Group 1: Macro Economic Insights - Industrial enterprises in China achieved a total profit of 10,245.6 billion yuan in January-February 2026, representing a year-on-year growth of 15.2%, significantly accelerating by 14.6 percentage points compared to December 2025 [5][6][8] - The mining industry's profit total increased by 9.9% year-on-year in January-February 2026, contributing 1.5 percentage points to the overall profit growth of industrial enterprises [7] Group 2: Real Estate Sector - Jianfa International Group reported a revenue of 136.79 billion yuan for 2025, a decrease of 4.3% year-on-year, with a net profit of 3.65 billion yuan, down 24.0% year-on-year [12] - The company proposed a cash dividend of 0.9 HKD per share, with a payout ratio of 49% [12] - The company's gross profit margin improved for two consecutive years, reaching 13.9% in 2025, an increase of 0.6 percentage points [12][13] Group 3: Basic Chemical Industry - Satellite Chemical achieved a revenue of 46.068 billion yuan in 2025, a year-on-year increase of 0.92%, while the net profit attributable to shareholders decreased by 12.54% to 5.311 billion yuan [18] - The company maintained a buy rating due to its advantages in light hydrocarbon integration technology [18][19] - The global petrochemical industry is transitioning towards a focus on integration and optimization, enhancing the importance of light hydrocarbon routes [20] Group 4: Investment Recommendations - Jianfa International Group is expected to achieve revenues of 138.1 billion yuan, 141.9 billion yuan, and 146.4 billion yuan from 2026 to 2028, with corresponding net profits of 4.1 billion yuan, 4.7 billion yuan, and 5.4 billion yuan [16] - Satellite Chemical's projected net profits for 2026, 2027, and 2028 are 7.952 billion yuan, 9.355 billion yuan, and 9.740 billion yuan, respectively, with a strong buy rating maintained [22]

Market Overview - The market is currently in a state of stock game with significant funding divergence, as indicated by the liquidity shock index for the CSI 300, which was -0.49 last Friday, lower than the previous week at 0.49, suggesting current market liquidity is above the average level of the past year by -0.49 standard deviations [1] - The PUT-CALL ratio for the SSE 50 ETF options has been rising, reaching 0.83 last Friday, up from 0.67 the previous week, indicating increased caution among investors regarding the short-term performance of the SSE 50 ETF [1] - The average turnover rates for the SSE Composite Index and Wind All A-shares were 1.38% and 1.94%, respectively, indicating a decrease in trading activity, positioned at the 78.04% and 81.46% percentile since 2005 [1] Macro Factors - The RMB exchange rate fluctuated last week, with onshore and offshore rates showing weekly declines of -0.42% and -0.2%, respectively [1] - The U.S. stock market experienced a downward trend, with the Dow Jones Industrial Average, S&P 500, and Nasdaq indices reporting weekly returns of -0.9%, -2.12%, and -3.23% [1] - The National Bureau of Statistics reported that profits of large-scale industrial enterprises in China reached 1.02 trillion yuan in January-February 2026, a year-on-year increase of 15.2%, accelerating by 14.6 percentage points compared to the previous year [1] Market Sentiment - The A-share market experienced some fluctuations and divergence last week, with heightened risk aversion due to ongoing geopolitical tensions, which have suppressed short-term risk appetite [1] - Technical analysis indicates multiple intraday reversals in the A-share market, suggesting significant funding divergence and a stock game state, leading to a low probability of upward trends in the short term [1] Factor Analysis - The overall market PE (TTM) stands at 22.5 times, positioned at the 77.5% percentile since 2005 [2] - The small-cap factor's congestion level has decreased to -0.11, while the low valuation factor's congestion level is at -0.54, indicating a shift in market dynamics [2] - Industry congestion levels are relatively high in sectors such as comprehensive, communication, non-ferrous metals, basic chemicals, and oil & petrochemicals, with the latter two sectors showing a significant increase in congestion [2]

