Group 1 - The anhydride market is experiencing a significant downturn, with prices reaching a four-year low of 5700 yuan per ton, indicating a persistent low-level trend due to unresolved supply-demand contradictions [1][2] - The traditional peak season of "Golden September and Silver October" has failed to boost market performance, with prices dropping below 5900 yuan in October, marking a decline of over 1000 yuan compared to the same period in 2024 [2] - Increased supply is identified as the core factor behind the sluggish anhydride market, with new production capacities contributing to a total of 163,000 tons per year for neighboring anhydride and 172,000 tons per year for naphthalene anhydride, leading to weakened bargaining power for producers [2][3] Group 2 - A reversal in profitability has been observed between neighboring and naphthalene anhydride, with neighboring anhydride moving from a loss of 300-500 yuan to a break-even state due to increased supply of ortho-xylene [3] - Naphthalene anhydride, despite some recovery in profits, remains in a state of loss exceeding 900 yuan, with overall industry operating rates dropping to 40%-50% [3] - The anhydride industry is expected to enter a deep adjustment period, with low operating rates and the permanent exit of some outdated capacities potentially providing limited space for profit recovery [3] Group 3 - Demand for anhydride remains weak, with downstream industries such as plasticizers and unsaturated resins showing slow recovery and maintaining only minimal purchasing needs [4] - The main downstream product, DOP, faces challenges from increasing substitutes and declining demand, leading to low operational loads and continuously falling prices [4] - The unsaturated resin market is also under pressure, with operating rates around 36% and limited potential for price recovery, further contributing to the downward trend in the anhydride market [4]