips - recycled 3A - grade white bottle chips, bottle - chip next - month spread, and bottle - chip next - next - month spread [89][91][100]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - For PTA, the post - holiday spot market negotiation atmosphere is average, with spot basis fluctuating. Due to some PTA device maintenance and production reduction, along with the delay of new device commissioning, the PTA supply - demand outlook improves. It is expected that the short - term spot price will mainly fluctuate following the cost side. Attention should be paid to downstream production and sales and device changes [5]. - For MEG, the main port arrivals this week are still high, and it is expected that the port inventory will continue to rise early next week. In October, the MEG supply - demand pattern turns to inventory accumulation, with an overall accumulation of about 50,000 tons, and there is continuous inventory accumulation pressure in the far - month. The market sentiment is under significant pressure. It is expected that the MEG market will operate weakly in the short term, and attention should be paid to external factors and device changes [7]. 3. Summary by Directory 3.1 Previous Day's Review - No relevant content provided 3.2 Daily Tips - **PTA**: Yesterday, PTA futures rebounded after a decline. The spot market negotiation atmosphere was average, with weak spot basis. Trades were mainly among traders, and some polyester factories made bids. This week and next week's goods were traded at a discount of 58 - 65 to the 01 contract, with the price negotiation range around 4,470 - 4,530. Goods at the end of October were traded at a discount of 60 to the 01 contract, and some were slightly lower. Today's mainstream spot basis is 01 - 63. The spot price is 4,500, the basis of the 01 contract is - 84, and the futures price is at a premium. The PTA factory inventory is 4.22 days, a decrease of 0.47 days compared to the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The net position of the main contract is short, and short positions are increasing [5][6]. - **MEG**: On Thursday, the price center of ethylene glycol declined, and the market negotiation was acceptable. After the holiday, the ethylene glycol port inventory increased significantly to over 500,000 tons, and there are still plans for large ships to arrive this week. The ethylene glycol futures price weakened significantly, with spot prices at low levels trading around 4,180 - 4,185 yuan/ton. In the afternoon, the futures price recovered moderately, and the spot price rebounded slightly. In the US dollar market, the center of the ethylene glycol external market weakened. Near noon, recent shipments were traded around 490 - 493 US dollars/ton. In the afternoon, the futures price rebounded slightly, and the negotiation center of shipments rose to around 495 - 498 US dollars/ton. The trading volume in the market was weak. The spot price is 4,214, the basis of the 01 contract is 56, and the futures price is at a discount. The total inventory in the East China region is 445,100 tons, an increase of 40,800 tons compared to the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The main contract has a net short position, and short positions are decreasing [7]. 3.3 Today's Focus - **Likely Positive Factors**: Before the holiday, driven by the recovery of demand and the rebound of oil prices, the polyester market sales were booming. The equity inventory of POY and FDY in the pre - spinning of filament yarns quickly decreased to about half a month, and the prices rebounded by 100 - 150 yuan. During the holiday, the polyester prices were stable, and the filament yarn production and sales were only 10% - 20%. It is estimated that the average inventory accumulation in 8 days will exceed 5 days. Yisheng Hainan's 2 million - ton device is shut down for maintenance and is expected to restart in November [8][9]. - **Likely Negative Factors**: Currently, the short - term commodity market is greatly affected by the macro - level. Attention should be paid to the cost side, and for the futures price rebound, attention should be paid to the upper resistance level [10]. 3.4 Fundamental Data - **PTA Supply - Demand Balance Sheet**: It shows the PTA production capacity, production, import, total supply, polyester production, consumption, and inventory data from January 2024 to December 2025, including year - on - year changes and supply - demand gaps [11]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It presents the ethylene glycol production, import, total supply, polyester production, consumption, port inventory, and supply - demand difference data from January 2024 to December 2025, including year - on - year changes [12]. - **Price Data**: It includes the spot price of bottle chips, production profit, capacity utilization rate, inventory, PTA basis, MEG inter - month spread, basis, spot spread, and other price - related data from 2020 to 2025 [14][17][21][22][24][28][31][35][38]. - **Inventory Analysis**: It shows the inventory data of PTA, MEG, PET chips, and polyester fiber in different regions and time periods from 2020 to 2025 [40][42][45][46][49][50]. - **Polyester Upstream and Downstream Operating Rates**: It includes the operating rates of PTA, paraxylene, ethylene glycol, polyester factories, and Jiangsu and Zhejiang looms from 2020 to 2025 [51][55]. - **Profit Data**: It presents the production profit data of PTA, MEG, polyester fiber short - fiber, and polyester fiber long - filament from 2022 to 2025 [60][61][64][65]

Core Insights - The Dalian Commodity Exchange (DCE) is launching monthly average futures contracts for low-density polyethylene, polyvinyl chloride, and polypropylene to enhance risk management tools in the plastics industry [1][3] - The initiative aims to meet the diverse risk management needs of the industry and was discussed in a seminar held on September 25, attended by over 80 representatives from relevant industries and futures trading institutions [1][3] Group 1 - The DCE's futures derivatives department provided a systematic introduction to the contract rules, application cases, and the current state of the chemical options market [3] - Industry representatives expressed strong support for the monthly average futures, highlighting its significance in helping chemical companies manage price risks more accurately [3] - The seminar facilitated discussions on the business plan for monthly average futures, spot trading models, and the application of chemical options, with suggestions and feedback from participants [3] Group 2 - The Ningbo Securities and Futures Industry Association emphasized its role in fostering communication and collaboration within the industry, aiming to enhance the integration of finance and industry [3] - The exchange meeting deepened the understanding of futures and options business among industry participants, laying a solid foundation for the smooth launch of innovative tools like monthly average futures [3] - The initiative is expected to improve risk management capabilities for enterprises, support the transformation and upgrading of the Ningbo industrial structure, and contribute to the high-quality development of the local economy [3]