1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Polyester Industry - PX: In the short - term, it may fluctuate between 6200 - 6800. Suggest to reduce long positions on rallies and short above 6800 [1]. - PTA: It is expected to have a limited rebound, with short - term trading range between 4300 - 4800. Adopt a rolling reverse spread strategy for TA1 - 5 [1]. - Ethylene Glycol: Hold out - of - the - money call options with a strike price of no less than 4100 for EG2601 and conduct a high - level reverse spread for EG1 - 5 [1]. - Short Fiber: The rebound space is limited, and the processing fee may be compressed. The strategy is the same as PTA, and the processing fee on the disk may fluctuate between 800 - 1100 [1]. - Bottle Chip: PR follows the cost - end fluctuations, and the processing fee on the main contract disk is expected to fluctuate between 300 - 450 yuan/ton [1]. Methanol Industry The market is trading the "weak reality" logic, with the core contradiction being high port inventory. Before the gas restriction in Iran, the 01 contract's inventory problem cannot be solved [2]. Polyolefin Industry PP and PE have differentiated fundamentals. PP shows both supply and demand growth but accumulates inventory slightly this week. PE has weak supply and demand, with high port inventory. The market outlook remains weak [5]. Glass and Soda Ash Industry - Soda Ash: The overall supply - demand pattern is bearish. In the short - term, it is advisable to wait and see, and look for opportunities to short on rebounds later [7]. - Glass: It is expected to be weak in the short - term. In the long - term, the industry needs capacity clearance to solve the over - supply problem [7]. PVC and Caustic Soda Industry - Caustic Soda: The price is expected to trend downwards in the long - term but may have short - term support from downstream demand. Monitor the downstream restocking rhythm [8]. - PVC: The supply - demand remains in an over - supply pattern, and the price is expected to continue the weak trend at the bottom [8]. Natural Rubber Industry In the short - term, the rubber price is expected to fluctuate. If the raw material output in the main production areas is smooth, there is further downside potential [9]. Crude Oil Industry The short - term oil price is expected to fluctuate within a range, with Brent crude oil likely to trade between 60 - 66 dollars per barrel [10]. Pure Benzene and Styrene Industry - Pure Benzene: The supply - demand is expected to be loose, and the price driver is weak. Short - term BZ2603 should be treated as short on rallies following the oil price [14]. - Styrene: The supply - demand may turn loose, and the price driver is insufficient. EB12 should be shorted on price rebounds [14]. 3. Summaries by Relevant Catalogs Polyester Industry - **Upstream Prices**: Brent crude oil (January) rose 1.7% to 65.16 dollars per barrel, and WTI crude oil (December) rose 1.5% to 61.04 dollars per barrel. CFR Japan naphtha decreased by 0.3% to 703 dollars per ton [1]. - **Downstream Polyester Product Prices and Cash Flows**: POY150/48 price rose 0.7% to 6600 yuan/ton, and its cash flow increased by 146.1% [1]. - **PX - related Prices and Spreads**: CFR China PX decreased by 0.8% to 821 dollars per ton, and PX spot price (in RMB) decreased by 2.0% to 6706 yuan/ton [1]. - **PTA - related Prices and Spreads**: PTA East China spot price decreased by 0.1% to 4600 yuan/ton, and TA futures 2601 decreased by 1.2% to 4648 yuan/ton [1]. - **MEG - related Prices and Spreads**: MEG East China spot price decreased by 0.1% to 3981 yuan/ton, and EG futures 2601 decreased by 2.0% to 3875 yuan/ton [1]. - **Polyester Industry Chain Operating Rates**: Asian PX operating rate rose 2.1% to 80.2%, and PTA operating rate