Report Industry Investment Rating - No information provided Core Viewpoints - The PTA market is strongly supported by PX, with a slight increase in the PTA market. The spot supply is sufficient, and the spot basis fluctuates within a limited range. The gasoline supply contraction leads to an expansion of gasoline profits, which indirectly supports the price of PX. The PTA supply side contracts slightly, the polyester start - up is stable, and the polyester load remains above 90%. The export of domestic polyester is still optimistic. Although the "Golden September and Silver October" period has ended, the export demand may improve under the easing of the Sino - US trade war [2]. - The ethylene price fails to support the strength of the ethylene glycol price. New device startups continuously put pressure on the ethylene glycol price. The low - inventory - induced spot tightness is mainly reflected through the basis. The coal price rises, but it does not provide stronger cost support for ethylene glycol, and the profit of coal - based ethylene glycol has been repaired. The Sino - US trade negotiation is reached, and the tariff reduction may increase the subsequent export demand for textile and clothing, and the downstream weaving load may remain optimistic [2]. Summary by Related Catalogs Market Data - **INE Crude Oil and PTA - SC**: On November 6, 2025, INE crude oil was 460.4 yuan/barrel, and PTA - SC was 1342.2 yuan/ton. On November 7, 2025, INE crude oil was 460.6 yuan/barrel, and PTA - SC was 1316.8 yuan/ton, with a change of 0.20 and - 25.45 respectively [2]. - **PTA/SC Ratio**: It decreased from 1.4012 on November 6, 2025, to 1.3934 on November 7, 2025, a change of - 0.0078 [2]. - **CFR China PX**: It decreased from 826 on November 6, 2025, to 823 on November 7, 2025, a change of - 3 [2]. - **PX - Naphtha Spread**: It decreased from 249 on November 6, 2025, to 247 on November 7, 2025, a change of - 1 [2]. - **PTA Main Contract Futures Price**: It decreased from 4688 yuan/ton on November 6, 2025, to 4664 yuan/ton on November 7, 2025, a change of - 24.0 [2]. - **PTA Spot Price**: It increased from 4540 on November 6, 2025, to 4575 on November 7, 2025, a change of 35.0 [2]. - **PTA Spot Processing Fee**: It increased from 120.9 yuan/ton on November 6, 2025, to 188.8 yuan/ton on November 7, 2025, a change of 67.9 [2]. - **PTA Disk Processing Fee**: It decreased from 268.9 yuan/ton on November 6, 2025, to 262.8 yuan/ton on November 7, 2025, a change of - 6.1 [2]. - **PTA Main Contract Basis**: It increased from (80) on November 6, 2025, to (78) on November 7, 2025, a change of 2.0 [2]. - **PTA Warehouse Receipt Quantity**: It increased from 75888 on November 6, 2025, to 89012 on November 7, 2025, a change of 13124 [2]. - **MEG Main Contract Futures Price**: It increased from 3924 yuan/ton on November 6, 2025, to 3942 yuan/ton on November 7, 2025, a change of 18.0 [2]. - **MEG - Naphtha**: It increased from (145.36) on November 6, 2025, to (143.55) on November 7, 2025, a change of 1.8 [2]. - **MEG Domestic Market Price**: It increased from 3972 on November 6, 2025, to 4013 on November 7, 2025, a change of 41.0 [2]. - **MEG Main Contract Basis**: It increased from 70 on November 6, 2025, to 73 on November 7, 2025, a change of 3.0 [2]. Industry Chain Start - up Situation - **PX Start - up Rate**: It increased from 86.21% on November 6, 2025, to 88.03% on November 7, 2025, a change of 1.82% [2]. - **PTA Start - up Rate**: It decreased from 77.84% on November 6, 2025, to 77.42% on November 7, 2025, a change of - 0.42% [2]. - **MEG Start - up Rate**: It remained unchanged at 63.74% from November 6 to 7, 2025 [2]. - **Polyester Load**: It increased from 89.56% on November 6, 2025, to 89.70% on November 7, 2025, a change of 0.14% [2]. Polyester Product Data - **POY150D/48F**: The price increased from 6515 on November 6, 2025, to 6560 on November 7, 2025, a change of 45.0. The cash flow increased from 53 to 54, a change of 1.0 [2]. - **FDY150D/96F**: The price increased from 6730 on November 6, 2025, to 6770 on November 7, 2025, a change of 40.0. The cash flow decreased from (232) to (236), a change of - 4.0 [2]. - **DTY150D/48F**: The price increased from 7790 on November 6, 2025, to 7840 on November 7, 2025, a change of 50.0. The cash flow increased from 128 to 134, a change of 6.0 [2]. - **Long - Filament Sales Volume**: It decreased from 70% on November 6, 2025, to 48% on November 7, 2025, a change of - 22% [2]. - **1.4D Direct - Spun Polyester Staple Fiber**: The price increased from 6380 on November 6, 2025, to 6415 on November 7, 2025, a change of 35. The cash flow decreased from 268 to 259, a change of - 9.0 [2]. - **Polyester Staple Fiber Sales Volume**: It decreased from 70% on November 6, 2025, to 46% on November 7, 2025, a change of - 24% [2]. - **Semi - Gloss Chip**: The price increased from 5555 on November 6, 2025, to 5575 on November 7, 2025, a change of 20.0. The cash flow decreased from (7) to (31), a change of - 24.0. The sales volume decreased from 143% to 53%, a change of - 90% [2]. Device Maintenance - A 2.2 - million - ton PTA device in East China reduced its load slightly, and the recovery time is to be tracked [2].

