1. Report Industry Investment Rating - All varieties in the report are rated as "Oscillating" [1][2][3][5][6] 2. Core Viewpoints of the Report - Geopolitical tensions in the Middle East, especially the situation in Iran, have a significant impact on the energy and chemical markets, causing sharp fluctuations in oil prices and increasing market uncertainty [1][2][3][5][6] - The supply and demand of various energy and chemical products are affected by multiple factors such as inventory changes, production capacity adjustments, and terminal demand, resulting in different price trends [1][2][3][5][6] - The cost side is the main focus of the market, and the volatility of crude oil prices will lead to resonance in the prices of related products [1][2][3][5][6] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Tuesday, oil prices fell sharply. WTI April contract closed down $11.32 to $83.45/barrel, a decline of 11.94%. Brent May contract closed down $11.16 to $87.8/barrel, a decline of 11.28%. SC2604 closed at 642 yuan/barrel, down 90.4 yuan/barrel, a decline of 12.34%. The situation in the Strait of Hormuz is tense, and the inventory of US crude oil, gasoline, and distillate oil has decreased. China's crude oil imports from January to February increased by 15.8% year-on-year. Oil prices are expected to oscillate [1] - **Fuel Oil**: On Tuesday, the main fuel oil contracts on the Shanghai Futures Exchange fell. The high-sulfur supply interruption risk has increased, and the Asian low-sulfur market is expected to remain strong. Geopolitical changes will increase market volatility, and investors are advised to control risks [2] - **Asphalt**: On Tuesday, the main asphalt contract on the Shanghai Futures Exchange fell. The geopolitical conflict has restricted the procurement channels of heavy crude oil by local refineries, and the raw material cost has risen. However, the terminal demand has not yet started, and the social inventory is digested slowly. The asphalt market is in a game between "strong cost" and "weak demand", and the increase may be less than that of other oil products [2] - **Polyester**: On Tuesday, the polyester contracts fell. The supply of chemical products has decreased, and the cost side is the main focus of the market. The polyester chain varieties will oscillate with the cost side in the short term, and investors can focus on factors such as the passage efficiency of the strait, the start-up situation of domestic suppliers, and the downstream negative feedback [2][3] - **Rubber**: On Tuesday, the rubber contracts showed different trends. The domestic and foreign rubber is in the low-yield season, and the supply reduction expectation of butadiene has increased. The price of butadiene and its downstream products has continued to rise. The rubber price is expected to oscillate, and investors should pay attention to the external macro atmosphere and the development of the Middle East geopolitical situation [3] - **Methanol**: On Tuesday, the methanol price showed a certain trend. The domestic maintenance devices are running stably, and the supply is in a high-level oscillation. The Iranian supply overseas remains low. The demand is at a low level. The arrival volume in March will continue to decline, which will support the price, but the low load of MTO devices will put pressure on inventory reduction. The market is expected to oscillate, and investors are advised to control risks [5] - **Polyolefins**: On Tuesday, the polyolefin prices showed a certain trend. The upstream device maintenance plan has increased, and the subsequent production is expected to decrease. The downstream factory start-up load has increased, and the demand still has room for growth. The market is in the process of inventory reduction, and the fundamental pressure is not great. The short-term geopolitical risk has increased the volatility, and investors should pay attention to the changes in the US-Iran situation and control risks [5] - **Polyvinyl Chloride (PVC)**: On Tuesday, the PVC market price in East, North, and South China has been significantly reduced. The geopolitical situation has a greater impact on the ethylene method, but the profit of the calcium carbide method has increased rapidly. The subsequent supply is expected to remain at a high level, and the demand will gradually recover. The overall inventory is in the process of reduction, and the PVC price is expected to oscillate at the bottom. Investors should pay attention to the downstream resumption progress, the implementation of export orders, and the Iranian situation [6] 3.2 Daily Data Monitoring - The report provides the basis price, basis