Report Industry Investment Rating - No relevant content provided Core Viewpoints - The silicon price has retreated and adjusted due to the cooling of sentiment and the hedging pressure above the market, but the bullish sentiment has been fluctuating recently. It is expected that the silicon price will remain in a high - level consolidation. For polysilicon, the price has been rising since the end of June due to supply - side reform expectations and spot price increases. Although the sentiment has faded recently, it still fluctuates. The price is expected to remain in a high - level consolidation with large market fluctuations [1] Summary by Related Catalogs Industrial Silicon Price Information - The average price of non - oxygenated 553 (East China) remained unchanged at 9,100 yuan/ton, the average price of 421 (East China) decreased by 0.52% to 9,500 yuan/ton, and the closing price of the futures main contract increased by 0.53% to 8,570 yuan/ton. The price of oxygenated 553 in some regions decreased slightly, while the prices of 421 in some regions remained unchanged [1] Supply and Demand - On the supply side, as the silicon price continues to rise, some previously overhauled silicon plants in Xinjiang have resumed production. In the southwest production area, it has entered the wet season, with lower power costs and a steady increase in enterprise start - up. It is expected that some silicon furnaces will restart in August, and the supply will increase steadily. On the demand side, polysilicon enterprises maintain a production - reduction trend, and some silicon material plants have复产 arrangements, which will bring some demand increments. In the organic silicon sector, a large factory has stopped production for rectification due to an accident, with a temporary tightening of supply. Recently, monomer plant enterprises have recovered, and the market supply pressure has increased, and the price may be under pressure again. Silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at low levels is insufficient [1] Polysilicon Price Information - The prices of N - type dense material, N - type re - feeding material, N - type mixed material, and N - type granular silicon remained unchanged, while the closing price of the futures main contract increased by 2.00% to 49,665 yuan/ton [1] Supply and Demand - On the supply side, silicon material enterprises maintain a production - reduction trend, and some silicon material plants may have new production capacity put into operation. After offsetting the increase and decrease, the output is expected to increase slightly. It is expected that the output in July will approach 110,000 tons, and the output in August will increase to about 130,000 tons month - on - month. On the demand side, according to the current latest silicon material price, the silicon wafer quotation still cannot cover the full cost. Considering the weak demand and the gradual stabilization of upstream raw material prices, the silicon wafer price lacks upward momentum. For battery cells, some enterprises have accumulated inventory due to reduced orders, and the price has loosened. The terminal's acceptance of high prices is low, and the overseas component export tax - refund stockpiling is basically completed, so the components continue to weaken [1] Other Information - Sany Silicon Energy's first micro - grid project in West Africa's Guinea, the Santa Peak micro - grid project, has reached an important stage. The first - phase project uses a combination of 3MWp photovoltaics + 3MW/9MWh energy storage and transforms the original diesel - generator system into a backup, constructing a comprehensive energy system integrating photovoltaics, energy storage, and diesel - generators [1] - With the increase in the demand for 210 and 210R component sizes, the supply of glass in relevant sizes is tight. In September, glass enterprises will introduce a new price - difference mechanism for 210 and 210R sizes, with a price increase of 1 yuan/square meter on the basis of the current 2.0mm benchmark quotation, and the current quotation is 14 yuan/square meter [1]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The Fed Chair Powell's indication of a potential September rate cut due to weakening employment supply - demand, combined with Trump's continuous pressure and possible replacement of Fed officials, along with global central banks' continuous gold purchases, may make precious metal prices more likely to rise than fall. It is recommended that investors mainly build long positions when prices decline, with specific support and pressure levels provided for different precious metals [1]. 