Report Industry Investment Ratings - Urea: ★★★ (interpreted as a relatively clear upward trend and a relatively appropriate investment opportunity currently) [1] - Methanol: ★★★ [1] - Pure Benzene: ★★★ [1] - Styrene: ☆☆☆ (interpreted as the short - term long/short trend being in a relatively balanced state, with poor operability on the current market, suggesting to wait and see) [1] - Polypropylene: ★★★ [1] - Plastic: ☆☆☆ [1] - PVC: ★★★ [1] - Caustic Soda: ☆☆☆ [1] - PX: ★★★ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ★★★ [1] - Short - fiber: ☆☆☆ [1] - Glass: ★★★ [1] - Soda Ash: ★★★ [1] - Bottle Chips: ★★★ [1] - Propylene: ★★★ [1] Core Viewpoints - The chemical futures market shows complex trends, with different products having different supply - demand situations and price trends. Some products are affected by factors such as inventory, production capacity, seasonal demand, and policy expectations [2][3][5]. - For products like methanol and urea, although the current supply is abundant and the market is weak, there are expectations of improvement in the future due to factors such as downstream demand recovery and pre - holiday stocking [6]. - Some products, such as soda ash and glass, are in a situation of high inventory and weak reality, but also have low - valuation characteristics, and their price trends need to be judged based on different market conditions [8]. Summary by Related Catalogs Olefins - Polyolefins - Propylene futures fluctuate narrowly. Enterprises' inventory is low, and offers continue to rise, but high - price transactions are limited [2]. - Polyolefin futures also fluctuate narrowly. Polyethylene supply increases, and demand enters the traditional peak season. Polypropylene supply is relatively loose, and the actual demand recovers slowly [2]. Pure Benzene - Pure benzene returns to above 6000 yuan/ton at night and fluctuates narrowly during the day. Supply increases, demand is weak, and the port inventory accumulates. The market may improve in the third quarter [3]. - Styrene futures get support at the previous low. The cost support is insufficient, and the supply - demand situation is average with high inventory at the terminal [3]. Polyester - PX continues to be weak, and PTA falls with increased positions. The terminal orders increase, but the actual improvement is limited. PX lacks support [5]. - Ethylene glycol fluctuates narrowly at a low level. Supply increases, and the supply - demand situation is weakly stable. There are both supply pressure and demand improvement factors in the medium - term [5]. - Short - fiber supply - demand is stable, and the price fluctuates with the cost. New capacity is limited this year, and the industry expectation is boosted by the peak - season demand [5]. - Bottle chips industry has long - term over - capacity pressure, and the processing margin runs at a low level [5]. Coal Chemical Industry - Methanol imports remain high, and the port inventory accumulates rapidly. Supply increases, but the market expectation is strong due to downstream demand recovery and pre - holiday stocking [6]. - Urea price drops significantly. Supply is sufficient, and the market may oscillate weakly before new positive factors appear [6]. Chlor - alkali - PVC fluctuates narrowly. Supply pressure is high, and demand is weak. The price may oscillate weakly [7]. - Caustic soda price weakens. The inventory situation varies in different regions. The price is relatively firm but may oscillate widely [7]. Soda Ash - Glass - Soda ash oscillates. The supply is high, and the inventory is high. It is recommended to short at high - rebound levels, but be cautious at low - valuation levels [8]. - Glass oscillates. The spot price varies, and the factory inventory decreases. The demand is weak, but the price decline may be limited due to low valuation [8]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - For PVC, the market has a weak supply - demand situation, with long - term supply pressure and low - level downstream demand. Attention should be paid to macro and cost - end impacts, and there is still room for profit compression in the chlor - alkali industry [3]. - For caustic soda, the spot price is stable with a slight increase. Although there are short - term transportation restrictions, the overall order situation in Shandong is acceptable. The cost support remains, and the chlor - alkali profit is at a medium level compared to the same period [4]. 