rate, and their changes of various energy and chemical products on March 10, 2026, as well as the comparison data of the previous day. These data can help investors understand the market price relationship between the spot and futures of different varieties [7] 3.3 Market News - Iran's Islamic Revolutionary Guard Corps Navy Commander warned that any ships related to Iran's hostile forces are not allowed to pass through the Strait of Hormuz [11] - The U.S. Energy Information Administration (EIA) slightly raised its forecast for U.S. oil production in 2026 to 1,361 million barrels per day and in 2027 to 1,383 million barrels per day. The global oil production forecast for 2026 is 107 million barrels per day, and for 2027 is 109.6 million barrels per day. The global oil demand forecast for 2026 is 105.2 million barrels per day, and for 2027 is 106.6 million barrels per day [11] - The American Petroleum Institute (API) data shows that the inventories of U.S. crude oil, gasoline, and distillate oil decreased last week. China's crude oil imports in February were 48.045 million tons, and the cumulative imports from January to February were 96.934 million tons, a year-on-year increase of 15.8% [12] 3.4 Chart Analysis - **Main Contract Prices**: The report shows the closing price trends of the main contracts of various energy and chemical products from 2022 to 2026, which helps investors understand the long-term price trends of different varieties [14][16][18][20][21][23][24][25][27][28] - **Main Contract Basis**: The report shows the basis trends of the main contracts of various energy and chemical products from 2022 to 2026, which helps investors understand the price relationship between the spot and futures of different varieties [29][30][33][34][35][36][37] - **Inter - period Contract Spreads**: The report shows the spreads between different contracts of various energy and chemical products, which helps investors understand the price differences between different contract periods of different varieties [39][40][41][42][44][45][46][47][48][49][50][51][52] - **Inter - variety Spreads**: The report shows the spreads and ratios between different varieties of energy and chemical products, which helps investors understand the price relationships between different varieties [54][56][57][59] - **Production Profits**: The report shows the production profits and processing fees of various energy and chemical products, which helps investors understand the profitability of different varieties [60][61][62] 3.5 Team Member Introduction - The report introduces the research team members of Everbright Futures' energy and chemical research, including the deputy director of the research institute, the research director, and analysts for different product categories, and briefly describes their educational backgrounds, honors, and professional experiences [66][67][68][69]

Group 1: Power Business Overview - The company operates several power plants, including Baiyin Thermal Power and New District Thermal Power, with both having 2×350MW supercritical coal-fired units [2] - New District Thermal Power's units successfully completed 168 hours of full-load trial operation and have entered commercial operation [2] - In 2025, Baiyin Thermal Power achieved profitability due to decreased coal prices and increased thermal prices, which is expected to enhance overall revenue and profitability in the power sector [2][3] Group 2: Coal Business Overview - The company has 11 coal production mines with an approved annual capacity of 23.14 million tons, including 1.8 million tons/year of reserve capacity [4] - Coal products mainly include coking coal and thermal coal, with specific mines producing high-quality environmentally friendly coal [4] - In 2025, the coal market faced a downturn, leading to decreased sales volume and prices, prompting the company to strengthen market connections and adjust sales strategies [5] Group 3: Internal Coal Consumption and Cost Management - Internal coal consumption for power and chemical projects is projected to be nearly 12 million tons/year, subject to variations based on coal quality and sourcing [6] - The company is focusing on cost reduction through intelligent mining practices and enhanced budget management, despite higher costs from deep mining operations [6] Group 4: Chemical Business Overview - The clean and efficient gasification project by Liu Chemical has successfully produced qualified products, with ongoing construction for the second phase [7] - The project utilizes coal as raw material to produce various chemical products, with production volumes adjustable based on market demand [7] Group 5: Project Financing - The company is actively securing funding for coal, power, and chemical projects through traditional bank loans and capital market financing, alongside attracting strategic investors [8] - Strong relationships with local banks and favorable credit policies have facilitated smooth financing channels [9]