Summary of PTA Industry Conference Call Industry Overview - The PTA industry has undergone significant changes in market structure, particularly due to large-scale capacity expansions from 2019 to 2025, with a total of 53.4 million tons of new capacity expected, resulting in an average annual growth rate of 11.2% [2][5] - The reliance on domestic PX (para-xylene) has decreased, breaking the production bottleneck for PTA [2][5] - The concentration of suppliers has increased, with the top five suppliers holding nearly 70% of the market share [4][5] Key Points and Arguments - Approximately 19 million tons of PTA capacity has been idled due to market pressures, with 13 million tons removed from statistical data [5][6] - New technologies (P8 and above) have improved competitiveness by reducing energy and material consumption, with over 60% of new technology installations currently in operation [5][6] - Polyester production is projected to rise from 50.25 million tons in 2019 to over 70 million tons by 2024, with an expected output of 79.4 million tons this year [5][6] - Non-polyester demand is also increasing, from 11.47 million tons to over 28.5 million tons [5][6] - Exports have significantly increased, from 850,000 tons in 2020 to 4.42 million tons in 2024, accounting for over 6% of total production [5][6] Market Dynamics - After the commissioning of new installations in June and July, PTA processing fees dropped from 300-400 RMB/ton to below 200 RMB/ton due to factors like hidden inventory and increased supply [8][9] - The PTA inventory turnover ratio is currently low, at less than two weeks, indicating a neutral to slightly low level of inventory [8][9] - The demand for polyester typically grows slightly faster than GDP, with polyester demand expected to reach around 83 million tons in 2023, supported by a GDP growth forecast of 4.5%-5.5% [12][13] Future Outlook - The PTA industry is expected to maintain a high concentration and competitiveness, with large companies dominating the market while smaller, less competitive installations gradually exit [6][7] - The upcoming years will see limited new PTA projects, with expectations of less than 10 million tons of new capacity added over the next five years [10][11] - Social inventory levels are low, and any market recovery could lead to increased sensitivity to processing differences [11][12] - The exit of old facilities in Europe and Japan is expected to further alleviate domestic oversupply pressures, contributing to increased export volumes [14][15][16][17] Additional Insights - The processing fees for PTA have been under pressure due to hidden inventory and increased supply, with older facilities in Europe facing high costs and inefficiencies compared to new domestic installations [9][17] - The overall trend indicates that despite ongoing capacity expansions, the PTA industry is likely to experience stable development through effective supply-demand balance adjustments and efficiency improvements [7][10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the first half of 2026, PX is expected to be the strongest variety in the polyester industry chain [10]. - For PX, it is in a strong - oscillating market with cost support, and the strategy is to go long on PX and short on PTA/MEG [3]. - PTA is also in a strong - oscillating market, with positive demand feedback and cost support, and the strategy is to go long on PTA and short on MEG [4]. - MEG has a large supply pressure and the strategy is to do reverse spreads, showing a short - term oscillating and weak trend [5]. 3. Summaries Based on Relevant Catalogs PX Valuation - Zhengshangyuan PX futures forward curve has risen overall, and the monthly spread has rebounded to near flat water. The overseas PX maintains a B structure, and the PXN has strengthened significantly. The overseas aromatics valuation is supported by the strong overseas oil product cracking spreads [12][18][20]. - The PXN has risen to a high level, and producers can hedge at high prices. The PX - MX spread has rebounded, but the short - process device start - up rate has declined [3][33]. Supply and Demand - The domestic PX production start - up rate reached a record high of 89.8% (+2.8%), and the Asian overall load start - up rate rebounded to 80.2% (+2.1%). The PX apparent consumption in October was 4.09 million tons, and the loss in October was 368,000 tons [39][40][41]. - In September, the PX import volume was 870,000 tons, with increments from Japan, Brunei, and Chinese Taipei. In October, it was expected to be 890,000 tons. Japan's PX exports increased and inventory decreased in September [46][56]. Inventory - In October, the Longzhong PX monthly inventory increased by 100,000 tons to 4.02 million tons [61]. PTA Valuation - The 1 - 5 monthly spread of PTA is consolidating at a low level, and the basis has continued to decline. The PTA processing fee has reached a new low, but the spot processing fee has rebounded [67][77]. Supply and Demand - The PTA start - up rate decreased to 76.4% (-1.6%). The PTA production from January to October 2025 accumulated to 60.48 million tons, a year - on - year increase of 3%. In September, the PTA export volume was 340,000 tons, a month - on - month increase [80][81][83]. Inventory - The PTA inventory is at a low level and is being transferred to the delivery warehouse [99]. MEG Valuation - The supply pressure suppresses the unilateral price trend of MEG, and the basis and monthly spread have weakened synchronously. The relative valuation of MEG to styrene has reached a year - on - year high, and the profits of various production processes are in a loss state [113][117][120]. Supply and Demand - The overall MEG start - up rate this week was 72.44% (-3.76%), and the start - up rate of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) was 71.94% (-11.5%). Multiple sets of devices have reduced their loads, but considering the upcoming restart of Zhenhai Refining & Chemical's 800,000 - ton device, the MEG start - up load will increase marginally in the future. The import arrival situation has been concentrated recently [123]. - Many overseas MEG devices are under maintenance or shut - down. The arbitrage window has closed, and the import profit has declined. The port inventory is expected to increase significantly from November to December [126][130][136]. Polyester Start - up - The polyester start - up rate is 91.5% (-0.2%). The downstream demand has stronger - than - expected resilience, and the polyester profit is good with controllable inventory. The polyester load will be maintained at 91% in November, 90% in December, and is expected to be 88% in January [140][142]. Production and Export - In 2025, the polyester production increased by 8.5% year - on - year, and the growth rate in 2026 is expected to be around 5 - 6%. From January to September, the total polyester export was 10.8 million tons, a year - on - year increase of 16.3% [145][146]. Inventory - The overall polyester inventory is moderately low, and the start - up resilience of filament has increased [147].

