Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For crude oil, supply changes are expected to be the dominant factor for prices, and demand lacks significant growth drivers. OPEC+ will maintain a 137,000 barrels per day production increase in November, which is lower than market expectations. Geopolitical risk premiums have eased, and long - term oil prices are expected to be under pressure, with Brent oil prices likely to oscillate between $60 - 75 per barrel [4]. - For PX & PTA, the PX device operating rate remains high, but downstream maintenance increases and the supply - demand balance weakens. PTA processing margins have dropped, and it is expected to follow cost fluctuations. [4] - For MEG, after the holiday, the operating rate and port inventory have increased, and the supply - demand pattern has shifted to inventory accumulation. The market is expected to be weak in the short term [5]. - For BZ & EB, the pure benzene operating rate has slightly declined but remains high. The demand for downstream products is expected to recover, but the market is affected by new device launches. Short - term prices are expected to follow the weak oscillation of crude oil. The supply of styrene is expected to increase, and with high inventories and poor terminal demand, it is expected to be in a weak oscillation [5]. Summary by Related Catalogs Crude Oil - Supply changes are expected to dominate prices, and demand lacks significant growth drivers. OPEC+ will maintain a 137,000 barrels per day production increase in November, lower than market expectations. Geopolitical risk premiums have eased, and long - term oil prices are expected to be under pressure, with Brent oil prices likely to oscillate between $60 - 75 per barrel [4]. PX & PTA - PX device operating rate remains high, but downstream maintenance increases and the supply - demand balance weakens. PXN is expected to be weak. PTA device changes are frequent, processing margins have dropped to around 165 yuan/ton, and it is expected to follow cost fluctuations [4]. - Domestic PX weekly average capacity utilization is 88.23%, up 0.34% from last week. Asian PX weekly average capacity utilization is 76.97% (+0.19%). PX - naphtha spread remains around $220 per ton. Some PX devices have restarted or are under maintenance. PXN is expected to be weak, and attention should be paid to the commissioning time of a 3 million - ton new capacity in the fourth quarter [8]. - PTA spot price is 4,500 yuan/ton, down 67 yuan/ton from last week. The futures basis of the main contract is - 63 yuan/ton, down 6 yuan/ton from last week. Weekly average capacity utilization is 77.84%, up 0.35% from last week. After new device commissioning in October, supply pressure remains, and it is expected to follow cost fluctuations [14]. MEG - After the holiday, the MEG operating rate has recovered, and East China port inventory has significantly increased. The supply - demand pattern has shifted to inventory accumulation, and the market is expected to be weak in the short term [5]. - The market price of ethylene glycol this week is 4,214 yuan/ton, down 71 yuan/ton from last week. The total domestic ethylene glycol capacity utilization is 70.01%, up 3.27% from last week. The port inventory has increased to 443,100 tons, up 42,800 tons from last week. The futures price has declined, and the market is weak [19]. BZ & EB - The pure benzene operating rate has slightly declined to 78.35% but remains high. The demand for downstream products is expected to recover, but the market is affected by new device launches. Short - term prices are expected to follow the weak oscillation of crude oil. The supply of styrene is expected to increase, and with high inventories and poor terminal demand, it is expected to be in a weak oscillation [5]. - This week, the pure benzene operating rate is 79.29%, up 0.55% from last week; the styrene operating rate is 71.24%, down 2.37% from last week. The downstream S - product comprehensive operating rate is weak, and the inventory pressure is high. The short - term fundamentals have limited improvement, and it is expected to be in a weak oscillation [32]. Polyester Industry - This week, the average weekly capacity utilization of the domestic polyester industry is 87.8%, up 0.89% from last week. The comprehensive operating rate of chemical fiber weaving in Jiangsu and Zhejiang is 64.06%, up 0.94% from the previous period. The average number of terminal weaving order days is 14.29 days, down 1.71 days from last week. Factory inventories have increased, and the industry is under pressure [26].