Core Insights - The China Energy and Chemical Spot Price Index is reported at 819.26 points as of February 6, 2026, reflecting a decrease of 5.51 points or 0.67% from the previous working day, and a decline of 180.74 points or 18.07% from the base period of July 2, 2024 [1] Industry Summary - The oil industry price index stands at 783.04 points, down by 8.66 points or 1.09% from the previous working day [2] - The natural gas industry price index is at 904.77 points, with a decrease of 1.9 points or 0.21% from the previous working day [3] - The chemical industry price index is reported at 843.15 points, down by 2.48 points or 0.29% from the previous working day [4] Market Conditions - The domestic energy and chemical spot price index has declined again, influenced by a significant drop in international crude oil prices, which has weakened cost support and put pressure on market conditions [6] - There is a lack of confidence in the market, as indicated by the mixed performance of commodity futures, with many prices trending downward [6] Price Changes in Key Products - Crude oil import price at Shandong port is 3461 CNY per ton, down by 102 CNY or 2.86% [7] - Gasoline prices in North China decreased by 50 CNY to 7250 CNY per ton, a drop of 0.68% [7] - Diesel prices in North China fell by 40 CNY to 5900 CNY per ton, a decrease of 0.67% [7] - LNG prices in Inner Mongolia decreased by 25 CNY to 3865 CNY per ton, a drop of 0.64% [8] - PTA prices in East China fell by 30 CNY to 5090 CNY per ton, a decrease of 0.59% [8] Index Methodology - The China Energy and Chemical Spot Price Index is jointly launched by the Xinhua Index Research Institute, Jinlianchuang Network Technology Co., Ltd., and the Data Price Professional Committee of the China Price Association. It monitors 17 typical products with significant consumption and market activity across key regions [9]

Core Viewpoint - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the National Development and Reform Commission, and the State Administration for Market Regulation jointly released a notification on February 2, announcing the third batch of recommended group standards for carbon footprint accounting rules for industrial products, totaling 73 items [1] Group 1: Carbon Footprint Standards - The recommended group standards cover various industrial products including tires, synthetic ammonia, hydrogen, methanol, hexamethylenediamine salt, gypsum and gypsum products, fiber-reinforced composite materials, graphite and graphite products, modified polypropylene plastics for automotive use, plastic packaging products, photovoltaic cells and silicon materials, and recycled materials for lithium-ion batteries [1] - The purpose of this list is to accelerate the improvement of carbon footprint management levels for industrial products, establish a sound carbon footprint management system, and promote the green and low-carbon transformation of the industry [1] - The formation of this list involved recommendations from relevant standardization organizations, expert reviews, and public announcements [1]

Group 1: Coal Business Overview - The company operates 11 coal production mines with an annual production capacity of 23.14 million tons, including a reserve capacity of 1.8 million tons/year [2] - Main coal products include coking coal and thermal coal, with specific mines producing high-quality environmentally friendly coal [3] - In 2025, due to insufficient downstream demand, coal consumption growth declined, leading to a downward trend in coal market prices and a decrease in overall coal sales and prices, putting pressure on the company's profitability [3] Group 2: Power Generation Business - The main operating power plant is the Baiyin Thermal Power Company, with a new unit successfully passing a 168-hour trial run in December [4] - The Qinyang Coal Power Company is responsible for a 2×660MW coal power project, currently under construction, with a planned annual output of 7 billion kWh [4] Group 3: Chemical Business - The Liu Chemical Company is developing a clean and efficient gasification project, with phase one in trial operation and phase two under construction [5] - The project utilizes coal as raw material to produce various products, including ammonia, urea, and methanol, with production capacity adjustable based