Report Information - Report Title: Energy and Chemical Industry Weekly Report [1] - Date: November 7, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Ratings No investment ratings were provided in the report. Core Views - The international oil price is expected to oscillate in the short - term but face continuous oversupply pressure in the medium - term. For oil, it is advisable to try short - selling on rebounds. [7][8] - The asphalt market is expected to oscillate in the short - term due to weak supply and demand and a narrowing basis after the decline. [35] - The PTA market is expected to rise slightly, and the ethylene glycol market is expected to continue a slight rebound. [62] - The price of polyester staple fiber may rise slightly, with cost support and weak supply - demand factors. [71] - The soda ash market is expected to see the futures price drop to near the recent low, and it is advisable to short - sell on rallies if it breaks through the 1200 yuan/ton resistance level. [79] - The industrial silicon futures price will continue to oscillate strongly in the short - term, but there is strong resistance above. [101] - The polysilicon futures price will oscillate in a wide range, and it is advisable to buy on dips in the range and wait for policy signals for breakthrough opportunities. [123] - The pulp market will have a limited short - term rebound and is advisable for reverse arbitrage. [140] Summary by Directory Crude Oil - **Market Review and Operation Suggestions**: International oil prices oscillated this week with a narrowing amplitude. The market lacks short - term drivers and is expected to oscillate. Medium - term oversupply pressure persists. Operationally, try short - selling on rebounds. [7][8] - **Fundamental Changes**: US crude inventories increased, refinery inputs rose seasonally, and refined product inventories decreased. OPEC+ will stop increasing production in Q1 2026, but it's hard to reverse the oversupply. Supply growth far exceeds demand growth, and the inventory accumulation rate is accelerating. [9][10][11] Asphalt - **Market Review and Operation Suggestions**: The cost end (crude oil) lacks support. The supply and demand of asphalt are both weak, and the basis has narrowed after the decline. It is expected to oscillate in the short - term. [34][35] - **Fundamental Changes**: The cost end has mid - term oversupply pressure. The asphalt production capacity may increase slightly next week. Demand shows regional differentiation, with weak speculative demand. Factory and social inventories both decreased this week. [36][37][39] Polyester - **Market Review and Operation Suggestions**: Crude oil fundamentals are mixed, and PX is expected to oscillate strongly, supporting PTA costs. PTA is expected to rise slightly, and ethylene glycol is expected to rebound slightly. [61][62] - **Main Driving Forces**: Downstream consumption is stable in the short - term but has a weakening expectation. PTA supply may decrease, and its fundamentals are strong. Ethylene glycol has cost support and a rebound demand. [63][64][66] Polyester Staple Fiber - **Market Review and Operation Suggestions**: The cost end supports the market, but supply is sufficient, and demand is weak. The price may rise slightly. [71] - **Main Driving Forces**: Downstream consumption support is limited. The short - fiber industry's operation is stable, and supply is sufficient. Cost support is strong, but supply - demand factors drag down the price. [72][73][74] Soda Ash - **Market Review and Operation Suggestions**: The futures price oscillated weakly this week, with supply remaining high, demand weakening, and inventory slightly increasing. It is expected to drop further, and it is advisable to short - sell on rallies if it breaks through 1200 yuan/ton. [76][78][79] - **Market Conditions**: Supply is stable with a slight decline in production. Inventory is at a high level and continues to accumulate. Spot prices are expected to oscillate narrowly. Glass demand for soda ash is weakening, and exports decreased in September. [80][83][93] Industrial Silicon - **Futures Review and Outlook**: The futures price has been oscillating strongly recently. The main driving force is the seasonal production reduction in the southwest, but the supply - demand imbalance improvement is limited. The price may continue to oscillate strongly in the short - term with strong upper resistance. [101] - **Fundamental Overview**: The price of industrial silicon and its related products is stable. Inventory is slowly accumulating, and production is decreasing. The demand for polysilicon, organic silicon, and other products is relatively stable. [102][103][105] Polysilicon - **Market Review and Outlook**: The price is weaker than other varieties this week. The supply - demand improvement drive is limited. The price will continue to be in a stalemate in the short - term and oscillate in a wide range. It is advisable to buy on dips in the range and wait for policy signals for breakthrough opportunities. [123] - **Photovoltaic Industry Fundamentals**: The prices of main products in the industry are stable. Inventory has increased slightly. Production in the supply - end may decline in November, mid - stream demand is stable, and terminal demand is weak. [124][125][126] Pulp - **Market Review and Outlook**: The futures price rebounded this week. Macro pressure has weakened, imports have decreased, and inventory has declined, but the industry profit improvement is limited. The short - term rebound space is limited, and reverse arbitrage is advisable. [139][140] - **Fundamental Changes**: The pulp shipment volume of major producing countries in August increased. China's pulp imports decreased in October. Global and domestic pulp inventories have different trends. Downstream paper performance is still differentiated. [141][149][156]

