1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Natural Rubber - With the supply pressure from the rubber tapping season and the support from high overseas costs and geopolitical events boosting synthetic rubber, the subsequent rubber price is expected to fluctuate widely in the range of 15,500 - 17,500. Attention should be paid to the subsequent development of the conflict between the United States and Iran [1]. Polyolefins - The pricing power returns to hedging merchants, the basis strengthens, and the transaction volume increases. PP and PE continue to see a reduction in supply and an increase in demand. PP is destocking, while PE inventory is accumulating. In April, it is expected that the spot market will tighten and the basis will strengthen, driven by the "strong cost + reduced supply" logic [2]. Glass and Soda Ash - For soda ash, the spot price is stable, the supply has decreased slightly, and the demand is weak. The cost - end support has weakened, but the downside space is expected to be limited. It is generally viewed as oscillating, with the SA605 contract referring to the range of 1,150 - 1,250. Short positions can be held. - For glass, the spot price is stable, the supply has decreased, the demand is sluggish, the cost support has weakened, and there is still inventory - removal pressure. It is also viewed as oscillating. Short positions can be held [3]. LPG - The LPG price has generally declined. The market is affected by the weakening of geopolitical risk premiums and concerns about high - price demand suppression. It is expected to be in a weak - oscillating pattern, but the supply shortage still provides fundamental support. Attention should be paid to the negotiation progress and the navigation situation in the Mandeb Strait [4]. PVC and Caustic Soda - For caustic soda, the futures are weakly oscillating, the supply has increased slightly, the inventory has accumulated, and the downstream demand increment is less than expected. It is expected to be weakly oscillating in the short term. - For PVC, the futures have fallen significantly, the export demand is poor, the market supply - demand contradiction is not prominent, and the price has a strong bottom support. It may be weakly adjusted in the short term [5]. Urea - The urea futures are weakly oscillating, the spot price is stable, the supply has decreased slightly, the inventory is at a relatively low level, but the supply is still loose. The demand is in a transition period, and the market lacks clear upward or downward drivers. It is expected to continue narrow - range consolidation, with the main contract focusing on the range of 1,830 - 1,900 [6]. Crude Oil - The main trading theme is "geopolitical support + policy suppression". In the short term, the geopolitical risk premium has declined, and the oil price may turn to a weak - oscillating pattern. However, the supply shortage still exists, and the oil price will fluctuate between geopolitical support and policy suppression. Attention should be paid to the negotiation progress and the navigation situation in the Mandeb Strait [7]. Methanol - The methanol market has a near - strong and far - weak pattern, with a short - term tight - balance supply - demand situation. The supply side is expected to see an increase in far - month imports, while the demand side is generally positive, but the MTO profit is weakening. Two major risks need to be watched: geopolitical easing and continuous compression of MTO profit [9]. Styrene and Pure Benzene - For pure benzene, the supply is expected to decrease, the demand is expected to improve, and the short - term price may fluctuate with the oil price. It is recommended to wait and see, and shrink the EB05 - BZ05 spread when it is high. - For styrene, the supply is stable, the demand is weakening slightly, but the supply - demand situation is still tight. The short - term absolute price fluctuates with the oil price, and the same strategy as for pure benzene is recommended [10]. Polyester Industry Chain - For PX, the supply - demand is weak in the short term, but the overall supply - demand in April is expected to be tight, and the price has support. It is recommended to wait and see and pay attention to the oil price trend. - For PTA, the short - term self - driving force is limited, and the absolute price fluctuates with the cost side. The same strategy as for PX is recommended. - For ethylene glycol, the cost support is strong, the supply is expected to decline significantly in the second quarter, and the price has upward momentum. However, attention should be paid to the risk of a pull - back. - For short - fiber, the supply - demand is weakening, and it mainly fluctuates with raw materials. The same strategy as for PX is recommended, and the PF processing margin can be expanded at a low level below 800. - For bottle - grade polyester chips, the supply - demand in April is expected to be tight, and the processing margin is expected to be strong. The PR unilateral strategy is the same as for PTA, and the main - contract processing margin is expected to be strong [11]. 3. Summaries According to Relevant Catalogs Natural Rubber - **Spot Prices and Basis**: The prices of most natural rubber varieties have declined slightly, with the Yunnan Guofu full - latex (SCRWF) in Shanghai dropping 0.31%, and the Thai standard mixed rubber price falling 0.63%. The basis of full - latex has increased, and the non - standard price difference has also increased [1]. - **Monthly Spreads**: The 9 - 1 spread has decreased by 4.70%, the 1 - 5 spread has increased by 8.44%, and the 5 - 9 spread has decreased by 120.00% [1]. - **Fundamental Data**: The production in Thailand in January increased by 11.09%, while that in Indonesia and India decreased. The tire export volume in February decreased by 12.40%, and the natural rubber import volume decreased by 28.46%. The inventory in the bonded area increased by 0.85%, and the factory - warehouse futures inventory on the SHFE decreased by 9.23% [1]. Polyolefins - **Prices and Spreads**: The closing prices of L2605, L2609, PP2605, and PP2609 have all declined, with the L2605 closing price dropping 2.16%. The L59 spread, PP59 spread, and LP05 spread have also changed [2]. - **Upstream and Downstream Data**: The PE device operating rate has decreased by 4.79%, the downstream weighted operating rate has increased by 5.75%. The PE enterprise inventory has increased by 3.45%, and the social inventory has decreased by 6.58%. The PP enterprise inventory has decreased by 16.19%, and the trader inventory has decreased by 8.18% [2]. Glass and Soda Ash - **Prices and Spreads**: The spot prices of glass and soda ash are stable. The glass 2605 contract has dropped 2.02%, and the soda ash 2605 contract has dropped 2.49%. The 05 basis of glass and soda ash has increased [3]. - **Supply and Demand**: The soda ash production capacity utilization rate has decreased by 5.22%, and the weekly production has decreased by 5.22%. The float - glass daily melting volume has decreased by 0.62%, and the photovoltaic glass daily melting volume has decreased by 2.28%. The glass factory inventory has decreased by 1.09%, and the