on market demand [6] Group 4: Market Value Management - The company's stock price has been below the net asset value per share for 12 consecutive months, indicating a long-term undervaluation [6] - The company has disclosed a valuation enhancement plan and a shareholder return plan for 2025-2027, actively taking measures to maintain company value and return to investors [6] Group 5: Future Planning - As of the first three quarters of 2025, the company experienced cyclical losses due to declining coal prices and sales [6] - Future strategies include cost reduction, efficiency improvement, and leveraging advantages in coal production to enhance operational performance and expedite project construction [6]

1. Report's Investment Rating for the Industry - The provided content does not mention the report's industry investment rating 2. Core Views of the Report - The overseas macro - environment in 2026 continues to warm up. The combination of "low inflation + weak reality + Fed chair change" in the US is conducive to Fed easing, and the quality of January's economic data is expected to return to normal. The US's "loose fiscal + loose monetary" policy promotes economic prosperity. The ECB maintained interest rates in December and raised GDP forecasts for this year and next. Japan's interest rate hike was in line with expectations, not a radical tightening, with an upward - adjusted 2025 GDP growth forecast and a maintained 2026 forecast [7] - In the domestic macro - environment, the National Housing and Urban - Rural Construction Work Conference in December 2023 deployed work for 2026, including urban renewal and stabilizing the real estate market. The underground pipeline renovation work is a highlight, and it is expected that the capital investment will increase slightly next year. In November, the year - on - year growth of social retail sales was 1.3%, falling short of expectations, with weakening commodity retail being the main drag and continuous improvement in service consumption. Manufacturing, infrastructure, and real estate investment continued to weaken, while exports were a strong support [7] - In asset allocation, the macro - environment favors the precious metals and non - ferrous metals sectors. For precious metals, the logic of gold's rise is still clear with a high safety margin, while silver has increased volatility risk after a sharp rise. For non - ferrous metals, there are low - buying and long - holding opportunities for commodities with more supply disruptions like copper, aluminum, and tin, and attention should be paid to lithium carbonate with good supply - demand performance. The domestic equity sector should be defensive at the end of the year and during the policy window period [7] 3. Summary by Relevant Catalog 3.1 Market Price and Fluctuation - **Stock Index Futures**: The Shanghai Stock Exchange 50 Futures was at 3025.6, up 0.24%; the CSI 500 Futures was at 7133.2, up 0.14%; the CSI 1000 Futures was at 7197.4, down 0.09% [3] - **Treasury Bond Futures**: The 2 - year Treasury Bond Futures was at 102.526, up 0.06%; the 5 - year was at 106.025, up 0.16%; the 10 - year was at 108.22, up 0.22%; the 30 - year was at 112.83, [increase data seems incorrect in the text] [3] - **Foreign Exchange**: The US Dollar Index was at 98.2603, unchanged; the Euro - US Dollar exchange rate was at 1.1762; the US Dollar - Japanese Yen exchange rate was at 157.028 [3] - **Interest Rates**: The 7 - day inter - bank pledged repo rate was at 1.33, unchanged; the 10 - year Chinese Treasury bond yield was at 1.84, down 0.6 bp; the 10 - year US Treasury bond yield was at 4.17, up 1 bp [3] - **Hot Industries**: Construction, steel, non - ferrous metals, and other industries showed different degrees of increase or decrease. For example, the construction industry was at 3694, up 1.38% daily, 1.54% weekly, 1.05% monthly, 8.75% quarterly, and 7.37% year - to - date [3] - **Overseas Commodities**: NYMEX WTI crude oil was at 57.95, up 2.49% daily; COMEX gold was at 4480.6, up 2.56% daily [3] - **Domestic Commodities**: The container shipping route to Europe was at 1806.6, down 3.48% daily; domestic gold was at 1014.24, up 1.34% daily [4] 3.2 Market Analysis by Sector 3.2.1 Financial Sector - **Stock Index Futures**: Double factors boost the market, but continuous upward movement requires waiting. The short - term judgment is a volatile increase, and the focus is on the situation of incremental funds [8] - **Stock Index Options**: Use options for hedging to increase returns. The short - term judgment is a volatile trend, and the focus is on the liquidity of the options market [8] - **Treasury Bond