金信期货日刊 本刊由金信期货研究院撰写 2025/10/10 GOLDTRUST FUTURES CO.，LTD 豆油价格上涨的底层逻辑 ibaotu.com 热点聚焦 2026年10月豆油价格上涨，是全球供需格局重塑与能源政策驱动共振的结果。核心推手在于生物燃料需求 的爆发式增长，美国EPA将2026年生物柴油掺混义务量提至56.1亿加仑，较2025年激增67%，且通过限制 进口燃料信用价值强制绑定本土豆油原料，直接催生美豆供应缺口。 供应端的紧张进一步放大涨势，2025/26年度美国大豆增产不足500万吨，远难匹配生柴需求带来的千万 吨级用量增量。同时，印尼B50生物柴油计划锁定大量棕榈油资源，其出口或降20%以上，引发植物油替 代需求向豆油转移。 尽管阿根廷曾短期取消出口税带来利空，但全球油脂能源化趋势不可逆，叠加印度等国进口需求攀升，供 需矛盾持续支撑价格中枢上移。 后续需关注小型炼油厂豁免政策落地情况，这将成为行情强弱的关键变量。把握多的机会。 GOLDTRUST FUTURES 数据来源：公开资料、金信期货 观点仅供参考，市场有风险，入市需谨慎 感谢您下载包图网平台上提供的PPT作品，为了您和包图 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The continuous rise in the price of Shanghai silver futures is the result of the combined effects of macro - expectations, supply - demand fundamentals, and market sentiment. In the short term, there are risks, but in the long - term, the continuation of the interest - rate cut cycle and the growth of green energy demand will support the silver price [3]. - For stock index futures, it is expected that the pre - holiday market will continue to fluctuate at a high level [6]. - For gold, considering the long holiday, it is recommended to close long positions to avoid risks [10]. - For iron ore, the supply is stable, the steel mills are gradually resuming production, and it is recommended to buy low and sell high in the high - level wide - range oscillation [13][14]. - For glass, it is in an oscillatory upward trend, and a low - buying strategy can be maintained [18]. - For soybean oil, high inventory restricts the price increase space, and it should be treated with a bearish view in oscillation [22]. - For pulp, it is expected to be boosted before the Mid - Autumn Festival peak season, but there is no improvement yet. It is recommended to buy low and sell high in the low - level oscillation [26]. 3. Summary by Related Catalogs Hot Focus - Shanghai Silver Futures - The price of Shanghai silver futures' main contract closed at 10,939 yuan/kg on September 29, with a single - day increase of 3.92%, reaching a phased high [3]. - Macro factors: The dovish speech of the new Fed governor supports a 150 - basis - point interest rate cut this year, and the market expects interest rate cuts in the next two meetings, reducing the cost of holding silver. Geopolitical tensions in Russia - Ukraine and the Middle East lead to the continuous inflow of safe - haven funds into the precious metals market [3]. - Fundamental factors: In 2025, the global silver supply - demand gap is expected to reach 3,659 tons, with a continuous shortage for five years. The significant increase in photovoltaic installed capacity drives the surge in industrial silver demand, and as 70% of silver is produced as a by - product of copper, lead, and zinc, production expansion is restricted [3]. Technical Analysis - Stock Index Futures - The stock index futures closed with a mid -阳线. The 2024 pension fund investment report shows stable operation, and the Politburo meeting aims to promote sustainable economic development. The pre - holiday market is expected to continue high - level oscillation [6]. Technical Analysis - Gold - Gold and silver are accelerating their upward movement, but due to the long holiday, it is recommended to close long positions [10]. Technical Analysis - Iron Ore - The supply is stable, steel mills are gradually resuming production, and the molten iron is expected to remain at a high level. Near the National Day, steel mills start to replenish inventory. Technically, it closed with a negative line today but is in a high - level wide - range oscillation, suitable for high - selling and low - buying [13][14]. Technical Analysis - Glass - Technically, it is in an oscillatory upward trend. The daily melting is basically stable, the factory inventory is decreasing, but the recovery of downstream deep - processing orders is insufficient. A low - buying strategy can be maintained [18][19]. Technical Analysis - Soybean Oil - On September 12, the domestic commercial inventory of soybean oil was 1.26 million tons, a week - on - week decrease of 10,000 tons, a month - on - month increase of 100,000 tons, and a year - on - year increase of 110,000 tons. High inventory restricts the price increase space [22]. Technical Analysis - Pulp - The pulp price in Shandong is stable, the port inventory starts to decline slightly, remaining at a medium - high level. There is an expected boost before the Mid - Autumn Festival peak season, but no improvement is seen yet. It is recommended to buy low and sell high in the low - level oscillation [26].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The continuous rise in the price of Shanghai Silver futures is the result of the combined effects of macro - expectations, supply - demand fundamentals, and market sentiment. In the short - term, there are risks, but in the long - term, the silver price is expected to be supported [3]. - The stock index futures market is expected to experience a small - scale oscillatory recovery next week [5]. - The gold market can continue to be bullish as the market starts to trade the October interest - rate cut expectation [10]. - For iron ore, one can conduct high - selling and low - buying operations as it is in a high - level wide - range oscillation [13]. - For glass, a low - buying strategy can be maintained as it is in an oscillatory upward trend [18]. - The soybean oil market should be treated with a bearish view due to high inventories [22]. - For pulp, a high - selling and low - buying strategy within the range can be considered as it is in a low - level oscillation [25]. 