Group 1: Report Industry Investment Rating No relevant content provided. Group 2: Core Views of the Report - From March 23rd to March 27th, 2026, the equity market fluctuated downward overall. The A - share market and the Hong Kong stock market both declined, while the convertible bond market recovered, the bond market was strong, and the commodity futures performance was differentiated [5][10][11]. - The equity market's weekly trend was first down and then up. The initial decline was due to the escalation of the US - Iran conflict and the Fed's hawkish stance, and the subsequent rise was driven by Trump's signal of easing and indirect negotiations between the US and Iran [14]. - The convertible bond market went up this week, but the trading activity decreased significantly, and it may still be affected by the US - Iran conflict in the short term [18]. - The bond market yield mainly declined this week. The initial pressure was due to inflation concerns caused by high oil prices, and the subsequent decline in inflation expectations was affected by the easing of the US - Israel - Iran situation, but the rebound of risk assets restricted the decline of interest rates. The liquidity was stable near the end - of - quarter point [22]. - The South China Commodity Index showed a differentiated performance this week, with precious metals leading the decline and metals strengthening. Gold prices continued to fluctuate downward, and the short - term trend may still be volatile [32][33]. Group 3: Summary According to the Directory 1. This Week's Performance of Major Asset Classes - The equity market fluctuated downward. The Shanghai Composite Index fell 1.1%, the Shenzhen Component Index fell 0.76%, the ChiNext Index fell 1.68%, the Shanghai - Shenzhen 300 Index fell 1.41%, the Hang Seng Index fell 1.29%, and the Hang Seng Technology Index fell 1.94%. The total trading volume of the Shanghai and Shenzhen stock markets was 10.49 trillion yuan [5][10][13]. - The convertible bond market recovered. The China Securities Convertible Bond Index rose 1.28% this week and fell 5% in the past month; the Shanghai Convertible Bond Index rose 1.06% this week and fell 5.56% in the past month [5][10][13]. - The bond market was strong. The yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year China Bond Treasury bonds all declined [5][10][22]. - The commodity futures performance was differentiated. COMEX gold fell 0.05%, COMEX silver rose 2.89%, LME copper rose 2.59%, LME aluminum rose 2.9%, WTI crude oil rose 1.44%, SHFE rebar rose 0.03%, CBOT soybeans fell 0.09%, and CBOT corn fell 0.97% [5][11][13]. 2. Performance of the Equity Market - Stocks - The equity market fluctuated downward this week. The Shanghai Composite Index adjusted at the beginning of the week, then rose, declined slightly on Thursday, and closed up on Friday [14]. - Most industries fell this week. Non - bank finance, comprehensive finance, computer, media, national defense and military industry, agriculture, forestry, animal husbandry and fishery led the decline, while power and public utilities, basic chemicals, and non - ferrous metals led the rise [14]. - The market rotation was still active this week. The rebound was mainly driven by previous main lines such as computing power, non - ferrous metals, and power. In addition, the innovative drug and new energy sectors also performed well [14]. 3. Performance of the Equity Market - Convertible Bonds - The equity market fluctuated weakly this week, but the convertible bond market rose. The China Securities Convertible Bond Index rose 1.28% and the Shanghai Convertible Bond Index rose 1.06% this week. The trading volume of convertible bonds and underlying stocks decreased significantly compared with last week [18]. - The convertible bond market may still be affected by the US - Iran conflict in the short term [18]. 4. Performance of the Fixed - Income Market - The bond market yield mainly declined this week. The yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year China Bond Treasury bonds all declined [22]. - The initial pressure on the bond market was due to inflation concerns caused by high oil prices, and the subsequent decline in inflation expectations was affected by the easing of the US - Israel - Iran situation, but the rebound of risk assets restricted the decline of interest rates [22]. - The liquidity was stable near the end - of - quarter point, which may have moderated the adjustment range of the bond market [22]. 5. Performance of the Commodity Market - The South China Commodity Index showed a differentiated performance this week. The comprehensive index fell 0.25%, the energy and chemical index fell 0.12%, the metal index rose 1.45%, the precious metal index fell 2.75%, the industrial product index rose 0.04%, and the agricultural product index fell 1.15% [32]. - The gold price continued to fluctuate downward this week. The short - term trend may still be volatile, and it may need the easing of the US - Israel - Iran situation to strengthen again [33].