Group 1 - The controlling shareholder of Sanfangxiang Group holds approximately 2.967 billion shares, accounting for 76.15% of the total share capital of the company [1] - After the recent pledge of shares, the total number of pledged shares by Sanfangxiang Group is about 1.849 billion shares, which represents 62.32% of the shares held by the group and 47.45% of the company's total share capital [1] - The company’s revenue composition for 2024 is projected to be 77.73% from the polyester industry, 20.13% from the chemical industry, 1.16% from other industries, and 0.97% from thermal power [1] Group 2 - The current market capitalization of Sanfangxiang is 9.9 billion yuan [2]

Report Industry Investment Ratings No relevant content provided. Core Views Methanol Market - The current methanol market is trading on the "weak reality" logic, with the core contradiction centered on high port inventories. The 01 contract faces challenges in inventory digestion, and the weak reality pattern may continue until Iranian gas restrictions are implemented. The 05 contract is expected to see significant inventory reduction, so attention can be focused on the MTO profit shrinkage opportunity of the 05 contract [1][3]. Polyester Industry Chain - PX supply is generally stable with some plant overhauls offset by xylene supplements. Demand has some support in the short - term, but the November supply - demand is expected to be loose, and price drivers are limited. PTA may have a slight inventory build - up, and its price rebound space is restricted. Ethylene glycol is expected to have a high inventory build - up in November - December, facing upward pressure. Short - fiber supply remains high in the short - term, but demand may weaken seasonally, and its price rebound space is limited. Bottle - chip supply and demand are in a loose pattern, and it follows cost fluctuations [6]. Polyolefin Market - PP supply increase is slowing due to more unplanned overhauls, while PE supply is expected to increase as overhauls peak. Demand has improved, but overall, there is pressure from increasing supply and decreasing demand. The 01 contract has inventory pressure, while the 05 contract may offer long - term low - buying opportunities, and the month - spread is biased towards reverse arbitrage [8]. PVC and Caustic Soda Market - Caustic soda supply is expected to increase in November, with weak demand support, and its price is expected to be weakly stable. PVC supply - demand is in an oversupply situation, and its price is expected to continue to fluctuate weakly at the bottom [11]. Pure Benzene and Styrene Market - Pure benzene supply is expected to be loose in November, with limited demand support and increasing port inventories. Its price driver is weak. Styrene supply may slightly decrease in November, demand is expected to change little, and its price driver is also limited [12]. Summary by Relevant Catalogs Methanol Price and Spread - MA2601 closed at 2125 on November 6, down 0.75% from the previous day; MA2605 closed at 2226, down 0.45%. The MA15 spread was - 101, up 6.32%. The太仓 basis was - 30, up 25%. The spot prices of Inner Mongolia North Line, Henan Luoyang, and Port Taicang all had different changes [1]. Inventory - Methanol enterprise inventory was 38.641% (a 2.75% increase), port inventory was 151.7 million tons (a 0.71% increase), and social inventory was 190.4% (a 1.11% increase) [2]. Upstream and Downstream Operating Rates - Domestic upstream enterprise operating rate was 76.09%, up 0.31%; overseas was 70.7%, down 2.68%. The downstream MTO device operating rate was 84.98%, up 1.09%, while the acetic acid operating rate was 72.3%, down 1.15% [3]. Polyester Industry Chain Upstream Prices - Brent crude oil (January) was $63.38 per barrel, down 0.2%; WTI crude oil (December) was $59.43 per barrel, down 0.3%. CFR Japan naphtha was $576 per ton, down 0.3% [6]. Product Prices and Cash Flows - POY150/48 price was 6515 yuan/ton, with a cash - flow of 94 yuan/ton, down 31.2%. The bottle - chip futures PR2601 price was 5736 yuan/ton, up 1.3% [6]. Operating Rates - Asian PX operating rate was 78.1%, down 0.5%; PTA operating rate was 78.0%, down 1.0%; MEG comprehensive operating rate was 76.2%, up 4.0% [6]. Polyolefin Price and Spread - L2601 closed at 6805, down 0.13%; PP2601 closed at 6471, down 0.31%. The L15 spread was - 81, down 6.90%; the PP15 spread was - 121, up 6.14% [8]. Inventory - PE enterprise inventory was 49.0 million tons, up 17.84%; PP enterprise inventory was 60.0 million tons, up 0.81% [8]. Upstream and Downstream Operating Rates - PE device operating rate was 82.6%, up 2.13%; PP device operating rate was 77.8%, up 0.9% [8]. PVC and Caustic Soda Price and Spread - The price of 32% liquid caustic soda in Shandong was 2500 yuan/ton, unchanged. V2601 closed at 4630, down 0.2%; the V basis was - 110, down 12.2% [11]. Supply and Demand - Caustic soda industry operating rate was 88.3%, up 3.3%; PVC total operating rate was 77.1%, up 4.5%. The demand of caustic soda's main downstream, alumina, was weak, and PVC demand was in the off - season [11]. Inventory - Liquid caustic soda inventory in East China plants increased by 18.9%, and PVC total social inventory decreased by 1.8% [11]. Pure Benzene and Styrene Upstream Prices - Brent crude oil (December) was $63.38 per barrel, down 0.2%; CFR Japan naphtha was $576 per ton, down 0.3%. Pure benzene (Sinopec East China listed price) was 5300 yuan/ton, unchanged [12]. Product Prices and Cash Flows - Pure benzene East China spot was 5389 yuan/ton, down 0.4%; styrene East China spot was 6310 yuan/ton, down 0.3%. EB cash - flow (non - integrated) was - 213 yuan/ton, down 1.6% [12]. Operating Rates and Inventories - Domestic pure benzene operating rate was 74.1%, up 1.9%; styrene operating rate was 66.7%, down 3.7%. Pure benzene inventory in Jiangsu ports was 12.10 million tons, up 42.4% [12].

