Report Industry Investment Rating No relevant content provided. 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. Maintain a range strategy of buying low and selling high, but currently wait to see OPEC's export price - support willingness and suggest short - term observation [2]. - For methanol, domestic production has increased, imports have risen, and supply pressure has grown. Demand is weak, with enterprise and port inventories high. The weak reality remains, and it's recommended to wait and see as chasing short after a sharp decline has low cost - effectiveness and there is no driving force for long positions [3]. - For urea, prices are consolidating at a low level with low volatility. The fundamentals lack drivers, supply is increasing, and demand is weak. It's recommended to wait and see as the price has limited upside and downside space [6]. - For rubber, adopt a neutral approach, recommend short - term trading, and partially build positions for the hedging strategy of buying RU2601 and selling RU2609 [14]. - For PVC, the supply is strong and demand is weak, with expected inventory accumulation. The fundamentals are poor, and it's recommended to pay attention to short - selling opportunities in the medium term [15][17]. - For pure benzene and styrene, the BZN spread has room to repair upwards. Port inventories are decreasing, and styrene prices may stop falling temporarily [20]. - For polyethylene, the price may remain in low - level consolidation as the cost may have bottomed, but high - level warehouse receipts suppress the market [23]. - For polypropylene, in a situation of weak supply and demand with high inventory pressure, it may be supported when the cost - side supply glut situation changes in the first quarter of next year [26]. - For PX, it is expected to slightly accumulate inventory in November, with valuation at a neutral level and mainly following crude oil fluctuations. There may be opportunities for valuation increase in the medium term [30]. - For PTA, it is expected to accumulate inventory in November, with limited processing fees. It may follow PX and crude oil fluctuations, and there may be opportunities for it to strengthen when PXN rises in the medium term [30][32]. - For ethylene glycol, it is expected to accumulate inventory in the fourth quarter, with valuation under pressure. It is recommended to short on rallies [34]. Summary by Related Catalogs Crude Oil - **Market Quotes**: INE's main crude oil futures closed down 1.40 yuan/barrel, a 0.30% decline, at 458.80 yuan/barrel. Related refined oil futures also declined. In Fujeirah Port, gasoline, fuel oil, and total refined oil inventories increased, while diesel inventory decreased [1]. - **Strategy**: Maintain a range strategy of buying low and selling high, but currently wait to see OPEC's export price - support willingness and suggest short - term observation [2]. Methanol - **Market Quotes**: Taicang and Inner Mongolia prices were stable, Lunan increased by 10 yuan, the 01 contract on the disk decreased by 19 yuan to 2082 yuan/ton, and the basis was - 22. The 1 - 5 spread was - 5, at - 112 [2]. - **Strategy**: Domestic production has increased, imports have risen, and supply pressure has grown. Demand is weak, with enterprise and port inventories high. It's recommended to wait and see [3]. Urea - **Market Quotes**: Shandong's spot price decreased by 10 yuan, Henan and Hubei were stable. The 01 contract on the disk decreased by 20 yuan to 1640 yuan, and the basis was - 30. The 1 - 5 spread was - 5, at - 77 [5]. - **Strategy**: Prices are consolidating at a low level with low volatility. The fundamentals lack drivers, supply is increasing, and demand is weak. It's recommended to wait and see [6]. Rubber - **Market Quotes**: Rubber prices rebounded, but the stock market and coking coal, a leading variety, declined. There are different views from bulls and bears. As of November 6, 2025, the operating load of all - steel tires of Shandong tire enterprises was 65.54%, and that of semi - steel tires was 74.45%. As of November 2, 2025, China's natural rubber social inventory was 105.6 tons, increasing by 1.7 tons [10][11][12]. - **Strategy**: Adopt a neutral approach, recommend short - term trading, and partially build positions for the hedging strategy of buying RU2601 and selling RU2609 [14]. PVC - **Market Quotes**: The PVC01 contract decreased by 42 yuan to 4572 yuan. The spot price of Changzhou SG - 5 was 4510 yuan/ton, with a basis of - 62 yuan. The 1 - 5 spread was - 296 yuan/ton. The overall operating rate was 80.8%, with the calcium carbide method at 81.2% and the ethylene method at 79.7%. Demand - side downstream operating rate was 49.6%. Factory inventory was 33.5 tons, and social inventory was 104 tons [14]. - **Strategy**: The supply is strong and demand is weak, with expected inventory accumulation. The fundamentals are poor, and it's recommended to pay attention to short - selling opportunities in the medium term [15][17]. Pure Benzene and Styrene - **Market Quotes**: The spot price of pure benzene remained unchanged, and the futures price was also unchanged, with the basis widening. The spot price of styrene decreased, and the futures price also decreased, with the basis strengthening. The upstream operating rate was 66.94%, and the inventory in Jiangsu ports decreased by 1.37 tons to 17.93 tons. The weighted operating rate of three S products was 40.79% [19]. - **Strategy**: The BZN spread has room to repair upwards. Port inventories are decreasing, and styrene prices may stop falling temporarily [20]. Polyethylene - **Market Quotes**: The closing price of the main contract was 6760 yuan/ton, a decrease of 42 yuan/ton. The spot price was 6865 yuan/ton, an increase of 15 yuan/ton, and the basis was 105 yuan/ton, strengthening by 57 yuan/ton. The upstream operating rate was 83.43%, and the weekly inventory of production enterprises and traders increased [22]. - **Strategy**: The price may remain in low - level consolidation as the cost may have bottomed, but high - level warehouse receipts suppress the market [23]. Polypropylene - **Market Quotes**: The closing price of the main contract was 6429 yuan/ton, a decrease of 51 yuan/ton. The spot price was 6530 yuan/ton, unchanged. The basis was 101 yuan/ton, strengthening by 51 yuan/ton. The upstream operating rate was 77.94%, and the weekly inventory of production enterprises and traders increased, while port inventory decreased [24]. - **Strategy**: In a situation of weak supply and demand with high inventory pressure, it may be supported when the cost - side supply glut situation changes in the first quarter of next year [26]. PX - **Market Quotes**: The PX01 contract decreased by 96 yuan to 6756 yuan, and PX CFR decreased by 7 dollars to 821 dollars. The basis was - 50 yuan, and the 1 - 3 spread was - 18 yuan. China's PX load was 89.8%, and Asia's was 80.2%. Some domestic and overseas devices restarted. PTA load was 76.4%. In early November, South Korea's PX exports to China were 14.5 tons, and the inventory at the end of September was 402.6 tons [29]. - **Strategy**: It is expected to slightly accumulate inventory in November, with valuation at a neutral level and mainly following crude oil fluctuations. There may be opportunities for valuation increase in the medium term [30]. PTA - **Market Quotes**: The PTA01 contract decreased by 56 yuan to 4648 yuan, and the spot price in East China decreased by 5 yuan/ton to 4600 yuan. The basis was - 77 yuan, and the 1 - 5 spread was - 62 yuan. PTA load was 76.4%, and the downstream load was 91.5%. The terminal draw - texturing load increased by 2% to 88%, and the loom load decreased by 1% to 75%. The social inventory at the end of October was 220.7 tons [31]. - **Strategy**: It is expected to accumulate inventory in November, with limited processing fees. It may follow PX and crude oil fluctuations, and there may be opportunities for it to strengthen when PXN rises in the medium term [30][32]. Ethylene Glycol - **Market Quotes**: The EG01 contract decreased by 78 yuan to 3875 yuan, and the spot price in East China decreased by 22 yuan to 3981 yuan. The basis was 68 yuan, and the 1 - 5 spread was - 91 yuan. The supply - side load was 72.4%, and the downstream load was 91.5%. The terminal draw - texturing load increased by 2% to 88%, and the loom load decreased by 1% to 75%. The port inventory was 66.1 tons, an increase of 9.9 tons [33]. - **Strategy**: It is expected to accumulate inventory in the fourth quarter, with valuation under pressure. It is recommended to short on rallies [34].