soda ash factory inventory has decreased by 0.10% [3]. LPG - **Prices and Spreads**: The main LPG contract PG2605 has dropped 4.04%, and the PG05 - 06 and PG05 - 07 spreads have decreased. The South China spot price has decreased by 0.28%, and the deliverable spot price has decreased by 1.24% [4]. - **Inventory and Operating Rates**: The LPG refinery storage capacity ratio has decreased by 4.34%, the port inventory has increased by 0.68%, and the port storage capacity ratio has increased by 0.67%. The upstream - main refinery operating rate has decreased by 3.54%, and the downstream - PDH operating rate has decreased by 3.09% [4]. PVC and Caustic Soda - **Prices and Spreads**: The price of Shandong 50% liquid caustic soda has decreased by 4.3%, and the price of East China calcium - carbide - method PVC has decreased by 3.9%. The SH2605 and V2605 contracts have also declined [5]. - **Supply and Demand**: The caustic soda industry operating rate has increased by 0.8%, and the PVC total operating rate has increased by 1.0%. The alumina industry operating rate has increased by 0.1%, and the Longzhong sample PVC pipe operating rate has increased by 5.1% [5]. Urea - **Prices and Spreads**: The urea futures are weakly oscillating, and the spot price is stable. The main contract has dropped 2.71%. The 01 - 05 and 05 - 09 spreads have changed [6]. - **Supply and Demand**: The domestic urea daily production has decreased by 0.36%, the production capacity utilization rate has decreased by 4.17%, and the factory - warehouse inventory has decreased by 13.40% [6]. Crude Oil - **Prices and Spreads**: Brent crude has dropped 3.18%, WTI crude has dropped 1.46%, and SC crude has dropped 1.80%. The Brent M1 - M3, WTI M1 - M3, and SC M1 - M3 spreads have increased [7]. - **Refined Oil Products**: The prices of NYM RBOB, NYM ULSD, and ICE Gasoil have all declined. The refined - oil cracking spreads in the United States, Europe, and Singapore have also decreased [7]. Methanol - **Prices and Spreads**: The MA2605 and MA2609 closing prices have declined, with the MA2605 closing price dropping 2.71%. The MA59 spread has decreased by 3.90%, and the MTO05盘面 profit has increased by 44.94% [9]. - **Inventory and Operating Rates**: The methanol enterprise inventory has decreased by 10.71%, the port inventory has decreased by 8.42%, and the social inventory has decreased by 9.05%. The upstream - domestic enterprise operating rate has increased by 1.74%, and the downstream - external - procurement MTO device operating rate has increased by 10.42% [9]. Styrene and Pure Benzene - **Upstream and Downstream Prices**: The prices of Brent crude and WTI crude have changed. The price of pure benzene and styrene has declined. The EB05 - BZ05 spread has increased by 4.6% [10]. - **Inventory and Operating Rates**: The pure benzene inventory in Jiangsu ports has decreased by 3.3%, and the styrene inventory in Jiangsu ports has decreased by 4.6%. The domestic pure benzene operating rate has increased by 6.4%, and the styrene operating rate has decreased by 0.7% [10]. Polyester Industry Chain - **Upstream and Downstream Prices**: The prices of Brent crude, WTI crude, and CFR Japan naphtha have changed. The prices of PTA, MEG, and polyester products have also fluctuated [11]. - **Inventory and Operating Rates**: The MEG port inventory has increased by 3.5%, and the arrival expectation has decreased by 33.3%. The Asian PX operating rate has decreased by 2.8%, and the PTA operating rate has increased by 3.6% [11].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports Pure Benzene - Styrene - Pure benzene supply is expected to decline due to refinery load reduction and planned maintenance, while downstream product prices are rising, improving the supply - demand outlook. Short - term price may follow oil prices, and the strategy is to wait and see and reduce the EB05 - BZ05 spread when it is high [1]. - Styrene supply remains stable with a mix of restarts and maintenance. Demand is weak in procurement, but the supply - demand is still tight. Short - term price follows oil prices, and the strategy is the same as for pure benzene [1]. Glass - Soda Ash - Soda ash has a pattern of strong supply and weak demand, and the market will be a game between supply - demand and cost support, with an expected weakening trend. Attention should be paid to the support at around 1150 for SA605 [2]. - Glass has a similar situation of supply - demand and cost support game. The market is expected to be weak, and attention should be paid to the support at around 1030 for FG605 [2]. Natural Rubber - As domestic production areas start full - scale tapping, supply pressure will dominate the market. The US - Iran conflict affects tire exports, and rubber prices are expected to face pressure [3]. Crude Oil - Oil prices are expected to maintain wide - range fluctuations, with the main factors being geopolitical support and policy suppression. Short - term focus is on the actual resumption of navigation in the Strait of Hormuz and negotiation progress [4]. Methanol - The current market is dominated by reduced imports. High volatility requires caution regarding demand sustainability and policy risks. The 05 contract is expected to see significant de - stocking [7]. Polyester Industry Chain - PX has a situation of weak supply and demand, and its price is expected to follow oil prices in the short term. The strategy is to wait and see and monitor oil prices [9]. - PTA has limited self - drive, and its absolute price follows the cost side. The strategy is the same as for PX [9]. - Ethylene glycol has upward price momentum in the short term, but attention should be paid to the risk of price decline after the rise [9]. - Short - fiber has weak self - drive and follows raw material fluctuations. The strategy for the PF contract is to expand the processing margin when it is below 800 [9]. - Polyester bottle - chip supply is expected to be tight, and the processing margin of the PR main contract is expected to be strong [9]. PVC - Caustic Soda - Caustic soda's fundamentals have marginally improved, but the overall supply - demand is still weak. The price may be affected by export expectations and downstream demand [10]. - PVC has a weak supply - demand situation, but the overall market price is likely to rise due to the impact of rising energy prices [10]. Urea - Urea supply remains in a loose pattern, and demand is weak. The price is expected to fluctuate and consolidate in the short term, with the main contract focusing on the 1830 - 1900 range [11]. LPG - The LPG market shows price declines in futures contracts. Inventory and upstream - downstream开工率 have some changes, but no clear market trend conclusion is given in the report [12]. Polyolefin - Polyolefins are traded based on the logic of "strong cost, reduced supply", with low valuations. However, demand is limited, and long positions can be reduced [13]. 