Core Viewpoint - The domestic futures market in the energy and chemical sector showed significant gains, with PTA futures experiencing a slight increase of 1.27%, reaching 4642.00 yuan/ton [1] Macro Factors - The U.S. manufacturing index has declined for 18 consecutive months, coupled with a strengthening U.S. dollar and falling international oil prices, which are impacting the polyester market [1] Supply Side - Yisheng Dahuacheng has slightly reduced its production to 375 million tons, adjusting PTA load to around 78% - Dushan Energy's Phase 4 with a capacity of 300 million tons has started production in October, with both lines currently operational - In November, more PTA maintenance is expected than restarts, with planned maintenance at Honggang Petrochemical (2.5 million tons), Sichuan Energy Investment (1 million tons), and others, while Dushan Energy will halt 2.5 million tons [1][1][1] Demand Side - Polyester load remains stable, with a significant recovery in the weaving operating rate of terminal enterprises in the Jiangsu and Zhejiang regions - Downstream spinning and weaving factories are further replenishing inventory, leading to increased production and sales of polyester filament [1][1] Market Outlook - Despite delays in the commissioning of new PTA facilities by Dushan Energy, supply pressure has eased - The demand during this year's polyester peak season is below expectations, and U.S.-China tariff issues are causing cautious inventory stocking among downstream players, leading to heightened market concerns - Short-term PTA prices are expected to follow cost fluctuations [1][1][1]

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated November 6, 2025 [1] - It covers various energy and chemical option types including energy, polyolefins, polyesters, alkali chemicals, and others [2] - The recommended strategy is to construct option portfolio strategies mainly as sellers and spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest for multiple option underlying futures contracts such as crude oil, LPG, methanol, etc [3] Group 3: Option Factors - Volume and Open Interest PCR - The report presents the volume and open interest PCR data for different option varieties, which are used to describe the strength of the option underlying market and the turning point of the market [4] Group 4: Option Factors - Pressure and Support Levels - It shows the pressure and support levels of various option underlying assets from the perspective of the strike prices with the largest open interest of call and put options [5] Group 5: Option Factors - Implied Volatility - The report provides data on the implied volatility of different option varieties, including at-the-money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 6: Option Strategies and Recommendations Energy Options - Crude Oil - Fundamental analysis: US refinery demand is stabilizing and rising, shale oil production has slightly increased, OPEC exports are increasing but mostly absorbed by China, and European refined product inventories are in low-level destocking [7] - Market analysis: The crude oil market has shown a trend of weakening, consolidation, and then a rebound since July [7] - Option factor research: The implied volatility of crude oil options has decreased to near the average, the open interest PCR is below 0.80, indicating a weak market, and the pressure and support levels are 500 and 450 respectively [7] - Strategy recommendations: Construct a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7] Energy Options - LPG - Fundamental analysis: The cost side of LPG, crude oil, is under pressure from oversupply and geopolitical issues, and US propane inventories are at a historical high [9] - Market analysis: The LPG market has shown a pattern of decline, rebound, and then resistance since August [9] - Option factor research: The implied volatility of LPG options has significantly decreased to below the average, the open interest PCR is around 0.80, indicating a weak market, and the pressure and support levels are 4500 and 4200 respectively [9] - Strategy recommendations: Construct a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] Alcohol Options - Methanol - Fundamental analysis: Port inventories are at a high level and difficult to effectively reduce, while enterprise inventories are at a low level compared to the same period last year [9] - Market analysis: The methanol market has shown a weakening trend with resistance since July [9] - Option factor research: The implied volatility of methanol options fluctuates around the historical average, the open interest PCR is below 0.80, indicating a weak and volatile market, and the pressure and support levels are 2300 and 2125 respectively [9] - Strategy recommendations: Construct a bear spread strategy for direction, a short-biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] Alcohol Options - Ethylene Glycol - Fundamental analysis: Port inventories are expected to increase due to high arrival volumes and low departure volumes, and the domestic load is at a high level [10] - Market