Report Industry Investment Ratings - Urea: Neutral (not explicitly stated in a clear rating system but based on the context of market analysis) [6] - Methanol: Consider buying the 5 - 9 month spread, but with caution [6] - Pure Benzene: Bearish bias, consider option configuration [3] - Styrene: Price supported but limited upside [3] - Polypropylene: Slight bearish due to supply increase and weak demand [2] - Plastic: Bearish due to increased supply and weak demand [2] - PVC: Follow cost - end changes, supply high and demand weak [7] - Caustic Soda: Weak operation, follow profit changes [7] - PX: Strong before new capacity, short - term supply - demand weakening [5] - PTA: Cost - driven, reduced inventory build - up expectation [5] - Ethylene Glycol: Short - term rebound expected but limited space [5] - Short Fiber: Price follows raw materials, no new investment pressure [5] - Bottle Chips: Cost - driven, long - term over - capacity pressure [5] - Soda Ash: Bullish short - term, oversupply long - term [8] - Glass: Limited downside, consider long - glass short - soda strategy [8] Core Views - The overall chemical market is complex, with different products showing various trends based on supply, demand, cost, and market sentiment factors. Some products have short - term bullish or bearish trends, while others face long - term challenges such as over - capacity [2][3][5] Summary by Related Catalogs Olefins - Polyolefins - Two - olefin futures contracts are fluctuating around the 5 - day moving average. Plastic and polypropylene futures are weak due to increased supply and weak demand. Polyethylene supply pressure increases with reduced maintenance and more shipments, and demand from downstream industries is weak. Polypropylene supply is expected to increase slightly, and demand is limited [2] Pure Benzene - Styrene - Pure benzene futures are weak, and the rebound is bearish. Consider option configuration. Styrene price is supported by tight supply - demand balance but has limited upside due to uncertain cost and demand support [3] Polyester - PX is strong before new capacity but short - term supply - demand is weakening. PTA is cost - driven with reduced inventory build - up expectation. Ethylene glycol has a short - term rebound expectation but limited space. Short fiber price follows raw materials, and bottle chips are cost - driven with long - term over - capacity pressure [5] Coal Chemicals - Methanol can consider buying the 5 - 9 month spread due to overseas production cuts and low valuation, but be cautious of weak reality. Urea supply is sufficient, and the market may return to a stalemate [6] Chlor - Alkali - PVC has good export to India but weak domestic demand, and it may follow cost - end changes. Caustic soda is in a weak operation due to high supply and low demand [7] Soda Ash - Glass - Soda ash is de - stocking and bullish short - term but oversupplied long - term. Glass has limited downside and can consider the long - glass short - soda strategy [8]

Report Industry Investment Ratings - Urea: ★☆☆ [1] - Methanol: ★☆☆ [1] - Pure Benzene: ★☆☆ [1] - Styrene: ★☆☆ [1] - Propylene: ★☆☆ [1] - Plastic: ★★★ [1] - PVC: ★☆☆ [1] - Caustic Soda: ☆☆☆ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ☆☆☆ [1] - Glass: ななな [1] - Soda Ash: ☆☆☆ [1] - Bottle Chip: 女女女 [1] Core Views - The overall supply of the chemical industry is relatively loose, and short - term demand release cannot provide continuous driving force. The cost and macro - aspects lack clear guidance [2]. - Different chemical products face various supply - demand situations and price trends, with most products under downward pressure or in a state of uncertainty [2][3][4][5][6][7] Summary by Directory Olefins - Polyolefins - Propylene demand has improved temporarily, but overall supply is abundant, and short - term demand cannot drive continuously. Plastic and polypropylene futures closed down. Domestic supply of polyethylene increases, and demand shows weakness. For polypropylene, supply pressure increases, and demand is weak [2]. Pure Benzene - Styrene - Pure benzene price is weak, with a small decline in East China spot and stable Shandong quotes. There are short - term consolidation and medium - term negatives. Benzene - styrene maintains a tight supply - demand balance, but there are concerns about future supply - demand, and the price is under pressure [3]. Polyester - PX and PTA prices decreased. PX supply rises, PTA load drops, and there is a risk of inventory accumulation. Ethylene glycol supply has growth pressure, and demand is expected to weaken. Short - fiber demand may decline, and bottle - chip demand fades [4]. Coal Chemical Industry - Methanol price continues to fall, with high expected arrivals in November and weak downstream demand. Urea price drops, with a weak supply - demand situation and a high probability of price decline in the short term [5]. Chlor - Alkali - PVC price drops, with weak cost support, high supply, and low demand. Caustic soda fluctuates, with good liquid chlorine prices, but high inventory pressure [6]. Soda Ash - Glass - Soda ash price weakens slightly, with cost increases and high - pressure supply in the long term. Glass price drops, with cost increases, reduced profit, and low - inventory replenishment sentiment [7]