Group 1 - The report highlights that the North Exchange has entered a relatively low valuation phase, presenting a window for investment in hard technology and newly listed stocks [2][12][18] - The North Exchange's valuation has become more attractive, with the North 50 and North Specialized New indices showing a decline in performance, indicating a potential recovery opportunity [3][14][39] - The report suggests focusing on companies with low valuations in high-tech sectors, particularly those benefiting from the ongoing geopolitical tensions, such as the US-Iran conflict [3][40] Group 2 - The North Exchange's market performance shows that the North 50 index has decreased, with a current P/E ratio of 41.98X, indicating a significant valuation gap compared to other indices [3][11][18] - The report identifies specific sectors such as high-end equipment, information technology, and chemical new materials as having favorable P/E ratios, with the highest being 85.53X in information technology [3][18][41] - The report recommends a stock pool that includes companies like Wanyuantong and Beitery, which are positioned well within their respective industries and have shown strong growth potential [3][41][44] Group 3 - The North Exchange has seen a significant drop in daily trading volume, with an average of 135.53 billion yuan, down 14.80% from the previous week, indicating a decline in liquidity [27][30][32] - The report notes that the average daily turnover rate for the North 50 and North Specialized New indices has also decreased, reflecting a broader trend of reduced trading activity [30][32] - The report emphasizes the importance of monitoring liquidity trends as they can impact investment strategies and market sentiment [27][30][32] Group 4 - The report outlines the current IPO status, with three companies having passed the review and three awaiting approval, indicating ongoing activity in the North Exchange's listing process [4][8] - The report provides insights into the performance of newly listed companies, highlighting significant first-day gains, such as a 136.56% increase for Puang Medical [4][11][41] - The North Exchange continues to cultivate companies that may transition to larger exchanges, showcasing its role as a breeding ground for future market leaders [4][11][41]

Investment Rating - The report does not explicitly provide an investment rating for the chemical industry Core Insights - The geopolitical tensions, particularly between the US and Iran, have led to significant disruptions in the chemical supply chain, affecting various sectors including fertilizers and semiconductors [1][2] - The chemical market is experiencing price fluctuations due to supply chain vulnerabilities, with specific products like helium and fertilizers facing acute shortages [1][2] - The AI industry is facing challenges due to increased demand for computing power, leading to a surge in CPU prices and extended delivery times [1] - Major companies are actively expanding production capacities to meet rising demand, with significant investments in AI infrastructure [1] Summary by Sections Market Review - Brent crude oil settled at an average of 105.45 USD/barrel, down 0.87% week-on-week, while WTI crude oil averaged 92.98 USD/barrel, down 3.22% [9] - The basic chemical sector outperformed the index with a 2.31% increase, while the petrochemical sector saw a slight decline of 0.10% [10] Recent Views from the Chemical Team - The tire industry is stabilizing with a slight increase in production rates, while raw material prices are on the rise [23] - The dye market remains stable, with prices for disperse dyes holding steady and active dyes experiencing an upward trend due to strong cost support [25] - The carbon dioxide market is seeing limited price increases due to insufficient demand support [27] Key Events - Iran's response to the US ceasefire proposal has introduced new conditions, impacting market stability [2] - Australia's largest ammonia plant has been offline for two months, exacerbating global fertilizer shortages during the planting season [2] - A significant reduction in helium supply from Qatar due to Iranian attacks poses a threat to the semiconductor industry [2]