3. Summary by Relevant Catalogs Hot Focus (Shanghai Silver Futures) - The price of the main contract of Shanghai Silver futures closed at 10,632 yuan/kg on September 26, with a single - day increase of 2.27% and a trading volume close to one million lots [3]. - Macro factors: The dovish speech of the new Fed governor supports a 150 - basis - point interest - rate cut this year, and market expectations of interest - rate cuts in the next two meetings reduce the cost of holding silver. Geopolitical tensions drive safe - haven funds into the precious metals market [3]. - Fundamental factors: The global silver supply - demand gap in 2025 is expected to reach 3,659 tons, with a continuous shortage for five years. The surge in industrial silver demand driven by photovoltaic installations and limited production expansion due to by - product output exacerbate the shortage [3]. Technical Analysis - Stock Index Futures - The Shanghai Composite Index closed with a small negative line. The basic endowment insurance fund has achieved positive returns for 8 consecutive years, with an average annual investment return rate of 5.15%. US chip stocks were heavily sold [5]. Technical Analysis - Gold - After a three - day adjustment, gold showed a strong upward trend and reached a new high, so it can continue to be bullish [10]. Technical Analysis - Iron Ore - Supply is stable, steel mills are gradually resuming production, and iron - water output is expected to remain high. Steel mills are replenishing stocks before the National Day. Technically, it is in a high - level wide - range oscillation [13][14]. Technical Analysis - Glass - Daily melting is basically stable, factory inventories are decreasing, but the recovery of downstream deep - processing orders is insufficient. Technically, it is in an oscillatory upward trend [18][19]. Technical Analysis - Soybean Oil - On September 12, the domestic commercial inventory of soybean oil was 1.26 million tons, with a week - on - week decrease of 10,000 tons, a month - on - month increase of 100,000 tons, and a year - on - year increase of 110,000 tons. High inventories suppress price increases [22]. Technical Analysis - Pulp - The pulp price in Shandong is stable, port inventories are slightly decreasing, and it is in a low - level oscillation. One can consider high - selling and low - buying within the range [25].

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The supply side changes are expected to be the dominant factor in future oil prices, and the demand side lacks significant growth potential. Brent oil prices are expected to oscillate at a low level in the range of $60 - 75 per barrel [3]. - The short - term fundamentals of PTA are stronger than those of PX, with PXN expected to run weakly and PTA processing fees having a slight recovery [3]. - Short - term ethylene glycol prices are expected to oscillate and adjust, with a risk of supply - demand gap under low inventory and a far - month inventory accumulation expectation [4]. - In the short term, pure benzene demand support is weak, BZN weakens, and styrene oscillates weakly [4]. Summary by Related Catalogs Crude Oil - Supply side: OPEC+ maintains the production increase policy, and non - OPEC+ supply in South America is expected to gradually increase. Geopolitically, Russian energy facilities have been attacked, and there is a possibility of upgraded sanctions by Europe and the United States [3]. - Demand side: It lacks significant growth potential drivers. The market has anticipated the supply increase, but inventory has not significantly accumulated, and the risk of oversupply needs verification [3]. - Price forecast: Brent oil prices are expected to oscillate at a low level in the range of $60 - 75 per barrel [3]. PX & PTA - PX: The domestic and Asian PX capacity utilization rates are at a high level, and the PX - naphtha spread has weakened. PXN is expected to run weakly due to factors such as high - level naphtha prices and lackluster downstream performance [3][7]. - PTA: There have been many changes in PTA devices. The processing fees have been slightly repaired, and the inventory has been slightly reduced. The supply - demand pattern is strong in the near term and weak in the long term, and the short - term fundamentals are stronger than those of PX [3]. MEG - Supply: The weekly MEG capacity utilization rate has decreased, and the port inventory has slightly increased, but it is difficult to be sustained within the month. There is an inventory accumulation expectation in the far - month [4][17]. - Demand: The downstream polyester load has slightly increased, and the demand in the traditional peak season has slightly improved, but the industry chain has a cautious expectation for future demand [4]. - Price forecast: Short - term prices are expected to oscillate and adjust [4]. BZ & EB - Pure benzene: The pure benzene capacity utilization rate is at a high level, with large supply pressure due to new capacity. The downstream demand support is weak, and BZN weakens [4][28]. - Styrene: The styrene capacity utilization rate has decreased slightly. There will be new capacity released in September - October, and the supply is expected to gradually increase. The demand side is weak, and it is expected to oscillate weakly in the short term [4][28]. Polyester Industry - Capacity utilization rate: The weekly average capacity utilization rate of the domestic polyester industry has decreased slightly, while the comprehensive starting rate of chemical fiber weaving in Jiangsu and Zhejiang has increased. The terminal weaving orders have increased, and the factory inventory has decreased [23]. - Demand expectation: The downstream demand has improved, but the industry chain is cautious about future demand due to unclear trends in tariffs and exchange rates [23].