Core Viewpoint - The report from CITIC Construction Investment suggests focusing on sectors that are expected to benefit from the "anti-involution" trend, as the chemical industry faces a slowdown in capital expenditure and an approaching cyclical turning point [1] Group 1: Beneficial Sectors - Recommended sectors include pesticides, urea, soda ash, filament, organic silicon, and spandex, which are likely to benefit from the "anti-involution" trend [1] - In the context of a declining interest rate cycle, China's counter-cyclical policies are expected to boost domestic demand, making sectors like polyurethane, coal chemical, petroleum chemical, and fluorochemical attractive [1] Group 2: New Material Development - The development of new productive forces, self-control, and industrial upgrading are emphasized as key strategies in the context of major power competition, with new materials being a primary development direction for China's chemical industry [1] - Focus areas include semiconductor materials, OLED materials, COC materials, and other high value-added products [1] Group 3: High Shareholder Returns - High-quality companies with substantial shareholder returns are expected to continue their revaluation journey, particularly state-owned enterprises in the oil and gas petrochemical sector, coal chemical, compound fertilizer, phosphorus chemical, and leading companies in the MSG/feed amino acid industry [1]

Core Viewpoint - The report from CITIC Construction Investment suggests focusing on specific sectors within the chemical industry that are expected to benefit from the "anti-involution" trend and the upcoming economic cycle shift, while also highlighting the importance of new material development in the context of national competition [1] Group 1: Investment Recommendations - Attention is recommended for sectors such as pesticides, urea, soda ash, long fibers, organic silicon, and spandex, which are likely to benefit from the "anti-involution" trend [1] - In the context of a declining interest rate cycle, sectors like polyurethane, coal chemical, petroleum chemical, and fluorochemical are suggested for investment as they may help stimulate domestic demand [1] Group 2: Development Focus - The report emphasizes the development of new productive forces, self-sufficiency, and industrial upgrades as key strategies in the context of major power competition, with new materials being a primary focus for the Chinese chemical industry [1] - Specific attention is drawn to the continuous development of semiconductor materials, OLED materials, COC materials, and other high value-added products [1] Group 3: Quality Enterprises - High shareholder returns from quality enterprises are expected to continue their revaluation journey, with a focus on leading state-owned enterprises in oil and gas, coal chemical, compound fertilizer, phosphorus chemical, and amino acid industries for feed and flavoring [1]

Report Industry Investment Rating No relevant content provided. 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, it's not advisable to be overly bearish on oil prices in the short - term. A range - trading strategy of buying low and selling high is maintained, but the current prices need to test OPEC's willingness to support prices through exports, so short - term waiting is recommended [3]. - For methanol, domestic production has increased, imports have risen, supply pressure has intensified, while demand has weakened. The high - inventory issue on the 01 contract will increasingly suppress spot prices. With no substantial short - term positive news from overseas supply, there may be further declines. However, the cost - effectiveness of short - selling after the sharp decline is low, and there is no clear driving force for long - positions, so waiting is advised [6]. - For urea, prices are consolidating at a low level with low volatility. The fundamentals lack a driving force. Supply has increased, demand is weak, and the supply - demand situation is relatively loose. Although the upside is limited, the downside is also restricted at these low prices, so waiting is recommended [9]. - For rubber, prices rebounded as expected. It's recommended to set a stop - loss and conduct short - term long - trades on pullbacks. A partial position for the hedging strategy of buying RU2601 and selling RU2609 is recommended [15]. - For PVC, the comprehensive profit of enterprises is at a low level this year, and valuation pressure is low in the short - term. However, supply is high, new devices are about to be commissioned, demand is weak, and exports are expected to decline, so there is a risk of continuous inventory accumulation. It's recommended to pay attention to short - selling opportunities in the medium - term [17]. - For pure benzene and styrene, the BZN spread is at a low level and has room for upward repair. The supply of pure benzene is relatively abundant, and the port inventory of styrene is decreasing significantly. Styrene prices may stop falling in the short - term [20]. - For polyethylene, OPEC+ plans to suspend production growth in Q1 2026, and the price of crude oil may have bottomed out. Although the downward space for PE valuation is limited, high - level warehouse receipts suppress the market. With the arrival of the seasonal peak season, demand may pick up, and prices are expected to fluctuate at a low level [23]. - For polypropylene, although the cost side indicates a potential increase in supply surplus, the downstream start - up rate has rebounded seasonally. With high inventory pressure and high - level warehouse receipts, the market may be supported when the supply - surplus situation on the cost side changes in Q1 next year [26]. - For PX, the current load is high, downstream PTA maintenance is frequent, and PTA processing fees are under pressure. It's expected to see a slight inventory increase in November, but it will be supported by aromatics blending and future supply - demand structure. It mainly follows crude oil fluctuations, and there may be opportunities for valuation increase in the medium - term [29]. - For PTA, supply is expected to increase due to new device commissioning and maintenance, and inventory is expected to accumulate in November. Although polyester demand may remain high, the upside is limited. Pay attention to the opportunity for PTA to strengthen driven by the increase in PXN in the medium - term [32]. - For ethylene glycol, domestic and overseas device loads are high, imports are increasing, and ports are starting to accumulate inventory. It's expected to see continuous inventory accumulation in Q4, and it's recommended to short - sell on rallies [34]. Summary by Related Catalogs Crude Oil - **Market Information**: The main INE crude oil futures closed up 4.90 yuan/barrel, or 1.07%, at 461.80 yuan/barrel. European ARA weekly data showed that gasoline, fuel oil, naphtha, and aviation kerosene inventories increased, while diesel inventory decreased. The total refined oil inventory increased by 1.73 million barrels to 45.27 million barrels, a 3.97% increase [2]. - **Strategy Viewpoint**: Although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, it's not advisable to be overly bearish on oil prices in the short - term. A range - trading strategy of buying low and selling high is maintained, but the current prices need to test OPEC's willingness to support prices through exports, so short - term waiting is recommended [3]. Methanol - **Market Information**: The price in Taicang decreased by 30, in Inner Mongolia increased by 7.5, and in southern Shandong decreased by 10. The 01 contract on the futures market decreased by 11 yuan to 2101 yuan/ton, with a basis of - 41. The 1 - 5 spread was - 6, at - 107 [5]. - **Strategy Viewpoint**: Domestic production has increased, imports have risen, supply pressure has intensified, while demand has weakened. The high - inventory issue on the 01 contract will increasingly suppress spot prices. With no substantial short - term positive news from overseas supply, there may be further declines. However, the cost - effectiveness of short - selling after the sharp decline is low, and there is no clear driving force for long - positions, so waiting is advised [6]. Urea - **Market Information**: Spot prices in Shandong, Henan, and Hubei increased. The 01 contract on the futures market decreased by 7 yuan to 1660 yuan, with a basis of - 40. The 1 - 5 spread was - 5, at - 72 [8]. - **Strategy Viewpoint**: Prices are consolidating at a low level with low volatility. The fundamentals lack a driving force. Supply has increased, demand is weak, and the supply - demand situation is relatively loose. Although the upside is limited, the downside is also restricted at these low prices, so waiting is recommended [9]. Rubber - **Market Information**: The report previously suggested buying opportunities in rubber, and prices rebounded as expected. There are different views on the market. Bulls focus on factors such as limited production in Southeast Asia, seasonal trends, and improved demand expectations in China. Bears are concerned about uncertain macro - expectations, seasonal low demand, and potential under - performance of supply benefits. As of November 6, 2025, the operating rate of all - steel tires in Shandong increased, while that of semi - steel tires decreased. As of November 2, 2025, China's natural rubber social inventory increased. Spot prices of some rubber products increased [12][14]. - **Strategy Viewpoint**: Prices rebounded as expected. It's recommended to set a stop - loss and conduct short - term long - trades on pullbacks. A partial position for the hedging strategy of buying RU2601 and selling RU2609 is recommended [15]. PVC - **Market Information**: The PVC01 contract increased by 3 yuan to 4614 yuan. The spot price of Changzhou SG - 5 was 4520 yuan/ton, with a basis of - 94 yuan/ton. The 1 - 5 spread was - 295 yuan/ton. The overall operating rate of PVC increased, while the downstream operating rate decreased. Factory inventory decreased, and social inventory increased [15]. - **Strategy Viewpoint**: The comprehensive profit of enterprises is at a low level this year, and valuation pressure is low in the short - term. However, supply is high, new devices are about to be commissioned, demand is weak, and exports are expected to decline, so there is a risk of continuous inventory accumulation. It's recommended to pay attention to short - selling opportunities in the medium - term [17]. Pure Benzene and Styrene - **Market Information**: The spot and futures prices of pure benzene remained unchanged, with a stable basis. The spot and futures prices of styrene decreased, and the basis weakened. The upstream operating rate increased, and the port inventory decreased. The weighted operating rate of three S decreased, but the PS operating rate increased, while the EPS and ABS operating rates decreased [19]. - **Strategy Viewpoint**: The BZN spread is at a low level and has room for upward repair. The supply of pure benzene is relatively abundant, and the port inventory of styrene is decreasing significantly. Styrene prices may stop falling in the short - term [20]. Polyethylene - **Market Information**: The main contract closing price of polyethylene was 6802 yuan/ton, and the spot price was 6850 yuan/ton, both unchanged. The upstream operating rate decreased, and inventory increased. The downstream average operating rate decreased. The LL1 - 5 spread widened [22]. - **Strategy Viewpoint**: OPEC+ plans to suspend production growth in Q1 2026, and the price of crude oil may have bottomed out. Although the downward space for PE valuation is limited, high - level warehouse receipts suppress the market. With the arrival of the seasonal peak season, demand may pick up, and prices are expected to fluctuate at a low level [23]. Polypropylene - **Market Information**: The main contract closing price of polypropylene increased by 16 yuan to 6480 yuan, while the spot price remained unchanged. The upstream operating rate decreased, and inventory increased. The downstream average operating rate increased. The LL - PP spread narrowed [25]. - **Strategy Viewpoint**: Although the cost side indicates a potential increase in supply surplus, the downstream start - up rate has rebounded seasonally. With high inventory pressure and high - level warehouse receipts, the market may be supported when the supply - surplus situation on the cost side changes in Q1 next year [26]. PX - **Market Information**: The PX01 contract increased by 72 yuan to 6852 yuan. The PX CFR price increased by 5 dollars to 828 dollars. The basis was - 90 yuan, and the 1 - 3 spread was 24 yuan. The PX operating rate in China and Asia increased. Some domestic and overseas devices restarted. The PTA operating rate decreased. PX imports from South Korea to China increased in October, and inventory increased at the end of September [28]. - **Strategy Viewpoint**: The current load is high, downstream PTA maintenance is frequent, and PTA processing fees are under pressure. It's expected to see a slight inventory increase in November, but it will be supported by aromatics blending and future supply - demand structure. It mainly follows crude oil fluctuations, and there may be opportunities for valuation increase in the medium - term [29]. PTA - **Market Information**: The PTA01 contract increased by 40 yuan to 4704 yuan. The East China spot price increased by 30 yuan/ton to 4605 yuan. The basis was - 78 yuan, and the 1 - 5 spread was - 58 yuan. The PTA operating rate decreased, and the downstream operating rate decreased slightly. Social inventory increased in October [30]. - **Strategy Viewpoint**: Supply is expected to increase due to new device commissioning and maintenance, and inventory is expected to accumulate in November. Although polyester demand may remain high, the upside is limited. Pay attention to the opportunity for PTA to strengthen driven by the increase in PXN in the medium - term [32]. Ethylene Glycol (EG) - **Market Information**: The EG01 contract increased by 11 yuan to 3953 yuan. The East China spot price decreased by 10 yuan to 4003 yuan. The basis was 70 yuan, and the 1 - 5 spread was - 74 yuan. The supply - side operating rate decreased, and the downstream operating rate decreased slightly. Port inventory increased [33]. - **Strategy Viewpoint**: Domestic and overseas device loads are high, imports are increasing, and ports are starting to accumulate inventory. It's expected to see continuous inventory accumulation in Q4, and it's recommended to short - sell on rallies [34].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - For crude oil, although the geopolitical premium has disappeared and OPEC's production increase is minimal, supply has not yet increased significantly, so short - term bearish sentiment on oil prices should be cautious. Maintain a range - trading strategy of buying low and selling high, but currently wait and see to test OPEC's export price - support intention [2] - For methanol, with rising domestic production and high imports, supply pressure increases. Demand is weak, leading to high enterprise and port inventories. The weak reality remains unchanged, and the high - inventory problem of the 01 contract may further suppress the spot price. It is recommended to wait and see [3] - For urea, prices are consolidating at a low level with low volatility. The fundamentals lack drivers, and supply and demand are relatively loose. There is limited upward momentum, but the downside space is also limited at current low prices. It is advisable to wait and see [5] - For rubber, prices are rebounding as expected. Set stop - losses and conduct short - term long trades on pullbacks. Partially build positions for the hedge of buying RU2601 and selling RU2609 [11] - For PVC, the supply is strong and demand is weak, with poor export prospects. There is continuous inventory accumulation pressure. It is recommended to consider short - selling on rallies in the medium term [13] - For pure benzene and styrene, pure benzene prices are falling, while styrene futures prices are rising. The BZN spread has room for upward repair. Styrene prices may stop falling in the short term due to high - level inventory reduction [16] - For polyethylene, the PE valuation has limited downward space, but high - level warehouse receipts suppress the market. With the arrival of the seasonal peak season, prices may remain range - bound at a low level [19] - For polypropylene, in a context of weak supply and demand with high inventory pressure, there is no prominent short - term contradiction. The price may be supported when the supply - surplus situation of the cost side changes in the first quarter of next year [22] - For PX, it is expected to have a slight inventory increase in November, with prices mainly following crude oil fluctuations. There may be opportunities for valuation increases in the medium term [25] - For PTA, continuous inventory accumulation is expected in November, and processing fees are under pressure. There may be opportunities for PTA to strengthen driven by the increase in PXN in the medium term [28] - For ethylene glycol, there is expected to be continuous inventory accumulation in the fourth quarter. It is recommended to short on rallies [30] Group 3: Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures closed up 0.10 yuan/barrel, a 0.02% increase, at 460.60 yuan/barrel. Singapore's ESG gasoline inventory decreased by 0.56 million barrels to 12.78 million barrels, a 4.17% decrease; diesel inventory increased by 0.69 million barrels to 9.22 million barrels, an 8.14% increase; fuel oil inventory decreased by 0.30 million barrels to 24.48 million barrels, a 1.21% decrease; total refined oil inventory decreased by 0.16 million barrels to 46.48 million barrels, a 0.35% decrease [5][6] Methanol - **Market Information**: The price in Taicang increased by 17, remained stable in Inner Mongolia, and increased by 15 in southern Shandong. The 01 contract of the futures market decreased by 13 yuan to 2112 yuan/ton, with a basis of - 15. The 1 - 5 spread remained stable at - 101 [2] Urea - **Market Information**: Spot prices in Shandong, Henan, and Hubei increased by 30, 30, and 20 respectively. The 01 contract of the futures market increased by 23 yuan to 1667 yuan, with a basis of - 67. The 1 - 5 spread increased by 16 to - 67 due to news of new export quotas [4] Rubber - **Market Information**: Rubber prices were oscillating. The expected resolution of the US government shutdown and the expected easing of Fed funds are macro - bullish factors. As of November 6, 2025, the operating rate of all - steel tires in Shandong tire enterprises was 65.54%, up 0.21 percentage points from last week and 5.35 percentage points from the same period last year; the operating rate of semi - steel tires in domestic tire enterprises was 74.45%, down 0.24 percentage points from last week and 4.37 percentage points from the same period last year. Semi - steel tire exports slowed down. As of November 2, 2025, China's natural rubber social inventory was 105.6 tons, an increase of 1.7 tons or 1.6% [9][10] PVC - **Market Information**: The PVC01 contract decreased by 19 yuan to 4611 yuan. The spot price of Changzhou SG - 5 was 4520 yuan/ton, with a basis of - 91 (+19) yuan/ton. The 1 - 5 spread was - 304 (-1) yuan/ton. The overall operating rate of PVC was 80.8%, up 2.5%; the operating rate of the calcium carbide method was 81.2%, up 3.8%; the operating rate of the ethylene method was 79.7%, down 0.5%. The overall downstream operating rate was 49.6%, down 0.9%. Factory inventory was 33.5 tons (-0.3), and social inventory was 104 tons (+1.2) [11] Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene in East China was 5310 yuan/ton, a decrease of 112 yuan/ton; the closing price of the active contract was 5422 yuan/ton, a decrease of 112 yuan/ton; the basis was - 112 yuan/ton, a narrowing of 24 yuan/ton. The spot price of styrene was 6350 yuan/ton, unchanged; the closing price of the active contract was 6317 yuan/ton, an increase of 17 yuan/ton; the basis was 33 yuan/ton, a weakening of 17 yuan/ton. The BZN spread was 88.25 yuan/ton, a decrease of 1.25 yuan/ton; the profit of non - integrated EB plants was - 471.9 yuan/ton, an increase of 25 yuan/ton; the spread between EB continuous 1 and continuous 2 was 69 yuan/ton, a narrowing of 19 yuan/ton. The upstream operating rate was 66.94%, up 0.22%; the inventory at Jiangsu ports was 17.93 tons, a decrease of 1.37 tons. The weighted operating rate of three S products was 40.79%, down 1.29%; the operating rate of PS was 53.50%, up 1.50%; the operating rate of EPS was 53.95%, down 8.30%; the operating rate of ABS was 71.60%, down 0.50% [15] Polyethylene - **Market Information**: The closing price of the main contract was 6802 yuan/ton, a decrease of 3 yuan/ton; the spot price was 6850 yuan/ton, a decrease of 25 yuan/ton; the basis was 48 yuan/ton, a weakening of 22 yuan/ton. The upstream operating rate was 83.43%, down 0.31%. The production enterprise inventory was 49.02 tons, an increase of 7.42 tons; the trader inventory was 5.01 tons, an increase of 0.03 tons. The downstream average operating rate was 44.85%, down 0.52%. The LL1 - 5 spread was - 79 yuan/ton, an expansion of 2 yuan/ton [18] Polypropylene - **Market Information**: The closing price of the main contract was 6464 yuan/ton, a decrease of 7 yuan/ton; the spot price was 6510 yuan/ton, a decrease of 20 yuan/ton; the basis was 46 yuan/ton, a weakening of 13 yuan/ton. The upstream operating rate was 77.94%, down 0.61%. The production enterprise inventory was 59.99 tons, an increase of 0.48 tons; the trader inventory was 22.86 tons, an increase of 1.5 tons; the port inventory was 6.46 tons, a decrease of 0.07 tons. The downstream average operating rate was 53.14%, up 0.52%. The LL - PP spread was 338 yuan/ton, an expansion of 4 yuan/ton [21] PX - **Market Information**: The PX01 contract decreased by 40 yuan to 6780 yuan; PX CFR decreased by 3 dollars to 823 dollars; the basis was - 61 yuan (+12); the 1 - 3 spread was 2 yuan (+6). The PX load in China was 89.8%, up 2.8%; the Asian load was 80.2%, up 2.1%. The FJDH plant in China and the FCFC plant in Taiwan restarted. The PTA load was 76.4%, down 1.2%. In October, South Korea's PX exports to China were 42.6 tons, an increase of 4.7 tons year - on - year. The inventory at the end of September was 402.6 tons, an increase of 10.8 tons month - on - month. The PXN was 250 dollars (+11), the South Korean PX - MX was 110 dollars (+5), and the naphtha crack spread was 110 dollars (-2) [24] PTA - **Market Information**: The PTA01 contract decreased by 24 yuan to 4664 yuan. The East China spot price increased by 35 yuan/ton to 4575 yuan. The basis was - 78 yuan (+2), and the 1 - 5 spread was - 64 yuan (-2). The PTA load was 76.4%, down 1.2%. The downstream load was 91.5%, down 0.2%. The social inventory (excluding credit warehouse receipts) on October 31 was 220.7 tons, an increase of 0.6 tons. The spot processing fee of PTA increased by 53 yuan to 167 yuan, and the futures processing fee increased by 2 yuan to 216 yuan [26] Ethylene Glycol - **Market Information**: The EG01 contract increased by 18 yuan to 3942 yuan. The East China spot price increased by 41 yuan to 4013 yuan. The basis was 70 yuan (-4), and the 1 - 5 spread was - 77 yuan (+3). The ethylene glycol load was 72.4%, down 3.8%; the load of synthetic gas production was 71.9%, down 11.5%; the load of ethylene production was 72.7%, up 0.7%. The import arrival forecast was 18.9 tons, and the East China departure on November 6 was 1.1 tons. The port inventory was 56.2 tons, an increase of 3.9 tons. The profit of naphtha - based