3. Summary by Related Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract is 4888 yuan/ton (- 6), the East China basis is - 218 yuan/ton (+ 6), and the South China basis is - 118 yuan/ton (+ 16) [1]. - Spot price: The East China calcium carbide method is quoted at 4670 yuan/ton (+ 0), and the South China calcium carbide method is quoted at 4770 yuan/ton (+ 10) [1]. - Upstream production profit: The blue carbon price is 630 yuan/ton (+ 0), the calcium carbide price is 2730 yuan/ton (+ 0), the calcium carbide profit is - 64 yuan/ton (+ 0), the PVC calcium carbide method production gross profit is - 399 yuan/ton (- 176), the PVC ethylene method production gross profit is - 628 yuan/ton (- 36), and the PVC export profit is 18.0 dollars/ton (+ 1.2) [1]. - Inventory and operation rate: The PVC factory inventory is 31.2 tons (+ 0.6), the PVC social inventory is 52.2 tons (+ 1.4), the PVC calcium carbide method operation rate is 75.24% (- 0.83%), the PVC ethylene method operation rate is 68.66% (- 3.78%), and the PVC operation rate is 73.33% (- 1.69%) [1]. - Downstream order situation: The pre - sales volume of production enterprises is 69.6 tons (- 2.9) [1]. Caustic Soda - Futures price and basis: The closing price of the SH main contract is 2665 yuan/ton (- 70), and the basis of 32% liquid caustic soda in Shandong is 54 yuan/ton (+ 70) [1]. - Spot price: The price of 32% liquid caustic soda in Shandong is 870 yuan/ton (+ 0), and the price of 50% liquid caustic soda in Shandong is 1360 yuan/ton (+ 0) [2]. - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1728 yuan/ton (+ 0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 784.5 yuan/ton (+ 0.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 652.53 yuan/ton (+ 10.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 1418.45 yuan/ton (- 10.00) [2]. - Inventory and operation rate: The liquid caustic soda factory inventory is 37.95 tons (- 1.69), the flake caustic soda factory inventory is 2.14 tons (- 0.22), and the caustic soda operation rate is 82.40% (- 0.80%) [2]. - Downstream operation rate: The alumina operation rate is 85.58% (- 0.20%), the printing and dyeing operation rate in East China is 64.73% (+ 0.87%), and the viscose staple fiber operation rate is 86.02% (- 0.20%) [2]. Market Analysis PVC - The PVC futures price stops falling and rebounds. Attention should be paid to the impacts from the macro and cost ends. The supply side has increased maintenance, and the operation rate has decreased month - on - month. However, many maintenance enterprises will resume this week, and the output may increase slightly. In the long - term, the supply - side pressure is still large. The downstream demand remains at a low level, and enterprises maintain just - in - time procurement. The export signing and delivery volume have decreased month - on - month. Affected by India's PVC import policy, the export is expected to be strong before September and weaken in the fourth quarter. The PVC social inventory continues to accumulate, and the absolute inventory value is high. The 09 contract has a large warehouse receipt pressure. The chlor - alkali profit still has room for compression, and the supply - demand situation remains weak [3]. Caustic Soda - The spot price of caustic soda is stable with a slight increase. In September 2025, the delivered price of liquid caustic soda orders of alumina enterprises in Guangxi has increased by 100 yuan/ton compared with last month. The chlor - alkali enterprises have increased maintenance, and the operation rate has decreased but is still at a high level in the same period. Affected by transportation restrictions during the parade, orders from other provinces in Shandong have stopped, and the in - province delivery volume may increase. The receiving price of the main downstream alumina factories in Shandong is mainly stable. Non - aluminum downstream has a fear of high - priced goods. As the peak season is approaching, the overall order backlog in Shandong is acceptable, but the external - province delivery has been suspended in the short - term due to transportation. Attention should be paid to the restocking rhythm of downstream during the "Golden September and Silver October" peak season and the production start - up rhythm of alumina in Guangxi. The electricity price in Shandong has increased slightly in September, the price of liquid chlorine is weak, and the cost support remains. The chlor - alkali profit is at a medium level in the same period [4]. Strategy PVC - Unilateral: Pay attention to macro sentiment. With weak supply - demand, be cautious about shorting at high levels [5]. - Inter - delivery: Reverse arbitrage for V01 - 05 at high levels [5]. - Inter - commodity: None [5]. Caustic Soda - Unilateral: Be cautiously bullish [5]. - Inter - delivery: Positive arbitrage for SH10 - 01 at low levels [5]. - Inter - commodity: None [5].