Futures**: The sentiment of long - term bonds is still weak. The short - term judgment is a volatile trend, and the focus is on the implementation of monetary policy [8] 3.2.2 Precious Metals Sector - **Gold/Silver**: Driven by the expected liquidity easing and the tight supply of silver in the spot market. The short - term judgment is a volatile increase, and the focus is on the US fundamentals, Fed's monetary policy, and the global equity market trends [8] 3.2.3 Shipping Sector - **Container Shipping to Europe**: Supported by pre - Spring Festival shipments in the near - term; in the long - term, the focus is on the risk of resuming flights. The short - term judgment is a volatile trend, and the focus is on the 2026 shipping company's flight resumption plan, year - end long - term contract signing freight rates, and the support of pre - Spring Festival shippers' shipments on freight rates [8] 3.2.4 Black Building Materials Sector - Various products like steel, iron ore, coke, etc., are in a volatile state. For example, steel inventories continue to decline, and the short - term judgment is a volatile trend, with the focus on the progress of special bond issuance, steel exports, and iron water production [8] 3.2.5 Non - ferrous and New Materials Sector - Products such as copper, aluminum, zinc, etc., show different market trends. For example, copper prices are in a high - level volatile state, and the short - term judgment is a volatile increase, with the focus on supply disruptions, domestic policy surprises, etc [8] 3.2.6 Energy Chemical Sector - Crude oil prices are affected by geopolitical factors and are in a volatile state. Chemical products have different trends, such as PX showing a volatile upward trend, and the focus is on factors like crude oil price fluctuations and macro - level changes [10] 3.2.7 Agricultural Sector - Products such as grains, oils, and livestock show different trends. For example, the price of live pigs is under pressure in the short - term, and the short - term judgment is a volatile decline, with the focus on factors like breeding sentiment and policies [10]

Core Viewpoint - The China Energy and Chemical Spot Price Index has decreased, indicating a downward trend in the energy and chemical markets, with specific declines in oil, natural gas, and chemical sectors [1][7]. Group 1: Overall Index Performance - As of December 16, 2025, the China Energy and Chemical Spot Price Index is reported at 790.07 points, down 3.44 points or 0.43% from the previous day, and down 209.93 points or 20.99% from the base period [1]. Group 2: Sector-Specific Index Performance - The oil industry index stands at 755.59 points, reflecting a decrease of 4.81 points or 0.63% from the previous day [2]. - The natural gas industry index is at 918.32 points, with a decline of 1.14 points or 0.12% from the previous day [3]. - The chemical industry index is reported at 801.11 points, down 2.3 points or 0.29% from the previous day [4]. Group 3: Market Conditions - The domestic energy and chemical spot index continues to decline, driven by a further drop in crude oil futures prices and increased expectations for gasoline and diesel price reductions, leading to a pressured market sentiment [7]. - Current demand is weak, making it difficult for market transactions to improve, with some products experiencing price reductions and localized areas seeing multiple daily price cuts for gasoline and diesel [7]. Group 4: Price Monitoring Data - The monitoring data for the current period shows various price changes across different products, with crude oil at 3109 yuan per ton, down from 3151 yuan, reflecting a decrease of 42 yuan or 1.33% [8]. - Gasoline prices in North China are reported at 7165 yuan per ton, down 25 yuan or 0.35% from the previous period [8]. - Diesel prices in East China are at 6400 yuan per ton, down 50 yuan or 0.78% from the previous period [9]. Group 5: Index Development and Purpose - The China Energy and Chemical Spot Price Index is jointly launched by the Xinhua Index Research Institute, Jinlianchuang Network Technology Co., Ltd., and the Data Price Professional Committee of the China Price Association, monitoring 17 typical products with significant consumption and market activity across key regions [10].