Group 1: Report Industry Investment Rating - No investment rating information provided in the report Group 2: Report's Core View - Due to high macro - policy uncertainty, it is recommended to stay on the sidelines [1] Group 3: Summary by Relevant Catalogs 1. Spot Market - Domestic PVC powder market prices had a narrow - range adjustment today, with mainstream markets seeing small increases and decreases, and price fluctuations mostly within 0 - 10 yuan/ton. Downstream purchasing enthusiasm was average, and overall spot trading was light. The prices of 5 - type calcium carbide materials were as follows: in East China, the mainstream spot cash self - pick - up price was 4560 - 4670 yuan/ton; in South China, it was 4620 - 4690 yuan/ton; in Hebei, the spot cash delivered price was 4440 - 4550 yuan/ton; in Shandong, it was 4570 - 4610 yuan/ton [1] 2. Futures Market - The futures market was weak in last night's session and showed a slightly stronger oscillation today. Traders' early fixed - price quotes changed little, and some basis quotes strengthened slightly, but high - price transactions were difficult [1] 3. Price Changes - Coal ash (Q5500) increased from 728 to 736, with a change of 18; Fengli Jixue futures increased from 4677 to 4694, with a change of 17; FAS Houston increased from 551 to 571, with a change of 20 [1] 4. Basis - The basis in East China decreased from - 97 to - 114, a change of - 17; in South China, it decreased from - 17 to - 34, a change of - 17; in another area, it decreased from - 117 to - 134, a change of - 17 [1] 5. Profit - The profit of Shandong calcium carbide method remained at - 1240, and that of Inner Mongolia calcium carbide method remained at - 969 [1] 6. External Market - CFR China remained at 706, and CFR Southeast Asia remained at 649 [1] 7. Operating Rates - The operating rate of calcium carbide method increased from 82.13% to 82.94%, a change of 0.81%; the operating rate of ethylene method increased from 79.75% to 81.9%, a change of 2.15%; the total operating rate increased from 81.42% to 82.63%, a change of 1.21% [1] 8. Inventory - East China's inventory increased from 48.84 to 50.27, a change of 1.43; South China's inventory increased from 4.93 to 5.43, a change of 0.5; social inventory increased from 53.77 to 55.7, a change of 1.93 [1]

Group 1: Report Investment Rating - No information provided Group 2: Core View - The macro - policy has high uncertainty, and it is recommended to stay on the sidelines [1] Group 3: Summary by Relevant Catalog Spot Market - Domestic PVC powder market prices were narrowly adjusted, with mainstream markets slightly rising or falling, and price fluctuations mostly in the range of 0 - 10 yuan/ton. The downstream purchasing enthusiasm was average, and overall spot trading was light. The mainstream spot cash self - pick - up prices for type 5 calcium carbide PVC were 4560 - 4670 yuan/ton in East China, 4620 - 4690 yuan/ton in South China, 4440 - 4550 yuan/ton delivered in cash in Hebei, and 4570 - 4610 yuan/ton delivered in cash in Shandong [1] Futures Market - The futures market was weak in the night session yesterday and showed a slightly stronger overall oscillation today. The fixed - price quotes of traders in the morning changed little, and some of the basis quotes strengthened slightly, but high - price transactions were difficult [1] Basis - The basis in East China decreased from - 97 to - 114, in South China from - 17 to - 34, and in another area from - 117 to - 134, all with a decrease of 17 [1] Profit - The profit of Shandong calcium carbide method and Inner Mongolia calcium carbide method remained unchanged at - 1240 and - 969 respectively [1] External Market - CFR China, CFR Southeast Asia remained unchanged at 706 and 649 respectively [1] Operating Rate - The operating rate of calcium carbide method increased from 82.13% to 82.94%, that of ethylene method increased from 79.75% to 81.9%, and the total operating rate increased from 81.42% to 82.63% [1] Inventory - The inventory in East China increased from 48.84 to 50.27, in South China from 4.93 to 5.43, and the social inventory increased from 53.77 to 55.7 [1]

Report Summary 1) Report Industry Investment Rating - No industry investment rating is provided in the report. 2) Core View of the Report - Due to high macro - policy uncertainty, it is recommended to stay on the sidelines [1]. 3) Summary According to Relevant Catalogs Spot Market - On October 14, 2025, the domestic PVC powder market prices declined, with most mainstream market drops ranging from 10 - 30 yuan/ton. The night - time futures prices decreased, followed by a slight rebound after intraday range - bound trading. Traders' fixed - price quotes in the morning were lowered, high - price transactions were difficult, some basis quotes strengthened, and point - price transactions had price advantages. Downstream procurement enthusiasm was average, and spot transactions were mediocre. For Type 5 calcium carbide materials, the mainstream spot cash self - pick - up prices were 4560 - 4650 yuan/ton in East China, 4620 - 4680 yuan/ton in South China, 4460 - 4550 yuan/ton delivered in Hebei, and 4540 - 4610 yuan/ton delivered in Shandong [1]. Raw Materials and Futures - Coal ash (Q5500) rose from 715 to 720 yuan, an increase of 5 yuan; Shaanxi medium - sized lanthanum charcoal remained unchanged at 730 yuan; Inner Mongolia calcium carbide dropped from 2550 to 2500 yuan, a decrease of 50 yuan; Shandong calcium carbide remained unchanged at 2830 yuan. Futures prices also declined, with Fengli (unspecified) dropping from 4721 to 4692 yuan, a decrease of 29 yuan; East China SG - 5 dropping from 4610 to 4580 yuan, a decrease of 30 yuan; South China SG - 5 dropping by 30 yuan to 4660 yuan [1]. Basis, Profit, and External Market - The basis in East China decreased from - 1118 to - 112, a decrease of 1; in South China, it decreased from - 31 to - 32; another area (marked as R) decreased from - 131 to - 132, a decrease of 1. The profit of Shandong calcium carbide method decreased from - 1210 to - 1240, a decrease of 30; the profit of Inner Mongolia calcium carbide method increased from - 979 to - 889, an increase of 91. In the external market, CFR China remained unchanged at 706; CFR Southeast Asia remained unchanged at 649; FAS Houston dropped from 571 to 551, a decrease of 20 [1]. Operating Rate and Inventory - The overall operating rate decreased from 81.42% to 82.63%, a decrease of 1.21%. The calcium carbide method operating rate decreased from 82.13% to 82.94%, a decrease of 0.81%; the ethylene method operating rate decreased from 79.75% to 81.9%, a decrease of 2.15%. Inventory in East China increased from 48.84 to 50.27, an increase of 1.43; in South China, it increased from 4.93 to 5.43, an increase of 0.5; the social inventory increased from 53.77 to 55.7, an increase of 1.93 [1].