3. Summary Based on Related Catalogs Gold - **Market Data**: Shanghai gold's closing price was 777.62 yuan/g, with a daily change of 0.79 yuan and a weekly change of 5.96 yuan. COMEX futures active contract's closing price was 3358.90 dollars/ounce, with a daily change of 92.90 dollars and a weekly change of 8.60 dollars. London gold spot price was 3376.35 dollars/ounce, with a daily change of 9.25 dollars and a weekly change of 41.90 dollars [1]. - **Important Information**: The US Treasury Secretary said he never heard Fed Governor Cook deny the accusations. Trump's economic advisor pressured Cook to take leave during the lawsuit. The New York Fed President Williams said every meeting is a potentially actionable meeting, emphasizing the Fed's independence [1]. Silver - **Market Data**: Shanghai silver's closing price was 9261.00 yuan/ten - grams, with a daily change of 117.00 yuan and a weekly change of - 50.00 yuan. COMEX futures active contract's closing price was 38.69 dollars/ounce, with a daily change of 1.36 dollars and a weekly change of - 0.01 dollars [1]. - **Important Information**: Import tariffs pushed up US production - side and consumer - side inflation in July. Powell's remarks due to weak employment supply - demand increased the expectation of a September rate cut, but the US August non - farm payrolls and CPI data on September 6th and 11th need to be monitored [1]. Global Central Bank Policies - **European Central Bank**: Paused rate cuts in July, keeping the deposit mechanism rate at 2%. Due to better - than - expected August manufacturing PMI, it may cut rates at most once by the end of 2025 [1]. - **Bank of England**: Cut the key rate by 25 basis points to 4.0% in August, continued to reduce government bond holdings, and may slow down the balance - sheet reduction. It may cut rates at most once by the end of 2025 [1]. - **Bank of Japan**: Kept the benchmark rate at 0.5% in July, will start reducing quarterly government bond purchases from 4000 billion to 2000 billion yen in April 2026. There is still an expectation of a rate hike by the end of 2025, possibly as early as October [1]. Price Ratios and Other Commodities - **Price Ratios**: The ratio of Shanghai gold to Shanghai silver was 83.95, with a daily change of 0.44 and a weekly change of - 0.65. The ratio of London gold to London silver was 88.35, with a daily change of 0.71 and a weekly change of 0.76 [1]. - **Other Commodities**: INE crude oil was 479.70 yuan/barrel, ICE Brent oil was 67.20 dollars/barrel, and NYMEX crude oil was 63.86 dollars/barrel [1]. Stock Indices and Exchange Rates - **Stock Indices**: The Shanghai Composite Index was 3,800.3499, the S&P 500 was 6,411.3700, the UK FTSE 100 was 9,255.5000, etc [1]. - **Exchange Rates**: The US dollar index was 98.2375, the US dollar - to - RMB central parity rate was 7.1287, and the euro - to - RMB central parity rate was 8.2924 [1].

Report Title - The report is titled "Carbonate Lithium Daily Review 20250828: High Volatility, Protect Positions" [2] Report Industry Investment Rating - Not provided in the given content Core Viewpoint - The price of lithium carbonate is expected to fluctuate widely. Short - term supply and demand are both strengthening, and the fundamentals have little change in the short term. It is necessary to guard against the recurrence of "contrarian" sentiment. The report suggests short - term range trading, protecting positions by appropriately buying options, or buying straddle options [2][3] Summary by Related Catalogs Market Data - **Futures Contracts**: On August 27, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures decreased compared to the previous day. The trading volume was 838,879 hands, an increase of 559,599 hands compared to the previous day, and the open interest was 351,322 hands, an increase of 1,826 hands [3] - **Spot Prices**: The average price of 99.5% battery - grade domestic lithium carbonate was 81,600 yuan/ton, a decrease of 100 yuan/ton; the average price of 99.2% industrial - grade domestic lithium carbonate was 79,300 yuan/ton, a decrease of 100 yuan/ton. The prices of other lithium - related products also showed different degrees of changes [3] - **Spreads**: The spreads between different contracts and different grades of lithium products changed. For example, the spread between near - month and consecutive - one contracts was - 180 yuan/ton, a decrease of 60 yuan/ton [3] - **Inventory**: The SMM lithium carbonate inventory was 27,477 tons, an increase of 787 tons [3] Industry News - Kodal Minerals' Bougouni lithium mine in Mali had a security incident on August 22, but mining and processing activities were not affected. The mine started production in February and aims to produce 11,000 tons of spodumene concentrate per month. It has an agreement to sell all its output to Hainan Mining, but the export license has not been confirmed [3] - On