1. Report Industry Investment Ratings No information is provided regarding the industry investment ratings in the given reports. 2. Core Views of the Reports - **Urea**: On January 30, the urea futures oscillated and pulled back, and the spot price remained stable. The supply is sufficient as domestic urea enterprises are operating at a high level. Industrial demand is average, while agricultural demand is picking up. It is expected that the urea market will fluctuate slightly before the Spring Festival. The main contract is expected to trade in the range of 1760 - 1820 yuan/ton [1]. - **Pure Benzene - Styrene**: In February, the supply - demand situation of pure benzene is expected to improve slightly, but due to high import pressure and port inventories, its price may follow the trend of oil prices and downstream styrene. Styrene's supply - demand is expected to turn loose in February. With high oil prices and weakening demand, the price of both is expected to face pressure. The strategy is to short lightly on a single - side basis and shrink the EB - BZ spread when it is high [2]. - **Natural Rubber**: The supply is contracting as some regions are moving towards reduced production and suspension of tapping. The cost support is strengthening due to rising overseas raw material prices. Demand is weakening as some enterprises are on holiday. The inventory in Qingdao is decreasing. It is recommended to try long positions [3]. - **Polyolefins (LLDPE & PP)**: Before the Spring Festival, far from the delivery month, the price is driven by macro factors and market sentiment. Fundamentally, supply and demand are both decreasing, and inventory is being depleted. In the short term, the price will maintain a strong - side oscillation, but the upward space is limited [7]. - **Methanol**: The methanol market is in a situation of weak supply and demand. The inventory in the inland area is slightly decreasing, and the port inventory is also slightly decreasing. However, the weak MTO demand suppresses the price rebound. The key variables are the import volume from Iran and geopolitical factors [10]. - **Glass - Soda Ash**: Soda ash is in a situation of strong supply and weak demand, with a slight increase in inventory. It is expected to oscillate in a range before the Spring Festival. Glass has weak supply and demand, and the inventory is still at a high level compared to the same period last year. It is also expected to oscillate in a range before the Spring Festival [12]. - **Polyester Industry Chain**: In the first quarter, the supply - demand of PX and PTA is expected to weaken. In February, PTA may face significant inventory accumulation. Ethylene glycol has a near - term weak and long - term strong supply - demand pattern. Short - fiber and bottle - chip also face weak supply - demand in February. Strategies for each product mainly involve light - position operations, observing spreads, and option trading [13]. - **Crude Oil**: In January, international oil prices were generally strong, but the rebound space is limited due to the weak supply - demand pattern. In February, the supply is expected to increase, and demand remains weak. The price may face a callback if geopolitical risks do not expand further [14]. - **LPG**: The price of LPG futures is decreasing. The inventory in ports is decreasing, and the downstream PDH operating rate is decreasing. The market situation needs to be further observed [17]. - **PVC - Caustic Soda**: Caustic soda's supply - demand imbalance persists, and the futures' rebound height is expected to be limited. PVC's supply is slowly increasing, demand is decreasing due to the festival, and the inventory is increasing. The price is supported by cost and market sentiment [20]. 3. Summaries According to Relevant Catalogs Urea - **Futures Prices**: On January 30, the closing prices of 01, 05, 09 contracts and the main contract decreased compared to January 29, with the main contract down 1.36% [1]. - **Futures Contract Spreads**: The spreads between different contracts changed, with the 01 - 05 spread down 6.67% and the 09 - 01 spread up 600.00% [1]. - **Main Force Positions**: The long and short positions of the top 20 decreased, with the long positions down 3.11% and the short positions down 6.58% [1]. - **Upstream Raw Materials**: The prices of most upstream raw materials remained stable, with the price of synthetic ammonia in Shandong down 0.46% [1]. - **Spot Prices**: The spot prices in different regions had slight changes, with the price in Shandong (small - particle) up 0.56% [1]. - **Supply - Demand**: The daily and weekly production of domestic urea increased, and the inventory in factories and ports changed. The production enterprises' order days increased [1]. Pure Benzene - Styrene - **Upstream Prices and Spreads**: The prices of Brent and WTI crude oil decreased slightly, and the prices of pure benzene - related products also changed. The pure benzene - naphtha spread decreased by 3.8% [2]. - **Styrene - Related Prices and Spreads**: The prices of styrene in the spot and futures markets decreased, and the EB - BZ spread decreased [2]. - **Downstream Cash Flows**: The cash flows of downstream products such as phenol and aniline changed, with the EPS cash flow up 666.7% [2]. - **Inventory**: The inventories of pure benzene and styrene in Jiangsu ports increased [2]. - **Industry Operating Rates**: The operating