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The overall driving force of oil prices is limited, and they will continue to fluctuate. The prices of fuel oil, asphalt, polyester, rubber, methanol, polyolefin, and PVC are also expected to maintain a fluctuating trend [1][2][4][5][7][8]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Monday, oil prices moved higher. WTI January contract closed up $0.77 to $59.32 per barrel, a 1.32% increase; Brent February contract closed up $0.79 to $63.17 per barrel, a 1.27% increase; SC2601 closed at 453.6 yuan per barrel, up 0.2 yuan per barrel, a 0.04% increase. OPEC and 8 major non - OPEC oil - producing countries decided to maintain the production plan set in early November and suspend production increases in Q1 2026. The current global economic outlook is relatively stable, and the oil market fundamentals are sound. Overall, the driving force of oil prices is limited, and they will continue to fluctuate [1]. - **Fuel Oil**: On Monday, the main fuel oil contract FU2601 on the Shanghai Futures Exchange rose 0.36% to 2495 yuan per ton, and the low - sulfur fuel oil contract LU2602 rose 0.89% to 3053 yuan per ton. The closure of the East - West arbitrage window is expected to reduce the inflow of low - sulfur arbitrage cargoes to Singapore in December, but the inventory of blending raw materials for 0.5% sulfur marine fuel around Singapore is sufficient, and the inflow of low - sulfur fuel oil from Southeast Asia is increasing. The high - sulfur fuel oil market in December is also expected to face a situation of sufficient supply. The attitude towards oil prices in December is relatively pessimistic, and the absolute prices of FU and LU are expected to remain weak. Attention should be paid to the impact of the Russia - Ukraine situation and the overseas refined oil market on the relative strength of high - and low - sulfur markets [2]. - **Asphalt**: On Monday, the main asphalt contract BU2601 on the Shanghai Futures Exchange rose 0.44% to 2990 yuan per ton. In November, the supply and demand of asphalt were both weak. The total domestic asphalt supply was expected to be 2.53 million tons, a 15.2% month - on - month decrease, and the domestic downstream consumption was 2.74 million tons, a 13.8% month - on - month decrease. In December, the supply will further decrease, but the decline may be relatively limited. The demand in the northern region will drop to a low level, and the winter storage demand will gradually start. The current social inventory is slightly higher than the same period last year, with a certain inventory pressure. In the short term, the asphalt price is expected to fluctuate at a low level [2]. - **Polyester**: TA601 closed at 4762 yuan per ton on the previous day, up 1.32%; EG2601 closed at 3882 yuan per ton, down 0.08%. The inventory of the East China main port area for MEG on December 1 was about 753,000 tons, a 21,000 - ton increase from the previous period. The downstream demand at the end of the year is gradually weakening, but the polyester start - up still has resilience, and the high - level maintenance power is insufficient. The PX price is expected to be under pressure at the end of the year. The TA price is expected to fluctuate with the cost, and the ethylene glycol price is expected to adjust widely [4]. - **Rubber**: On Monday, the main Shanghai rubber contract RU2601 fell 160 yuan per ton to 15250 yuan per ton. Indonesia's total exports of natural rubber and mixed rubber in the first 10 months were 1.43 million tons, a 6% year - on - year increase, and exports to China were 336,000 tons, a 135% year - on - year increase. The total inventory of natural rubber in Qingdao increased by 12,600 tons from the previous period. The rubber market has weak supply and demand fundamentals, and the rubber price is expected to fluctuate. Attention should be paid to the resumption of tapping in southern Thailand and the registration of new RU warehouse receipts [5]. - **Methanol**: On Monday, the spot price in Taicang was 2118 yuan per ton. In December, the domestic production is expected to decline slightly, and the import volume will decline from a high level. The overall demand for olefins is expected to increase. The port inventory is expected to enter the destocking stage from mid - December this year to early January next year, driving the methanol price to rebound, but it is expected to have an upper limit, showing a short - term fluctuating and strengthening trend. Attention should be paid to the strategy of going long on methanol and short on polyolefins [5][7]. - **Polyolefin**: On Monday, the mainstream price of East China拉丝 was 6320 - 6500 yuan per ton. In December, the number of newly - added maintenance enterprises will decrease, and the supply will further increase. The downstream demand will gradually weaken, and the market is expected to maintain rigid procurement. In December, the supply is strong and the demand is weak, but the futures price is expected to bottom - fluctuate if the crude oil price remains relatively stable [7]. - **Polyvinyl Chloride (PVC)**: On Monday, the PVC market price in East China fluctuated and sorted out. In December, the enterprise maintenance is at a low ebb, and the production will continue to increase. The demand from the real - estate construction for PVC downstream pipes and profiles is limited, and the downstream start - up is expected to continue to decline. The PVC price may tend to bottom - fluctuate [7][8]. 