1. Report Industry Investment Ratings - Urea: Not specified in the report [1] - Methanol: Not specified in the report [1] - Pure Benzene: Not specified in the report [1] - Styrene: ★☆★, indicating a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1][9] - Polypropylene: ★☆☆, representing a bullish bias but with limited operability on the disk [1] - Plastic: ★☆★, suggesting a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - PVC: Not specified in the report [1] - Caustic Soda: ☆☆☆, indicating a bearish trend [1] - PX: ★☆★, suggesting a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - PTA: ★☆★, suggesting a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - Ethylene Glycol: ★☆☆, representing a bullish bias but with limited operability on the disk [1] - Short - fiber: ★☆★, suggesting a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - Glass: Not specified in the report [1] - Soda Ash: ☆☆☆, indicating a bearish trend [1] - Bottle Chip: ★☆☆, representing a bullish bias but with limited operability on the disk [1] - Propylene: ☆☆☆, indicating a bearish trend [1] 2. Core Views - The prices of various chemical products are affected by multiple factors such as supply - demand relationship, cost, and market sentiment. For example, short - term oil price fluctuations affect the cost of some products, and supply - side changes and downstream demand trends determine the price trends of different products [2][3][5] - Different products have different price trends and investment suggestions. Some products are expected to have long - term downward pressure due to over - supply, while others may have short - term rebounds due to certain events but still face long - term challenges [5][6][7] 3. Summary by Related Catalogs 3.1 Olefins - Polyolefins - Propylene futures fluctuate narrowly. Short - term oil price increases support costs, but supply pressure is difficult to relieve due to expected increases in supply [2] - Plastic and polypropylene futures close slightly higher. For polyethylene, domestic supply increases, demand has both positive and negative factors, and cost and macro - news support the market. For polypropylene, supply is abundant, and downstream demand provides limited support [2] 3.2 Pure Benzene - Styrene - The price of traditional benzene is weak. Port inventory is decreasing, but mid - term import pressure is high. The focus is on port inventory accumulation [3] - Styrene futures fluctuate around the 5 - day moving average. Short - term oil price rebounds relieve cost pressure, but long - term price is suppressed by high inventory [3] 3.3 Polyester - PX and PTA prices are weak in the morning and rebound in the afternoon. Downstream demand is currently okay but is expected to weaken. Supply pressure is high. Based on the industry meeting news, there is an expectation of "anti - involution" [5] - Ethylene glycol production increases. The polyester industry chain rebounds, driving ethylene glycol up. Short - term negatives weaken, but mid - term inventory accumulation is expected [5] - Short - fiber has a good spot pattern, but may accumulate inventory again. Bottle - chip demand is weak, and long - term pressure comes from over - capacity [5] 3.4 Coal Chemical Industry - Methanol futures remain at a low level. Port inventory increases slightly, and the market is likely to maintain low - level fluctuations [6] - Urea price increase lacks momentum. Supply - demand imbalance persists, but there may be a phased rebound at low prices [6] 3.5 Chlor - alkali - PVC price rises slightly at a low level. The supply - demand pattern is weak, and it may operate in a bottom - range [7] - Caustic soda price fluctuates at a low level. Supply pressure is high, and downstream demand is average, so the price is expected to remain low [7] 3.6 Soda Ash - Glass - Soda ash price fluctuates strongly. Cost increases, supply is high, and it is recommended to be cautious when short - selling near the cost of traditional soda ash [8] - Glass price fluctuates narrowly. Inventory is increasing, and the price decline may be limited due to low valuation [8]

Report Industry Investment Ratings - Propylene, plastic: ☆☆☆ [1] - Pure benzene, styrene: ☆☆☆ [1] - PX, PTA: ☆☆☆ [1] - Ethylene glycol, short - fiber: ☆☆☆ [1] - Bottle chips, methanol: ☆☆☆ [1] - Urea, PVC: ☆☆☆ [1] - Caustic soda, soda ash: ☆☆☆ [1] - Glass: ☆☆☆ [1] Core Views - The overall chemical market shows a complex situation with different products having different supply - demand relationships, price trends, and influencing factors. Some products are facing supply pressure and weak demand, while others have certain support from demand but also face future uncertainties [2][3][5] Summary by Category Olefins - Polyolefins - Olefin futures' main contracts fluctuated narrowly. Supply is controllable as restarting devices are not in place, and downstream demand provides some price support [2] - Polyolefin futures' main contracts also fluctuated narrowly. Polyethylene maintenance decreased with increased domestic production, and downstream has pre - holiday stocking demand but faces post - holiday de - stocking