production was - 825 yuan, the profit of domestic ethylene - based production was - 649 yuan, and the profit of coal - based production was 628 yuan. The cost of ethylene remained unchanged at 740 dollars, and the price of Yulin pit - mouth bituminous coal fines decreased to 540 yuan [29]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The current macro - level is in a relatively vacuum period, A - shares lack a clear upward main line, market trading volume remains low, and the stock index continues to fluctuate, accumulating momentum for the next round of upward movement. Meanwhile, with policy support and abundant macro - liquidity, there is still strong support below the stock index [1]. Summary by Related Catalogs Macro Finance - **Treasury Bonds**: Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, suppressing the upward space, showing an oscillating trend [1]. - **Copper**: The tight pattern of US dollar liquidity has eased, market risk appetite has recovered, and copper prices have stopped falling [1]. - **Aluminum**: Recently, the industrial - side driving force is limited, and the macro - level benefits have been digested, so aluminum prices are oscillating [1]. - **Alumina**: With still a small profit in production, domestic alumina production capacity is continuously released, and both production and inventory are increasing, putting pressure on the spot price. Recently, attention should be paid to the cost support [1]. - **Zinc**: The US government shutdown has reached the longest historical record, and market risk - aversion sentiment has increased. The LME zinc inventory has been continuously decreasing, and the short - squeeze movement has driven zinc prices higher. However, considering the domestic oversupply, caution is needed when chasing high prices [1]. Non - ferrous Metals - **Nickel**: The better - than - expected US ADP data has alleviated concerns about the US economic recession, but the expectation of the Fed's interest - rate cut has been suppressed, and market risk appetite has fluctuated. Indonesia has recently restricted the approval of nickel - related smelting projects again, but the approved projects are not affected. In the fourth quarter, attention should be paid to the approval of nickel - ore quotas in 2026. Nickel prices may oscillate in the short term, and high inventory pressure should be watched out for. It is recommended to trade within a short - term range, and the long - term surplus pattern of primary nickel will continue [1]. - **Stainless Steel**: The better - than - expected US ADP data has alleviated concerns about the US economic recession, but the expectation of the Fed's interest - rate cut has been suppressed, and market risk appetite has fluctuated. Indonesia has restricted the approval of nickel - related smelting projects again, but the approved projects are not affected. In the fourth quarter, attention should be paid to the progress of the approval of Indonesian nickel - ore quotas, and the premium at the ore end is currently stable. The price of raw - material ferronickel has weakened slightly, the social inventory of stainless steel has decreased slightly, and the steel mills' production plan for October is stable. Macro - sentiment is fluctuating, steel mills have recently lifted price limits, and stainless - steel futures are oscillating at the bottom. It is recommended to trade short - term and look for opportunities to sell on rallies [1]. - **Tin**: Recently, the positive macro - sentiment has been digested. Considering that the raw - material end of tin has not recovered and the new - quality demand is expected to be good, it is still recommended to pay attention to the opportunity of going long on dips in the long - term [1]. Precious Metals and New Energy - **Precious Metals (Gold and Silver)**: Judges of the high - court generally question the legitimacy of tariffs, increasing market uncertainty and supporting precious - metal prices. However, the resilience of US economic data has disrupted the interest - rate cut expectation. Precious metals are expected to oscillate within a range in the short term [1]. - **Industrial Silicon**: The production capacity in the northwest is continuously resuming, the start - up in the southwest is weaker than in previous years, and the impact of the dry season is weakened [1]. - **Polysilicon**: In the long - term, there is an expectation of production - capacity reduction. In the fourth quarter, the terminal installation will increase marginally. The anti - involution policy has not been implemented for a long time, and market sentiment has faded [1]. - **Lithium Carbonate**: The traditional peak season for new - energy vehicles is approaching, the energy - storage demand is strong, but the hedging pressure is large [1]. Ferrous Metals - **Rebar**: There are concerns about the potential weakening of industrial demand in the off - season. After the macro - sentiment is realized, attention should be paid to the upward pressure. It is advisable to participate in the out - of - the - money accumulative put option strategy [1]. - **Hot - Rolled Coil**: The off - season effect of the industry is not obvious, but the industrial structure is still loose. Similarly, attention should be paid to the upward pressure on prices after the macro - sentiment is realized [1]. - **Iron Ore**: Near - month production is restricted, but the commodity sentiment is good, and there is still an upward opportunity for far - month contracts [1]. - **Sulfur**: The direct demand is good, and there is cost support, but the supply is high, inventory is accumulating, and the sector is under pressure, with limited price rebound space [1]. - **Coke and Coking Coal**: Coking coal is struggling near the previous high, repeatedly testing the support. The high point of the coke futures price has included the expectation of five rounds of price increases, but the actual three - round price increase has been delayed, and the game is intense. Based on the tight supply, coke and coking coal are relatively strong, but considering the weakening of steel prices and the potential weakening of steel demand in November, the futures prices of coke and coking coal are likely to return to the oscillating range after a false breakout. In the short - term, it is advisable to wait and see, and in the long - term, it is still advisable to go long at low prices. Industrial customers can consider selling hedging [1]. Agricultural Products - **Palm Oil**: In the short term, palm oil still faces the dual pressures of seasonal production increase and weak exports. However, starting from November, Malaysia enters the traditional production - reduction cycle. If export data improve significantly, it may trigger a staged rebound [1]. - **Soybean Oil**: According to the China - US negotiation agreement, China will purchase 12 million tons of US soybeans in the next two months, which may bring a loose expectation for soybean oil in the fourth quarter, and the rebound momentum is insufficient. The actual impact needs to be observed [1]. - **Rapeseed Oil**: The meeting between Chinese and Canadian leaders has brought the expectation of Sino - Canadian relaxation, and the bumper harvest of Canadian rapeseed has put pressure on the futures price [1]. - **Cotton**: Although the production capacity in Xinjiang is expanding, the production capacity in the inland may decrease marginally. At the same time, due to the thinning of spinning profits in Xinjiang, the operating rate may also be affected. The contradiction between the expansion of Xinjiang's production capacity and the reduction of spinning profits makes the cotton demand in the new year highly uncertain. The current futures price has fully priced in the selling pressure of new crops, and the downward space is limited, but under the background of a record - high production of new crops, the basis and futures price may continue to be under pressure [1]. - **Sugar**: Typhoons before and after the National Day have had an adverse impact on the sugar - cane harvest and production in South China. There is a seasonal upward impetus for sugar prices in the short term. In the medium - term, considering the good growth of sugar cane this year, the rebound space after the new - sugar listing is expected to be limited [1]. - **Soybeans and Soybean Meal**: The domestic soybean purchase and crushing profit is poor, and the domestic futures price is undervalued. With the expectation of China's purchase of US soybeans, the import cost of US soybeans is expected to rise, and the domestic futures price is expected to rebound in the short term to repair the crushing profit. However, the current loose supply of domestic soybean - meal spot and the expected loose global soybean supply in the long - term limit the rebound height [1]. - **Paper Pulp**: The current trading logic of paper pulp is related to the trading of old warehouse receipts for the November contract. With weak downstream demand, the futures price is under great pressure. It is recommended to conduct a reverse spread between the November and January contracts [1]. - **Log**: The fundamentals of logs have declined, but the spot price is firm. After a sharp decline in the futures price, the risk - return ratio of short - selling is low. It is recommended to wait and see [1]. - **Live Pigs**: In the past half - month, the spot price has risen alternately in the north and south due to secondary fattening, frozen - product storage, and reluctance to sell, which has postponed the production capacity. There is still pressure on the November slaughter. In the short term, the futures price is at the same level as the spot price, and the futures price will follow the spot price to stabilize and then weaken [1]. Energy and Chemicals - **Crude Oil**: OPEC+ plans to continue a small - scale production increase in December, the short - term geopolitical speculation has cooled down, and the suspension of some China - US trade - tariff policies has eased market sentiment [1]. - **Fuel Oil**: Similar to crude oil, the short - term supply - demand contradiction is not prominent, and it follows the trend of crude oil. The demand for the 14th Five - Year Plan construction rush is likely to be falsified, and the supply of Venezuelan crude oil is sufficient. The profit of asphalt is high [1]. - **Natural Rubber**: There is strong support from raw - material costs, the mid - stream inventory is continuously decreasing, and the commodity - market atmosphere is positive [1]. - **BR Rubber**: The decline of crude - oil prices has reduced the cost support of butadiene, and the supply of synthetic rubber is loose. High - production and high - inventory have not suppressed the price, and the mainstream supply price has been continuously reduced [1]. - **PTA**: Gasoline profit and low benzene price support PX. The gasoline cracking price has risen above $15, prompting refineries to increase gasoline production and reduce the feed of aromatic - hydrocarbon units. Overseas device failures and the decline of the operating load of some domestic reforming units, as well as the rotation inspection of large domestic PTA devices, have led to a decline in domestic PTA production [1]. - **Ethylene Glycol**: The decline of crude - oil prices has led to a decline in ethylene - glycol prices, while the rise of coal prices has slightly strengthened the cost support of domestic ethylene glycol. The "Golden September and Silver October" of the polyester industry is coming to an end, and the domestic demand has not significantly declined [1]. - **Short - Fiber**: Gasoline profit and low benzene price support PX. The rebound of PTA prices has strengthened the basis of short - fiber. Short - fiber prices continue to fluctuate closely with costs [1]. - **Styrene**: The Asian benzene price is still weak, the operating rates of STDP