analysis: The ethylene glycol market has shown a weakening trend since July [10] - Option factor research: The implied volatility of ethylene glycol options fluctuates below the average, the open interest PCR is around 0.70, indicating strong short - side power, and the pressure and support levels are 4500 and 4050 respectively [10] - Strategy recommendations: Construct a bear spread strategy for direction, a short volatility strategy for volatility, and a long collar strategy for spot hedging [10] Polyolefin Options - Polypropylene - Fundamental analysis: PP inventories have an overall higher pressure than PE, with both production and trade inventories showing a downward trend [10] - Market analysis: The polypropylene market has shown a weakening trend with resistance since July [10] - Option factor research: The implied volatility of polypropylene options has decreased to near the average, the open interest PCR is around 0.70, indicating a weak market, and the pressure and support levels are 7000 and 6300 respectively [10] - Strategy recommendations: A long collar strategy for spot hedging [10] Rubber Options - Rubber - Fundamental analysis: China's natural rubber social inventories have decreased, and inventories in Qingdao have also declined [11] - Market analysis: The rubber market has shown a pattern of short - term strength, followed by a decline and then consolidation since July [11] - Option factor research: The implied volatility of rubber options has decreased to below the average after a rapid increase, the open interest PCR is below 0.60, and the pressure and support levels are 17000 and 14000 respectively [11] - Strategy recommendations: Construct a short - biased call + put option combination strategy for volatility [11] Polyester Options - PTA - Fundamental analysis: PTA load has decreased, and November maintenance volume is expected to increase significantly, with overall load under pressure [11] - Market analysis: The PTA market has shown a weakening trend with resistance since August [11] - Option factor research: The implied volatility of PTA options fluctuates at a relatively high level, the open interest PCR is around 0.70, indicating a volatile market, and the pressure and support levels are 4700 and 4300 respectively [11] - Strategy recommendations: Construct a short - biased call + put option combination strategy for volatility [11] Alkali Chemical Options - Caustic Soda - Fundamental analysis: The average utilization rate of caustic soda production capacity has increased, with an increase in load in multiple regions [12] - Market analysis: The caustic soda market has shown a weakening trend with resistance since July [12] - Option factor research: The implied volatility of caustic soda options fluctuates at a high level, the open interest PCR is below 0.80, indicating a weak and volatile market, and the pressure and support levels are 2600 and 2240 respectively [12] - Strategy recommendations: Construct a bear spread strategy for direction, and a long collar strategy for spot hedging [12] Alkali Chemical Options - Soda Ash - Fundamental analysis: Soda ash inventories are at a certain level, with a slight change in overall inventories [12] - Market analysis: The soda ash market has shown a weak and volatile pattern since August [12] - Option factor research: The implied volatility of soda ash options fluctuates at a relatively high historical level, the open interest PCR is below 0.60, indicating strong short - side pressure, and the pressure and support levels are 1300 and 1100 respectively [12] - Strategy recommendations: Construct a bear spread strategy for direction, a short volatility combination strategy for volatility, and a long collar strategy for spot hedging [12] Other Options - Urea - Fundamental analysis: Enterprise inventories are decreasing due to the follow - up of some reserve demands, and port inventories have decreased significantly [13] - Market analysis: The urea market has shown a weak and volatile pattern since July [13] - Option factor research: The implied volatility of urea options fluctuates around the historical average, the open interest PCR is below 0.60, indicating strong short - side pressure, and the pressure and support levels are 1800 and 1600 respectively [13] - Strategy recommendations: Construct a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [13] Group 7: Option Charts - The report also includes various option charts for different option varieties, such as price trends, volume and open interest, PCR, implied volatility, and historical volatility cones [14][32][49]

Report Industry Investment Ratings No relevant content provided. Core Views Polyolefin Industry - Supply: PP supply recovery slowed due to more unplanned maintenance, while PE supply is expected to increase as maintenance nears its peak. Overseas inventory clearance at the end of the year may impact the market [2]. - Demand: Demand has improved with increased downstream开工率, but the peak season for agricultural film is approaching, and demand is expected to decline [2]. - Strategy: The 01 contract faces inventory pressure, while the 05 contract may present long - term low - buying opportunities. A reverse spread strategy for the monthly spread is recommended [2]. Methanol Industry - Supply: The port methanol market is under pressure due to high inventory, postponed Iranian gas restrictions, and increased imports. The restart of domestic devices and overseas device shutdowns also affect the supply [5][6]. - Demand: Multiple MTO units reduced their loads due to profit issues, and subsequent maintenance is