pressure. Polypropylene prices are under pressure due to multiple factors such as demand differentiation, supply pressure, and high inventory [2] Pure Benzene - Styrene - Pure benzene oscillated downward. Although the current fundamental situation is okay with port inventory decreasing and spot price being relatively firm, high import volume and expected demand decline drag the market [3] - Styrene futures' main contracts fluctuated narrowly. Cost - end oil price provides support, but high inventory suppresses the price [3] Polyester - PX's strong expectation weakened, and PTA's profitability is still poor. Although the pre - holiday stocking in the polyester yarn industry has reduced inventory pressure, post - holiday demand is expected to weaken, and the supply - demand situation remains under pressure [5] - Ethylene glycol's domestic operation decreased slightly, and port inventory is low. However, new device trials and weakening demand may lead to a weak supply - demand situation in the fourth quarter [5] - Short - fiber's new capacity is limited, and inventory decreased. The pre - holiday stocking has fulfilled the positive expectation. Bottle chips showed a short - term strong trend due to typhoon - affected device shutdown, but long - term over - capacity is a pressure [5] Coal Chemical Industry - Methanol's main contract oscillated. Port inventory is expected to increase after the holiday, and the market is expected to be weak [6] - Urea prices increased slightly, but downstream follow - up is cautious. The domestic supply - demand situation is loose, and attention should be paid to policy adjustments [6] Chlor - Alkali - PVC oscillated weakly with high supply and high inventory. Domestic downstream pre - holiday stocking intention is low, and foreign demand is weak [7] - Caustic soda's futures price oscillated under the weak situation. Although there is an expectation of downstream stocking before alumina production, the current supply is high [7] Soda Ash - Glass - Soda ash weakened. The industry is de - stocking, and the downstream pre - holiday stocking is nearly over. The long - term supply is in excess [8] - Glass prices fell from a high level. Some manufacturers plan to increase prices, and attention should be paid to downstream restocking sentiment [8]

Report Industry Investment Ratings - Propylene, Polyolefins, Styrene, PTA, Short Fiber, Bottle Chip, Methanol, Urea, PVC, and Glass are rated ☆☆☆, indicating a clearer long/short trend and relatively appropriate investment opportunities currently [1]. - Pure Benzene is rated ☆☆☆, suggesting a clearer long/short trend and relatively appropriate investment opportunities currently [1]. - Ethylene Glycol is rated ☆☆☆, meaning a clearer long/short trend and relatively appropriate investment opportunities currently [1]. - Caustic Soda is rated ☆☆☆, indicating a clearer long/short trend and relatively appropriate investment opportunities currently [1]. - Soda Ash is rated ☆☆☆, suggesting a clearer long/short trend and relatively appropriate investment opportunities currently [1]. Report's Core View - In the chemical industry, different products present diverse market conditions. Some products have positive short - term trends but face long - term supply - demand imbalances, while others are affected by factors such as weather, downstream demand, and production capacity changes [2][3][5]. Summary by Related Catalogs Olefins - Polyolefins - Propylene futures rose slightly. Supply is increasing, but lower prices led to better low - price sales. Polyolefins futures also rose slightly. Polyethylene has inventory pressure, and polypropylene's supply is still ample despite some improvement in the packaging sector [2]. Pure Benzene - Styrene - Pure benzene futures rebounded slightly. Its weekly production decreased, and port inventory declined, but high import expectations and poor downstream profits weakened the outlook. Styrene futures rose slightly but remained below the 5 - day moving average, with sufficient supply and weak demand [3]. Polyester - PX's strong supply - demand expectations weakened, but an oil price rebound drove up PX and PTA prices. PTA's profitability is poor. Ethylene glycol prices fell, with weak expectations. Short - fiber new capacity is limited, and demand is improving. Bottle - chip production was affected by typhoons, but long - term over - capacity is a concern [5]. Coal Chemical Industry - Methanol stopped falling. Port unloading was slow, and MTO plant operations increased, leading to port de - stocking. However, high port inventory limited price increases. Urea prices rose, but supply still exceeded demand, and the export window is closing [6]. Chlor - Alkali - PVC's supply - demand is loose, with high inventory. It may show a weak and volatile trend. Caustic soda has a weak current situation but strong future expectations, and the 2510 - 2601 spread may widen [7]. Soda Ash - Glass - Soda ash rose with glass. Soda ash production is expected to increase, and long - term supply is excessive. Glass prices rose due to industry meetings and planned price hikes. In the short - term, it may be strong, but long - term trends depend on capacity reduction [8].