and reforming units have declined, the arbitrage window from Northeast Asia to the US is still closed, the profit of domestic styrene has decreased, the number of styrene - device overhauls has gradually increased, and crude - oil prices have continued to fall [1]. - **Urea**: The export sentiment has eased slightly, and the limited domestic demand restricts the upward space. There is support from anti - involution and cost - end factors [1]. - **PE**: Under high - supply, the inventory pressure is large, the intensity of overhauls has weakened, and the downstream demand is slowly increasing, but the peak season is not prosperous [1]. - **PP**: The support from overhauls is limited, and the new - device production has increased the supply pressure. The downstream improvement is less than expected, and the futures price has returned to the fundamentals, showing a weak - oscillating trend [1]. - **PVC**: The overhauls have decreased compared with the previous period, and the new production capacity has been released, increasing the supply pressure. The rise of coal prices has strengthened the cost support of PVC [1]. - **Caustic Soda**: Many alumina projects in Guangxi are planned to be put into production, the subsequent concentration of overhauls will decrease, the high - concentration caustic soda is at a negative premium, the absolute price is low, and the near - month warehouse receipts are limited, so there is a risk of short - squeeze [1]. - **LPG**: The international oil - gas fundamentals are continuously loose, the CP/FEI prices have weakened, the valuation of the domestic LPG futures price has been repaired, and the domestic spot fundamentals are stable due to short - term cooling and chemical rigid demand [1]. Others - **Container Shipping (European Route)**: The positive macro - sentiment has been gradually digested, the expectation of price increases in the peak season has been priced in advance, and the shipping capacity supply in November is relatively loose [1].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - 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. Maintain a range strategy of buying low and selling high, but currently wait and see to verify OPEC's export price - support willingness [3]. - For methanol, with rising domestic production and imports, and weakening demand, the pattern of increasing supply and weakening demand leads to high enterprise inventories. The weak reality remains unchanged, and there is a possibility of further downward pressure on the market. It is recommended to wait and see [4]. - For urea, with the price at a low level, low volatility, and a lack of fundamental drivers, the supply - demand pattern is relatively loose. There is limited upward momentum, and the downside space is also restricted. It is advisable to wait and see [7]. - For rubber, the price has rebounded as expected. It is recommended to conduct short - term long trades opportunistically and partially build positions for the hedging strategy of buying RU2601 and selling RU2609 [11]. - For PVC, the fundamentals show a weak situation with high supply, weak demand, and poor export prospects. Although the short - term valuation has declined to a low level, it is still difficult to reverse the situation. Pay attention to short - selling opportunities in the medium term [13]. - For pure benzene and styrene, the prices of both have declined. The BZN spread has room for upward repair. The port inventory of styrene is decreasing, and the price may stop falling temporarily [15][16]. - For polyethylene, the futures price has fallen. The price may bottom out, but the high number of warehouse receipts suppresses the market. The price is expected to remain in a low - level oscillation [18][19]. - For polypropylene, the futures price has declined. With high supply pressure and weak demand, the overall inventory pressure is high. It may be supported when the supply - surplus pattern of the cost side changes in the first quarter of next year [21][22]. - For PX, the load remains high, but downstream PTA has many maintenance activities. PXN is expected to be under pressure in November, and it is recommended to wait and see [24][25]. - For PTA, the supply - side maintenance is expected to increase, and there is a high expectation of inventory reduction in November. However, the processing fee expansion is limited. Pay attention to the opportunity of processing fee repair [26][28]. - For ethylene glycol, the industry fundamentals show high supply, increasing imports, and inventory accumulation. It is recommended to short - sell on rallies [29][30]. Summaries by Related Catalogs Crude Oil - **Market Quotes**: INE's main crude oil futures closed down 1.70 yuan/barrel, a decrease of 0.37%, at 460.40 yuan/barrel. High - sulfur fuel oil in related refined oil futures rose 1.00 yuan/ton, an increase of 0.04%, at 2728.00 yuan/ton; low - sulfur fuel oil fell 8.00 yuan/ton, a decrease of 0.24%, at 3269.00 yuan/ton. The U.S. EIA weekly data showed that U.S. commercial crude oil inventories increased by 5.20 million barrels to 421.17 million barrels, a 1.25% increase; SPR replenished 0.50 million barrels to 409.60 million barrels, a 0.12% increase; gasoline inventories decreased by 4.73 million barrels to 206.01 million barrels, a 2.24% decrease; diesel inventories decreased by 0.64 million barrels to 111.55 million barrels, a 0.57% decrease; fuel oil inventories increased by 0.08 million barrels to 21.89 million barrels, a 0.39% increase; aviation kerosene inventories increased by 0.28 million barrels to 41.70 million barrels, a 0.67% increase [2]. - **Strategy Views**: 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. Maintain a range strategy of buying low and selling high, but currently wait and see to verify OPEC's export price - support willingness [3]. Methanol - **Market Quotes**: The Taicang price decreased by 2, Inner Mongolia increased by 15, and the price in southern Shandong remained stable. The 01 contract on the futures market decreased by 16 yuan, at 2125 yuan/ton, with a basis of - 45. The 1 - 5 spread changed by - 6, at - 101 [3]. - **Strategy Views**: With rising domestic production and imports, and weakening demand, the pattern of increasing supply and weakening demand leads to high enterprise inventories. The weak reality remains unchanged, and there is a possibility of further downward pressure on the market. It is recommended to wait and see [4]. Urea - **Market Quotes**: The spot price in Shandong and Henan remained stable, while that in Hubei increased by 10. Most regions remained stable. The 01 contract on the futures market increased by 11 yuan, at 1644 yuan, with a basis of - 74. The 1 - 5 spread was - 1, at - 83 [4]. - **Strategy Views**: With the price at a low level, low volatility, and a lack of fundamental drivers, the supply - demand pattern is relatively loose. There is limited upward momentum, and the downside space is also restricted. It is advisable to wait and see [7]. Rubber - **Market Quotes**: As of November 6, 2025, the operating load of all - steel tires of Shandong tire enterprises was 65.54%, 0.21 percentage points higher than last week and 5.35 percentage points higher than the same period last year. The operating load of domestic semi - steel tires was 74.45%, 0.24 percentage points lower than last week and 4.37 percentage points lower than the same period last year. The export of semi - steel tires slowed down. As of November 2, 2025, China's natural rubber social inventory was 1.056 million tons, a 1.7 - million - ton increase, a 1.6% increase. The total social inventory of dark - colored rubber was 658,000 tons, a 3% increase; the total social inventory of light - colored rubber was 398,000 tons, a 0.4% decrease. The total spot inventory in the Qingdao area increased by 12,200 tons to 436,300 tons. In terms of spot prices, Thai standard mixed rubber was 145,350 (+200) yuan, STR20 was reported at 18,200 (+20) dollars, STR20 mixed was 1805 (+20) dollars, butadiene in Jiangsu and Zhejiang was 6850 (+100) yuan, and cis - polybutadiene in North China was 98,700 (+100) yuan [10][11]. - **Strategy Views**: The price has rebounded as expected. It is recommended to conduct short - term long trades opportunistically and partially build positions for the hedging strategy of buying RU2601 and selling RU2609 [11]. PVC - **Market Quotes**: The PVC01 contract decreased by 8 yuan, at 4630 yuan. The spot price of Changzhou SG - 5 was 4520 (-20) yuan/ton, with a basis of - 110 (-12) yuan/ton, and the 1 - 5 spread was - 303 (-2) yuan/ton. The cost of calcium carbide in Wuhai was reported at 2400 (0) yuan/ton, the price of medium - grade semi - coke was 870 (+70) yuan/ton, and ethylene was 740 (0) dollars/ton. The overall operating rate of PVC was 78.3%, a 1.7% increase; among them, the calcium carbide method was 77.4%, a 3.1% increase; the ethylene method was 80.2%, a 1.4% decrease. The overall downstream operating rate was 50.5%, a 0.7% increase. The factory inventory was 338,000 tons (+4000), and the social inventory was 1.03 million tons (-5000) [11]. - **Strategy Views**: The fundamentals show a weak situation with high supply, weak demand, and poor export prospects. Although the short - term valuation has declined to a low level, it is still difficult to reverse the situation. Pay attention to short - selling opportunities in the medium term [13]. Pure Benzene and Styrene - **Market Quotes**: The cost - side East China pure benzene was 5330 yuan/ton, a 68 - yuan/ton decrease; the closing price of the active pure benzene contract was 5398 yuan/ton, a 68 - yuan/ton decrease; the pure benzene basis was - 68 yuan/ton, a 20 - yuan expansion. The spot price of styrene was 6350 yuan/ton, a 100 - yuan/ton decrease; the closing price of the active styrene contract was 6300 yuan/ton, a 21 - yuan decrease; the basis was 50 yuan/ton, a 79 - yuan weakening. The BZN spread was 89.5 yuan/ton, a 5 - yuan decrease; the non - integrated EB device profit was - 497.7 yuan/ton, a 5 - yuan increase; the EB continuous 1 - continuous 2 spread was 69 yuan/ton, a 19 - yuan reduction. The upstream operating rate was 66.72%, a 2.53% decrease; the inventory in Jiangsu ports was 179,300 tons, a 13,700 - ton decrease. The weighted operating rate of the three S products was 42.09%, a 0.68% decrease; the PS operating rate was 52.00%, a 1.80% decrease, the EPS operating rate was 62.24%, a 0.27% increase, and the ABS operating rate was 72.10%, a 0.70% decrease [15]. - **Strategy Views**: The prices of both have declined. The BZN spread has room for upward repair. The port inventory of styrene is decreasing, and the price may stop falling temporarily [15][16]. Polyethylene - **Market Quotes**: The closing price of the main contract was 6805 yuan/ton, a 9 - yuan/ton decrease, and the spot price was 6875 yuan/ton, a 50 - yuan/ton decrease, with a basis of 70 yuan/ton, a 41 - yuan weakening. The upstream operating rate was 83.3%, a 0.73% increase. In terms of weekly inventory, the production enterprise inventory was 490,200 tons, a 74,200 - ton increase, and the trader inventory was 50,100 tons, a 300 - ton increase. The average downstream operating rate was 45%, a 0.37% decrease. The LL1 - 5 spread was - 81 yuan/ton, a 6 - yuan expansion [18]. - **Strategy Views**: The futures price has fallen. The price may bottom out, but the high number of warehouse receipts suppresses the market. The price is expected to remain in a low - level oscillation [18][19]. Polypropylene - **Market Quotes**: The closing price of the main contract was 6471 yuan/ton, a 20 - yuan/ton decrease, and the spot price was 6555 yuan/ton, a 20 - yuan/ton decrease, with a basis of 84 yuan/ton, unchanged. The upstream operating rate was 78.55%, a 0.07% decrease. In terms of weekly inventory, the production enterprise inventory was 599,900 tons, a 4800 - ton