Investment Rating - The investment rating for the industry is "Positive" and maintained [9] Core Insights - The ongoing geopolitical conflicts in the Middle East have significantly increased the prices of key raw materials for methionine, including methanol, natural gas, and sulfur. This, combined with the high overseas production capacity and concentrated supply in the methionine industry, has led to a notable tightening of supply. Reports indicate that major companies like Evonik and Sumitomo announced force majeure on March 6 and March 8, respectively, further exacerbating global supply disruptions. Consequently, methionine prices surged to 49,000 yuan per ton as of March 23, marking a cumulative increase of 178% since the beginning of the year [2][6]. Summary by Relevant Sections Event Description - The geopolitical tensions in the Middle East have driven up the prices of methionine's core raw materials, leading to a significant tightening of supply in the industry. The announcement of force majeure by Evonik and Sumitomo has intensified global supply disruptions, resulting in a rapid price increase for methionine [2][6]. Market Dynamics - Methionine production is characterized by high technical barriers, with key raw materials being hazardous and requiring stringent safety measures. The global methionine demand is projected to grow from 1.15 million tons in 2016 to 1.85 million tons by 2025, reflecting a compound annual growth rate of 5.4% [2][6]. Price Trends - Since 2026, methionine prices have been on a continuous upward trend, driven by tightening supply and rising costs. The escalation of geopolitical conflicts has led to a significant increase in raw material prices, with European natural gas prices rising nearly 80% and sulfur and methanol prices increasing by 40.7% and 30.2%, respectively. The supply disruptions have created further upward pressure on methionine prices, which are expected to continue rising [2][6]. Investment Recommendations - Given the tightening supply and rising costs, there is a notable opportunity to capitalize on the price elasticity of methionine. Investors are encouraged to pay attention to the potential for price increases in the methionine market [2][6].

Group 1: Profit Growth and Drivers - In January-February 2026, industrial enterprises achieved a total profit of 10,245.6 billion yuan, a year-on-year increase of 15.2%, the highest since 2022[1] - The profit growth is driven by three main factors: increased bargaining power of high-end equipment manufacturers, strong production investment willingness from local governments and state-owned enterprises, and a significant decrease in operating cost rates[1] - The manufacturing sector's profit totaled 7,322 billion yuan, up 18.9% year-on-year, while mining profits reached 1,556 billion yuan, up 9.9%[1] Group 2: Sector Performance and Trends - High-tech manufacturing profits surged by 58.7%, contributing 7.9 percentage points to the overall profit growth of industrial enterprises[4] - Notable profit increases were seen in the computer and communication equipment sector (+203%), non-ferrous metals (+148%), and chemicals (+36%) during the same period[1] - The profit margin for industrial enterprises reached 4.92%, the highest in nearly four years, reflecting improved pricing power and reduced cost rates[3] Group 3: Future Outlook and Risks - The forecast for 2026 indicates an annual profit growth rate of 5.7%, supported by domestic demand policies and potential order returns due to global energy crises[7] - Risks include insufficient domestic economic recovery, escalating geopolitical conflicts affecting external demand, and the possibility of policy implementation falling short of expectations[9][34] - The Producer Price Index (PPI) showed a year-on-year decline of 1.2%, but there is potential for upward pressure due to geopolitical tensions[3]

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - The geopolitical conflict in the Middle East continues, and the crude oil sector is oscillating at a high level. Against the backdrop of low profits in various polyolefin production processes, the operating rate on the supply side has dropped significantly. In the short term, the geopolitical conflict dominates the market, but after the conflict cools down, attention can be paid to the opportunity of shorting the spread between LL2605 - 2609 at high levels [17]. - This week's forecast: The reference oscillation range for polyethylene (LL2605) is (8600 - 8900); for polypropylene (PP2605), it is (9000 - 9300). The recommended strategy is to wait for the geopolitical conflict to ease and short the spread between LL2605 - 2609 at high levels [17]. 