Report Industry Investment Ratings - Urea: ☆☆☆ (indicating a short - term relatively balanced state with poor operability on the current trading floor) [1] - Methanol: ★★★ (indicating a clearer long - position trend with relatively appropriate investment opportunities) [1] - Pure Benzene: ★★★ [1] - Styrene: ★★★ [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 Chip: ☆☆☆ [1] - Propylene: ☆☆☆ [1] Core Viewpoints - The overall performance of the chemical industry is weak, with different products showing varying trends in supply, demand, and price [2][3][5] - Some products may have short - term price fluctuations due to factors such as changes in supply and demand, seasonal factors, and cost pressures [2][5][6] Summary by Category Olefins - Polyolefins - Olefin futures main contracts continued to decline. Propylene demand improved as prices dropped, but market supply showed an increasing trend [2] - Polyolefin futures main contracts had a narrow decline. Polyethylene demand increased as downstream factory operating rates rose, and supply decreased due to many domestic maintenance enterprises. Polypropylene supply may slightly shrink, but downstream procurement enthusiasm was restricted [2] Pure Benzene - Styrene - Pure benzene continued its weak trend, with a slight decline in weekly开工 and low - level fluctuations in processing margins. The domestic pure benzene market supply - demand may improve in the third quarter, but high import volume expectations suppressed market sentiment [3] - Styrene futures main contracts declined. Supply had unplanned reductions, but demand entered a dull period, and there may be low - price promotions by northern enterprises before the National Day [3] Polyester - PTA price was under pressure, and the PTA - PX spread continued to rebound. The short - term market was weak, but there was an expectation of downstream stocking before the festival [5] - Ethylene glycol returned to the bottom of the range. Domestic开工 increased slightly, and the market was expected to be weak, but the actual supply pressure was not large [5] - Short - fiber futures prices declined. Near - month short - fiber could be allocated more on the long side, and positive spreads could be bought at low prices [5] - Bottle chip operating rate slightly declined, with a slight reduction in inventory and a small repair in processing margins, but the long - term pressure of over - capacity limited the repair space [5] Coal Chemical Industry - Methanol main contracts showed a strong - side shock. Short - term supply - demand difference was expected to narrow, and long - term attention should be paid to the actual implementation of overseas gas restrictions [6] - Urea main contracts continued to decline. The domestic urea market remained in a state of loose supply - demand, with the market oscillating at a low level [6] Chlor - Alkali - PVC remained in a state of loose supply - demand, with large inventory pressure. It may have an oscillating and weak trend [7] - Caustic soda showed regional differentiation. The futures price may oscillate [7] Soda Ash - Glass - Soda ash had inventory accumulation again. In the short - term, it was expected to fluctuate with the macro - sentiment, and the long - term supply surplus pattern remained unchanged [8] - Glass continued the pattern of high supply and weak demand. The futures price was expected to fluctuate with the macro - sentiment [8]

Report Industry Investment Ratings - Urea: ★★★ - Methanol: ★★★ - Pure Benzene: ★★★ - Styrene: ★★★ - Polypropylene: ★★★ - Plastic: ★★★ - PVC: ★★☆ - Caustic Soda: ★★★ - PX: ★★★ - PTA: ★★★ - Ethylene Glycol: ★★★ - Short Fiber: ★★★ - Soda Ash: ★☆☆ - Bottle Chip: ★★★ - Propylene: ★★★ - Glass: ★★★ [1] Core Viewpoints - The olefins and polyolefins market shows mixed trends with different factors influencing prices. The polyester market is affected by supply - demand dynamics and cost factors. The coal - chemical market has supply and demand changes due to seasonal factors. The chlor - alkali market is facing supply and demand imbalances. The soda - ash and glass market is in a weak situation with different outlooks for the future [2][4][5][6][7] Summary by Directory Olefins - Polyolefins - Olefins futures: The intraday trend of the main contracts of olefins futures is first down then up. Production enterprise inventory pressure is controllable, but downstream product cost pressure rises, limiting the upward space of propylene prices. There is still market rigid demand support [2] - Polyolefins futures: The main contracts of polyolefins futures fluctuate narrowly. The demand of the polyethylene downstream agricultural film industry continues to follow up, but overall orders may decline slightly. The supply pressure of polypropylene increases, and the weak fundamentals drag down the market [2] Pure Benzene - Benzene: The price of benzene continues to be weak. Domestic supply increases, demand is weak, and the port inventory accumulates