increase, the trader inventory was 228,600 tons, a 15,000 - ton increase, and the port inventory was 64,600 tons, a 700 - ton decrease. The average downstream operating rate was 52.61%, a 0.24% increase. The LL - PP spread was 334 yuan/ton, an 11 - yuan expansion [21]. - **Strategy Views**: The futures price has declined. With high supply pressure and weak demand, the overall inventory pressure is high. It may be supported when the supply - surplus pattern of the cost side changes in the first quarter of next year [21][22]. PX - **Market Quotes**: The PX01 contract increased by 170 yuan, at 6820 yuan, and PX CFR increased by 10 dollars, at 826 dollars. After conversion according to the RMB central parity rate, the basis was - 73 yuan (-92), and the 1 - 3 spread was - 4 yuan (+10). The PX load in China was 87%, a 1.1% increase; the Asian load was 78.1%, a 0.4% decrease. In terms of devices, Wushi Petrochemical in China restarted, Fujia Dahua was restarting, overseas, a 540,000 - ton device of Thailand's PTTG and Saudi Arabia's Satorp were under maintenance, and Taiwan's FCFC device was restarting. The PTA load was 76.4%, a 1.2% decrease. In terms of devices, Yisheng Dahua's load was restored, Zhongtai restarted, Dushan Energy's old device and Ineos were under maintenance, and Weilian Chemical reduced its load [24]. - **Strategy Views**: Currently, the PX load remains high, but downstream PTA has many maintenance activities. PXN is expected to be under pressure in November, and it is recommended to wait and see [24][25]. PTA - **Market Quotes**: The PTA01 contract increased by 88 yuan, at 4688 yuan, and the East China spot price increased by 35 yuan/ton, at 4540 yuan, with a basis of - 80 yuan (-3), and the 1 - 5 spread was - 62 yuan (-2). The PTA load was 76.4%, a 1.2% decrease. In terms of devices, Yisheng Dahua's load was restored, Zhongtai restarted, Dushan Energy's old device and Ineos were under maintenance, and Weilian Chemical reduced its load. The downstream load was 91.5%, a 0.2% decrease. In terms of devices, Jinqiao's 200,000 - ton slicing was under maintenance. The terminal texturing load increased by 2% to 88%, and the loom load decreased by 1% to 75%. As of October 31, the social inventory (excluding credit warehouse receipts) was 2.207 million tons, a 6000 - ton increase. In terms of valuation and cost, the PTA spot processing fee decreased by 17 yuan to 114 yuan, and the futures processing fee decreased by 24 yuan to 214 yuan [26]. - **Strategy Views**: The supply - side maintenance is expected to increase, and there is a high expectation of inventory reduction in November. However, the processing fee expansion is limited. Pay attention to the opportunity of processing fee repair [26][28]. Ethylene Glycol - **Market Quotes**: The EG01 contract increased by 10 yuan, at 3924 yuan, and the East China spot price decreased by 2 yuan, at 3972 yuan, with a basis of 74 yuan (-3), and the 1 - 5 spread was - 80 yuan (+11). On the supply side, the ethylene glycol load was 72.4%, a 3.8% decrease, among which the synthetic gas method was 71.9%, an 11.5% decrease; the ethylene - based load was 72.7%, a 0.7% increase. In terms of synthetic gas devices, Yulin Chemical and Tianye reduced their loads, Sinochem and Yankuang were under maintenance, and Jianyuan and Tongliao Jinmei were restarting. In terms of petrochemicals, there were few device changes. The downstream load was 91.5%, a 0.2% decrease. In terms of devices, Jinqiao's 200,000 - ton slicing was under maintenance. The terminal texturing load increased by 2% to 88%, and the loom load decreased by 1% to 75%. The import arrival forecast was 189,000 tons, and the East China departure on November 5 was 17,000 tons. The port inventory was 562,000 tons, a 39,000 - ton increase. In terms of valuation and cost, the profit of naphtha - based production was - 837 yuan, the profit of domestic ethylene - based production was - 649 yuan, and the profit of coal - based production was 628 yuan. The cost of ethylene remained unchanged at 740 dollars, and the price

Report Industry Investment Rating No relevant content provided. 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 low - buy and high - sell range strategy is maintained, but it's advisable to wait and see for now to test OPEC's export price - support intention [3]. - For methanol, the port price is falling, the inventory is high and hard to deplete, supply is rising while demand is weakening. With the unfulfilled expectation of overseas winter production cuts, if the high - inventory issue persists, the market may decline. It's recommended to wait and see [4]. - For urea, supply and demand are both increasing, the market is in a relatively loose pattern with limited fundamental contradictions. The price has limited upside and downside, so it's advisable to wait and see [7]. - For rubber, when the price reaches the previous low, it's recommended to set a stop - loss and consider short - term long trading with a quick - in - quick - out approach. Partial position - building is suggested for the RU2601 long and RU2609 short hedge [12]. - For PVC, the fundamentals are poor with strong supply, weak demand, and a weak export outlook. There is a risk of inventory accumulation. It's recommended to look for short - selling opportunities on price rallies in the medium term [13]. - For pure benzene and styrene, the spot and futures prices are falling. The BZN spread has room to repair. The supply of pure benzene is ample, and the port inventory of styrene is decreasing. The price may stop falling in the short term [16][17]. - For polyethylene, the futures price is falling. The PE valuation has limited downside, but the high number of warehouse receipts suppresses the price. It's expected to maintain a low - level oscillation [20]. - For polypropylene, the futures price is falling. There is high supply pressure and the overall inventory pressure is high. The high number of warehouse receipts and the supply - surplus situation in the cost end suppress the price [23]. - For PX, the load is high, the downstream PTA has many maintenance operations, and the PXN is expected to face pressure in November. It's recommended to wait and see for now [26]. - For PTA, the supply is expected to decrease in November, and the demand may remain high. There is a risk of negative feedback due to low processing fees. It's recommended to pay attention to the opportunity of processing fee repair [28]. - For ethylene glycol, the supply is high, the port inventory is increasing, and it's expected to continue accumulating in the fourth quarter. It's recommended to short on rallies [30]. Summary by Commodity Crude Oil - **Market Information**: The INE main crude oil futures closed down 1.50 yuan/barrel, a 0.32% decline, at 463.70 yuan/barrel. Related refined oil futures also declined. The weekly oil product data of Fujairah Port showed changes in gasoline, diesel, fuel oil, and total refined oil inventories [2]. - **Strategy**: Maintain a low - buy and high - sell range strategy, but wait and see for now to test OPEC's export price - support intention [3]. Methanol - **Market Information**: The price in Taicang and Inner Mongolia remained stable, while that in southern Shandong decreased by 20. The 01 contract on the futures market increased by 26 yuan to 2141 yuan/ton, with a basis of - 59. The 1 - 5 spread changed by + 15 to - 95 [3]. - **Strategy**: The port price is falling, inventory is high, supply is rising, and demand is weakening. It's recommended to wait and see [4]. Urea - **Market Information**: The spot price in Shandong increased by 10, while those in Henan and Hubei remained stable. The 01 contract on the futures market increased by 3 yuan to 1633 yuan, with a basis of - 63. The 1 - 5 spread was - 2, at - 82 [6]. - **Strategy**: Supply and demand are both increasing, the market is in a relatively loose pattern. It's recommended to wait and see [7]. Rubber - **Market Information**: The rubber price has returned to near the starting point and shows signs of stabilization. There are different views on the rise and fall. As of October 30, 2025, the operating rates of full - steel and semi - steel tires in Shandong changed, and the inventory of tire factories increased slightly. The social inventory of natural rubber in China decreased in October [10]. - **Strategy**: When the price reaches the previous low, set a stop - loss and consider short - term long trading. Partial position - building is suggested for the RU2601 long and RU2609 short hedge [12]. PVC - **Market Information**: The PVC01 contract decreased by 32 yuan to 4638 yuan. The spot price of Changzhou SG - 5 was 4540 (- 20) yuan/ton, with a basis of - 98 (+ 12) yuan/ton. The 1 - 5 spread was - 301 (- 2) yuan/ton. The cost of calcium carbide decreased, and the overall operating rate increased [12]. - **Strategy**: The fundamentals are poor with strong supply, weak demand, and a weak export outlook. Look for short - selling opportunities on price rallies in the medium term [13]. Pure Benzene and Styrene - **Market Information**: The spot and futures prices of pure benzene and styrene decreased. The BZN spread decreased, and the profit of non - integrated styrene plants decreased. The upstream operating rate decreased, and the port inventory of styrene decreased [16]. - **Strategy**: The BZN spread has room to repair. The supply of pure benzene is ample, and the port inventory of styrene is decreasing. The price may stop falling in the short term [17]. Polyethylene - **Market Information**: The main contract's closing price decreased by 65 yuan to 6814 yuan/ton, while the spot price remained unchanged. The upstream operating rate decreased, and the inventory decreased. The downstream average operating rate increased [19]. - **Strategy**: The PE valuation has limited downside, but the high number of warehouse receipts suppresses the price. It's expected to maintain a low - level oscillation [20]. Polypropylene - **Market Information**: The main contract's closing price decreased by 69 yuan to 6491 yuan/ton, and the spot price decreased by 50 yuan. The upstream operating rate increased, and the inventory decreased. The downstream average operating rate increased [21]. - **Strategy**: There is high supply pressure and the overall inventory pressure is high. The high number of warehouse receipts and the supply - surplus situation in the cost end suppress the price [23]. PX - **Market Information**: The PX01 contract decreased by 10 yuan to 6650 yuan. The PX CFR remained unchanged. The load in China increased, while that in Asia decreased. Some domestic and overseas plants had changes in operation status. The import from South Korea in October increased, and the inventory increased in September [25]. - **Strategy**: The PX load is high, the downstream PTA has many maintenance operations, and the PXN is expected to face pressure in November. It's recommended to wait and see for now [26]. PTA - **Market Information**: The PTA01 contract decreased by 4 yuan to 4600 yuan. The spot price in East China decreased. The PTA load decreased, and some plants had changes in operation status. The downstream load increased, and the social inventory increased slightly [27]. - **Strategy**: The supply is expected to decrease in November, and the demand may remain high. There is a risk of negative feedback due to low processing fees. Pay attention to the opportunity of processing fee repair [28]. Ethylene Glycol - **Market Information**: The EG01 contract increased by 13 yuan to 3914 yuan, while the spot price in East China decreased. The supply - side load increased, and the downstream load increased. The port inventory increased [29]. - **Strategy**: The supply is high, the port inventory is increasing, and it's expected to continue accumulating in the fourth quarter. It's recommended to short on rallies [30].