Report Summary 1. Report Industry Investment Ratings No relevant content provided. 2. Core Viewpoints of the Report - On September 25, the glass futures rose again, which was the result of the resonance of policy expectations, marginal improvement in supply - demand, and sector linkage [3]. - The A - share market is expected to continue to oscillate at a high level overall [7]. - The gold market is showing strength and can continue to be bullish [12]. - The iron ore market is in a high - level wide - range oscillation range and should be treated with an oscillatory mindset [14]. - The glass market should return to a low - buying strategy [19]. - The soybean oil market is under pressure from high inventory and should be treated with a bearish bias [23]. - The pulp market is expected to remain in low - level oscillation, and high - selling and low - buying within the range can be considered [28]. 3. Summary by Related Catalogs Glass Futures - On September 24, multiple ministries issued a work plan to strictly control cement and glass production capacity, which is beneficial to the glass market [4]. - On September 25, the glass production and sales rate increased significantly, driving enterprise inventories to continue to decline. As of September 25, the total inventory of national float glass sample enterprises was 59.355 million heavy boxes, a week - on - week decrease of 1.553 million heavy boxes or 2.55%, and a year - on - year decrease of 18.56% [4]. Stock Index Futures - The A - share market opened lower and moved higher. The Shenzhen Component Index and the ChiNext Index oscillated upward throughout the day, while the Shanghai Composite Index oscillated slightly around the opening price. The market is expected to continue to oscillate at a high level [7][8]. Gold - The market is trading the expectation of an interest rate cut in October. After three days of adjustment, gold rose strongly again and reached a new high, showing obvious strength [12]. Iron Ore - The supply side has stable shipments. Recently, steel mills are showing signs of resuming production, and molten iron is expected to remain at a high level. With the approaching of the National Day holiday in the middle and late period, the start of restocking may support raw materials. Technically, it is still in a high - level wide - range oscillation range [14][15]. Glass - Technically, the glass market has risen sharply and regained its platform support, and a low - buying strategy can be adopted. The daily melting is basically stable, the factory inventory has declined slightly, but the recovery of downstream deep - processing orders is insufficient, and attention should be paid to the restocking situation near the peak season [19][20]. Soybean Oil - As of September 12, the domestic commercial inventory of soybean oil was 1.26 million tons, a week - on - week decrease of 10,000 tons, a month - on - month increase of 100,000 tons, and a year - on - year increase of 110,000 tons. High inventory suppresses the price increase space, and the market should be treated with a bearish bias [23]. Pulp - The pulp price in Shandong region remained stable today, and the port inventory started to decline slightly, remaining at a medium - to - high level. There is an expected boost before the Mid - Autumn Festival peak season, but no improvement has been seen yet, and it is expected to remain in low - level oscillation [28].