3. Summaries According to Relevant Catalogs 3.1 Weekly Assessment and Strategy Recommendation - **Market Information**: The geopolitical conflict in the Middle East persists, and the crude oil sector oscillates at a high level. In terms of valuation, the weekly increase of polyethylene is (futures > spot > cost), and that of polypropylene is (futures > spot > cost). On the cost side, last week, WTI crude oil dropped by -6.23%, Brent crude oil by -4.81%, coal price rose by 4.56%, methanol dropped by -3.11%, ethylene rose by 12.74%, propylene rose by 5.40%, and propane dropped by -9.70%. The cost side rebounded [15]. - **Supply Side**: The PE capacity utilization rate is 74.57%, a week - on - week decrease of -7.22%, a year - on - year decrease of -9.48%, and a decrease of -17.73% compared to the same period in the past five years. The PP capacity utilization rate is 67.65%, a week - on - week decrease of -5.38%, a year - on - year decrease of -11.43%, and a decrease of -13.34% compared to the same period in the past five years [15]. - **Imports and Exports**: In February, the domestic PE import was 1.0284 million tons, a month - on - month decrease of -20.55% and a year - on - year decrease of -22.39%. The domestic PP import in February was 127,000 tons, a month - on - month decrease of -29.16% and a year - on - year decrease of -33.98%. The import profit decreased, the PE supply from North America decreased, and the pressure on the import side lessened. In February, the PE export was 81,100 tons, a month - on - month decrease of -13.98% and a year - on - year increase of 40.20%. The PP export in February was 213,600 tons, a month - on - month decrease of -15.16% and a year - on - year increase of 0.68%. The import profit declined significantly, and the import window was partially closed [15]. - **Demand Side**: The downstream operating rate of PE is 40.00%, a week - on - week increase of 6.41% and a year - on - year decrease of -2.32%. The downstream operating rate of PP is 46.36%, a week - on - week increase of 1.42% and a year - on - year decrease of -8.09%. The seasonal peak season has arrived, but the rebound of the downstream operating rate of polyolefins is less than that of the same period in previous years [16]. - **Inventory**: The inventory of PE production enterprises is 587,900 tons, a week - on - week inventory accumulation of 3.45% and a year - on - year inventory accumulation of 16.49%; the inventory of PE traders is 56,300 tons, a week - on - week inventory accumulation of 2.75%; the inventory of PP production enterprises is 499,700 tons, a week - on - week inventory reduction of -16.19% and a year - on - year inventory reduction of -22.13%; the inventory of PP traders is 177,800 tons, a week - on - week inventory reduction of -8.18%; the PP port inventory is 69,600 tons, a week - on - week inventory reduction of -3.13%. The inventory of traders oscillates at a high level [16]. 3.2 Spot and Futures Market - The report provides multiple charts related to the spot and futures market of polyethylene and polypropylene, including the term structure, prices, basis, spreads, trading volume, open interest, and registered warehouse receipts of LLDPE and PP [35][50]. 3.3 Cost Side - The oil - based cost has risen and then fallen. The report shows the price trends of various cost - related factors such as WTI crude oil, thermal coal, naphtha, propane, etc., as well as the supply - side composition, production, and import - related information of LPG [75][81]. 3.4 Polyethylene Supply Side - **Raw Material Proportion**: The raw materials for PE production mainly include oil - based (80.00%), light - hydrocarbon - based (12.00%), coal - based (5.00%), methanol - based (2.00%), and purchased ethylene (1.00%) [131]. - **Production Capacity and Output**: In 2026, there are many polyethylene production capacity expansion plans. The capacity utilization rate, production, and maintenance loss volume of PE are also presented in the report [136][139]. 3.5 Polyethylene Inventory and Imports/Exports - **Inventory**: The inventory of PE is oscillating at a high level. The report shows the inventory of production enterprises, two - oil enterprises, coal - based enterprises, and traders, as well as the overall inventory forecast [156][159]. - **Imports and Exports**: The import volume of PE has decreased, and the import profit has declined. The report also shows the import sources and import volume trends of LLDPE [168][170]. 