rates of pure benzene and styrene industries and their downstream industries changed, with the domestic pure benzene operating rate up 0.9% [2]. Natural Rubber - **Spot Prices and Basis**: The spot price of Yunnan state - owned whole - latex decreased, and the basis increased [3]. - **Monthly Spreads**: The spreads between different contracts changed, with the 9 - 1 spread down 13.49% [3]. - **Fundamental Data**: The production in Thailand, Indonesia, India, and China in December changed, and the operating rates of tire factories and the production and export of tires also changed [3]. - **Inventory Changes**: The inventory in bonded areas and the futures inventory in factories decreased [3]. Polyolefins (LLDPE & PP) - **Futures Prices**: The closing prices of L2605, L2609, PP2605, and PP2609 decreased on January 30 compared to January 29 [7]. - **Spreads**: The spreads between different contracts and varieties changed, with the LP05 spread up 6.15% [7]. - **Spot Prices and Basis**: The spot prices of LLDPE and PP decreased, and the basis of LLDPE increased [7]. - **Non - Standard Prices**: The prices of non - standard PE and PP products changed slightly [7]. - **Operating Rates**: The operating rates of PE and PP devices and their downstream industries changed, with the PE device operating rate up 0.81% [7]. - **Inventory**: The inventories of PE and PP enterprises and the social inventory changed, with the PE enterprise inventory down 3.58% [7]. Methanol - **Prices and Spreads**: The closing prices of MA2605 and MA2609 decreased, and the MTO05盘面 increased by 19.38% [10]. - **External Prices**: The CFR China price of methanol decreased slightly [10]. - **Inventory**: The enterprise inventory decreased, and the port inventory increased slightly [10]. - **Operating Rates**: The operating rates of upstream and downstream enterprises changed, with the overseas enterprise operating rate down 14.19% [10]. Glass - Soda Ash - **Glass Prices and Spreads**: The spot prices in different regions and the futures prices of glass decreased, and the basis increased [12]. - **Soda Ash Prices and Spreads**: The spot prices in different regions remained stable, and the futures prices of soda ash decreased, with the basis increasing [12]. - **Supply**: The operating rate of soda ash decreased, and the daily melting volume of float glass and photovoltaic glass changed slightly [12]. - **Inventory**: The inventory of glass factories decreased, and the inventory of soda ash factories increased slightly [12]. - **Real Estate Data**: The year - on - year changes in new construction area, construction area, completion area, and sales area of real estate improved to some extent [12]. Polyester Industry Chain - **Upstream Prices**: The prices of Brent and WTI crude oil and other upstream products changed, with the price of PX decreasing [13]. - **Downstream Product Prices and Cash Flows**: The prices of polyester products such as POY, FDY, and DTY increased, and the cash flows changed [13]. - **PX - Related Prices and Spreads**: The prices and spreads of PX products changed, with the PX - naphtha spread down 1.7% [13]. - **PTA - Related Prices and Spreads**: The price of PTA increased, and the basis and processing fees changed [13]. - **MEG - Related Prices and Spreads**: The price of MEG decreased, and the basis and spreads changed [13]. - **Industry Operating Rates**: The operating rates of PX, PTA, MEG, and polyester industries changed, with the MEG comprehensive operating rate up 1.8% [13]. Crude Oil - **Prices and Spreads**: The prices of Brent, WTI, and SC crude oil changed, with the SC price up 3.40%. The spreads between different contracts and varieties also changed [14]. - **Refined Oil Prices and Spreads**: The prices of NYM RBOB, NYM ULSD, and ICE Gasoil increased, and the spreads between different contracts changed [14]. - **Refined Oil Crack Spreads**: The crack spreads of refined oil products such as gasoline and diesel changed, with the US diesel crack spread up 15.10% [14]. LPG - **Prices and Spreads**: The prices of PG2603, PG2604, and PG2605 decreased, and the spreads between different contracts changed [17]. - **External Prices**: The prices of FEI and CP swaps changed, with the FEI M1 contract down 0.98% [17]. - **Inventory**: The LPG refinery storage ratio increased slightly, and the port inventory decreased [17]. - **Operating Rates**: The operating rates of upstream and downstream enterprises changed, with the downstream PDH operating rate down 2.46% [17]. PVC - Caustic Soda - **PVC and Caustic Soda Spot & Futures**: The prices of PVC and caustic soda futures and spot changed, with the price of PVC increasing [20]. - **Caustic Soda Overseas Quotes & Export Profits**: The FOB price of caustic soda decreased, and the export profit increased [20]. - **PVC Overseas Quotes & Export Profits**: The CFR price of PVC remained stable, and the FOB price of PVC increased, with the export profit increasing significantly [20]. - **Supply**: The operating rates of the chlor - alkali industry and the profits of different production methods changed, with the PVC total operating rate down 1.1% [20]. - **Demand**: The operating rates of caustic soda and PVC downstream industries changed, with the alumina industry operating rate down 2.1% [20]. - **Inventory**: The inventories of caustic soda and PVC changed, with the PVC total social inventory down 5.8% [20].