expected to increase [6]. - Strategy: The 01 contract will continue to trade the "weak reality" logic until Iranian gas restrictions take effect [6]. Polyester Industry Chain - PX: Supply is stable despite some plant maintenance, and demand has support in the short term. However, the November supply - demand is expected to be loose, and oil price support is limited. Strategies include reducing long positions above 6600 and short - selling on rallies, and narrowing the PX - SC spread [9]. - PTA: There are many planned maintenance in November, and demand is relatively high. But supply - demand is slightly loose, and oil price support is weak. Strategies include reducing long positions above 4600, short - selling on rallies, and a rolling reverse spread for TA1 - 5 [9]. - Ethylene Glycol: Overseas supply is high in November, and inventory accumulation is expected. Strategies include selling out - of - the - money call options on rallies and a reverse spread for EG1 - 5 [9]. - Short - fiber: Supply is high in the short term, but demand may decline seasonally. Cost support is limited. Strategies are similar to PTA, and narrowing the processing margin on rallies [9]. - Bottle - chip: Supply changes little, and demand is weak in the off - season. The market is in a loose supply - demand pattern, and the price follows the cost. Strategies are similar to PTA, and the processing margin is expected to fluctuate between 300 - 450 yuan/ton [9]. Pure Benzene - Styrene Industry - Pure Benzene: Supply is expected to be loose with many device restarts and new capacity. Demand support is limited as downstream products are mostly in losses. Inventory in East China ports is increasing. Strategies include short - selling on rallies following oil price movements [10]. - Styrene: Supply may slightly decrease, and demand is expected to remain stable. Cost support is weakening. The market is currently in a loose supply - demand situation, and the price drive is limited. Strategies include short - selling on price rebounds for the EB12 contract [10]. PVC - Caustic Soda Industry - Caustic Soda: Supply is expected to increase in November with few maintenance enterprises. Demand support is weak as the alumina price is falling and downstream enterprises are consuming their own inventories. The price is expected to be weakly stable, and the overall trend is bearish [11]. - PVC: The supply - demand surplus situation persists. Demand from real estate and other downstream industries is weak, and new capacity will increase supply in November - December. The price is expected to continue to oscillate weakly at the bottom, and a short - selling strategy on rebounds is recommended [11]. Summary by Directory Polyolefin Industry - **Prices and Spreads**: L2601, L2509, PP2601, and PP2509 futures prices decreased on November 4 compared to November 3. Spot prices of PP and PE also showed changes, with some increasing and some decreasing. The price differences between different contracts and between spot and futures also changed [2]. - **Inventory**: Both PE and PP inventories showed a de - stocking trend [2]. - **开工率**: PE device开工率 decreased slightly, while PP device and powder开工率 increased. Downstream weighted开工率 of both increased [2]. Methanol Industry - **Prices and Spreads**: MA2601 and MA2605 futures prices decreased on November 4. Spot prices in different regions also decreased, and price differences and basis changed [5]. - **Inventory**: Methanol enterprise inventory increased, while port inventory decreased slightly, and social inventory increased [5]. - **开工率**: Domestic upstream enterprise开工率 decreased slightly, overseas upstream enterprise开工率 decreased significantly, and some downstream enterprise开工率 increased [6]. Polyester Industry Chain - **Upstream Prices**: Brent and WTI crude oil prices decreased, and other upstream raw material prices also showed different degrees of change [9]. - **Downstream Product Prices and Cash Flows**: Prices of some polyester products changed slightly, and cash flows also showed different trends [9]. - **PX - related**: PX prices and spreads changed, and the开工率 of Asian and Chinese PX decreased slightly [9]. - **PTA - related**: PTA prices, processing fees, and开工率 changed, and the market is expected to be slightly loose in terms of supply - demand [9]. - **MEG - related**: MEG prices, spreads, and开工率 changed, and the market is expected to accumulate inventory [9]. Pure Benzene - Styrene Industry - **Upstream Prices and Spreads**: Crude oil and raw material prices decreased, and pure benzene prices and spreads changed [10]. - **Styrene - related Prices and Spreads**: Styrene prices and spreads decreased, and cash flows also declined [10]. - **Inventory**: Pure benzene inventory in Jiangsu ports increased, while styrene inventory decreased [10]. - **开工率**: The开工率 of some pure benzene and styrene - related industries changed, with some increasing and some decreasing [10]. PVC - Caustic Soda Industry - **Prices and Spreads**: PVC and caustic soda prices and spreads changed on November 4 compared to November 3 [11]. - **Overseas Quotes and Export Profits**: Overseas quotes for caustic soda and PVC remained stable, but export profits changed [11]. - **Supply - related**: The开工率 of the caustic soda and PVC industries increased, and the profit of PVC production methods also changed [11]. - **Demand - related**: The开工率 of caustic soda and PVC downstream industries changed, and PVC pre - sales volume increased [11]. - **Inventory**: Liquid caustic soda inventory in some regions increased, while PVC total social inventory decreased slightly [11].