August 27, the China Chemical and Physical Power Supply Industry Association issued a draft initiative to maintain the healthy and orderly development of the lithium iron phosphate material industry, calling for the resistance of malicious price competition and the establishment of a cost - price index [3] Supply and Demand Analysis - **Supply**: Last week, the production of lithium carbonate decreased, with a decline in mica - based lithium carbonate production and an increase in spodumene - based lithium carbonate production [3] - **Demand**: Last week, the production of lithium iron phosphate decreased, while the production of ternary materials increased. In August, the production of lithium carbonate decreased, and the planned production increased. The production of power batteries increased last week. Terminal demand showed that in July, the year - on - year growth rate of new energy vehicle production and sales continued, but the sales volume decreased month - on - month; 3C shipments were average; and the planned production of energy - storage batteries increased in August [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The Fed's September interest rate cut expectation is rising, and there is an expectation of a shift from the traditional domestic consumption off - season to the peak season. The global total inventory of electrolytic copper is initially showing a decline, which may cause the price of Shanghai copper to fluctuate upward. It is recommended that investors go long on the main contract at low prices, pay attention to the support and pressure levels of Shanghai copper, London copper, and US copper [2]. 3. Summary by Relevant Catalogs Market Data - **Shanghai Copper Futures**: On August 27, 2025, the closing price of the active Shanghai copper futures contract was 79,190, with no change from the previous day. The trading volume decreased by 11,007 hands to 57,818 hands, and the open interest decreased by 491 hands to 174,997 hands. The inventory decreased by 1,630 tons to 21,287 tons. The average price of SMM 1 electrolytic copper was 79,545, down 40 from the previous day [2]. - **Shanghai Copper Basis and Spot Premium/Discount**: The factory - outside electrolytic copper spot premium remained at 65, while the North China electrolytic copper spot discount widened by 20 to - 90, and the East China electrolytic copper spot premium increased by 40 to 50 [2]. - **Spread**: The spread between Shanghai copper near - month and Shanghai copper continuous - one decreased by 50 to - 10, the spread between Shanghai copper continuous - one and Shanghai copper continuous - two decreased by 10 to 0, and the spread between Shanghai copper continuous - two and Shanghai copper continuous - three increased by 30 to 50 [2]. - **London Copper**: The closing price of the LME 3 - month copper futures (electronic trading) on August 27, 2025, was 9,755.5, down 81.5 from the previous day. The total inventory of registered and cancelled warrants decreased by 156,100 to 0. The LME copper futures 0 - 3 - month contract spread decreased by 5.11 to - 89.93, and the 3 - 15 - month contract spread decreased by 15.4 to - 169.57 [2]. - **COMEX Copper**: The closing price of the active COMEX copper futures contract on August 27, 2025, was 4.5005, up 0.04 from the previous day. The total inventory increased by 1,267 to 273,767 [2]. Important Information - Aurubis AG and Troilus Gold signed a copper concentrate purchase memorandum, with Troilus Gold expected to supply about 75,000 tons of physical copper - gold concentrate to Aurubis AG annually [2]. - European high - quality scrap steel export restrictions, Sino - US tariff negotiation uncertainties, negative price differences between domestic electrolytic copper and scrap copper, and the closure of the scrap copper import window have affected the scrap copper market. Some copper smelters have suspended production, while others are under construction or planned to be put into production [2]. Investment Strategy - The production capacity of domestic smelters' rough copper in August may decrease month - on - month, while the production and import volume of refined copper may increase. The production of domestic electrolytic copper in August may decrease, but the opening of the import window may increase the import volume of electrolytic copper. The inventory of electrolytic copper in China's bonded area and social inventory decreased, while the inventory in the LME and COMEX increased [2]. - It is recommended that investors go long on the main contract at low prices, paying attention to the support and pressure levels of Shanghai copper (77,000 - 78,000 and 80,000 - 81,000), London copper (9,300 - 9,500 and 10,000 - 10,200), and US copper (4.0 - 4.2 and 4.6 - 5.0) [2].