1. Report Industry Investment Rating No information provided in the text. 2. Report's Core View Polyolefin - In September, the polyolefin market shows a phased characteristic of "decreased supply and increased demand", with inventory being reduced and overall market pressure under control. It is recommended to continue holding the expanding position of the LP01 contract [2]. Caustic Soda - The caustic soda market is strong in the short - term. After the parade, there may be an increase in orders from other provinces, and some caustic soda plants may raise prices. It is necessary to pay attention to the downstream purchasing rhythm and device fluctuations [4]. PVC - The PVC market continues to be in a situation of oversupply. Although it is the traditional demand peak season in September, demand remains sluggish. It is expected to continue weak and volatile [4]. Crude Oil - Overnight oil prices rose. The supply side supports buying, while the demand side is under pressure. It is recommended to pay attention to the subsequent OPEC+ meetings. In the short - term, wait and see, use a positive arbitrage strategy, and look for opportunities to expand options after the volatility increases [7]. Methanol - The methanol supply is expected to increase, while the traditional downstream demand is weak. It is necessary to focus on the restart of MTO devices at ports and the inventory digestion rhythm. The 01 contract can consider the possibility of a decline in imports due to gas restrictions in Iran [17]. Urea - The urea futures price rebounded slightly, driven by supply - side maintenance and Indian tender news. However, weak demand limits the upside space [21]. PX - PX supply is expected to increase, and the supply - demand is in a tight balance in September. PX11 can focus on the area around 6800 [25]. PTA - PTA supply - demand is expected to improve, and the absolute price is supported in the short - term. [26] Ethylene Glycol - In September, domestic ethylene glycol supply is high, imports are revised down, and port inventories are low. Consider going long EG2601 or selling put options EG2601 - P - 4300 [26]. Short - fiber - In September, short - fiber supply - demand is expected to improve, but the inventory reduction is limited. The price fluctuates mainly with raw materials [26]. Bottle Chip - In September, bottle chip manufacturers maintain a 20% production cut. Demand declines slightly, and the upside space is limited [26]. Pure Benzene - Pure benzene supply is expected to remain high, demand support is weak, and the absolute price is under short - term pressure. However, the strong oil price restricts the downward space. For BZ2603, focus on the area around 5800 - 6000 [34]. Styrene - Short - term styrene supply is high, and the driver is weak. However, there is an expectation of supply - demand improvement in the future, and the downward space is limited. Consider going long lightly below 7000 and focus on the support around 6900, and then mainly short on rebounds [34]. 3. Summary According to Relevant Catalogs Polyolefin - **Price and Spread**: L2601, L2509, PP2601, PP2509 closing prices all decreased slightly. The basis of North China LL and the spreads of L2509 - 2601 and PP2509 - 2601 changed [2]. - **Inventory**: PE enterprise inventory decreased by 14.92%, and social inventory increased by 0.99%. PP enterprise inventory decreased by 5.91%, and trader inventory decreased by 1.81% [2]. - **Operating Rate**: PE device operating rate decreased slightly, and downstream weighted operating rate increased by 0.72%. PP device operating rate increased by 2.6%, and powder operating rate increased by 4.1% [2]. Caustic Soda and PVC - **Price and Export Profit**: FOB price of caustic soda in East China remained unchanged, and export profit decreased. PVC's CFR Southeast Asia price decreased, and export profit increased [4]. - **Operating Rate and Profit**: The caustic soda industry operating rate and PVC total operating rate decreased. The profit of externally - purchased calcium carbide PVC and Northwest integrated PVC decreased [4]. - **Demand**: The operating rate of some downstream industries of caustic soda and PVC changed, and PVC's pre - sales volume decreased [4]. - **Inventory**: The inventory of liquid caustic soda in East China decreased, while that in Shandong increased. PVC upstream factory inventory and total social inventory increased [4]. Crude Oil - **Price and Spread**: Brent, WTI, and SC prices all rose. The spreads of Brent M1 - M3, WTI M1 - M3, etc. changed significantly [7]. - **Refined Oil**: The prices of some refined oil products and their spreads changed, and the cracking spreads of some refined oil products also changed [7]. Methanol - **Price and Spread**: MA2601 and MA2509 closing prices decreased. The basis of Taicang and regional spreads changed [17]. - **Inventory**: Methanol enterprise inventory, port inventory, and social inventory all increased [17]. - **Operating Rate**: The operating rate of domestic upstream enterprises decreased, while that of overseas enterprises increased. The operating rate of downstream MTO devices increased [17]. Urea - **Price and Spread**: The prices of some urea products and their spreads changed [21]. - **Supply and Demand**: Domestic urea daily and weekly production decreased, and factory and port inventories increased [21]. PX, PTA, and Ethylene Glycol - **PX**: PX futures prices decreased, and spreads such as PX - crude oil and PX - naphtha decreased [24][25]. - **PTA**: PTA spot and futures prices changed slightly, and the processing fee increased [25]. - **Ethylene Glycol**: The price of ethylene glycol decreased, and the basis increased [25]. Pure Benzene and Styrene - **Upstream Price and Spread**: The prices of crude oil, naphtha, etc. changed, and the spreads of pure benzene - naphtha and ethylene - naphtha decreased [32]. - **Benzene and Styrene Price and Spread**: The prices of pure benzene and styrene decreased, and the basis and import profit changed [32]. - **Downstream Cash Flow**: The cash flows of some downstream products of pure benzene and styrene changed [33]. - **Inventory and Operating Rate**: The inventories of pure benzene and styrene in Jiangsu ports increased. The operating rates of some industries in the industrial chain changed [34].

Group 1 - The core viewpoint of the news is that Yaxing Chemical's stock has experienced significant fluctuations, with a year-to-date increase of 70.21% and recent trading activity showing a decline of 2.04% on September 3 [1] - As of June 30, Yaxing Chemical's shareholder count was 15,700, a decrease of 3.28% from the previous period, with an average of 20,098 circulating shares per person, an increase of 3.39% [2] - The company operates primarily in the chemical sector, focusing on the research, production, and sales of products such as caustic soda and CPE, with 99.86% of its revenue coming from chemical products [1][2] Group 2 - For the first half of 2025, Yaxing Chemical reported a revenue of 428 million yuan, a year-on-year decrease of 2.89%, and a net profit attributable to shareholders of -96.534 million yuan, a decline of 54.70% [2] - The company has not distributed any dividends in the last three years, with a total payout of 224 million yuan since its A-share listing [3]

Group 1 - The legal opinion letter was issued by Shanghai Rongli Tianwen Law Firm regarding the 2025 First Extraordinary General Meeting of Shanghai Chlor-Alkali Chemical Co., Ltd. held on September 2, 2025 [1][2] - The meeting was convened in accordance with relevant laws and regulations, and the notice was issued more than 15 days prior to the meeting, complying with the requirements [2][3] - A total of 304 participants attended the meeting, representing 588,906,936 shares with voting rights, which is 50.9259% of the total voting shares [3][4] Group 2 - The voting method combined on-site and online voting, with specific time slots for each voting method outlined in the notice [3][4] - The voting results showed that 542,433,328 shares were in favor of the proposals, accounting for 92.1085% of the total voting shares present [4][5] - The legal opinion concluded that the meeting's procedures, participant qualifications, and voting results were all in compliance with applicable laws and the company's articles of association [5]