slightly. There is an expectation of supply - demand improvement in the third quarter, but the real - time demand is weak [3] - Styrene: The main contract of styrene futures closes down in a volatile manner. Crude oil and pure benzene cannot provide effective support. Demand is weak and stable, supply is high, and port inventory accumulates significantly [3] Polyester - PX: The price of PX fluctuates with support at the lower integer level. The supply - demand expectation improves, but the real - time improvement is limited, and it is in a range - bound oscillation [4] - PTA: It runs below 4800 yuan/ton. Terminal weaving orders increase, but the real - time improvement is limited, and it is in a range - bound oscillation [4] - Ethylene Glycol: It falls back after hitting resistance at the 4500 yuan/ton level. The domestic load continues to increase, and it is expected to maintain range - bound oscillation [4] - Short Fiber: The supply and demand are stable. The price mainly fluctuates with the cost. If the demand improvement is realized in the medium - term, it can be considered for long - position allocation [4] - Bottle Chip: The industry has over - capacity, and the processing margin runs at a low level [4] Coal - Chemical - Methanol: The intraday methanol market is first weak then strong. The supply of inland methanol increases, traditional downstream average start - up declines, and inventory accumulates. But there is an expectation of a stronger market due to downstream device economic repair and pre - holiday stocking [5] - Urea: The futures and spot prices of urea continue to oscillate at a low level. Daily production decreases slightly but is still high year - on - year. The inventory of production enterprises increases, and port inventory also increases. Attention should be paid to the market sentiment around the Indian tender opening [5] Chlor - Alkali - PVC: It weakens. The cost support is not obvious, supply pressure is high, downstream procurement is not active, and social inventory accumulates. The futures price may oscillate weakly [6] - Caustic Soda: It performs strongly. There is still an overhaul expectation in East China, and the inventory pressure is small. The price is relatively firm but may face supply pressure in the future and is expected to be in a wide - range oscillation [6] Soda - Ash and Glass - Soda Ash: It continues to decline. The supply is expected to increase, and the inventory in the industrial chain is high. In the long - term, it is in a supply - demand surplus situation, and short - selling at high rebounds is recommended [7] - Glass: The weak situation continues, and the futures price drops sharply. The spot price decline narrows, and the glass factory destocks. The real - time situation is weak, but at a low - valuation level, long - position at the coal cost level can be considered [7]

Report Industry Investment Ratings - Urea: ★☆☆ (one star, indicating a bullish/bearish bias with limited trading opportunities) [1] - Methanol: ★☆☆ [1] - Pure Benzene: ★★★ (three stars, indicating a clear bullish/bearish trend with good investment opportunities) [1] - Styrene: ★★★ [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 Chip: ★★★ [1] - Propylene: ★★★ [1] Core Viewpoints - The petrochemical industry is generally weak, with prices of most products under pressure due to supply - demand imbalances and other factors [2][3][5] - Different sub - industries have their own supply - demand characteristics, and price trends are affected by factors such as production capacity changes, seasonal demand, and inventory levels [2][3][5] Summary by Relevant Catalogs Olefins - Polyolefins - Propylene futures closed down. Tight supply - demand and pre - stocking by downstream due to upcoming events support price hikes, but limited by downstream profit compression [2] - Polyolefin futures had narrow - range fluctuations. Polyethylene supply pressure eased with increased maintenance, while polypropylene supply is expected to increase slightly, and the supply - demand fundamentals remain weak [2] Pure Benzene - Pure benzene prices continued to fall. Domestic supply increased, demand was weak, and the BZ - NAP spread narrowed. There is an expectation of supply - demand improvement in Q3 and pressure in Q4 [3] - Styrene futures closed down. With weak raw material support and sufficient supply, there is still room for price decline without effective trading volume growth [3] Polyester - PX and PTA prices fluctuated. Terminal demand is rising, but the actual improvement is limited, and they are expected to continue range - bound [5] - Ethylene glycol prices rebounded to the top of the range, but the upward momentum is expected to weaken, and it is expected to maintain range - bound [5] - Short fiber supply - demand is stable, and prices mainly follow costs. There is a positive outlook for the peak season, and long - position allocation can be considered if demand improves [5] - Bottle