3. Summaries by Relevant Catalogs Pure Benzene - Styrene - **Upstream Prices and Spreads**: Most upstream prices such as crude oil, naphtha, and ethylene decreased on March 25 compared to March 24, with varying decline rates. Some spreads also changed, like the pure benzene - naphtha spread decreased by 335.3% [1]. - **Styrene - related Prices and Spreads**: Styrene prices and related spreads also showed declines, and the EB cash flow (non - integrated) increased by 139.0% [1]. - **Downstream Cash Flows**: Cash flows of downstream products like caprolactam and phenol changed, with some increasing and some decreasing [1]. - **Inventory**: Pure benzene inventory in Jiangsu ports decreased by 6.6%, while styrene inventory increased by 3.6% [1]. - **开工率**: Asian and domestic pure benzene开工率, as well as downstream product开工率, had different degrees of change [1]. Glass - Soda Ash - **Prices and Spreads**: Glass and soda ash spot and futures prices had small changes, and some basis and spreads also changed [2]. - **Supply and Demand**: Soda ash production and float glass melting volume had slight changes, and the supply - demand situation was generally weak [2]. - **Inventory**: Glass and soda ash factory inventories decreased, and glass factories' soda ash inventory days increased [2]. - **Real Estate Data**: Real estate data showed different trends, with some indicators improving and some still negative [2]. Natural Rubber - **Prices and Spreads**: Spot prices of natural rubber and related spreads changed, with some prices increasing and some decreasing [3]. - **月间价差**: 9 - 1, 1 - 5, and 5 - 9 spreads of natural rubber contracts had varying degrees of change [3]. - **Fundamentals**: Production in some countries,开工率 of tire enterprises, and import and export data of tires and natural rubber had changes [3]. - **Inventory**: Bonded area inventory increased, and factory - warehouse futures inventory decreased [3]. Crude Oil - **Prices and Spreads**: Crude oil prices such as Brent, WTI, and SC decreased on March 25 compared to March 24, and various spreads also changed [4]. - **Refined Oil Prices and Spreads**: Refined oil prices and spreads decreased, with significant decline rates in some products [4]. - **Refined Oil Crack Spreads**: Crack spreads of refined oil products decreased, with some products having a 100% decline [4]. Methanol - **Prices and Spreads**: Methanol futures prices, basis, and spreads changed, with some prices decreasing and some spreads increasing [7]. - **Inventory**: Methanol enterprise, port, and social inventories decreased [7]. - **开工率**: Upstream and downstream开工率 of methanol had different degrees of change, with some increasing and some decreasing [7]. Polyester Industry Chain - **Upstream Prices**: Upstream prices such as crude oil, naphtha, and PX decreased, and related spreads also changed [9]. - **Downstream Product Prices and Cash Flows**: Downstream polyester product prices and cash flows had different degrees of change, with some prices decreasing and some cash flows increasing [9]. - **PX - related Prices and Spreads**: PX prices and spreads decreased, and some spreads had significant decline rates [9]. - **PTA - related Prices and Spreads**: PTA prices and spreads decreased, and the basis and processing margin also changed [9]. - **MEG - related Prices and Spreads**: MEG prices and spreads decreased, and the inventory and to - port expectations also changed [9]. - **开工率**:开工率 of various products in the polyester industry chain had different degrees of change [9]. PVC - Caustic Soda - **Prices and Spreads**: PVC and caustic soda spot and futures prices had changes, and some spreads and basis also changed [10]. - **Overseas Quotes and Export Profits**: Overseas quotes and export profits of PVC and caustic soda increased [10]. - **Supply**:开工率 of caustic soda and PVC decreased, and the profit of PVC production also changed [10]. - **Demand**:开工率 of downstream industries of caustic soda and PVC had different degrees of change [10]. - **Inventory**: Factory inventories of caustic soda and PVC decreased [10]. Urea - **Futures Prices and Spreads**: Urea futures prices and spreads changed, with some prices decreasing and some spreads increasing [11]. - **主力持仓**: The main positions of urea trading decreased [11]. - **Raw Material Prices**: Upstream raw material prices such as coal and synthetic ammonia had small changes [11]. - **Spot Prices**: Urea spot prices in different regions had small changes [11]. - **价差**: Regional, cross - border, and basis spreads of urea had different degrees of change [11]. - **Downstream Products**: Prices of downstream products such as melamine and compound fertilizer had different degrees of change [11]. - **Supply and Demand**: Urea daily production,开工率, and inventory had changes, with supply being loose and demand being weak [11]. LPG - **Prices and Spreads**: LPG futures prices decreased, and some spreads and basis also changed [12]. - **外盘价格**: LPG outer - market prices decreased, with different decline rates for different contracts [12]. - **Inventory**: LPG refinery and port inventories increased, and the inventory ratio also changed [12]. - **开工率**: Upstream and downstream开工率 of LPG had different degrees of change [12]. Polyolefin - **Prices and Spreads**: LLDPE and PP futures prices decreased, and some spreads and basis also changed [13]. - **Non - standard Prices**: Non - standard prices of PE and PP decreased, with different decline rates [13]. - **开工率**: PE and PP装置开工率 and downstream加权开工率 had different degrees of change [13]. - **Inventory**: PE and PP enterprise and social inventories had different degrees of change [13].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Polyester Industry - PX: Short - term supply - demand is weak, but cost support is strong. Suggest a phased low - long approach with put options for hedging, and avoid chasing positive spreads in the month - spread [1]. - PTA: Short - term self - drive is limited, and the absolute price follows the cost. Adopt a phased low - long strategy with put options for hedging, and avoid chasing positive spreads in the month - spread [1]. - Ethylene Glycol: There is upward momentum before the resumption of Middle - East oil transportation, but beware of the risk of a sharp fall after the rise. Lightly buy EG2605 call options [1]. - Short - fiber: Short - term self - drive is weak, following raw material fluctuations. PF's unilateral strategy is the same as PTA, and its processing fee on the disk fluctuates between 800 - 1100 [1]. - Bottle chips: PR's unilateral strategy is the same as PTA, the processing fee on the main PR disk is expected to be strong, and lightly buy PR2605 call options [1]. Pure Benzene - Styrene Industry - Pure Benzene: May follow oil price fluctuations. Long positions can be protected with put options. Temporarily observe the EB05 - BZ05 spread and watch for opportunities to narrow it [2]. - Styrene: The absolute price follows oil price fluctuations. The strategy is the same as that for pure benzene [2]. Crude Oil Industry - If the situation does not improve or new variables occur, there will be a substantial shortage of supply in the next 1 - 2 weeks, and crude oil futures prices may further approach Dubai spot prices with continuous upward momentum [3]. Glass - Soda Ash Industry - Soda Ash: The fundamental supply is strong and demand is weak. The market will be mainly based on fundamental and cost - support logic, with a weak - oscillating trend. Pay attention to the support of SA605 at around 1150 [5]. - Glass: The overall supply - demand is weak. The market will be mainly based on fundamental and cost - support logic, with a weak - oscillating trend. Pay attention to the support of FG605 at around 1030 [5]. PVC - Caustic Soda Industry - Caustic Soda: Although the fundamentals are marginally improving, the overall supply - demand pattern is still weak. It is expected to run strongly in the short term [6]. - PVC: The market is expected to run strongly with oscillations in the short term [6]. Urea Industry - Urea: Under the influence of policies, the short - term market will mainly oscillate with limited corrections [7]. Methanol Industry - Methanol: Import reduction dominates the current market. It is recommended to lay out long positions at low prices, but beware of demand sustainability and policy risks [8]. Polyolefin Industry - Polyolefins: Cost and supply - side drivers are dominant, and the price center is likely to rise. The increase may be stronger than that of other chemicals in the short term [9]. LPG Industry No specific core view is provided in the report, but price and inventory data are presented. 3. Summaries According to Relevant Catalogs Polyester Industry - **Prices and Cash Flows**: Brent crude oil (May) rose 3.54 to 112.19 dollars/barrel, a 3.3% increase. Most downstream polyester product prices and cash flows showed different degrees of decline [1]. - **Supply and Demand**: PX supply is expected to decrease due to plant maintenance, and downstream polyester cost transmission is not smooth. PTA may accumulate inventory in March, and ethylene glycol supply is expected to decline, with inventory likely to decrease [1]. Pure Benzene - Styrene Industry - **Prices and Spreads**: Brent crude oil (May) rose 3.54 to 108.65 dollars/barrel, a 3.3% increase. Pure benzene and styrene prices and spreads showed various changes [2]. - **Supply and Demand**: Pure benzene supply is expected to decrease, and downstream product prices are rising. Styrene supply is expected to remain stable, but demand is weak [2]. Crude Oil Industry - **Prices and Spreads**: Brent rose 3.54 to 112.19 dollars/barrel, a 3.26% increase; WTI rose 2.68 to 98.23 dollars/barrel, a 2.80% increase [3]. - **Supply and Demand**: The blockade of the Strait of Hormuz has caused substantial production cuts in the Middle - East, and the demand side has a need to replenish inventories [3]. Glass - Soda Ash Industry - **Prices and Spreads**: Glass and soda ash prices were generally stable, with slight declines in futures prices [5]. - **Supply and Demand**: Soda ash supply is stable with a slight increase in production, and demand is weak. Glass supply is decreasing, and demand is also weak [5]. PVC - Caustic Soda Industry - **Prices and Spreads**: Caustic soda prices rose, and PVC prices were relatively stable [6]. - **Supply and Demand**: Caustic soda supply decreased, and demand improved marginally. PVC supply decreased slightly, and demand was average [6]. Urea Industry - **Prices and Spreads**: Urea futures prices fell, and spot prices were slightly loose [7]. - **Supply and Demand**: Urea supply decreased slightly due to increased maintenance, and agricultural demand is gradually recovering [7]. Methanol Industry - **Prices and Spreads**: Methanol futures prices fell, and inventory decreased [8]. - **Supply and Demand**: Domestic methanol production increased, and import is expected to decrease. Downstream demand is expected to improve [8]. Polyolefin Industry - **Prices and Spreads**: Polyolefin futures prices fell, and the basis weakened [9]. - **Supply and Demand**: Supply is expected to decrease due to production cuts, and demand is mainly for rigid needs [9]. LPG Industry - **Prices and Spreads**: LPG futures and spot prices rose, and the basis increased [10]. - **Inventory and开工率**: LPG refinery inventory and port inventory increased, and the upstream refinery开工率 decreased while the downstream PDH开工率 increased [10].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core Views - For glass and soda ash, the supply - demand pattern of soda ash is bearish, with expected bottom - side oscillations. Glass prices may face pressure in the medium - to - long term, especially after December [1]. - For PVC and caustic soda, the caustic soda price is expected to be weak, and PVC is likely to continue its bottom - weakening trend due to supply - demand imbalances [2]. - For LLDPE and PP, the fundamentals show a pattern of increasing supply and weakening demand, with cost support and inventory pressure coexisting [4]. - For methanol, port destocking expectations are strengthened, and the price has bottom - side support [6]. - For crude oil, short - term oil prices are expected to continue range - bound oscillations between $60 - 65 per barrel [11]. - For natural rubber, the short - term fundamentals are weak, and rubber prices are expected to be weakly volatile [12]. - For pure benzene and styrene, pure benzene prices may face upward pressure, and styrene is expected to be in a wide - range oscillation in the short term [13]. - For the polyester industry chain, PX, PTA, ethylene glycol, short - fiber, and bottle - chip all have their own supply - demand situations and price trends, with corresponding trading strategies proposed [14]. - For urea, no clear core view on price trends is provided, but supply and inventory data are presented [15]. Group 3: Summary by Relevant Catalogs Glass and Soda Ash - **Prices and Spreads**: Glass and soda ash spot prices in different regions remained stable on December 4, 2025. Futures prices of glass 2601 and soda ash 2601 decreased, while the basis of 01 contracts for both increased [1]. - **Supply**: Soda ash production and float - glass daily melting volume decreased, and photovoltaic daily melting volume also declined [1]. - **Inventory**: Glass factory inventories and soda ash factory and delivery - warehouse inventories decreased [1]. - **Real Estate Data**: New - construction area, construction area, and sales area declined year - on - year, while the completion area increased [1]. PVC and Caustic Soda - **Prices and Spreads**: Some PVC and caustic soda prices decreased on December 3, 2025, and the basis and spread of some contracts changed [2]. - **Export**: The export profit of caustic soda increased, while that of PVC decreased [2]. - **Supply**: The caustic soda industry's overall开工 rate decreased slightly, and the PVC开工 rate increased [2]. - **Demand**: The开工 rate of some downstream industries of caustic soda and PVC changed, with some increasing and some decreasing [2]. - **Inventory**: The inventories of liquid caustic soda in some regions and PVC upstream factories increased [2]. LLDPE and PP - **Prices and Spreads**: The closing prices of LLDPE and PP futures contracts decreased on December 3, 2025, and the spreads between some contracts changed [4]. - **Supply and Demand**: The PE装置开工率 increased, and the PP粉料开工率 increased, while the downstream weighted开工 rate of PE decreased slightly, and that of PP increased slightly [4]. - **Inventory**: The enterprise and social