3.6 Polyethylene Demand Side - **Downstream Demand Structure**: The downstream demand for LLDPE is mainly for packaging films (51.00%), followed by hollow products, pipes, injection - molded products, agricultural films, etc. The report also shows the production forecast of PE downstream terminal products [174]. - **Operating Rate and Inventory**: The downstream operating rate of PE has rebounded, but it is less than that of the same period in previous years. The report also shows the raw material inventory and finished - product inventory of PE downstream industries [179][183]. 3.7 Polypropylene Supply Side - **Raw Material Proportion**: The raw materials for PP production mainly include oil - based (53.00%), PDH - based (25.00%), coal - based (18.00%), methanol - based (2.00%), and purchased propylene (2.00%) [193]. - **Production Capacity and Output**: In 2026, there are many polypropylene production capacity expansion plans. The capacity utilization rate, production, and maintenance loss volume of PP are also presented in the report [198][199]. 3.8 Polypropylene Inventory and Imports/Exports - **Inventory**: The report shows the inventory of production enterprises, two - oil enterprises, coal - based enterprises, PDH - based enterprises, traders, and ports of PP, as well as the overall inventory forecast [210][213]. - **Imports and Exports**: The import volume of PP has decreased, and the import profit has declined. The report also shows the export volume, export profit, and export destination composition of PP [221][226]. 3.9 Polypropylene Demand Side - **Downstream Demand Structure**: The downstream demand for PP is mainly for drawing (34.00%), followed by high - and low - melt copolymer, injection - molded products, BOPP, high - melt fiber, transparent materials, pipes, etc. The report also shows the production forecast of PP downstream terminal products [230]. - **Operating Rate and Inventory**: The downstream operating rate of PP has rebounded, but it is less than that of the same period in previous years. The report also shows the raw material inventory and finished - product inventory of PP downstream industries [235][241].

严梓桑（联系人） 0755-23375123 yanzs@wkqh.cn 美伊冲突存降温预期， 盘面提前走出反套行情 苯乙烯周报 从业资格号：F03149203 2026/03/28 张正华（能源化工组） 0755-23375333 zhangzh@wkqh.cn 从业资格号：F0270766 交易咨询号： Z0003000 CONTENTS 目录 01 周度评估及策略推荐 04 成本端 02 期现市场 周度评估及策略推荐 周度评估及策略推荐 纯苯&苯乙烯周度策略 【行情资讯】 政策端：中东地缘冲突持续，原油价格高位震荡，能化板块跟随震荡。 05 供给端 03 利润库存 06 需求端 01 估值：苯乙烯周度涨幅（现货＞成本＞期货），基差走弱，BZN价差上涨，EB非一体化装置利润上涨。 成本端：上周华东纯苯现货价格下跌-0.84%，纯苯期货活跃合约价格下跌-1.00%，纯苯基差上涨14元/吨，纯苯开工率低位反弹。 供应端：EB产能利用率70.46%，环比下降-1.85%，同比去年下降-5.93%，较5年同期下降-5.80%。苯乙烯非一体化利润高位震荡， 开工率季节性震荡。 进出口：2月国内纯苯进口量为415.2 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The previous view of taking profits at high levels and short - term waiting is maintained, suggesting a wait - and - see approach [17] 3. Summary by Directory 3.1 Weekly Assessment - **Market Trend**: A chart of the methanol index from 2025 - 01 - 01 to 2026 - 03 - 25 is presented, but no specific trend analysis is given [13][14][15] - **Factor Assessment & Strategy** - **Supply**: Overseas methanol production start - up rate has slowed down more than expected, and the domestic start - up rate is expected to decline marginally. Overseas exports are expected to decrease due to geopolitical factors, and the Middle - East trade flow has decreased. The supply factor is bullish (partially priced in) [17] - **Demand**: The MTO start - up rate has recovered, and there is also a slight recovery expectation in traditional downstream industries. The demand factor is neutral to bullish [17] - **Inventory**: Port inventory is at a high level in the same period, but de - stocking is expected to be relatively certain later. Factory inventory has been de - stocked smoothly. The inventory factor is neutral to bullish [17] - **Cost**: Thermal coal prices are fluctuating, and the impact of the increase in energy calorific value prices needs to be carefully observed. Short - term geopolitical events have triggered a small - scale pulse in oil and gas prices, and prices remain volatile at a high level. The cost factor is neutral [17] 3.2 Spot and Futures Market - **Basis and Spread**: Charts of methanol term structure, Jiangsu methanol price, methanol main contract