decreased by 1.6% to 76.4% [1]. Methanol Industry - **Methanol Prices and Spreads**: MA2601 closed at 2082 yuan/ton, down 0.90% from the previous day. The basis of Taicang decreased by 22.86% [2]. - **Methanol Inventory**: Methanol enterprise inventory increased by 2.75% to 38.641%, and methanol port inventory increased by 0.71% to 151.7 million tons [2]. - **Methanol Upstream and Downstream Operating Rates**: The operating rate of domestic upstream enterprises rose 0.41% to 76.09%, and the operating rate of downstream MTO plants rose 1.09% to 84.98% [2]. Polyolefin Industry - **Polyolefin Prices and Spreads**: L2601 closed at 6760 yuan/ton, down 0.62% from the previous day. PP2601 closed at 6429 yuan/ton, down 0.79% [5]. - **PE and PP Inventory**: PE enterprise inventory increased by 17.84% to 49.0 million tons, and PP enterprise inventory increased by 0.81% to 60.0 million tons [5]. - **PE and PP Upstream and Downstream Operating Rates**: PE device operating rate rose 2.13% to 82.6%, and PP device operating rate rose 0.93% to 77.8% [5]. Glass and Soda Ash Industry - **Glass and Soda Ash Prices and Spreads**: Glass 2601 decreased by 2.02% to 1069 yuan/ton, and soda ash 2601 increased by 1.32% to 1226 yuan/ton [7]. - **Supply and Inventory**: Soda ash operating rate decreased by 1.72% to 86.89%, and glass factory inventory increased by 4.72% to 6579 million weight boxes [7]. - **Real Estate Data**: New construction area increased by 0.09% month - on - month, and sales area decreased by 6.50% [7]. PVC and Caustic Soda Industry - **PVC and Caustic Soda Prices and Spreads**: Shandong 32% liquid caustic soda (converted to 100%) remained unchanged at 2500 yuan/ton, and East China ethylene - based PVC market price decreased by 2.1% to 4600 yuan/ton [8]. - **Supply and Demand**: Caustic soda industry operating rate rose 1.7% to 89.9%, and PVC total operating rate rose 2.8% to 79.3% [8]. - **Inventory**: Liquid caustic soda East China factory inventory decreased by 3.5% to 21.5 million tons, and PVC total social inventory increased by 0.2% to 54.6 million tons [8]. Natural Rubber Industry - **Spot Prices and Basis**: Yunnan state - owned whole - latex rubber (SCRWF) in Shanghai rose 1.03% to 14700 yuan/ton, and the basis of whole - latex increased by 29.46% [9]. - **Production and Operating Rates**: Thailand's September production decreased by 5.45% to 451.50 million tons, and the operating rate of semi - steel tires for automobiles rose 0.26% to 73.67% [9]. - **Inventory Changes**: Bonded area inventory increased by 0.40% to 449455 tons, and natural rubber factory - warehouse futures inventory on the SHFE increased by 8.80% to 48586 tons [9]. Crude Oil Industry - **Crude Oil Prices and Spreads**: Brent crude oil rose 1.72% to 65.16 dollars per barrel, and WTI crude oil rose 1.51% to 61.04 dollars per barrel [10]. - **Refined Oil Prices and Spreads**: NYM RBOB rose 2.07% to 201.20 cents per gallon, and ICE Gasoil rose 3.77% to 749.25 dollars per ton [10]. - **Refined Oil Crack Spreads**: US gasoline crack spread rose 3.57% to 23.46 dollars per barrel, and Singapore diesel crack spread rose 10.62% to 30.73 dollars per barrel [10]. Pure Benzene and Styrene Industry - **Upstream Prices and Spreads**: Brent crude oil (December) rose 1.7% to 65.16 dollars per barrel, and CFR China pure benzene decreased by 0.5% to 663 dollars per ton [14]. - **Styrene - related Prices and Spreads**: Styrene East China spot price decreased by 1.4% to 6250 yuan/ton, and EB cash flow (non - integrated) decreased by 35.0% to - 257 yuan/ton [14]. - **Inventory and Operating Rates**: Pure benzene Jiangsu port inventory increased by 42.4% to 12.10 million tons, and styrene Jiangsu port inventory decreased by 7.1% to 19.30 million tons [14].