Report Industry Investment Rating No information provided in the report. Core View The Fed Chairman Powell signaled a potential September rate cut due to weakening employment supply - demand. Coupled with Trump's continuous pressure to replace Fed officials and global central banks' continuous gold purchases, precious metal prices are likely to rise and fall less easily. It is recommended that investors mainly lay out long positions when prices decline [1]. Summary by Relevant Catalogs Gold - **Market Data**: Shanghai gold futures' closing price was 781.16 yuan/g on August 28, 2025, up 0.04 yuan from the previous day and 6.04 yuan from last week. Trading volume was 135,834, and open interest was 166,596. The basis (spot - futures) was - 3.54 yuan [1]. - **Important Information**: The US Treasury Secretary said he never heard Fed Governor Cook deny the accusations. Trump's economic advisor pressured Cook to take leave during the lawsuit. New York Fed President Williams said every meeting is a substantial meeting for possible action [1]. Silver - **Market Data**: Shanghai silver futures' closing price was 9,305 yuan/10g on August 28, 2025, down 49 yuan from the previous day. Trading volume was 268,955, and open interest was 280,655. The basis (spot - futures) was - 44 yuan [1]. - **Important Information**: Import tariffs pushed up US production - end inflation (PPI) and consumer - end inflation (core CPI) in July. Fed Chairman Powell mentioned a possible policy adjustment due to weak employment supply - demand, increasing the expectation of a September rate cut [1]. Global Central Bank Policies - **European Central Bank**: It paused rate cuts in July, keeping the deposit mechanism rate at 2%. Eurozone (Germany) July CPI annual rate was 2% (1.8%), and the ECB may cut rates at most once before the end of 2025 [1]. - **Bank of England**: It cut the key rate by 25 basis points to 4.0% in August. It may slow down the balance - sheet reduction. Given the economic data, it may cut rates at most once before the end of 2025 [1]. - **Bank of Japan**: It kept the benchmark rate at 0.5% in July and will reduce quarterly bond purchases from 400 billion to 200 billion yen in April 2026. There is an expectation of a rate hike before the end of 2025, possibly as early as October [1]. Other Market Data - **Crude Oil**: INE crude oil was 479.70 yuan/barrel, ICE Brent oil was 67.20 US dollars/barrel, and NYMEX crude oil was 63.86 US dollars/barrel [1]. - **Stock Indexes**: The Shanghai Composite Index was 3,800.35, the S&P 500 was 6,411.37, and the UK FTSE 100 was 9,255.50 [1].

Report Title - Nickel and Stainless Steel Daily Review 20250828: Macroeconomic Fluctuations, Insufficient Drivers [1] Report Industry Investment Rating - Not provided Core Viewpoints - For nickel, the pure nickel fundamentals are loose, with the Fed's interest - rate cut expectations fluctuating. Nickel prices are expected to trade in a range, and it is recommended to stay on the sidelines [2]. - For stainless steel, the current macro - sentiment has a large impact. Although the fundamentals are loose, it takes time for prices to return to fundamentals and there is cost support. Prices are expected to follow macro - fluctuations, and it is recommended to stay on the sidelines [2] Summary by Relevant Data Nickel Futures and Spot Data - **Shanghai Futures Exchange Nickel**: On August 27, 2025, the trading volume of the active nickel futures contract was 196,852 lots (+108,077), and the open interest was 98,903 lots (-10,364). The basis (SMM 1 electrolytic nickel average price - active nickel futures contract closing price) was 1,390 yuan/ton (+1,080) [2]. - **LME Nickel**: On August 27, 2025, the closing price of LME 3 - month nickel (electronic trading) was 15,131 dollars/ton (-154), and the trading volume was 6,835 lots (-1,130) [2]. Stainless Steel Futures and Spot Data - **Shanghai Stainless Steel Futures**: On August 27, 2025, the trading volume of the active stainless - steel futures contract was 128,526 lots (+25,799), and the open interest was 128,304 lots (-5,355). The basis (304/2B coil - trimmed (Wuxi) average price - active stainless - steel futures contract closing price) was 860 yuan/ton (-10) [2]. - **Stainless Steel Spot**: The 300 - series stainless - steel social inventory last week was 626,000 tons (+8,500) [2]. Supply and Demand Analysis - **Nickel Supply**: Nickel ore prices remained flat last week, with an increase in nickel ore arrivals at ports and inventory accumulation. In August, domestic nickel - iron production decreased while Indonesian production increased, and nickel - iron inventory accumulated. Domestic electrolytic nickel production increased in August, and export profits expanded [2]. - **Nickel Demand**: Ternary material production increased, stainless - steel mills increased production, and the demand for alloys and electroplating was stable [2]. - **Stainless Steel Supply**: Stainless - steel production increased in August [2]. - **Stainless Steel Demand**: Terminal demand was weak [2]. Inventory Analysis - **Nickel Inventory**: The inventory of the Shanghai Futures Exchange decreased, LME inventory increased, social inventory decreased, and bonded - area inventory remained flat [2]. - **Stainless Steel Inventory**: The inventory of the Shanghai Futures Exchange decreased, and the 300 - series social inventory increased last week [2].