inventories of PE and PP decreased [4]. Methanol - **Prices and Spreads**: Methanol futures prices decreased on December 3, 2025, and the basis and spread of some contracts changed [6]. - **Inventory**: Methanol enterprise, port, and social inventories decreased [6]. - **Supply and Demand**: The upstream domestic enterprise开工率 and overseas enterprise开工率 decreased, while some downstream开工率 increased [6]. Crude Oil - **Prices and Spreads**: Brent and WTI crude oil prices increased on December 3, 2025, while SC crude oil prices decreased. The spreads between different contracts of crude oil and refined oil changed [11]. - **Market Situation**: Due to the Ukraine - Russia situation and EIA data, oil prices first rose and then fell, and short - term oil prices are expected to range - bound oscillate [11]. Natural Rubber - **Prices and Spreads**: Some natural rubber spot prices decreased on December 3, 2025, and the basis and spread of some contracts changed [12]. - **Production and Consumption**: The production of natural rubber in some regions decreased, and the开工率 of some downstream industries changed [12]. - **Inventory**: The bonded - area inventory and the factory - warehouse futures inventory of natural rubber increased [12]. Pure Benzene and Styrene - **Prices and Spreads**: The prices of upstream products and styrene - related products changed on December 3, 2025, and the basis, spread, and cash - flow of some contracts changed [13]. - **Inventory**: The pure benzene inventory in Jiangsu ports increased, and the styrene inventory decreased [13]. - **Supply and Demand**: The开工 rate of some industries in the pure benzene and styrene industry chains changed [13]. Polyester Industry Chain - **Prices and Spreads**: The prices of upstream products, polyester products, and related spreads and cash - flows changed on December 3, 2025 [14]. - **Inventory**: The MEG port inventory increased, and the arrival expectation also increased [14]. - **Supply and Demand**: The开工 rate of some industries in the polyester industry chain changed, with some increasing and some decreasing [14]. Urea - **Prices and Spreads**: Urea futures prices and spot prices in different regions changed slightly on December 3, 2025, and the basis, spread, and cross - regional spread changed [15]. - **Supply and Demand**: The domestic urea daily output and the production enterprise开工率 increased, and the factory - warehouse inventory decreased [15].

Report Industry Investment Ratings No information provided regarding industry investment ratings in the given reports. Core Views Methanol - Market is currently following a "weak reality" trading logic, with the core contradiction centered on high port inventories. The 01 contract faces challenges in inventory digestion, and the weak reality pattern may continue until the implementation of gas restrictions in Iran. The 05 contract is expected to see significant inventory reduction, and opportunities for MTO profit contraction in the 05 contract can be focused on later [3]. Polyester - PX supply is generally stable, but demand may be affected by potential PTA production cuts. The price rebound space is limited, and strategies include reducing long positions on rallies and short - selling above 6800, as well as attempting to narrow the PX - SC spread. - PTA is expected to have a slightly loose supply - demand situation with a small inventory build - up. The price rebound space is limited, and strategies include reducing long positions and short - selling on rallies, and treating TA1 - 5 as a rolling reverse spread. - Ethylene glycol is expected to face high inventory build - up in November - December, with significant upward pressure. Strategies include selling out - of - the - money call options on rallies and reverse - spreading EG1 - 5 on rallies. - Short - fiber supply is relatively high in the short term, but demand may weaken seasonally. The price rebound space is limited, and strategies are similar to PTA, with the focus on narrowing the processing margin on rallies. - Bottle - chip supply and demand remain in a loose pattern, and it is likely to enter a seasonal inventory build - up period. Strategies are similar to PTA, and the main contract processing margin is expected to fluctuate between 300 - 450 yuan/ton [6]. Polyolefins - PP supply increase is slowing down due to more unplanned maintenance, while PE supply is expected to increase as maintenance peaks. Demand has improved, but there is still significant pressure with increasing supply and decreasing demand. The 01 contract has inventory pressure, while the 05 contract may have long - term low - buying opportunities, and the monthly spread is suitable for reverse - spreading [8]. PVC and Caustic Soda - Caustic soda supply is expected to increase in November, with weak demand support. The price is expected to be weak and stable, and the overall trend is bearish. - PVC supply - demand remains in an oversupply situation, with continuous supply pressure from new capacity and weak demand in the traditional off - season. The price is expected to continue to oscillate weakly at the bottom, and the trading strategy is to short on rebounds [11]. Pure Benzene and Styrene - Pure benzene supply is expected to be loose in November, with limited demand support and increasing port inventories. The price driving force is weak, but attention should be paid to device changes due to low valuation. - Styrene supply may slightly decrease in November, with overall stable demand. The cost support is weakening, and the price driving force is limited. The strategy is to be bearish on EB12 price rebounds [12]. Summary by Relevant Catalogs Methanol Price and Spread - MA2601 closed at 2125 on November 6, down 0.75% from the previous day; MA2605 closed at 2226, down 0.45%. The MA15 spread was - 101, up 6.32%. The Taicang basis was - 30, up 25%. Spot prices in Inner Mongolia, Henan, and Taicang showed different changes, with the Taicang - Inner Mongolia and Taicang - Luoyang regional spreads also changing [1]. Inventory - Methanol enterprise inventory was 38.641%, up 2.75%; port inventory was 151.7 million tons, up 0.71%; social inventory was 190.4%, up 1.11% [2]. Upstream and Downstream Operating Rates - Upstream domestic enterprise operating rate was 76.09%, up 0.31%; overseas enterprise operating rate was 70.7%, down 2.68%. Downstream, the MTO device operating rate was 84.98%, up 1.09%, while the acetic acid operating rate was 72.3%, down 1.15% [3]. Polyester Upstream and Downstream Prices - Upstream crude oil, naphtha, and other prices showed different changes. Downstream polyester product prices and cash flows also had various fluctuations, such as POY150/48 cash flow down 31.2% [6]. Inventory and Operating Rates - MEG port inventory was 56.2 million tons, up 7.5%. The comprehensive operating rate of polyester was 91.7%, up 0.3%. Different products' operating rates also showed different trends [6]. Polyolefins Price and Spread - L2601 closed at 6805 on November 6, down 0.13%; L2605 closed at 6886, down 0.22%. PP2601 closed at 6471, down 0.31%; PP2605 closed at 6592, down 0.20%. The L15 spread was - 81, down 6.90%; the PP15 spread was - 121, up 