3.2 Daily Data Monitoring - The report provides the daily data monitoring of various energy - chemical products, including spot prices, futures prices, basis, basis rates, price changes, and the quantile of the latest basis rate in historical data for multiple products such as crude oil, liquefied petroleum gas, asphalt, etc. [9] 3.3 Market News - OPEC and 8 major non - OPEC oil - producing countries decided to maintain the production plan set in early November and suspend production increases in Q1 2026 due to seasonal factors. The current global economic outlook is relatively stable, and the oil market fundamentals are sound [11]. - The remarks of US President Trump about closing Venezuela's airspace increased geopolitical uncertainties. Venezuela accused the US of attempting to control its oil reserves by force, which would pose a serious threat to the stability of the international energy market [12]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report shows the closing price charts of the main contracts of various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, etc. [13][14][15][16][17][20][22][24][27][28][29][30] - **4.2 Main Contract Basis**: It provides the basis charts of main contracts of multiple products such as crude oil, fuel oil, low - sulfur fuel oil, etc. from 2021 to 2025 [31][32][37][39][41][42] - **4.3 Inter - period Contract Spreads**: The report presents the spread charts between different contracts of various products such as fuel oil, asphalt, PTA, ethylene glycol, etc. [45][47][50][53][55][57][59] - **4.4 Inter - variety Spreads**: It shows the spread and ratio charts between different varieties, including the spread between domestic and foreign crude oil, the spread between high - and low - sulfur fuel oil, the ratio of fuel oil to asphalt, etc. [62][64][66][74] - **4.5 Production Profits**: The production profit charts of LLDPE and PP are provided [71] 3.5 Team Members Introduction - The research team members include the assistant director and energy - chemical director Zhong Meiyan, the analyst of crude oil, natural gas, etc. Du Bingqin, the natural rubber/polyester analyst Di Yilin, and the methanol/propylene analyst Peng Haibo, with their work experience, honors, and professional qualifications introduced [76][77][78][79] 3.6 Contact Information - The company's address is Unit 703, 6th Floor, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company's phone number is 021 - 80212222, the fax number is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [81]

Core Points - The China Energy and Chemical Spot Price Index is reported at 836.63 points as of October 28, 2025, reflecting a decrease of 5.68 points or 0.67% from the previous working day, and a decline of 163.37 points or 16.34% from the base period [1] Industry Summaries Oil Industry - The oil industry price index stands at 815.51 points, down by 10.63 points or 1.29% from the previous working day [2] - The imported crude oil price at Shandong Port is reported at 3781 CNY per ton, a decrease of 111 CNY or 2.85% from the last period [6] - Gasoline prices in various regions show slight declines, with prices in North China at 7200 CNY per ton, down by 50 CNY or 0.69% [6] Natural Gas Industry - The natural gas price index is at 984.29 points, with a minor decrease of 1.89 points or 0.19% from the previous working day [3] - The price of LNG in Inner Mongolia is reported at 4525 CNY per ton, down by 25 CNY or 0.55% [7] Chemical Industry - The chemical industry price index is at 826.11 points, reflecting a decrease of 0.45 points or 0.05% from the previous working day [4] - PTA prices in East China have increased by 45 CNY or 1.00%, reaching 4535 CNY per ton [7] - The price of methanol in Inner Mongolia South Line has risen by 30 CNY or 1.52%, now at 2000 CNY per ton [7] Market Overview - The overall energy and chemical market is experiencing a slight downturn, influenced by falling international oil prices and the expected reduction in refined oil prices [6] - Despite the general decline, some chemical products like PTA are showing resilience in the market, indicating mixed performance across different sectors [6]