chip industry faces long - term over - capacity pressure, and the processing margin is low [5] Coal Chemicals - Methanol futures had low - level fluctuations. Port inventory reached a high, and the supply is expected to increase after the end of autumn maintenance. Attention should be paid to the macro - environment and the restart of MTO plants [6] - Urea futures had a weak performance. Spot trading improved slightly, but supply is high, and there is a risk of price fluctuations due to export news [6] Chlor - Alkali - PVC prices weakened. With new capacity coming online and weak demand, the price is expected to fluctuate weakly [7] - Caustic soda prices fell from a high. Although there is support from demand, the supply pressure remains, and prices are expected to face pressure at high levels [7] Soda Ash - Glass - Soda ash prices weakened. Supply decreased slightly, but inventory is high, and it is recommended to short at high prices [8] - Glass futures rose due to delivery. Spot price decline slowed down, and there is a possibility of price support during the peak season [8]

Report Industry Investment Ratings - Urea: Not rated - Methanol: ★☆☆ [1] - Pure Benzene: Not rated - Styrene: Not rated - Polypropylene: ☆☆☆ [1] - Plastic: ☆☆☆ [1] - PVC: Not rated - Caustic Soda: Not rated - PX: Not rated - PTA: ☆☆☆ [1] - Ethylene Glycol: Not rated - Short Fiber: ☆☆☆ [1] - Glass: ☆☆☆ [1] - Soda Ash: Not rated - Bottle Chip: Not rated - Propylene: ☆☆☆ [1] Core Viewpoints - The olefin and polyolefin futures contracts showed different trends. The olefin futures declined, while the polyolefin futures oscillated weakly. The supply and demand fundamentals of polyolefins were weak, putting pressure on prices [2]. - The pure benzene and styrene markets had their own characteristics. The pure benzene market was expected to improve in the third - quarter mid - late stage but face pressure in the fourth quarter. The styrene market had cost support but limited unilateral drive [3]. - In the polyester market, PX and PTA had different price trends, and the polyester industry was expected to increase its load. Ethylene glycol was in short - term low - level oscillation, and short - fiber was recommended for long - term configuration [4]. - The methanol market was in a weak trend, and the urea market was affected by export news and market sentiment [5]. - The PVC market was weak, and the caustic soda market had short - term support but long - term supply pressure [6]. - The soda ash market was in a long - term oversupply situation, and the glass market was expected to be near the cost line [7]. Summary by Directory Olefin - Polyolefin - Olefin futures: The main contracts of olefin futures closed down. There were both start - up and shutdown plans for devices. The inventory pressure of producers was relatively controllable, and the downstream demand was general [2]. - Polyolefin futures: The main contracts of polyolefin futures oscillated weakly. The supply of polyethylene decreased slightly, and the demand improvement was limited. The supply of polypropylene was expected to increase, and the demand was weak [2]. Pure Benzene - Styrene - Pure benzene: The pure benzene market was expected to improve seasonally in the third - quarter mid - late stage but face pressure in the fourth quarter. It was recommended to operate on the monthly spread [3]. - Styrene: The styrene market had cost support, but the unilateral drive was limited. The domestic production was expected to increase [3]. Polyester - PX - PTA: The price of PX increased slightly, and the PX - PTA spread shrank. The polyester industry was expected to increase its load, and the PX supply - demand was expected to improve [4]. - Ethylene glycol: The ethylene glycol price was above 4400 yuan/ton. The port inventory increased, and it was in short - term low - level oscillation [4]. - Short fiber: The short - fiber supply - demand was stable, and it was recommended for long - term configuration and monthly spread positive arbitrage [4]. - Bottle chip: The bottle - chip processing spread oscillated at a low level, and over - capacity limited the repair space [4]. Coal Chemical Industry - Methanol: The methanol market continued to decline, and the port inventory was expected to reach a historical high in the third - quarter end [5]. - Urea: The urea market was affected by export news and market sentiment. The supply - demand was loose in the short term [5]. Chlor - Alkali - PVC: The PVC market was weak. The export competition pressure increased, the supply was high, and the demand was insufficient [6]. - Caustic soda: The caustic soda market had short - term support from replenishment demand but long - term supply pressure [6]. Soda Ash - Glass - Soda ash: The soda ash market was in a long - term oversupply situation, and the price was under pressure [7]. - Glass: The glass market was expected to be near the cost line, and the short - term real - world trading was weak [7].