6.14% [8]. Inventory and Operating Rates - PE enterprise inventory was 49.0 million tons, up 17.84%; social inventory was 52.7 million tons, down 3.30%. PP enterprise inventory was 60.0 million tons, up 0.81%; trader inventory was 22.9 million tons, up 3.91%. PE device operating rate was 82.6%, up 2.13%; PP device operating rate was 77.8%, up 0.9% [8]. PVC and Caustic Soda Price and Spread - Shandong 32% liquid caustic soda equivalent price was 2500, unchanged; Shandong 50% liquid caustic soda equivalent price was 2500, unchanged. The price of PVC in East China showed a decline [11]. Supply and Demand - Caustic soda industry operating rate was 88.3%, up 3.3%; PVC total operating rate was 77.1%, up 4.5%. The downstream operating rates of caustic soda and PVC also had different changes [11]. Inventory - Liquid caustic soda inventory in East China factories and Shandong increased, while PVC total social inventory decreased slightly [11]. Pure Benzene and Styrene Upstream and Downstream Prices - Upstream crude oil, naphtha, and other prices changed. Pure benzene and styrene prices also showed different trends, such as pure benzene East China spot price down 0.4% [12]. Inventory and Operating Rates - Pure benzene Jiangsu port inventory was 12.10 million tons, up 42.4%; styrene Jiangsu port inventory was 17.93 million tons, down 7.1%. The operating rates of pure benzene and styrene and their downstream industries also had various changes [12].

Report Industry Investment Ratings - No investment ratings provided in the reports Core Views Methanol - The methanol market is currently trading on the "weak reality" logic, with the core contradiction being high port inventories. The inventory issue for the 01 contract cannot be resolved, and the weak reality will continue to be priced in until the Iranian gas restriction [3]. Polyolefins (LLDPE & PP) - PP supply recovery has slowed due to unplanned maintenance, while PE supply is expected to increase as maintenance nears its peak. Demand has improved, but there is still pressure as supply is expected to increase while demand may decrease. The 01 contract faces inventory pressure, while the 05 contract may present long - term low - buying opportunities, and the month - spread is biased towards reverse arbitrage [8]. Chlor - alkali (Caustic Soda & PVC) - In November, the caustic soda market faces supply - demand pressure, with prices expected to be weak and stable. PVC's supply - demand imbalance remains unimproved, with prices likely to continue weak and volatile, and a strategy of short - selling on rebounds is recommended [9]. Pure Benzene - Styrene - Pure benzene supply is expected to be loose in November, with weak price drivers. Short - term trading of BZ2603 should focus on short - selling on rallies following oil prices. Styrene supply may slightly decrease, and demand is expected to change little. The supply - demand situation is currently loose, and prices are expected to have limited drivers. EB12 should be short - sold on rebounds [10]. Polyester Industry Chain - PX supply is stable, but its price rebound is limited. PTA supply - demand is slightly loose, and its price rebound is under pressure. Ethylene glycol is expected to accumulate inventory, and its price faces upward pressure. Short - fiber prices are gradually under pressure, and bottle - chip supply - demand remains loose [11]. Summaries by Related Catalogs Methanol - **Prices and Spreads**: On October 31st, MA2601 closed at 2180, down 28 (-1.27%) from the previous day; MA2605 closed at 2260, down 24 (-1.05%); the MA15 spread was -80, down 4 (5.26%); the Taicang basis was -50, down 5 (11.11%); spot prices in Inner Mongolia, Henan, and Taicang all declined [1]. - **Inventories**: Methanol enterprise inventories increased by 1.57 (4.36%) to 37.606%; port inventories decreased by 0.57 (-0.38%) to 150.6 million tons; social inventories increased by 1.00 (0.53%) to 188.3% [2]. - **开工率**: Domestic upstream enterprise开工率 decreased by 0.07 (-0.09%) to 75.78%; overseas upstream开工率 decreased by 2.68 (-3.65%) to 70.7%; downstream MTO装置开工率 increased by 5.96 (7.63%) to 84.06% [3]. Polyolefins - **Prices and Spreads**: On November 3rd, L2601 closed at 6888, down 11 (-0.16%); PP2601 closed at 6576, down 14 (-0.21%); some spot and futures prices and spreads changed [8]. - **Inventories**: PE enterprise inventories decreased by 9.86 (-19.16%) to 41.6; social inventories decreased by 1.80 (-3.30%) to 52.7 million tons; PP enterprise inventories decreased by 4.34 (-6.80%) to 59.5 million tons; trader inventories decreased by 2.50 (-10.48%) to 21.4 [8]. - **开工率**: PE装置开工率 decreased by 0.59 (-0.73%) to 60.9; downstream weighted开工率 decreased by 0.38 (-0.83%) to 45.4; PP装置开工率 increased by 1.13 (1.5%) to 77.1; downstream weighted开工率 increased by 0.24 (0.5%) to 52.6 [8]. Chlor - alkali - **Prices and Spreads**: On November 3rd, the price of Shandong 32% liquid caustic soda remained unchanged at 2500; the price of East China PVC decreased, and some futures prices and spreads changed [9]. - **Supply**: The caustic soda industry开工率 increased by 2.8 (3.3%) to 88.3; PVC总开工率 increased by 3.4 (4.5%) to 77.1 [9]. - **Demand**: The开工率 of some caustic soda downstream industries changed slightly, and the开工率 of PVC downstream products increased [9]. - **Inventories**: Liquid caustic soda inventories in East China and Shandong increased, PVC upstream factory inventories increased slightly, and total social inventories decreased by 1.0 (-1.8%) to 54.5 [9]. Pure Benzene - Styrene - **Upstream Prices and Spreads**: On November 3rd, Brent crude oil (December) was at $64.89, down $0.18 (-0.3%); CFR China pure benzene was at $681, up $4 (0.6%); some pure benzene prices and spreads changed [10]. - **Styrene - Related Prices and Spreads**: Styrene East China spot price was 6440, down 30 (-0.5%); EB12 - EB01 was -49, down 8 (-19.5%); some other prices and spreads also changed [10]. - **Inventories**: Pure benzene Jiangsu port inventories increased by 3.60 (42.4%) to 12.10 million tons; styrene Jiangsu port inventories decreased by 1.37 (-7.1%) to 17.93 million tons [10]. - **开工率**: Asian pure benzene开工率 decreased by 0.4% (-0.5%) to 78.8%; domestic pure benzene开工率 increased by 1.4% (1.9%) to 74.1%; styrene开工率 decreased by 2.5% (-3.7%) to 66.7% [10]. Polyester Industry Chain - **Upstream Prices**: On November 3rd, Brent crude oil (January) was at $64.89, up $0.12 (0.2%); CFR China PX was at $820, unchanged; some other upstream prices changed [11]. - **Downstream Polyester Product Prices and Cash Flows**: POY150/48 price was 6515, up 100 (1.6%); POY150/48 cash flow was 37, up 91; some other downstream product prices and cash flows changed [11]. - **Inventories**: MEG port inventories increased by 3.9 (7.5%) to 56.2 million tons; MEG to - port expectations decreased by 0.9 (-4.5%) to 18 [11]. - **开工率**: Asian PX开工率 decreased by 0.4% to 78.1%; China PX开工率 increased by 1.1% to 87.0%; PTA开工率 decreased by 0.8% to 78.0% [11].

