Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Core Viewpoints The report focuses on the weekly data of the large refining and chemical industry, including price, profit, inventory, and operating rate changes in different sectors such as refining, polyester, and chemicals, as well as the performance of relevant listed companies [2][8][9]. 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing - **Price and Spread**: The domestic key large refining project spread this week was 2,673 yuan/ton, a week - on - week increase of 377 yuan/ton (16%); the foreign key large refining project spread was 1,241 yuan/ton, a week - on - week increase of 258 yuan/ton (26%). The average price of PX this week was 875.1 dollars/ton, a week - on - week decrease of 4.9 dollars/ton, and the spread to crude oil was 369.6 dollars/ton, a week - on - week increase of 41.0 dollars/ton [2]. - **Polyester Sector**: POY/FDY/DTY industry average prices were 7,193/7,496/8,446 yuan/ton respectively, with week - on - week increases of 146/179/186 yuan/ton. The weekly average profits were 74/10/44 yuan/ton, with week - on - week increases of 88/109/114 yuan/ton. The inventory was 17.2/18.9/25.3 days, with week - on - week changes of +0.9/ - 0.9/ - 0.3 days. The filament operating rate was 90.6%, a week - on - week increase of 0.3 pct. The downstream loom operating rate was 59.0%, a week - on - week decrease of 1.7 pct [2]. - **Refining Sector**: Domestic gasoline, diesel, and jet fuel prices rose this week, while in the US, gasoline, diesel, and jet fuel prices fell [2]. - **Chemical Sector**: The PX operating rate was 86.4%, a week - on - week increase of 0.1 pct [2]. - **Related Listed Companies**: Private large refining and chemical & polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin凤鸣 [2]. - **Stock Performance**: The oil and petrochemical index on June 27, 2025, showed a - 2.1% change in the past week, 1.5% in the past month, - 1.1% in the past three months, - 5.9% in the past year, and - 4.9% since the beginning of 2025. Among the listed companies, Rongsheng Petrochemical had a 2.5% increase in the past week, while Tongkun Co., Ltd. had a - 33.3% change in the past year [8]. - **Earnings Forecast**: For example, Hengli Petrochemical's expected net profit attributable to the parent company in 2025 is 8.024 billion yuan, with a PE of 12.5 in 2025E [8]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: It may involve the trends of the big refining index, domestic and foreign big refining project spreads, and the changes in the performance of six private big refining companies [11][15][20]. - **2.2 Polyester Sector**: Covers various aspects such as the prices and spreads of crude oil, PX, PTA, and MEG; the operating rates of PX, PTA, and MEG; the prices and profits of POY, FDY, DTY, and polyester staple fiber; the inventory and operating rates of polyester filament and downstream looms [23][33][55]. - **2.3 Refining Sector**: Includes the prices and spreads of domestic, US, European, and Singaporean refined oil products (gasoline, diesel, and jet fuel) relative to crude oil [84][99][122]. - **2.4 Chemical Sector**: Focuses on the prices and spreads of various chemical products such as polyethylene, polypropylene, EVA, and styrene relative to crude oil [139][140][148].

Core Viewpoint - Hengli Petrochemical Co., Ltd. has successfully issued its first phase of technology innovation bonds for 2025, raising a total of 1 billion yuan at an interest rate of 1.85% [2][3]. Group 1: Bond Issuance Details - The company held a board meeting on April 9, 2024, to approve the registration for issuing short-term financing bonds, with a maximum amount of 3 billion yuan [2]. - The registration for the short-term financing bonds was accepted by the trading association, with a validity period of 2 years from the date of the notice [2]. - The technology innovation bonds were issued on June 25, 2025, with a total planned issuance of 1 billion yuan, which was fully realized [2]. Group 2: Bond Characteristics - The bond has a maturity of 365 days, with an interest start date of June 26, 2025, and a repayment date of June 26, 2026 [2]. - The bond code for the issued technology innovation bond is 042580325, and it was issued at a price of 100 yuan per 100 yuan face value [2]. - The main underwriter for this bond issuance is Industrial Bank Co., Ltd., with joint underwriters including China Merchants Bank Co., Ltd. and China Postal Savings Bank Co., Ltd. [2].