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report recommends a strategy of buying on dips for urea futures. It suggests that the current urea price is oscillating at a low level, and the upstream profit is also relatively low, so the urea valuation is not high. There are two potential upward drivers for urea prices in the second half of the year: on the supply - side, there is an expectation of old equipment renovation, with about 20% of urea equipment over 20 years old and the current comprehensive operating rate above 80%, leaving little idle capacity; on the demand - side, there is an expectation of improved exports, especially in September - October, considering the easing of Sino - Indian relations. Therefore, it is advisable to focus on the opportunity to buy on dips for the 01 contract [1]. 3. Summary by Relevant Contents 3.1 Urea Price and Cost Data - **Futures Prices**: UR01 in Shanxi closed at 1737 yuan/ton with no change; UR05 was at 1779 yuan/ton, up 2 yuan (0.11%); UR09 was at 1707 yuan/ton, up 4 yuan (0.23%) [1]. - **Spot Prices**: Domestic spot prices in Shandong, Henan, Hebei, Northeast, and Jiangsu remained unchanged at 1700 yuan/ton, 1710 yuan/ton, 1730 yuan/ton, 1730 yuan/ton, and 1710 yuan/ton respectively [1]. - **Basis and Spread**: The basis of Shandong spot - UR was - 79 yuan/ton, down 2 yuan; the 01 - 05 spread was - 42 yuan/ton, down 2 yuan [1]. - **Upstream Costs**: The anthracite prices in Henan and Shanxi remained at 1000 yuan/ton and 900 yuan/ton respectively [1]. - **Downstream Prices**: The prices of compound fertilizer (45%S) in Shandong and Henan remained at 2950 yuan/ton and 2550 yuan/ton respectively; the melamine prices in Shandong and Jiangsu remained at 5225 yuan/ton and 5300 yuan/ton respectively [1]. 3.2 Important Information The previous trading day, the opening price of the urea futures main contract 2601 was 1740 yuan/ton, the highest was 1763 yuan/ton, the lowest was 1733 yuan/ton, the closing price was 1737 yuan/ton, the settlement price was 1745 yuan/ton, and the holding volume was 223,981 lots [1]. 3.3 Trading Strategy The report recommends a strategy of buying on dips for urea futures, especially focusing on the 01 contract, based on the low valuation of urea and the expected upward drivers in the second half of the year [1].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - As coking coal prices decline, methanol prices return to a weaker fundamental state. Upstream coal profits remain high, while downstream profits in the inland areas are still poor, indicating room for improvement. Methanol is relatively over - valued. The return of domestic and imported supply exerts downward pressure on methanol prices. Currently, downstream MTO enterprises have high raw material inventories, with limited demand for further inventory building, and port inventory accumulation is likely. The upward momentum for methanol is not strong [1]. Summary by Relevant Catalogs 1. Price and Basis - **Methanol Futures Prices**: MA01 decreased by 23 yuan/ton (-0.96%) to 2372 yuan/ton; MA05 decreased by 16 yuan/ton (-0.67%) to 2366 yuan/ton; MA09 decreased by 25 yuan/ton (-1.10%) to 2247 yuan/ton [1]. - **Methanol Spot Prices**: Prices in most regions decreased, except for a 2.5 - yuan/ton (0.12%) increase in Shaanxi, and no change in Sichuan - Chongqing, Hubei, and the average price of 2180 yuan/ton [1]. - **Basis**: The basis of Inner Mongolia's Taicang spot - MA decreased by 2 yuan/ton (-0.84%) to - 120 yuan/ton [1]. 2. Raw Material Prices - **Coal Spot Prices**: Ordos Q5500 decreased by 5 yuan/ton (-1.01%) to 490 yuan/ton; Datong Q5500 decreased by 5 yuan/ton (-0.88%) to 562.5 yuan/ton; Yulin Q6000 remained unchanged at 562.5 yuan/ton [1]. - **Industrial Natural Gas Prices**: The price in Hohhot decreased by 0.73 yuan/cubic meter (-18.53%) to 3.21 yuan/cubic meter, while the price in Chongqing remained unchanged at 3.14 yuan/cubic meter [1]. 3. Profit Situation - **Methanol Production Profits**: Coal - based methanol and natural - gas - based methanol profits remained unchanged at 436.3 yuan/ton and - 462 yuan/ton respectively [1]. - **Methanol Downstream Profits**: Northwest MTO profit decreased by 10 yuan/ton (-8.55%) to 107 yuan/ton; East China MTO profit increased by 71.5 yuan/ton (22.03%) to - 253.07 yuan/ton; Acetic acid profit increased by 27.31 yuan/ton (10.44%) to 288.79 yuan/ton; MTBE, formaldehyde, and other downstream product profits remained unchanged [1]. 4. Important Information - **Domestic Information**: The main methanol contract MA2601 showed a weak oscillation, opening at 2393 yuan/ton, closing at 2372 yuan/ton, down 41 yuan/ton. Trading volume was 482,265 lots, and open interest was 754,731, with increased volume and open interest [1]. - **Foreign Information**: A 1.65 - million - ton methanol plant in a Middle - Eastern country restarted, and some methanol plants increased their operating rates. The operating rate of methanol plants in this country has reached around 79%, and daily production has continued to rise to a high level [1]. 5. Trading Strategy - The previous trading day saw MA oscillating weakly, with the night - session closing at 2361. Attention should be paid to the potential impacts of the market's partial reflection of the current logic and the anti - involution expectations，[1].