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View The chlor-alkali - PVC industry is currently in a "subsidizing chlorine with caustic soda" situation. The downstream of caustic soda, such as the alumina industry, is more prosperous than the downstream of PVC, about 60% of whose terminal demand is related to real estate. The high - level operation rate of the alumina industry and new capacity additions in 2025 support the demand for caustic soda. As long as the profit of caustic soda can cover the loss of PVC, chlor - alkali integrated plants may maintain a high operation rate. The situation of strong caustic soda and weak PVC may continue until the real - estate market improves significantly or the comprehensive profit of upstream chlor - alkali integrated plants incurs continuous losses, forcing upstream production cuts [2][13][37]. 3. Summary by Directory 3.1 Upstream and Downstream Industry Chain of Caustic Soda and PVC - **Caustic Soda**: Chemical name is sodium hydroxide (NaOH), with solid and liquid forms. The main production process is the ion - exchange membrane electrolysis method. Its cost mainly comes from electricity (60%) and raw salt (20%). It is mainly used in alumina production (over 30% consumption), and also widely used in other industries. Co - produced with it are liquid chlorine and hydrogen [4][5]. - **PVC**: A polymer of vinyl chloride monomer, mainly produced by the calcium carbide method (about 80% of production) and the ethylene method (about 20% of production) in China. Its downstream consumption is mainly in the construction industry (over 60% consumption) [5][6]. - **Chlor - Alkali Balance**: In the chlor - alkali production process, 1 ton of caustic soda is accompanied by 0.886 tons of liquid chlorine. The downstream demands of the two products are different. When caustic soda demand is good and its price rises, liquid chlorine production increases, and may lead to oversupply and price decline, resulting in the "subsidizing chlorine with caustic soda" situation [8]. 3.2 Current Supply and Demand Fundamentals of Caustic Soda and PVC - **Profit Situation**: About 90.9% of PVC production capacity in China is equipped with caustic soda production devices. The industry is in a "subsidizing chlorine with caustic soda" pattern. The single - product profit of caustic soda in Shandong in August 2025 was 1500 - 1700 yuan/ton, while PVC had a loss of (- 1000) - (- 250) yuan/ton. The comprehensive profit of chlor - alkali in Shandong was 400 - 700 yuan/ton, and in the northwest region was 1300 - 1600 yuan/ton [10][13][14]. - **Inventory Situation**: The inventory of 32% liquid caustic soda in East China sample enterprises decreased by 6.37% from August 20 to August 27. The PVC inventory in sample warehouses in East and South China increased, while the PVC inventory in production enterprise factories decreased [16][18]. - **Downstream Demand Situation**: The planned alumina production capacity to be put into operation from the end of 2024 to 2025 is 1230 tons, with an estimated annual production capacity growth rate of about 10%. The monthly production of viscose staple fiber has been increasing since June - August 2025, and its inventory is low. In August 2025, the PVC powder production increased by 4.62% compared with July, and the annual cumulative production from January - August increased by 2.67% compared with the same period in 2024. The PVC supply is expected to remain high in September, and the domestic demand is expected to improve slightly but limitedly [20][26][27]. 3.3 Market Outlook The situation of strong caustic soda and weak PVC may continue until the real - estate market improves significantly or the comprehensive profit of upstream chlor - alkali integrated plants incurs continuous losses, forcing upstream production cuts. Otherwise, the weak situation of PVC is difficult to change in the short term [37].