Report Overview - Report Title: "GOLDTRUST FUTURES CO., LTD - Glass Futures Soar: Uptrend under Multiple Expectations" - Report Date: September 25, 2025 - Report Author: Jinxin Futures Research Institute 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - On September 24, the sharp rise of glass futures was the result of the resonance of policy expectations, marginal improvement in supply and demand, and sector linkage. The policy has become the core driving force, and the supply - demand side shows positive signals. The strong performance of photovoltaic glass has a driving effect, and investors should seize long - position opportunities [3][4]. 3. Summary by Related Catalogs Glass Futures - The sharp rise on September 24 was due to policy expectations, supply - demand improvement, and sector linkage. Policy support includes strict capacity control in the building materials industry and real - estate support policies. Supply - demand side shows positive signals such as inventory reduction in the main production area, increased enthusiasm of traders, and improved production - sales ratio. The strong performance of photovoltaic glass has boosted the sector [3][4]. Technical Analysis - Stock Index Futures - It closed with a bare - headed and bare - footed medium阳线. With news such as Alibaba's plan for a 380 billion AI infrastructure construction and Fed's call for faster interest - rate cuts, the market is expected to continue to oscillate upward at a high level [7]. Technical Analysis - Gold - The market is trading the expectation of an interest - rate cut in October. After three days of adjustment, gold rose strongly again, showing obvious strength, and the outlook is bullish [12]. Technical Analysis - Iron Ore - The start of restocking may support raw materials. Technically, it is still in a high - level wide - range oscillation range, and an oscillatory approach should be adopted [15]. Technical Analysis - Glass - Technically, it soared due to news today and should be viewed from an oscillatory perspective. Daily melting is basically stable, factory inventory has declined slightly, but the recovery of downstream deep - processing orders is insufficient, and attention should be paid to restocking near the peak season [20][21]. Technical Analysis - Soybean Oil - On September 12, the domestic commercial inventory of soybean oil was 1.26 million tons, with a week - on - week decrease of 10,000 tons, a month - on - month increase of 100,000 tons, and a year - on - year increase of 110,000 tons. High inventory restricts price increase, and it should be treated with a bearish oscillatory view [24]. Technical Analysis - Pulp - Today, the pulp price in Shandong remained stable, and port inventory started to decline slightly. It is still at a medium - to - high level. There are expectations of improvement before the Mid - Autumn Festival peak season, but no improvement has been seen yet. It is expected to oscillate at a low level, and high - selling and low - buying within the range can be considered [28].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The price of Shanghai Silver futures has been rising strongly, with the main contract reaching 10,317 yuan on September 22, a 3.81% increase, hitting a record high. The COMEX silver futures have accumulated a 41% increase since the beginning of the year, far exceeding the 35% increase of gold during the same period. The rise is due to three main reasons: macro - level factors, fundamental factors, and technical factors [3]. - The Shanghai Composite Index is expected to fluctuate at a high level overall. The market has a positive expectation due to a press conference at 3 pm today, and relevant departments are promoting the formulation of national standards for pre - made dishes [7]. - The gold market is trading on the expectation of an interest rate cut in October. After a three - day adjustment, gold has reached a new high with a strong upward trend and can continue to be bullish [11]. - For iron ore, the start of restocking may support raw materials. Technically, it is still in a high - level wide - range oscillation range and should be treated with an oscillatory mindset [14]. - For glass, it declined today. Attention should be paid to the support level of the lower platform. The daily melting is basically stable, the factory inventory has slightly decreased, but the recovery of downstream deep - processing orders is insufficient [18][19]. - For soybean oil, on September 12, the domestic commercial inventory of soybean oil was 1.26 million tons. High inventory restricts the price increase space, and it should be treated with a bearish oscillatory view [22]. - For pulp, the price in Shandong is stable, the port inventory is slightly decreasing, and it remains at a medium - high level. Before the Mid - Autumn Festival peak season, there is an expected boost, but no improvement is seen yet. It is expected to oscillate at a low level, and high - selling and low - buying within the range can be considered [25]. 3. Summary by Related Catalogs Hot Focus - The continuous rise of Shanghai Silver futures is mainly due to: macro - level factors such as the Fed's monetary policy shift (new Fed governor's dovish speech supporting a 150 - basis - point interest rate cut this year and market expectations of two 25 - basis - point cuts in the next two meetings) and rising geopolitical tensions; fundamental factors including supply - demand imbalance in the silver market (increased demand from the photovoltaic industry and a global supply - demand gap of 3,659 tons in 2025) and increased investment value; and technical factors such as a bullish moving - average arrangement and a MACD golden cross [3]. Technical Analysis - Stock Index Futures - The Shanghai Composite Index closed with a small positive line with a lower shadow. A press conference today is expected to be positive for the market, and relevant departments are promoting the formulation of national standards for pre - made dishes. The market is expected to oscillate at a high level [7]. Technical Analysis - Gold - The market is trading on the expectation of an interest rate cut in October. After a three - day adjustment, gold reached a new high with a strong upward trend and can continue to be bullish [11]. Technical Analysis - Iron Ore - The supply is stable, steel mills are gradually resuming production, and iron ore restocking before the National Day may support prices. Technically, it is in a high - level wide - range oscillation range [14][15]. Technical Analysis - Glass - The glass price declined today. Attention should be paid to the lower platform support. The daily melting is stable, the factory inventory has slightly decreased, but the recovery of downstream deep - processing orders is insufficient [18][19]. Technical Analysis - Soybean Oil - On September 12, the domestic commercial inventory of soybean oil was 1.26 million tons, with a week - on - week decrease of 10,000 tons, a month - on - month increase of 100,000 tons, and a year - on - year increase of 110,000 tons. High inventory restricts the price increase space [22]. Technical Analysis - Pulp - The price of pulp in Shandong is stable, the port inventory is slightly decreasing and remains at a medium - high level. Before the Mid - Autumn Festival peak season, there is an expected boost, but no improvement is seen yet. It is expected to oscillate at a low level, and high - selling and low - buying within the range can be considered [25].