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Report Industry Investment Rating - Not provided in the content Core Viewpoints - The pricing logic is still cost - driven. It is expected that PX, PTA, and PR will operate weakly (PX view score: - 1, PTA view score: - 1, PR view score: - 1) [2] - The terminal demand is still weakly recovering, but the downstream bullish expectation is rising. The polyester inventory is shifting downward, and the PTA will move in a volatile manner with cost as the dominant factor [2] Summary by Related Catalogs Price Information - **Crude Oil**: On August 27, 2025, the futures settlement price (continuous) of WTI crude oil was $64.15 per barrel, up 1.42% from the previous value; that of Brent crude oil was $68.05 per barrel, up 1.23% [1] - **Upstream Products**: The spot price (mid - price) of naphtha: CFR Japan on August 27, 2025, was $590.38 per ton, down 1.60%. The spot price (mid - price) of xylene (isomeric grade): FOB South Korea on August 26, 2025, was $694.50 per ton, up 0.58% [1] - **PX**: The spot price of p - xylene PX: CFR China's main port on August 27, 2025, was $854 per ton, down 1.16%. The CZCE PX main contract closing price was 6940 yuan per ton, down 0.77% [1] - **PTA**: The CZCE TA main contract closing price on August 27, 2025, was 4824 yuan per ton, down 0.94%. The spot price of PTA in the domestic market was 4877 yuan per ton, up 0.06% [1] - **PR**: The CZCE PR main contract closing price on August 27, 2025, was 5994 yuan per ton, down 0.66%. The market price (mainstream price) of polyester bottle chips in the East China market was 5920 yuan per ton, down 0.50% [1] - **Downstream Products**: The CCFEI price index of polyester staple fiber on August 27, 2025, was 6580 yuan per ton, down 0.08%. The CCFEI price index of polyester chips was 5930 yuan per ton, down 0.50% [2] Spread Information - The PXN spread on August 27, 2025, was $263.63 per ton, down 0.14%. The PX - MX spread was $159.50 per ton, down 8.07% [1] - The basis of PTA on August 27, 2025, was 13 yuan per ton, up 18 yuan from the previous value. The basis of PX was - 97 yuan per ton, up 54 yuan [1] - The basis of PR in the East China market on August 27, 2025, was - 74 yuan per ton, up 10 yuan. The basis in the South China market was - 4 yuan per ton, up 10 yuan [1] Operating Rate and Sales - to - Production Ratio - The operating rate of the polyester industry chain: PX on August 27, 2025, was 80.38%, unchanged. The PTA industry chain load rate of PTA factories was 72.16%, unchanged [1] - The sales - to - production ratio of polyester filament on August 27, 2025, was 40.00%, down 10.15 percentage points. The sales - to - production ratio of polyester staple fiber was 39.12%, down 1.90 percentage points [1] Device Information - A 2.2 - million - ton PTA device of Jiaxing Petrochemical restarted on August 22. Two 5 - million - ton PTA devices of Hengli Huizhou unexpectedly shut down from August 21 to August 23, and the restart time is to be determined [2] Important Information - After the US imposed a 50% tax rate on India, the market was bearish on crude oil demand. The API inventory data showed that US crude oil stocks increased more than expected, and the lower - than - expected demand pressured oil prices to give back previous gains [2] - The domestic device changes were small, mainly with an increase in load fluctuations. Overseas, the load increase was relatively obvious, mainly due to the restart of Rabigh and Thai Petroleum devices [2] - The current PX inventory is at a historical low, so the bottom support is relatively stable. Whether the PX profit can continue to rise depends on whether there are more unexpected factors [2]