Report Industry Investment Rating - Not provided Core Viewpoints - PVC is affected by the sentiment of the black sector and follows the decline. The supply - side pressure is large in the long - term, the demand is weak, the inventory is accumulating, and the supply - demand situation remains weak. The recommendation for PVC is to be cautiously bearish. [3][5] - The spot price of caustic soda is stable. Although the start - up rate has decreased, the demand has certain characteristics affected by transportation and season. The cost support exists, and the recommendation for caustic soda is to be cautiously bullish. [4][5] Summary by Directory Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract is 4894 yuan/ton (-13); the East China basis is -224 yuan/ton (+3); the South China basis is -134 yuan/ton (+3). [1] - Spot price: The East China calcium carbide - based PVC is quoted at 4670 yuan/ton (-10); the South China calcium carbide - based PVC is quoted at 4760 yuan/ton (-10). [1] - Upstream production profit: The semi - coke price is 630 yuan/ton (+0); the calcium carbide price is 2730 yuan/ton (+0); the calcium carbide profit is -64 yuan/ton (+0); the gross profit of PVC calcium carbide - based production is -399 yuan/ton (-176); the gross profit of PVC ethylene - based production is -628 yuan/ton (-36); the PVC export profit is 16.7 dollars/ton (+0.0). [1] - PVC inventory and start - up: The PVC in - factory inventory is 31.2 tons (+0.6); the PVC social inventory is 52.2 tons (+1.4); the PVC calcium carbide - based start - up rate is 75.24% (-0.83%); the PVC ethylene - based start - up rate is 68.66% (-3.78%); the overall PVC start - up rate is 73.33% (-1.69%). [1] - Downstream order situation: The pre - sales volume of production enterprises is 69.6 tons (-2.9). [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract is 2735 yuan/ton (+65); the basis of 32% liquid caustic soda in Shandong is -16 yuan/ton (-65). [1] - Spot price: The price of 32% liquid caustic soda in Shandong is 870 yuan/ton (+0); the price of 50% liquid caustic soda in Shandong is 1360 yuan/ton (+0). [2] - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1728 yuan/ton (+0); the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 784.5 yuan/ton (+40.0); the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 642.53 yuan/ton (-20.00); the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 1398.45 yuan/ton (-30.00). [2] - Caustic soda inventory and start - up: The liquid caustic soda factory inventory is 37.95 tons (-1.69); the flake caustic soda factory inventory is 2.14 tons (-0.22); the caustic soda start - up rate is 82.40% (-0.80%). [2] - Caustic soda downstream start - up: The alumina start - up rate is 85.58% (-0.20%); the printing and dyeing start - up rate in East China is 64.73% (+0.87%); the viscose staple fiber start - up rate is 86.02% (-0.20%). [2] Market Analysis PVC - Affected by the black sector, PVC follows the decline. Attention should be paid to the impact of macro and cost factors. The supply - side pressure is large in the long - term due to new production capacity and more production resumptions. The demand is weak with low downstream start - up and weakening exports. The inventory is accumulating, and the supply - demand situation remains weak. [3] Caustic Soda - The spot price of caustic soda is stable. The start - up rate decreases due to maintenance. The demand is affected by transportation and season. The cost support exists, and the chlor - alkali profit is at a medium level compared to the same period. [4] Strategy PVC - Unilateral: Cautiously bearish. - Inter - delivery spread: Go for a reverse spread when the PVC01 - 05 spread is high. - Inter - commodity spread: None. [5] Caustic Soda - Unilateral: Cautiously bullish. - Inter - delivery spread: Go for a positive spread when the SH10 - 01 spread is low. - Inter - commodity spread: None. [5]