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports Methanol Industry - The expected peak of inland maintenance is in early August, with current production at a high level year - on - year. There was a slight inventory build - up at ports this week, and the basis weakened. Imports in August are still high, downstream demand is weak due to low profits, and MTO profits have weakened again. The 09 contract has a strong expectation of inventory build - up. In the short term, the proportion of fundamental trading has decreased due to a strong macro - environment. The MTO09 profit is low and the driving force is towards expansion, so it is advisable to expand the spread on dips [1]. Polyolefin Industry - In August, PP maintenance will decrease, and the supply pressure of PE will increase. With new device commissions, the inventory build - up pressure in August will rise. In July, the downstream开工率 of PP/PE was at a low level, and social inventory has accumulated, but downstream raw material stocks have been digested to a low level, with potential restocking conditions. The overall valuation is moderately high, and the fundamental contradictions are not significant. The strategy is to be bearish on PP unilaterally (7200 - 7300) and continue to hold the LP01 position [4]. Crude Oil Industry - Overnight oil prices rose, mainly due to the market's re - pricing of geopolitical risks. Previously, the market was in a pessimistic mood due to the narrative of "weak demand + OPEC+ production increase". Trump's reduction of the cease - fire deadline for Russia and the threat of "100% secondary tariffs" have increased market concerns about geopolitical risks. Geopolitical risks mainly affect the marginal change in supply, and the market needs to re - evaluate the probability of a 3 - million - barrel - per - day supply interruption of Russian oil. In the macro aspect, the energy deal after the US - EU tariff negotiation has strengthened the implementation of sanctions against Russia and increased cross - regional trade costs. Although the demand side is suppressed by the global tariff shadow, the short - term market focus is on the impact of geopolitical risks on the supply side. It is recommended to adopt a short - term band trading strategy, with resistance levels of [67, 68] for WTI, [69, 70] for Brent, and [512, 515] for SC. Options can be used to capture opportunities from increased volatility [7]. Polyester Industry - **PX**: Short - term supply is stable, driven by domestic macro - sentiment, terminal restocking at low levels is obvious, and the inventory pressure of polyester factories has been alleviated. However, in August, PTA device maintenance will increase, and terminal demand has not improved significantly. The medium - term expectation of crude oil is still weak, and PX's own driving force is limited. It is expected that short - term PX trends will be dominated by macro - sentiment. The strategy is to be cautiously bearish on PX09 around 7000 and expand the PX - SC spread at low levels [11]. - **PTA**: Current PTA load is around 80%. In August, PTA device maintenance will increase under low processing fees. Terminal restocking at low levels due to domestic macro - sentiment has alleviated the inventory pressure of polyester factories, and PTA supply - demand has improved compared to expectations. However, the medium - term supply - demand expectation is still weak. It is expected that short - term PTA trends will be dominated by macro - sentiment. The strategy is to be bearish on TA above 4900, carry out a rolling reverse spread trade on TA9 - 1, and expand the PTA processing fee at low levels [11]. - **Ethylene Glycol**: In August, supply - demand is near balance. With the restart of multiple coal - based ethylene glycol devices from late July to early August and the planned restart of Zhejiang Petrochemical in early August, and the plan of some EO - EG co - production devices to switch from EO to EG due to weak downstream demand, domestic supply has become looser. Overseas, multiple Saudi ethylene glycol devices have restarted, and import expectations for August have been revised upwards. Terminal orders are weak in the traditional off - season. Overall, supply - demand has become looser, but it is greatly affected by the macro - environment in the short term. The strategy is to wait and see on EGO9 unilaterally and conduct a 9 - 1 reverse spread trade [11]. - **Short Fiber**: The supply - demand of short fiber has weakened marginally. Although prices rebounded last week due to domestic macro - sentiment, downstream purchasing power is weak, and the willingness to chase prices is low. The processing fee has been significantly compressed. The short - term supply - demand expectation is still weak, and the absolute price fluctuates with raw materials. The strategy is the same as for TA unilaterally, and the PF processing fee on the disk will fluctuate in the range of 800 - 1100, with limited upward and downward driving forces [11]. - **Bottle Chips**: Currently, it is the peak season for soft - drink consumption. Some bottle - chip devices are maintaining production cuts, and the processing fee has recovered compared to before the cuts. However, demand follow - up is average, the soft - drink开工率 is down year - on - year, and the supply of bottle chips is still at a historical high, so the inventory reduction is not as expected, limiting the upward space of the processing fee. The absolute price still follows the cost side. The strategy is the same as for PTA unilaterally, and the main - contract processing fee on the disk is expected to fluctuate in the range of 350 - 600 yuan/ton. Pay attention to the opportunity to expand the spread at the lower limit of the range [11]. Pure Benzene - Styrene Industry - **Pure Benzene**: There is an expectation of restarting previously shut - down devices, and the price transmission of downstream products other than styrene is not smooth. Coupled with a relatively high absolute level of port inventory, its own driving force is limited. Recently, the domestic commodity market has been greatly affected by anti - involution sentiment, and the fundamental logic has weakened. Short - term pure benzene trends will fluctuate with the overall market sentiment. The main - contract BZ2603 has limited self - driving force and will follow the trends of oil prices and styrene unilaterally [15]. - **Styrene**: In the short term, styrene开工率 is at a high level. Downstream EPS/PS factories are reducing production due to compressed industry profits and are cautious in raw material procurement. The supply - demand expectation of styrene is weak, and port inventory continues to increase. Recently, the styrene basis has weakened significantly. As the domestic commodity market sentiment cools down, the fundamental logic weakens. Short - term styrene trends will fluctuate with the overall market sentiment, but the rebound space is limited due to the weak supply - demand expectation. The strategy is to conduct a rolling bearish operation on EB09 [15]. Urea Industry - The urea disk has significantly declined, mainly due to the contradiction between shrinking demand and relatively loose supply. The summer top - dressing season is coming to an end, agricultural demand is gradually shrinking, compound fertilizer factories only purchase opportunistically due to inactive demand, and