Report Industry Investment Ratings - Polypropylene: ★★★ (anticipated upward trend, with clear long - term investment opportunities) [1] - Pure Benzene: ★★★ (anticipated upward trend, with clear long - term investment opportunities) [1] - PX: ★★★ (anticipated upward trend, with clear long - term investment opportunities) [1] - Ethylene Glycol: ★★★ (anticipated upward trend, with clear long - term investment opportunities) [1] - Bottle Chip: ★★★ (anticipated upward trend, with clear long - term investment opportunities) [1] - Urea: ★★★ (anticipated upward trend, with clear long - term investment opportunities) [1] - PVC: ★★★ (anticipated upward trend, with clear long - term investment opportunities) [1] - Caustic Soda: ★★★ (anticipated upward trend, with clear long - term investment opportunities) [1] - Soda Ash: ★★★ (anticipated upward trend, with clear long - term investment opportunities) [1] - Glass: ★★★ (anticipated upward trend, with clear long - term investment opportunities) [1] Core Viewpoints - The chemical market shows diversified trends, with different products having different supply - demand relationships and price trends. Some products are affected by supply changes, some by demand fluctuations, and some by both. Market participants need to pay attention to the fundamentals of different products and make investment decisions based on specific circumstances [2][3][5] Summary by Category Olefins - Polyolefins - Propylene futures fluctuated around the 5 - day moving average, closing below it. Supply increased, demand was weak, and prices were under pressure [2] - Polyolefin futures had narrow fluctuations. PE production enterprises were inclined to raise prices due to increased demand and macro - economic support. PP faced supply pressure and weak market sentiment [2] Pure Benzene - Styrene - Pure benzene prices fluctuated narrowly, with improved fundamentals but potential pressure in the fourth quarter. It was recommended to operate on the spread between months [3] - Styrene futures fluctuated narrowly. Production increased, port inventory decreased slightly, but there was no strong upward price drive [3] Polyester - PX and PTA prices rebounded from lows. Terminal demand was expected to increase, and attention should be paid to oil prices and demand trends [5] - Ethylene glycol prices fluctuated weakly. Supply increased slightly, and it was expected to oscillate at a low level in the short term [5] - Short - fiber production increased, with stable supply - demand and weak processing margins. It was recommended to consider a long - position configuration in the medium term [5] - Bottle - chip processing margins oscillated at a low level, and over - capacity limited the margin repair space [5] Coal Chemical Industry - Methanol prices continued to decline. Import volume was high, port inventory increased, and inland production was relatively strong. Attention should be paid to macro - sentiment and downstream restocking [6] - Urea prices oscillated at a low level. Supply was relatively abundant, demand was weak, and the market was likely to continue to oscillate without new positive factors [6] Chlor - Alkali Industry - PVC was in a weak trend. Supply was stable, demand was average, and inventory increased. Prices were expected to oscillate weakly [7] - Caustic soda was strong. Supply decreased slightly, demand for replenishment increased, and prices were expected to oscillate strongly in the short term but with limited long - term increase [7] Soda Ash - Glass - Soda ash prices fluctuated greatly. Supply increased, demand improved slightly, and the market was in an oversupply situation. Cautious operation was recommended [8] - Glass was in a weak trend. Production was affected by the parade, inventory might increase, and prices were expected to be difficult to break previous lows [8]