basis, and methanol primary - secondary monthly spread are presented, but no specific analysis is given [20][21] - **Trading Volume and Open Interest**: Charts of methanol main contract open interest, trading volume, total open interest, and total trading volume are presented, but no specific analysis is given [23][24] 3.3 Profit and Inventory - **Raw Material Prices**: Charts of IPE UK natural gas, NYMEX natural gas, power coal in Ordos Q5500, and power coal in Qinhuangdao Port Q5500 are presented, but no specific analysis is given [28][30][33] - **Production Profit**: Charts of Inner Mongolia coal - based profit calculation, Southwest gas - based profit calculation, Shandong coal - based profit calculation, and MA - 2*ZC profit calculation are presented, but no specific analysis is given [34][35][37] - **Port Inventory**: Charts of port inventory, East China port inventory, South China port inventory, and methanol social inventory are presented, but no specific analysis is given [39][40] - **Regional Inventory**: Charts of factory inventory, factory inventory in the Northwest region, factory inventory in the East China region, and Ningbo Port (including Heyuan's self - owned supply) inventory are presented, but no specific analysis is given [41][42] 3.4 Supply Side - **Shipment Monitoring**: Charts of global shipments, global arrivals, Middle - East shipments, and Asia - Pacific arrivals are presented, but no specific analysis is given [46][47] - **Upstream Production and Start - up Rate**: Charts of domestic methanol start - up rate, weekly methanol production, and overseas methanol start - up rate are presented, but no specific analysis is given [49][50][55] - **Customs Imports**: Charts of recent import distribution, imports from Oman, Saudi Arabia, and Iran are presented, but no specific analysis is given [58][59] - **Arrival Volume**: Charts of methanol arrival volume in the East China region, South China region, and China are presented, but no specific analysis is given [61][62] - **International Spread**: Charts of import profit, China - Southeast Asia spread, China - US Gulf spread, and China - Europe spread are presented, but no specific analysis is given [64][65] - **Regional Spread**: Charts of East China - Inner Mongolia spread, East China - Southern Shandong spread, Southern Shandong - Northwest spread, and South China - East China spread are presented, but no specific analysis is given [67][68][71] - **Domestic Freight**: Charts of methanol freight from Luoyang to Changzhou, Fuyang to Changzhou, Dalate Banner to Dongying, and Yulin to Dongying are presented, but no specific analysis is given [73][74] 3.5 Demand Side - **Methanol - to - Olefins**: Charts of olefin start - up rate, Jiangsu and Zhejiang MTO start - up rate, Fude profit, and Xingxing profit are presented, but no specific analysis is given [78][79] - **PP Production Profit by Different Processes**: Charts of PP oil - based production gross profit, coal - based production gross profit, PDH - based production gross profit, and externally - purchased propylene - based production gross profit are presented, but no specific analysis is given [80][81] - **MTO - Related Spreads**: Charts of on - paper PP - 3MA, LL - 3MA, EG - 2MA, and MA - 2ZC are presented, but no specific analysis is given [83][84] - **Traditional Downstream**: Charts of methanol downstream demand proportion, 1,4 - butanediol capacity utilization rate, DMF start - up rate, DMC start - up rate, acetic acid start - up rate, acetic acid profit, formaldehyde start - up rate, formaldehyde profit, dimethyl ether start - up rate, dimethyl ether profit, MTBE start - up rate, MTBE profit, dichloromethane profit, and downstream manufacturer raw material inventory are presented, but no specific analysis is given [86][87][98] - **Related Product Ratios**: Charts of methanol/urea, methanol/INE crude oil, methanol/thermal coal, and methanol/ethylene glycol are presented, but no specific analysis is given [100][101] 3.6 Options - Related - **Methanol Options**: Charts of methanol options open interest, trading volume, open interest PCR, and trading volume PCR are presented, but no specific analysis is given [104][105] 3.7 Industry Structure Diagram - **Methanol Industry Chain**: A chart of the methanol industry chain and a mind - map of the methanol research framework analysis are presented, but no specific analysis is given [108][110]