1. Report Industry Investment Ratings - **Macro - Finance**: Index futures are bullish in the medium - long term with a strategy of buying on dips; Treasury bonds are expected to move sideways [1][6] - **Black Building Materials**: Coking coal and rebar are for range trading; Glass is recommended for selling call options [1][8][9] - **Non - ferrous Metals**: Copper is advised to close long positions at high levels or engage in range short - term trading; Aluminum is recommended to buy on dips; Nickel suggests waiting and seeing or shorting on rallies; Tin, gold, and silver are for range trading [1][12][13] - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins are expected to move sideways. Soda ash 01 contract follows a short - selling mindset [1][23][24][34] - **Cotton and Textile Industry Chain**: Cotton and cotton yarn are expected to move sideways; PTA is in low - level oscillation; Apples and jujubes are in weak oscillation [1][37][38] - **Agriculture and Animal Husbandry**: Pigs and eggs face pressure in rebounds; Corn is in a bottom - building oscillation; Soybean meal rebounds from a low level; Oils are in weak oscillation [1][41][48][49] 2. Core Views - The market is in a vacuum period of performance, events, and policies after the Sino - US trade negotiation, third - quarter reports, and the Fourth Plenary Session, so it will oscillate to wait for new changes at the end of the year [6] - The main trading line of Treasury bonds is not over, but the market is observing the scale and scope of the central bank's Treasury bond trading, so it is expected to move sideways [6] - The coal market has tight supply and demand, and prices are rising steadily. The supply of coking coal may be affected by the resumption of production in coal mines, and the price of rebar is expected to have limited downside space due to low valuation [8] - The supply of glass is high, demand is weak, and the overall supply - demand pattern is poor, so it is recommended to sell call options [10] - The short - term supply - demand situation of copper has limited support for prices, and it is expected to oscillate at a high level. The supply of aluminum may face adjustments, and it is recommended to take profit on long positions at high levels [12][14] - The supply of nickel may be more abundant in the medium - long term, and it is recommended to wait and see or short on rallies. The supply of tin is expected to improve, and it is recommended for range trading [18][20] - Precious metals are supported by interest - rate cut expectations and safe - haven needs, but are in a short - term adjustment state, and are recommended for range trading [20][22] - The supply - demand of PVC is still weak, and it is expected to oscillate. The supply of caustic soda is affected by alumina, and it is expected to oscillate weakly [23][25] - The cost of benzene ethylene is under pressure, and the overall chemical fundamentals are weak, so it is expected to oscillate. The cost support of rubber is insufficient, and it is expected to oscillate [26][28] - The supply of urea decreases, demand increases, and the price is expected to rise slightly. The supply of methanol is tight in some areas, and the port inventory pressure is high, so it is expected to oscillate [29][31] - The supply of polyolefins has new production capacity, and demand is mainly for rigid needs, so PE is expected to oscillate, and PP is expected to oscillate weakly [33] - The supply of soda ash is excessive, and it is recommended to maintain a short - selling mindset for the 01 contract [36] - The supply - demand of cotton and cotton yarn is expected to be stable, and it is expected to oscillate. The supply of PTA is in a state of inventory accumulation, and it is in low - level oscillation [37][38] - The quality of apples has declined, and consumption is weak, so the price is expected to decline. The price of jujubes is expected to decline [38][40] - The supply of pigs is large in the first half of next year, and prices face pressure. The supply of eggs is still large in the medium - long term, and prices face pressure [41][44] - The supply of corn is sufficient in the short term, and demand is weak, so it is in a bottom - building oscillation. The price of soybean meal is supported by cost and is expected to rebound [47][48] - Oils are under pressure in the short term but have support factors, and are expected to oscillate widely [54] 3. Summary by Directory 3.1 Macro - Finance - **Index Futures**: A - shares and Hong Kong stocks are generally down. The market lacks catalysts and is expected to oscillate. It is bullish in the medium - long term and recommended to buy on dips [6] - **Treasury Bonds**: Treasury bond futures have mixed performance. The market is observing the central bank's operations, and it is recommended to maintain a balanced allocation and expect sideways movement [6] 3.2 Black Building Materials - **Double - Coking Coal**: The coal market has tight supply and demand, and prices are rising. It is necessary to pay attention to the resumption of production in coal mines [8] - **Rebar**: The price has fallen, but the low valuation limits the downside space. It is recommended to buy on dips for the RB2601 contract and focus on the range of 3000 - 3200 [8] - **Glass**: The supply is high, demand is weak, and the overall supply - demand pattern is poor. It is recommended to sell the 01 contract out - of - the - money call options and hold them until expiration [10] 3.3 Non - ferrous Metals - **Copper**: The price has reached a new high and then declined. The short - term supply - demand has limited support, and it is expected to oscillate at a high level. The recommended operating range of the main Shanghai copper contract is 85000 - 89000 [12][13] - **Aluminum**: The price of bauxite is under pressure, and the supply of electrolytic aluminum may face adjustments. It is recommended to take profit on long positions at high levels [14] - **Nickel**: The supply may be more abundant in the medium - long term, and it is recommended to wait and see or short on rallies [18] - **Tin**: The supply is expected to improve, and it is recommended for range trading, with the reference range of the Shanghai tin 12 contract being 275,000 - 295,000 yuan/ton [20] - **Silver and Gold**: They are supported by interest - rate cut expectations and safe - haven needs, are in a short - term adjustment state, and are recommended for range trading. The reference range of the Shanghai silver 12 contract is 10700 - 11600, and that of the Shanghai gold 12 contract is 890 - 940 [20][22] 3.4 Energy and Chemicals - **PVC**: The supply is high, demand is weak, and it is expected to oscillate. The 01 contract is temporarily concerned about the range of 4600 - 4800 [23] - **Caustic Soda**: The supply is affected by alumina, and it is expected to oscillate weakly. The 01 contract is temporarily concerned about the pressure at 2400 [24] - **Benzene Ethylene**: The cost is under pressure, and the overall chemical fundamentals are weak. It is expected to oscillate, and the range of 6300 - 6700 is concerned [26] - **Rubber**: The cost support is insufficient, and it is expected to oscillate. The support at 15000 is concerned [28] - **Urea**: The supply decreases, demand increases, and the price is expected to rise slightly. The 01 contract range is 1600 - 1700 [29][30] - **Methanol**: The supply is tight in some areas, and the port inventory pressure is high. It is expected to oscillate, and the 01 contract range is 2230 - 2330 [31][32] - **Polyolefins**: The supply has new production capacity, and demand is mainly for rigid needs. PE is expected to oscillate, paying attention to the support at 6900, and PP is expected to oscillate weakly, paying attention to the support at 6600 [33] - **Soda Ash**: The supply is excessive, and it is recommended to maintain a short - selling mindset for the 01 contract [36] 3.5 Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: The supply - demand is expected to be stable, and it is expected to oscillate [37] - **PTA**: The price is in low - level oscillation, and the supply is in a state of inventory accumulation. The concerned range is 4400 - 4700 [38] - **Apples and Jujubes**: The quality of apples has declined, consumption is weak, and the price is expected to decline. The price of jujubes is also expected to decline [38][40] 3.6 Agriculture and Animal Husbandry - **Pigs**: The 01 contract is under pressure due to postponed supply, and it is recommended to take profit on short positions gradually. The 03 and 05 contracts have large supply and weak demand in the first half of next year, and it is recommended to hold short positions. The 07 and 09 contracts should be carefully bottom - fishing [41] - **Eggs**: The 12 contract has a large premium over the spot, and it is recommended to short on rallies lightly. The 01 contract oscillates in the range of 3250 - 3400 [43][44] - **Corn**: The short - term supply is sufficient, and demand is weak. It is in a bottom - building oscillation, and the 01 contract oscillates in the range of 2050 - 2170. It is recommended to pay attention to the 3 - 5 positive spread [45][46][47] - **Soybean Meal**: It rebounds from a low level. The M2601 contract can take profit on a small scale at high levels and hold after a pullback. Spot enterprises can fix the basis from November to January at low points [48][49] - **Oils**: They are in a high - level adjustment, with palm oil being weak and soybean oil being strong. The 01 contracts of soybean, palm, and rapeseed oil should pay attention to the support levels of 7900 - 8000, 8450 - 8500, and 9250 - 9350 respectively, and not chase short. It is recommended to pay attention to the strategy of the narrowing spread of rapeseed - soybean 01 and the widening spread of soybean - palm 01 [49][54]