Report Summary 1. Report Industry Investment Ratings No investment ratings were provided in the report. 2. Core Viewpoints - The soybean oil futures market is expected to be volatile and bearish due to factors such as high domestic soybean supply, low demand, and weak international soybean futures [4][22]. - The stock index futures market is expected to continue high - level volatile adjustment next week [7]. - The gold market is expected to undergo a period of adjustment after a decline [10][11]. - The iron ore market should be treated with a volatile mindset, as supply is stable and steel mills' restocking may support raw materials [14][15]. - The glass market should be monitored for the support at the lower platform, with attention on the restocking situation as the peak season approaches [18][19]. - The pulp market is expected to maintain low - level volatility, and high - selling and low - buying within the range can be considered [26]. 3. Summary by Related Catalogs Soybean Oil - On September 19, 2025, soybean oil futures rose and then fell [3]. - The domestic soybean arrival volume remains high, the oil mill operating rate is at a high level in recent years, and last week's actual crushing volume reached 2.3039 million tons. The soybean supply is sufficient, leading to an increase in soybean oil output. As of September 5, the soybean oil commercial inventory reached 1.2513 million tons, a month - on - month increase of 12,500 tons [4]. - On September 12, the domestic soybean oil commercial inventory was 1.26 million tons, a week - on - week decrease of 10,000 tons, a month - on - month increase of 100,000 tons, and a year - on - year increase of 110,000 tons [22]. Stock Index Futures - A - share market: The three major A - share indexes opened lower in the morning, fluctuated throughout the day, were mostly in the positive territory, and declined near the end of the session. The Shanghai Composite Index closed with a small negative line [8]. - News: In July, China reduced its holdings of US Treasury bonds by $25.7 billion, and the holding scale reached a new low since 2009. Shanghai optimized and adjusted the policies related to the pilot individual housing property tax [7]. Gold - The Fed cut interest rates by 25 basis points, and the gold market declined, with the expectation of a period of adjustment [10][11]. Iron Ore - The supply side has stable shipments. Steel mills are showing signs of resuming production, and molten iron is expected to remain at a high level. As the National Day approaches in the middle and late period, steel mills' restocking may support raw materials [14][15]. Glass - The daily melting volume is basically stable, the factory inventory has slightly declined, but the recovery of downstream deep - processing orders is insufficient. Attention should be paid to the restocking situation as the peak season approaches [19]. Pulp - The pulp price in Shandong region remained stable today, and the port inventory started to decline slightly, remaining at a medium - high level. There is an expected boost before the Mid - Autumn Festival peak season, but no improvement has been seen yet, so it is expected to maintain low - level volatility [26].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The overall market of petrochemical products is complex, with supply and demand factors influencing prices. Crude oil prices are in a weak consolidation phase, and the prices of downstream products such as PX, PTA, MEG, and benzene series face different supply - demand situations and price trends [4][5]. - The petrochemical market is still in the recovery stage, but downstream demand has not shown significant improvement, and the market trading atmosphere is sluggish [25]. 3. Summary by Variety BZ&EB - Pure benzene has high supply pressure due to new capacity coming online from August - September, and downstream demand support is weak. Although port inventories are decreasing, they remain at a high level. Benzene - to - styrene (BZN) weakened and then stabilized. Styrene's planned maintenance was carried out, with an operating rate of 73.44% (down 1.54% from last week). New capacity will be gradually released from September - October, and supply is expected to increase. The downstream 3S operating rate changed little, and the price rebound space is limited [4]. - This week, the pure benzene operating rate was 78.35% (down 0.94% from last week), and the styrene operating rate was 73.44% (down 1.54% from last week). BZN dropped to around $120/ton. The 3S operating rate recovery was okay, but the ABS inventory pressure was large. Pure benzene