Report Overview - The report provides a comprehensive analysis of various industries including polyolefins, crude oil, chlor-alkali, pure benzene-styrene, methanol, PX-PTA-EG, and urea on September 2, 2025. It presents price changes, supply-demand dynamics, and offers investment strategies for each sector. 1. Polyolefins Industry Investment Rating - Not provided Core View - In September, the polyolefin market shows a "supply decrease and demand increase" characteristic, with inventory reduction and controllable market pressure. It is recommended to hold the expanding position of the LP01 contract [2]. Summary by Catalog - **Price and Spread**: L2601, L2509, PP2601, and PP2509 futures prices declined slightly. The basis of some varieties changed, and the spread between different contracts also showed fluctuations [2]. - **Supply**: PE's early - September device maintenance volume remains high, and the scale gradually decreases after the middle of the month. PP shows a "supply - demand double - increase" situation due to new capacity release and the return of maintenance devices [2]. - **Demand**: The downstream industry's开工 rate increased compared to last month, but new orders have weak support [2]. 2. Crude Oil Industry Investment Rating - Not provided Core View - Overnight oil prices fluctuated strongly. The market is in a game between geopolitical risk support and long - term oversupply expectations. It is recommended to wait and see unilaterally in the short term and look for opportunities to expand spreads after increased volatility [4]. Summary by Catalog - **Price and Spread**: Brent, WTI, and SC crude oil prices rose. The spreads of some refined oil products and cracking spreads also changed [4]. - **Supply - Demand**: OPEC + production cuts, inventory decline, and China's strategic reserve absorption ease short - term pressure, but the expectation of war suppressing demand may lead to a 10% drop in oil prices this year and a large - scale surplus at the end of the year [4]. 3. Chlor - Alkali Industry Investment Rating - Not provided Core View - The caustic soda futures market is strong, and the PVC market is in an oversupply situation and is expected to continue to oscillate weakly [7]. Summary by Catalog - **Price and Spread**: The export profit of caustic soda decreased, and the export profit of PVC increased. The开工 rate and profit of related industries also changed [7]. - **Supply**: The开工 rate of the caustic soda and PVC industries declined [7]. - **Demand**: The开工 rate of some downstream industries of caustic soda increased, while the demand for PVC remained weak [7]. 4. Pure Benzene - Styrene Industry Investment Rating - Not provided Core View - In September, the supply - demand expectation of pure benzene weakens, and the absolute price is under pressure. The short - term driving force of styrene is weak, but there is an expectation of improvement in supply - demand later [15]. Summary by Catalog - **Price and Spread**: The prices of pure benzene and styrene decreased, and the spreads between related products also changed [13][14]. - **Supply**: The planned maintenance of pure benzene devices in September is few, and new devices are expected to be put into production. The short - term supply of styrene remains high [15]. - **Demand**: The downstream of pure benzene has multiple loss - making varieties, and the demand for styrene is currently strong but may be affected by future device maintenance [15]. 5. Methanol Industry Investment Rating - Not provided Core View - The methanol market has a problem of continuous inventory accumulation at ports, and the basis is weak. Attention should be paid to the inventory digestion rhythm [21]. Summary by Catalog - **Price and Spread**: Methanol futures prices rose slightly, and the basis and spread changed [21]. - **Supply**: Domestic and overseas methanol enterprises'开工 rate changed, and imports in September are still large [21]. - **Demand**: Traditional downstream demand is weak, and attention should be paid to the restart of MTO devices at ports [21]. 6. PX - PTA - EG Industry Investment Rating - Not provided Core View - The supply - demand of PX, PTA, and EG is expected to improve, and short - fiber also has a good supply - demand expectation, but the de - stocking amplitude is limited [25]. Summary by Catalog - **Price and Spread**: PX, PTA, and EG prices and spreads changed. PTA's processing margin decreased slightly [25]. - **Supply**: PX's maintenance devices restart, PTA's planned unplanned maintenance increases, and domestic EG's开工 rate is high [25]. - **Demand**: The polyester and terminal loads increased, and the "Golden September and Silver October" expectation still exists [25]. 7. Urea Industry Investment Rating - Not provided Core View - The urea futures market is weak, mainly due to weak demand. The upward pressure on the futures price is large under high - supply conditions [34]. Summary by Catalog - **Price and Spread**: Urea prices in some regions decreased slightly, and the spreads between different regions also changed [34]. - **Supply**: Although there are local maintenance plans, the daily output remains at about 180,000 tons [34]. - **Demand**: Agricultural off - season and industrial on - demand procurement suppress domestic demand, and dealers' fertilizer - stocking willingness is low [34].