Group 1: Report Industry Investment Rating - Not provided in the document Group 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 low - buy and high - sell range strategy is maintained, but it's advisable to wait and see for now to test OPEC's export price - support willingness [3] - For methanol, the port price is falling rapidly, the inventory is high and hard to deplete, supply is increasing while demand is weakening. With the unfulfilled expectation of overseas winter production cuts, if the high - inventory problem persists, there may be a further decline in the market. It's recommended to wait and see [6] - For urea, supply and demand are both increasing, but the market is still in a relatively loose pattern. The price has limited upside and downside potential, so it's advisable to wait and see [9] - For rubber, when the price approaches the previous low, it's recommended to set a stop - loss and conduct short - term long trades. Also, partial position - building is suggested for the hedging strategy of buying RU2601 and selling RU2609 [15] - For PVC, the supply is strong while demand is weak, with poor export expectations. There is a continuous inventory accumulation pressure, and it's advisable to look for short - selling opportunities in the medium term [16] - For pure benzene and styrene, the BZN spread has a large upward repair space. The port inventory of styrene is decreasing, and the price may stop falling temporarily [20] - For polyethylene, the price may maintain a low - level oscillation. The long - term contradiction has shifted from cost - driven decline to South Korea's ethylene clearance policy [23] - For polypropylene, in the context of weak supply and demand, the high inventory pressure and cost - side supply surplus pattern suppress the market, and there is no prominent short - term contradiction [26] - For PX, in November, PXN is under pressure, but it is supported by aromatics blending for gasoline and the long - term supply - demand structure. It's recommended to wait and see [29] - For PTA, the supply - side maintenance is expected to increase, and there may be inventory depletion in November, but the processing fee expansion is limited. Attention should be paid to the opportunity of processing fee repair [31] - For ethylene glycol, the supply is high, imports are increasing, and the port is accumulating inventory. It's recommended to short - sell on rallies [34] Group 3: Summaries by Related Catalogs Crude Oil - **Market Information**: The main INE crude oil futures closed down 1.70 yuan/barrel, a 0.37% decline, at 463.50 yuan/barrel. China's weekly crude oil data showed a 2.40 - million - barrel inventory reduction to 210.04 million barrels, a 1.13% decline. Gasoline, diesel, and total refined oil inventories increased [2] - **Strategy Viewpoint**: Although the geopolitical premium has disappeared and OPEC's production increase is small, short - term oil prices should not be overly bearish. A low - buy and high - sell range strategy is maintained, but it's advisable to wait and see to test OPEC's export price - support willingness [3] Methanol - **Market Information**: The price in Taicang dropped 22 yuan, Inner Mongolia dropped 12.5 yuan, and Lunan dropped 30 yuan. The 01 contract on the futures market dropped 28 yuan to 2115 yuan/ton, with a basis of - 35. The 1 - 5 spread changed by - 14 to - 110 [5] - **Strategy Viewpoint**: The port price is falling rapidly, the inventory is high and hard to deplete, supply is increasing while demand is weakening. If the high - inventory problem persists, there may be a further decline in the market. It's recommended to wait and see [6] Urea - **Market Information**: The spot price in Shandong increased by 10 yuan, Henan increased by 10 yuan, and Hubei decreased by 10 yuan. The 01 contract on the futures market increased by 7 yuan to 1630 yuan, with a basis of - 70. The 1 - 5 spread increased by 6 to - 80 [8] - **Strategy Viewpoint**: Supply and demand are both increasing, but the market is still in a relatively loose pattern. The price has limited upside and downside potential, so it's advisable to wait and see [9] Rubber - **Market Information**: The rubber price returned to near the starting point and was in a weak consolidation. As of October 30, 2025, the operating rate of all - steel tires in Shandong was 65.33%, up 0.04 percentage points from the previous week and 3.23 percentage points from the same period last year. The operating rate of semi - steel tires was 74.69%, up 0.20 percentage points from the previous week and down 4.27 percentage points from the same period last year. As of October 26, 2025, China's natural rubber social inventory was 103.89 tons, a 1% decline [12][13] - **Strategy Viewpoint**: When the price approaches the previous low, it's recommended to set a stop - loss and conduct short - term long trades. Also, partial position - building is suggested for the hedging strategy of buying RU2601 and selling RU2609 [15] PVC - **Market Information**: The PVC01 contract dropped 10 yuan to 4670 yuan. The spot price of Changzhou SG - 5 was 4560 yuan/ton, a 10 - yuan drop. The basis was - 110 yuan, unchanged. The 1 - 5 spread was - 299 yuan, a 3 - yuan increase. The overall operating rate was 78.3%, up 1.7%. Factory inventory increased by 0.4 tons to 33.8 tons, and social inventory decreased by 0.5 tons to 103 tons [15] - **Strategy Viewpoint**: The supply is strong while demand is weak, with poor export expectations. There is a continuous inventory accumulation pressure, and it's advisable to look for short - selling opportunities in the medium term [16] Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene in East China dropped 28 yuan/ton to 5410 yuan/ton, and the active contract closed at 5438 yuan/ton, a 28 - yuan drop. The spot price of styrene remained unchanged at 6450 yuan/ton, and the active contract closed at 6354 yuan/ton, a 92 - yuan drop. The upstream operating rate was 66.72%, a 2.53% decline, and the Jiangsu port inventory decreased by 0.95 tons to 19.30 tons [19] - **Strategy Viewpoint**: The BZN spread has a large upward repair space. The port inventory of styrene is decreasing, and the price may stop falling temporarily [20] Polyethylene - **Market Information**: The main contract closed at 6879 yuan/ton, a 9 - yuan drop. The spot price remained unchanged at 6980 yuan/ton. The upstream operating rate was 81.28%, a 0.56% decline. The production enterprise inventory decreased by 1.49 tons to 51.46 tons, and the trader inventory decreased by 0.04 tons to 5.00 tons [22] - **Strategy Viewpoint**: The price may maintain a low - level oscillation. The long - term contradiction has shifted from cost - driven decline to South Korea's ethylene clearance policy [23] Polypropylene - **Market Information**: The main contract closed at 6560 yuan/ton, a 16 - yuan drop. The spot price remained unchanged at 6640 yuan/ton. The upstream operating rate was 75.17%, a 0.16% increase. The production enterprise inventory decreased by 4.02 tons to 63.85 tons, the trader inventory decreased by 1.86 tons to 22.00 tons, and the port inventory decreased by 0.11 tons to 6.68 tons [24] - **Strategy Viewpoint**: In the context of weak supply and demand, the high inventory pressure and cost - side supply surplus pattern suppress the market, and there is no prominent short - term contradiction [26] PX - **Market Information**: The PX01 contract increased by 20 yuan to 6660 yuan. The PX CFR dropped 3 dollars to 816 dollars. The Chinese PX operating rate was 87%, a 1.1% increase, and the Asian operating rate was 78.1%, a 0.4% decline [28] - **Strategy Viewpoint**: In November, PXN is under pressure, but it is supported by aromatics blending for gasoline and the long - term supply - demand structure. It's recommended to wait and see [29] PTA - **Market Information**: The PTA01 contract increased by 8 yuan to 4604 yuan. The East China spot price dropped 15 yuan/ton to 4520 yuan. The PTA operating rate was 78%, a 0.8% decline. The downstream operating rate was 91.7%, a 0.3% increase [30] - **Strategy Viewpoint**: The supply - side maintenance is expected to increase, and there may be inventory depletion in November, but the processing fee expansion is limited. Attention should be paid to the opportunity of processing fee repair [31] Ethylene Glycol - **Market Information**: The EG01 contract dropped 69 yuan to 3901 yuan. The East China spot price dropped 62 yuan to 4002 yuan. The supply - side operating rate was 76.2%, a 2.9% increase. The port inventory increased by 3.9 tons to 56.2 tons [33] - **Strategy Viewpoint**: The supply is high, imports are increasing, and the port is accumulating inventory. It's recommended to short - sell on rallies [34]