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Report Industry Investment Ratings - Urea: ★★★ [1] - Methanol: ☆☆☆ [1] - Styrene: ★☆★ [1] - Polypropylene: ★★★ [1] - Plastic: ★★★ [1] - PVC: ★★★ [1] - Caustic Soda: ★☆★ [1] - PX: ☆☆☆ [1] - PTA: ★★★ [1] - Ethylene Glycol: ☆☆☆ [1] - Short Fiber: ☆☆☆ [1] - Heating: ★☆★ [1] - Glass: ☆☆☆ [1] - Bottle Chip: ★☆☆ [1] Core Views - The market is affected by macro - factors such as Trump's tariff suspension and oil price fluctuations, leading to price rebounds in multiple chemical products, but the fundamentals of different products vary, and the sustainability of price increases is uncertain [4][6][7] Summary by Product Methanol - Macro factors drive a sharp rebound in the methanol market. Coastal olefin plants operate stably, imports are in a destocking trend, but the support for the market is limited. Domestic production is increasing, and the supply - demand balance is expected to loosen [2] Urea - The urea market rebounds following macro - sentiment. The demand gap in Northeast China is narrowing, and the inventory of production enterprises has changed from decreasing to increasing. The supply pressure remains high, and the demand for rice fertilization in the South is expected to peak in late April [3] Polyolefins - Polyolefin futures prices rebound due to Trump's tariff suspension and oil price increases. However, the demand for styrene downstream is expected to decline, and the enthusiasm for propylene raw material procurement is not high. The supply - side pressure is relatively controllable, and the short - term price rebound has limited momentum [4] Styrene - The styrene futures contract closes with a daily limit increase. Raw material prices rise, and the market follows suit. However, in the long - term, the raw material improvement is limited, and there is a lack of continuous upward momentum [6] Polyester - PX, PTA, ethylene glycol, short fiber, and bottle chip prices all rebound due to tariff suspensions and oil price increases. The export of textile raw materials may increase, and the supply of some products is expected to shrink. However, the US policy is still variable [7] Chlor - Alkali - PVC strengthens during the day, with a slight decrease in supply due to planned maintenance. The domestic demand is flat, and the export situation is mixed. The inventory pressure is high, and the fundamentals are weak. Caustic soda fluctuates within a narrow range, with high supply and low procurement enthusiasm [8] Glass and Soda Ash - The glass market is affected by rumors of large - scale destocking in warehouses, and the spot market is in the process of destocking. The cost of some production lines is under pressure, and the impact of tariffs on different products varies. The soda ash production is increasing, and the futures price is under pressure at a high level [9]

Report Industry Investment Ratings - Urea: ☆☆☆ [1] - Methanol: ☆☆☆ [1] - Styrene: ★☆☆ [1] - Polypropylene: ★☆★ [1] - Plastic: ★☆★ [1] - PVC: ☆☆☆ [1] - Caustic Soda: ★☆☆ [1] - PTA: ★☆★ [1] - Ethylene Glycol: ★☆★ [1] - Short Fiber: ★☆★ [1] - Glass: ☆☆☆ [1] - Unified Domain: ★☆★ [1] - Bottle Chip: ★☆★ [1] Core Views - The direct impact of Trump's tariff increase on methanol is limited but may be indirectly transmitted through the olefin end. Methanol prices dropped significantly after the holiday due to the decline in crude oil prices. The supply-demand side is expected to turn loose [2]. - The urea futures market dropped significantly due to macro - sentiment. The supply pressure at a high level continues, and the short - term market is expected to fluctuate and correct [3]. - The polyolefin market dropped significantly due to the sharp decline in oil prices and macro - risks. The supply of polyethylene increased, and its fundamentals are weak. The supply - side pressure of polypropylene is limited, and its fundamentals are in a weak balance [4]. - The styrene futures market dropped significantly. The supply - demand side has a weak leading role, and the price is under pressure from the cost side [6]. - The polyester market is affected by the US tariff. The cost and demand are both weak. The supply - demand pattern of ethylene glycol in the domestic market is expected to improve, and the short - fiber market has double negative factors of cost and demand [7]. - The PVC and caustic soda markets are affected by macro - sentiment. The impact of tariffs is limited. The supply pressure of PVC is relieved, but the inventory pressure is large. The supply of caustic soda remains high, and the inventory pressure is also large [8]. - The glass and soda ash markets are affected by macro - sentiment. The impact of US tariffs is limited. The glass market has a weak driving force for cold repair and ignition, and the soda ash market has supply pressure and slow demand growth [9]. Summary by Product Methanol - The direct impact of Trump's tariff increase is limited but may be indirectly transmitted through the olefin end. After - holiday prices dropped due to crude oil. Overseas idle capacity utilization increased, short - term port arrivals are low, but the support for the market is limited. The domestic production increased, and the supply - demand side is expected to turn loose [2]. Urea - The futures market dropped due to macro - sentiment. Current purchases are mainly for industrial and agricultural needs, and the production enterprise inventory has dropped to the same level as previous years. The supply pressure at a high level continues, and the short - term market is expected to fluctuate and correct [3]. Polyolefin - The market dropped due to oil price decline and macro - risks. The supply of polyethylene increased, and its demand is weak. The supply - side pressure of polypropylene is limited, and its demand has rigid support [4]. Styrene - The futures market dropped. The supply - demand side has a weak leading role, and the price is under pressure from the cost side due to the decline in international oil prices [6]. Polyester - Affected by the US tariff, the cost and demand are both weak. The supply - demand pattern of ethylene glycol in the domestic market is expected to improve, and the short - fiber market has double negative factors of cost and demand [7]. Chlor - Alkali - The PVC and caustic soda markets are affected by macro - sentiment. The impact of tariffs is limited. The supply pressure of PVC is relieved, but the inventory pressure is large. The supply of caustic soda remains high, and the inventory pressure is also large [8]. Glass and Soda Ash - The markets are affected by macro - sentiment. The impact of US tariffs is limited. The glass market has a weak driving force for cold repair and ignition, and the soda ash market has supply pressure and slow demand growth [9].