and styrene port inventories started to decline, but the overall industrial chain inventory was high, and terminal recovery was slow [33]. Crude Oil - OPEC+ started the second - stage production increase in October, with an increase of 137,000 barrels per day compared to September. Geopolitical risks did not further intensify, and the impact of sanctions on supply and trade flow was limited. The EU will ban the import of refined products from Russian crude oil starting in early 2026. The seasonal inflection point on the demand side has appeared, and crude oil prices are in a weak consolidation phase [5]. PX&PTA - PX's short - term operating rate is relatively strong, but the cost support from the declining crude oil price center has weakened significantly. Although downstream load has increased, PXN is expected to operate weakly. Recently, there have been many changes in PTA devices. Two 2.5 - million - ton devices restarted last week, and a 4.5 - million - ton PTA device in South China will restart, increasing short - term supply. PTA processing fees are at a historical low of 139 yuan/ton. PTA factory inventories continue to accumulate, and the supply - demand pattern is strong in the near term and weak in the long term, limiting the price rebound space [5]. - The weekly average domestic PX capacity utilization rate was 85.51% (up 0.88% from last week), and the Asian PX weekly average capacity utilization rate was 75.2% (up 0.59%). The PX - naphtha spread remained at around $235/ton. Some PX devices had maintenance and restart operations. Although it is the downstream polyester peak season, new orders and load did not exceed expectations. PX will enter the end of the expansion cycle in 2024, and attention should be paid to the commissioning time of a 3 - million - ton new capacity in the fourth quarter [9]. - This week, the PTA spot market price was 4,617 yuan/ton (up 15 yuan/ton from last week), and the mainstream spot basis weakened to - 79 yuan/ton. The PTA weekly average capacity utilization rate was 77.29% (up 2.34% month - on - month). The 4.5 - million - ton PTA device in South China will restart, increasing short - term supply. The new PTA device maintenance plan from October - November has limited impact on the current market. After the new device is put into operation in October, PTA will enter the inventory accumulation cycle again, and supply pressure still exists. PTA processing fees are at a historical low, and the market's expectation for peak - season demand has significantly weakened [12]. MEG - This week, the MEG operating rate continued to rise, and port inventories increased slightly, but it is difficult to sustain within the month. There is a risk of supply - demand gap under low inventory in the short term. There is an inventory accumulation expectation in the far - month, suppressing the valuation of the 2601 contract. Currently, the supply - demand is tight under low inventory, downstream polyester load has slightly increased, and the traditional peak - season demand has slightly improved. The market is still in the recovery stage, and the price is expected to fluctuate and adjust [5]. - This week, the MEG market price was 4,352 yuan/ton (down 26 yuan/ton month - on - month). The domestic MEG total capacity utilization rate was 67.04% (up 0.49% from last week), and the coal - based MEG capacity utilization rate was 67.52% (up 1.56% from last week). The gross profit was - 162.28/ton (down 103.63/ton month - on - month). Port inventories increased to 383,700 tons (up 20,500 tons from last week), still at a historical low level. Due to pre - holiday stocking, polyester factories still have demand for low - price replenishment. The supply - demand structure of MEG from September - October has improved compared to expectations, and the transferable spot is continuously tightening [19]. Polyester - This week, the weekly average capacity utilization rate of the Chinese polyester industry was 87.9%, remaining flat from last week. The short - fiber and long - filament operating rates slightly increased. The comprehensive operating rate of chemical fiber weaving in the Jiangsu and Zhejiang regions was 62.19% (down 0.23% from last week). The average number of terminal weaving order days was 14.42 days (down 0.13 days from last week), and factory inventories slightly increased. The overall terminal weaving market has weak driving forces, downstream demand has not improved significantly, the market trading atmosphere is sluggish, seasonal orders are average, and there are few large - order news. The market is still in the recovery stage [25].