恒力石化股份有限公司 证券代码：600346 证券简称：恒力石化 公告编号：2025-040 恒力石化股份有限公司 和上海清算所网站（www.shclearing.com.cn）。 特此公告。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 恒力石化股份有限公司（以下简称"公司"）于2024年4月9日召开第九届董 事会第十九次会议审议通过了《关于注册发行短期融资券的议案》，上述议案经 2024年4月30日召开的2023年年度股东大会审议通过，同意公司向中国银行间市 场交易商协会（以下简称"交易商协会"）申请注册发行金额不超过30亿元（含 30亿元）人民币的短期融资券额度事项。 2024年6月24日，公司收到交易商协会出具的《接受注册通知书》（中市协 注〔2024〕CP92号），交易商协会决定接受公司短期融资券注册，注册金额为30 亿元人民币，注册额度自通知书落款之日起2年内有效。公司在注册有效期内可 分期发行短期融资券。 公司于 2025 年 6 月 25 日在全国银行间市场发行了科技创新债券，发行结果 如下： | 债券名称 ...

恒力石化股份有限公司 证券代码：600346 证券简称：恒力石化 公告编号：2025-039 恒力石化股份有限公司 关于第三期员工持股计划存续期届满暨终止的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 恒力石化股份有限公司（以下简称"公司"）第三期员工持股计划存续期于 2025 年 6 月 26 日届满，根据中国证券监督管理委员会《关于上市公司实施员工持股计 划试点的指导意见》及《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》的要求，现将相关情况公告如下： 恒力石化股份有限公司董事会 公司于 2019 年 6 月 11 日召开第八届董事会第二次会议审议通过了《恒力石化 股份有限公司第三期员工持股计划（草案）》等相关议案；分别于 2019 年 7 月 2 日、 2019 年 7 月 18 日召开第八届董事会第三次会议、2019 年第二次临时股东大会审议 通过了《恒力石化股份有限公司第三期员工持股计划（草案）（修订稿）》等相关议 案；于 2019 年 12 月 23 日召开第八届董事会第八次会议，审议通过了《 ...

Core Viewpoint - The 2025 New Fortune 500 Rich List reveals a significant increase in the total market value of listed entrepreneurs, reaching 13.7 trillion yuan, an 11% year-on-year growth, indicating a new wave of wealth creation driven by innovation and overseas expansion [3][14]. Group 1: Wealth Distribution and Rankings - The top ten wealthiest individuals are heavily influenced by AI, with Zhang Yiming of ByteDance topping the list with a holding value of 481.57 billion yuan, marking a 42% increase from the previous year [4][18]. - The list features a notable shift, with four individuals from Hangzhou, Zhejiang, highlighting the region's growing economic prominence [43]. - The average holding value of the 500 entrepreneurs is 273.8 million yuan, with a threshold of 66.2 million yuan to make the list [8]. Group 2: Industry Insights - The TMT (Technology, Media, and Telecommunications), pharmaceutical, and daily consumer goods sectors are the top three wealth-generating industries, contributing 110, 54, and 52 individuals respectively [51]. - The TMT sector saw a significant increase in wealth, with a total of 334.08 billion yuan, a 46% increase from the previous year [51]. - The pharmaceutical sector experienced a decline, with 54 individuals listed, down from 64, indicating ongoing valuation adjustments [51]. Group 3: AI and Technological Advancements - AI has emerged as a key driver of wealth creation, with companies like DeepSeek and ByteDance leading the charge in user engagement and valuation [4][21]. - The rise of AI has also led to a resurgence in the semiconductor industry, with China exporting 2.981 billion chips worth approximately 159.5 billion USD, marking a significant shift in the global market [56]. - The AI sector is still in its nascent stage, with notable entries like Liang Wenfeng of DeepSeek entering the top ten, reflecting the rapid growth and potential of AI applications [60]. Group 4: Regional Wealth Creation - Wealth creation is becoming more balanced across regions, with western provinces like Sichuan, Tibet, and Xinjiang seeing an increase in listed individuals, while traditional economic hubs like Zhejiang and Shanghai continue to grow [5][6]. - The shift from real estate to technology and AI reflects a broader transformation in China's economic landscape, with younger entrepreneurs increasingly dominating the wealth rankings [46][45]. Group 5: Future Outlook - The ongoing evolution of industries, particularly in AI and technology, suggests a promising future for innovation-driven wealth creation in China [60][62]. - The integration of AI into various sectors, including automotive and consumer electronics, is expected to further enhance China's competitive edge in the global market [62][63].