Group 1: Report Overview - The report is an early morning strategy report on energy and chemical options dated November 5, 2025 [1] - It covers various energy and chemical options including energy (crude oil, LPG), polyolefins (PP, PVC, etc.), polyesters (PX, PTA, etc.), alkali chemicals (caustic soda, soda ash), and others like rubber [2] - The recommended strategy is to construct option combination strategies mainly as sellers, along with spot hedging or covered call strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of multiple underlying futures contracts are presented, such as SC2512 for crude oil at 464 with a -0.19% change, and PG2512 for LPG at 4,239 with a -0.63% change [3] Group 3: Option Factor - Volume and Open Interest PCR - PCR indicators for various options are provided, including volume PCR and open interest PCR, which are used to describe the strength of the underlying option market and potential turning points [4] Group 4: Option Factor - Pressure and Support Levels - Pressure and support levels for each option are determined from the strike prices with the largest open interest of call and put options, such as 500 and 440 for crude oil [5] Group 5: Option Factor - Implied Volatility - Implied volatility data for different options are presented, including at - the - money implied volatility and volume - weighted implied volatility, with explanations on calculation methods [6] Group 6: Strategy and Recommendations for Specific Options Crude Oil Options - Fundamental analysis shows stable and rising refinery demand in the US, with OPEC exports mostly absorbed by China, and low refined product inventories in Europe [7] - Market analysis indicates a trend of weakening, consolidation, and then a rebound since July [7] - Option factor research reveals a decline in implied volatility to near the mean, a low open interest PCR indicating a weak market, and pressure and support levels at 500 and 450 [7] - Recommended strategies include a neutral call + put option selling combination for time value and directional gains, and a long collar strategy for spot hedging [7] LPG Options - Fundamental analysis points out pressure from oversupply and geopolitical issues on crude oil, and high propane inventories in the US [9] - Market analysis shows a pattern of decline, rebound, and then weakening since August [9] - Option factor research shows a significant decline in implied volatility to below the mean, an open interest PCR around 0.8 indicating a weak market, and pressure and support levels at 4500 and 4200 [9] - Recommended strategies are similar to crude oil options, including a neutral option selling combination and a long collar strategy [9] Methanol Options - Fundamental analysis shows high - level and hard - to - reduce port inventories and an increase in enterprise inventories [9] - Market analysis indicates a weakening trend since July [9] - Option factor research reveals implied volatility around the historical mean, an open interest PCR below 0.8 indicating a weak and volatile market, and pressure and support levels at 2300 and 2125 [9] - Recommended strategies include a bear spread strategy for directional gains, a bearish option selling combination, and a long collar strategy for spot hedging [9] Ethylene Glycol Options - Fundamental analysis shows a decrease in port inventories but an expected increase in the future due to high domestic production and incoming shipments [10] - Market analysis indicates a weakening trend since July [10] - Option factor research shows implied volatility below the mean, an open interest PCR around 0.7 indicating strong bearish power, and pressure and support levels at 4500 and 4050 [10] - Recommended strategies include a bear spread strategy, a volatility - selling strategy, and a long collar strategy for spot hedging [10] Polypropylene Options - Fundamental analysis shows inventory reduction in PE and PP production and trading enterprises, with higher inventory pressure on PP [10] - Market analysis indicates a weakening trend since July [10] - Option factor research reveals a decline in implied volatility to near the mean, an open interest PCR around 0.7 indicating a weak market, and pressure and support levels at 7000 and 6300 [10] - Recommended strategies include a long collar strategy for spot hedging [10] Rubber Options - Fundamental analysis shows a decline in natural rubber inventories in China [11] - Market analysis indicates a pattern of rise, fall, and then weak consolidation since July [11] - Option factor research shows a sharp rise and then a decline in implied volatility to below the mean, an open interest PCR below 0.6, and pressure and support levels at 17000 and 14000 [11] - Recommended strategies include a bearish option selling combination [11] PTA Options - Fundamental analysis shows a decline in PTA load and an expected increase in maintenance in November [11] - Market analysis indicates a weakening trend since August [11] - Option factor research shows implied volatility above the mean, an open interest PCR around 0.7 indicating a volatile market, and pressure and support levels at 4700 and 4300 [11] - Recommended strategies include a bearish option selling combination [11] Caustic Soda Options - Fundamental analysis shows an increase in the average utilization rate of caustic soda production capacity [12] - Market analysis indicates a weakening trend since September [12] - Option factor research shows high - level implied volatility, an open interest PCR below 0.8 indicating a weak and volatile market, and pressure and support levels at 2600 and 2240 [12] - Recommended strategies include a bear spread strategy and a long collar strategy for spot hedging [12] Soda Ash Options - Fundamental analysis shows stable soda ash inventories [12] - Market analysis indicates a weak and consolidating trend since August [12] - Option factor research shows high - level implied volatility, an open interest PCR below 0.6 indicating strong bearish pressure, and pressure and support levels at 1300 and 1100 [12] - Recommended strategies include a bear spread strategy, a volatility - selling combination, and a long collar strategy for spot hedging [12] Urea Options - Fundamental analysis shows a decline in enterprise and port inventories [13] - Market analysis indicates a weakening trend since September [13] - Option factor research shows implied volatility around the historical mean, an open interest PCR below 0.6 indicating strong bearish pressure, and pressure and support levels at 1800 and 1600 [13] - Recommended strategies include a neutral option selling combination and a long collar strategy for spot hedging [13]