Report Industry Investment Rating No relevant content found. Core Viewpoints - For the polyolefin industry, the overall macro - environment is pessimistic, and the cost and supply - demand situation are weak. The prices of PP and PE are under pressure. The 01 contracts of LLDPE and PP have limited upside space due to new device production pressure and lackluster demand [2]. - In the polyester industry, PX is expected to be strong in the short - term due to supply contraction and demand support. PTA may be boosted in the short - term. EG is under pressure due to inventory build - up. Short - fiber prices are expected to be strong in the short - term, and bottle - chip prices follow the cost side [4]. - Regarding pure benzene and styrene, the supply - demand of pure benzene is expected to be loose, and its price drive is weak. The supply - demand of styrene is also expected to be loose, and its price drive is weak. They may follow oil prices in the short - term [5]. - For PVC and caustic soda, short - term caustic soda prices are weak due to supply increase and general demand, while long - term there is demand support. PVC has large supply - demand pressure, and the short - term disk has stopped falling [6]. - In the methanol industry, the price may continue to oscillate under the supply - demand game, and attention should be paid to overseas device operation, port de - stocking, and overseas gas - limiting expectations [7]. Summary by Relevant Catalogs Polyolefin Industry - **Futures and Spot Prices**: On October 22, the closing prices of L2601, L2509, PP2601, and PP2509 increased. The price differences between L2509 - 2601 and PP2509 - 2601 changed. The prices of some spot products such as East China PP wire drawing and North China LDPE film also rose [2]. - **Inventory and Operating Rates**: PE and PP inventories decreased. The operating rates of PE and PP devices and downstream industries changed, with some increasing and some decreasing [2]. Polyester Industry - **Product Prices and Cash Flows**: On October 22, the prices of upstream products such as Brent crude oil and CFR Japan naphtha increased. The prices of downstream polyester products such as POY, FDY, and DTY also changed. The cash flows of some products decreased [4]. - **PX - Related**: Some PX devices had unplanned maintenance or load reduction, and a new PTA device was planned to be put into production. PX supply was expected to shrink, and demand was supported [4]. - **PTA - Related**: As some PTA devices restored their loads and new devices were about to be put into production, the PTA spot basis continued to weaken [4]. - **EG - Related**: Domestic ethylene glycol devices started up and increased their loads, and the supply was sufficient. It was expected to build up inventory in October [4]. - **Short - fiber and Bottle - chip**: Short - fiber supply was high, and demand was supported. Bottle - chip was in the traditional off - season, and demand was weak [4]. Pure Benzene and Styrene Industry - **Prices and Spreads**: On October 22, the prices of some products such as CFR China pure benzene and BZ futures 2603 increased. The spreads between pure benzene - naphtha and ethylene - naphtha decreased [5]. - **Inventory and Operating Rates**: Pure benzene and styrene inventories changed, and the operating rates of industries in the pure benzene and styrene industrial chain also changed [5]. - **Supply - demand Analysis**: Pure benzene supply was expected to be loose due to new capacity and weak demand. Styrene supply was expected to be high, and demand was limited [5]. PVC and Caustic Soda Industry - **Futures and Spot Prices**: On October 22, the prices of SH2601 and V2601 increased, while SH2509 decreased. The price differences between SH2509 - 2601 and V2509 - V2601 changed [6]. - **Export and Inventory**: Caustic soda and PVC export prices and profits changed. The inventories of caustic soda and PVC also changed [6]. - **Supply - demand Analysis**: Caustic soda demand was weak in the short - term but had long - term support. PVC supply - demand pressure was large, and the market was weak [6]. Methanol Industry - **Prices and Spreads**: On October 22, the closing prices of MA2601 decreased, while MA2605 increased. The basis and regional price differences changed [7]. - **Inventory and Operating Rates**: Methanol inventories such as enterprise, port, and social inventories increased. The operating rates of upstream and downstream industries changed [7]. - **Supply - demand Analysis**: Overseas methanol production decreased, and there were expectations of supply reduction. Port inventory was high, and demand was weak in the traditional downstream [7].