Industry Overview - Biodegradable materials are high molecular materials that can undergo chemical, biological, or physical degradation in the natural environment through microbial metabolic activities, ultimately breaking down into harmless substances like water and carbon dioxide [1][4] - The industry can be categorized into natural biodegradable materials, synthetic biodegradable materials, and blended biodegradable materials based on their sources [4] Industry Development History - The biodegradable materials industry in China has gone through four stages: the budding phase (1990s to 2005), the initiation phase (2006 to 2014), the rapid growth phase (2015 to 2020), and the adjustment and optimization phase (2020 to present) [4][5] - The implementation of the "strictest plastic ban" in 2018 significantly boosted the demand for biodegradable materials, expanding their application from agriculture to packaging, takeaway, and medical fields [4][5] Industry Chain - The upstream of the biodegradable materials industry includes raw materials (biobased and petroleum-based) and production equipment, while the midstream involves the manufacturing of biodegradable materials [7] - The downstream applications encompass packaging, agriculture, modern medicine, 3D printing, and textiles [7] Market Size - The market size of China's biodegradable materials industry is projected to reach 29.9 billion yuan in 2024, with a year-on-year growth of 29.59% [11] - The increasing environmental awareness among consumers is driving the demand for green and eco-friendly materials across various sectors [11] Key Companies' Performance - The market is segmented into four tiers based on production capacity, with leading companies like Hengli Petrochemical and Kingfa Technology having capacities exceeding 200,000 tons per year [13] - Kingfa Technology has developed a complete industrial chain technology for biodegradable materials, holding over 6,800 patents and achieving significant breakthroughs in high-temperature resistant materials [15][17] - Hengli Petrochemical is expanding its production capacity with a planned 600,000 tons per year for biodegradable materials, aiming to become the largest production base in China [17] Industry Development Trends 1. **Technological Innovation and Cost Optimization** - The industry is focusing on technological breakthroughs in biomanufacturing, chemical technology integration, and raw material diversification to reduce production costs [19] 2. **Policy Drivers and Market Demand** - The upcoming 2025 "plastic ban" and increasing market demand for high-end biodegradable products are reshaping the industry landscape [20][21] 3. **Industry Chain Integration and Internationalization** - Companies are pursuing vertical integration and international expansion to enhance competitiveness, with notable collaborations and certifications aiding market entry [22]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, with a price forecast of $66 per barrel for 2025 [3][5]. Core Insights - The report indicates a trend towards a looser supply-demand balance for crude oil in 2025, with the EIA projecting a global oil supply surplus of approximately 820,000 barrels per day this year [4][19]. - The report highlights that the upstream sector is showing signs of recovery, with drilling day rates expected to increase as global capital expenditures rise [4][21]. - The refining sector is experiencing improved profitability due to rising product price spreads, although current levels remain low [4][21]. - The polyester sector is underperforming, with PTA and polyester filament profits declining, but a gradual improvement is anticipated as new capacities come online [4][21]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $77.01 per barrel, a 3.75% increase week-on-week, while WTI futures rose by 1.18% to $73.84 per barrel [4][25]. - U.S. commercial crude oil inventories decreased to 421 million barrels, down 11.47 million barrels from the previous week, marking a 10% decline compared to the same period last year [4][27]. Refining Sector - The Singapore refining margin for major products increased to $11.58 per barrel, up $6.18 from the previous week [4]. - The report notes that while refining product spreads have improved, they remain at low levels, with expectations for gradual enhancement as economic recovery progresses [4][21]. Polyester Sector - The report states that PTA prices have turned from decline to increase, with the average price in East China reaching 5,084 RMB per ton, a 4.69% increase week-on-week [4]. - The overall performance of the polyester industry is described as average, with a need to monitor demand changes closely [4][21]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as upstream service companies like CNOOC Services and Haiyou Engineering [4][21][22]. - It also suggests that the polyester sector may see long-term improvements, advocating for investments in leading companies like Tongkun Co. and Wankai New Materials [4][21][22].