industrial rigid - demand procurement cannot offset the decline in agricultural demand, resulting in weak overall demand support. Although the urea enterprise开工率 is below 200,000 tons per day, the daily output is still 16,700 tons higher than the same period last year, with sufficient supply, further exacerbating the supply - demand imbalance. In addition, the sharp decline in the black - goods sector and the resonance of market sentiment have also put pressure on the urea disk. In the short term, the market is hard to improve. It is necessary to pay attention to the progress of autumn fertilizer start - up and the resumption of production of previously shut - down devices [41]. PVC - Caustic Soda Industry - **Caustic Soda**: The overall market sentiment has declined, and the caustic soda disk has fallen, but the decline is relatively small compared to other varieties, remaining relatively firm. The spot market is temporarily stable, with a certain willingness to support prices. Fundamentally, the supply in the East China region is relatively abundant, non - aluminum demand has not improved significantly, and the downstream off - season continues. It is expected that the caustic soda price will be stable this week. Many downstream enterprises resist high prices, and inventory has increased with the increase in supply. In the short term, macro - disturbances are intense, and trading risks have increased. The disk shows signs of rising and then falling. It is recommended to be cautious and avoid risks [48]. - **PVC**: The market sentiment declined significantly yesterday. The main PVC contract fell by 2.68%. Many industrial products that were strongly pulled up by policy sentiment in the previous period hit the daily limit today, and PVC was also affected by the overall market sentiment and fell significantly. However, some previously shut - down devices have resumed production, and it is expected that the supply will increase this week. On the demand side, the domestic downstream product开工率 remains low, with no signs of improvement. The delay in the announcement of India's anti - dumping tax has provided time for exports, and export expectations are good. Overall, the supply exceeds demand in terms of fundamentals. With the decline in market sentiment, it is advisable to consider shorting on rallies [48]. 3. Summaries by Related Catalogs Methanol Industry - **Price and Spread**: The closing prices of MA2601 and MA2509 decreased by 3.67% and 4.57% respectively from July 25th to July 28th. The MA91 spread decreased by 29.41%, and the Taicang basis decreased by 87.30%. The spot prices in Inner Mongolia, Henan, and Taicang also declined [1]. - **Inventory**: The inventory of medium - sized methanol enterprises decreased by 3.55%, the port inventory decreased by 8.15%, and the social inventory decreased by 6.73% [1]. - **开工率**: The upstream domestic enterprise开工率 decreased by 1.01%, the downstream MTO device开工率 increased by 0.56%, and the formaldehyde开工率 decreased by 7.25% [1]. Polyolefin Industry - **Price and Spread**: The closing prices of L2601, L2509, PP2601, and PP2509 decreased, while the L2509 - 2601 spread increased by 35.42% and the PP2509 - 2601 spread decreased by 60.00%. The spot prices of East China PP and North China LLDPE also declined [4]. - **开工率**: The PE device开工率 decreased by 2.10%, the PE downstream weighted开工率 decreased by 0.47%, the PP device开工率 decreased by 1.1%, and the PP powder开工率 increased by 6.9% [4]. - **Inventory**: The PE enterprise inventory increased by 12.48%, the PE social inventory increased by 0.59%, the PP enterprise inventory increased by 1.95%, and the PP trader inventory increased by 3.21% [4]. Crude Oil Industry - **Price and Spread**: Brent, WTI, and SC prices increased on July 29th compared to July 28th, with increases of 2.34%, 0.39%, and 1.84% respectively. Some spreads such as Brent M1 - M3 and WTI M1 - M3 decreased [7]. - **Refined Oil Price and Spread**: The prices of NYM RBOB, NYM ULSD, and ICE Gasoil had different changes, and some spreads such as RBOB M1 - M3 and ULSD M1 - M3 decreased [7]. - **Refined Oil Crack Spread**: The crack spreads of some refined oil products such as US gasoline and US diesel increased, while those of some others such as Singapore gasoline and European diesel decreased [7]. Polyester Industry - **Downstream Polyester Product Price and Cash Flow**: The prices of POY150/48, FDY150/96, etc. had different changes, and the cash flows of some products such as POY150/48 and FDY150/96 decreased [11]. - **PX - Related Price and Spread**: The prices of CFR China PX, PX futures, etc. decreased, and relevant spreads such as PX - crude oil and PX - naphtha also changed [11]. - **PTA - Related Price and Spread**: The PTA spot price and futures prices decreased, and the PTA processing fee increased [11]. - **MEG - Related Price and Spread**: The MEG spot price and futures prices decreased, and the MEG basis increased [11]. - **开工率**: The开工 rates of Asian PX, Chinese PX, PTA, MEG, and polyester had different changes [11]. Pure Benzene - Styrene Industry - **Upstream Price and Spread**: The prices of Brent crude oil, WTI crude oil, etc. increased, while the prices of CFR China pure benzene and pure benzene in East China decreased [15]. - **Styrene - Related Price and Spread**: The prices of styrene in East China and styrene futures decreased, and the styrene cash flow and spreads such as EB - BZ decreased [15]. - **Downstream Cash Flow**: The cash flows of phenol, caprolactam, etc. had different changes [15]. - **Inventory**: The pure benzene inventory in Jiangsu ports decreased by 0.6%, and the styrene inventory in Jiangsu ports increased by 8.8% [15]. - **开工率**: The开工 rates of Asian pure benzene, domestic pure benzene, and some downstream products had different changes [15]. Urea Industry - **Futures Price and Spread**: The closing prices of 01, 05, and 09 contracts decreased, and relevant spreads such as 01 - 05 and 05 - 09 changed [36][37]. - **Position and Volume**: The long - position of the top 20 decreased by 8.78%, the short - position of the top 20 decreased by 10.90%, and the trading volume increased by 5.59% [38]. - **Upstream Raw Material Price**: The prices of raw materials such as anthracite small pieces and动力煤 were relatively stable [39]. - **Spot Price and Spread**: The spot prices of urea in different regions decreased, and relevant spreads such as Shandong - Henan and Guangdong - Henan changed [40]. - **Supply and Demand**: The daily and weekly production of urea,开工率, and inventory had different changes. The overall supply was relatively loose, and demand was weak [41]. PVC - Caustic Soda Industry - **PVC and Caustic Soda Price and Spread**: The prices of PVC and caustic soda futures and spot decreased, and relevant spreads such as SH2509 - 2601 and V2509 - V2601 changed [44]. - **Export Profit**: The export profit of caustic soda and PVC had different changes [44][45]. - **开工率**: The开工 rates of the caustic soda industry, PVC industry, and their downstream industries had different changes [46][47][48]. - **Inventory**: The inventories of caustic soda and PVC in different regions and forms had different changes [48].