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Supply is expected to tighten as more chlor - alkali plants are scheduled for maintenance in September, and the capacity utilization rate is predicted to continue to decline [1]. - Alumina industry's strong profit and production intention support caustic soda demand, and non - aluminum demand has a seasonal increase with some idle plants restarting [1]. - Shandong's liquid caustic soda inventory pressure is low. Spot prices have room to rise due to improved supply - demand. Future production expectations will still suppress far - month contract prices, and near - month contracts are expected to be stronger than far - month contracts [1]. - Technically, attention should be paid to the resistance around 2760 for SH2601 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The main contract closing price of caustic soda is 2735 yuan/ton, the 1 - month contract closing price is 2735 yuan/ton, and the 5 - month contract closing price is 2794 yuan/ton [1]. - The net position of the top 20 futures is - 4746 lots. The main contract trading volume is 672088 lots, and the main contract position is 129563 lots [1]. 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong is 870 yuan/ton, and in Jiangsu is 910 yuan/ton. Shandong's 32% caustic soda converted to 100% price is 2718.75 yuan/ton, and the basis is - 16 yuan/ton [1]. 3.3 Upstream Situation - The mainstream price of raw salt in Shandong and the Northwest is 210 yuan/ton, and the price of steam coal is 643 yuan/ton [1]. 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong is - 400 yuan/ton, and in Jiangsu is - 200 yuan/ton [1]. 3.5 Downstream Situation - The spot price of viscose staple fiber is 13040 yuan/ton, and the spot price of alumina is 3150 yuan/ton [1]. - From August 21st to 28th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 82.4%, a week - on - week decrease of 0.8% [1]. 3.6 Industry News - As of August 28th, the inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above nationwide was 379,600 tons (wet tons), a week - on - week decrease of 4.25% and a year - on - year increase of 28.84% [1]. - SH2601 rose 2.82% to close at 2735 yuan/ton. Last week, two plants in Central China had short - term shutdowns, and one in Central China and two in the Northwest restarted. The caustic soda capacity utilization rate decreased by 0.8% week - on - week to 82.4% [1]. - Last week, the alumina operating rate decreased by 0.2% week - on - week to 85.58%, the viscose staple fiber operating rate decreased by 0.2% week - on - week to 86.02%, and the printing and dyeing operating rate increased by 0.87% week - on - week to 64.73% [1]. - Last week, the liquid caustic soda factory inventory decreased by 4.25% week - on - week to 379,600 tons, showing significant destocking [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report No clear core viewpoints are explicitly stated in the provided content. 3. Summary by Relevant Catalogs PART ONE: Main Views and Strategy Overview - The report presents a table of caustic soda's main weekly data, including prices, production, operating rates, inventory, and cost - profit data. For instance, the futures price of caustic soda is 2670.0 yuan/ton, down 2.59% from last week; China's production is 810,000 tons, down 0.38% [4]. PART TWO: Review of Futures and Spot Market Quotes - Multiple charts are presented, showing the trends of caustic soda's basis, prices of different types of caustic soda (such as 32% and 50% caustic soda), and trading volume of different contracts over different time periods from 2019 to 2025 [7][10][12] PART THREE: Caustic Soda Supply - Demand Fundamental Data - There are various charts showing data related to caustic soda's supply - demand fundamentals, including device loss volume, capacity utilization, inventory in different regions of China (such as North China, East China, and Northwest China), and ECU profits in different provinces (such as Shandong, Jiangsu, and Zhejiang) from 2019 to 2025 [30][33][35] - Charts also display the operating rates of downstream industries such as epoxy chloropropane, epoxy propane, and PVC, as well as the operating rates in different regions like Shandong and Northwest China over different time periods [69]