Report Title - The title of the report is "Big Refining Weekly Report: Filament Prices Rebound, Production and Sales Decline Significantly" [1] Report Date - The report was released on June 22, 2025 [1] Report Analysts - The chief energy and chemical securities analyst is Chen Shuxian, CFA, with the practice certificate number S0600523020004 [1] - The research assistant is Zhou Shaowen, with the practice certificate number S0600123070007 [1] Report Industry Investment Rating - Not mentioned in the report Report Core Views - The report provides a weekly update on the big refining industry, covering key projects' spreads, polyester, refining, and chemical segments, as well as relevant listed companies [2] Summary by Relevant Catalogs 1. Big Refining Weekly Data Briefing - **Price and Spread**: The weekly spread of domestic key big refining projects was 2,295 yuan/ton, a decrease of 135 yuan/ton (6% MoM); the spread of foreign key big refining projects was 983 yuan/ton, an increase of 14 yuan/ton (1% MoM). Brent crude oil was at $75.5/barrel, up $6.8 (9.8% MoM), and WTI was at $73.5/barrel, up $6.4 (9.5% MoM) [2][8] - **Polyester Sector**: POY/FDY/DTY industry average prices were 7,079/7,357/8,300 yuan/ton, up 193/168/161 yuan/ton respectively. Their weekly average profits were 8/-73/-44 yuan/ton, down 34/51/56 yuan/ton respectively. POY/FDY/DTY inventories were 16.3/19.8/25.6 days, down 1.6/1.9/2.9 days respectively. The filament operating rate was 90.3%, up 0.6 pct. The downstream loom operating rate was 60.7%, down 0.4 pct. Weaving enterprises' raw material inventory was 11.2 days, up 0.6 days, and finished - product inventory was 26.2 days, up 0.8 days [2] - **Refining Sector**: Domestic and US gasoline, diesel, and jet fuel prices rose this week [2] - **Chemical Sector**: The average PX price was $880.0/ton, up $61.1/ton, and the spread to crude oil was $328.6/ton, up $11.8/ton. The PX operating rate was 86.3%, down 0.1 pct [2] - **Related Listed Companies**: Private big refining and polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Group, and Xin Fengming [2] - **Stock Performance and Earnings Forecast**: The report tracks the stock price changes and earnings forecasts of 6 private refining companies, including Hengli Petrochemical, Rongsheng Petrochemical, etc. For example, Hengli Petrochemical's stock price was 14.1 yuan, with a total market value of 99.3 billion yuan, and its net profit attributable to the parent in 2024A was 7.044 billion yuan [8] 2. Big Refining Weekly Report - **Index and Spread Trends**: It analyzes the trends of big refining indexes, domestic and foreign project spreads, and the price changes of crude oil, PX, and other products [11][19] - **Polyester Sector**: Multiple aspects of the polyester sector are analyzed, such as the prices and profits of PX, PTA, POY, FDY, DTY, etc., as well as the operating rates and inventory levels of relevant products [22][38] - **Refining Sector**: It details the price and spread changes of domestic, US, European, and Singaporean gasoline, diesel, and jet fuel [82][97][108][119] - **Chemical Sector**: It presents the price and spread changes of various chemical products, including polyethylene LLDPE, EVA foaming materials, etc. [129][130]

Summary of Key Points Core Viewpoint - On June 18, a total of 57 stocks appeared on the block trading platform, with a cumulative trading volume of 0.38 billion shares and a total transaction value of 6.68 billion yuan, indicating active trading in the market [1]. Group 1: Trading Activity - The highest transaction value was recorded for Hengli Petrochemical, with three trades totaling 0.41 billion yuan [1]. - Jinkong Coal Industry followed closely with one trade amounting to 0.39 billion yuan [1]. - A total of 20 stocks had transaction values exceeding 10 million yuan, reflecting significant interest from investors [1]. Group 2: Stock Performance - Hengli Petrochemical (600346) experienced a slight decline of 0.94% with a closing price of 14.73 yuan and a transaction price of 14.40 yuan, showing a discount of 2.24% [1]. - Jinkong Coal Industry (601001) also saw a decrease of 0.66%, closing at 11.96 yuan, with no discount on the transaction price [1]. - Yuyue Medical (002223) had a minor decline of 0.31%, closing at 35.34 yuan, but the transaction price was at a premium of 9.99% [1]. Group 3: Notable Stocks - Transsion Holdings (688036) had a notable increase of 6.03%, closing at 80.56 yuan, with a transaction price slightly above the closing price [1]. - Other stocks like Meichang Co. (300861) and Fuchuang Precision (688409) showed mixed performance, with slight declines and modest increases, respectively [1]. - Guizhou Moutai (600519) remained stable with a minor decline of 0.14%, maintaining a high closing price of 1425.00 yuan [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, ethylene glycol (MEG) fluctuated and strengthened. At the beginning of the week, the port inventory of MEG increased slightly, showing a phased low. On the demand side, the polyester production cut was implemented, weighing on market sentiment. Meanwhile, two large units of Hengli Petrochemical restarted, making the fundamentals even weaker. On Friday, affected by the escalation of geopolitical conflicts, the crude oil price rose significantly, and the MEG market rebounded strongly driven by the cost side. - Next week's forecast: On the cost side, the oil price will fluctuate highly. If the geopolitical situation cools down, there may be a risk of an oil price decline. On the supply side, the start - up of oil - based units has driven up the overall start - up rate, and coal - based units will also resume later, making the supply side more relaxed. On the demand side, the inventory pressures of downstream products vary, and bottle chips have joined the production cut sequence. After entering the seasonal off - season, the terminal demand is not optimistic. In terms of port inventory, the port will still maintain a destocking trend this month, and the inventory of mainstream trading tanks will remain at a low level. - Overall, it is expected to operate in the range of 4,300 - 4,550 yuan/ton, and it is recommended to stay on the sidelines [5]. 3. Summary by Relevant Catalogs 3.1盘面及现货情况 (Market and Spot Conditions) - **Market Trends**: The overall increase was brought about by the rising cost. This week, the trading volume was 1.22 million lots, and the open interest was 272,500 lots (- 8,200 lots). The closing price of the MEG main contract on June 16 was 4,374 yuan/ton, up 118 yuan/ton or 2.77% from the closing price of 4,256 yuan/ton on June 9. The settlement price on June 16 was 4,333 yuan/ton, up 66 yuan/ton or 1.55% from the settlement price of 4,267 yuan/ton on June 9 [7][9][11]. - **Spot Market**: For the domestic spot market, the high - end transaction price was 4,492 yuan/ton on June 13, and the low - end was 4,307 yuan/ton. The weekly price data from June 8 - 14 showed that the prices in Fujian, Zhangjiagang, and Dongguan were 4,361 yuan/ton (- 45.25 yuan/ton), 4,379.5 yuan/ton (- 54.25 yuan/ton), and 4,361 yuan/ton (- 45.25 yuan/ton) respectively. The foreign - market price was 514.5 US dollars/ton (- 3.38 US dollars/ton). This week's average basis was 94.20 yuan/ton, compared with 135.60 yuan/ton last week. The domestic and foreign markets of MEG remained inverted, with an overall level of 80 - 100 US dollars/ton [13]. 3.2 MEG装置、库存及生产利润情况 (MEG Unit, Inventory, and Production Profit) - **Unit Start - up Rate**: Due to the restart of Hengli Petrochemical and the adjustment of individual units between EO/EG, the domestic start - up rate increased from 54.35% from June 3 - 9 to 57.46% from June 10 - 16. The start - up rate of oil - based units was 60.95%, coal - based units was 51.78%, and methanol - based units was 62.40%. This week, the main changes in units included the restart of units such as Henan Yongcheng, Yankuang Rongxin, Hengli, and Zhongsha Tianjin, and the slight adjustment of the load of units such as CNOOC Shell, Haoyuan, Shenghong, and Far Eastern Union [17][20][22]. - **Production Profit**: The cost side increased significantly, and the profit shrank from the high point. The current profits of MTO, coal - based, and ethylene - based production routes were - 1,703.27 yuan/ton, 651.32 yuan/ton, and - 96.52 US dollars/ton respectively, compared with - 1,486.65 yuan/ton, 705.75 yuan/ton, and - 94.40 US dollars/ton in the previous period [29][31]. - **Inventory**: As of June 12, the MEG port inventory was 499,800 tons, a decrease of 50,200 tons or - 15.99% compared with the previous period. Among them, the inventory in Zhangjiagang decreased by 37,000 tons to 180,000 tons, in Jiangyin decreased by 10,000 tons to 50,000 tons, in Taicang decreased by 3,000 tons to 150,000 tons, in Ningbo decreased by 8,000 tons to 80,000 tons, and in Shanghai and Changshu increased by 7,800 tons to 39,800 tons. The short - fiber and bottle - chip industries have successively joined the production cut, and the downstream提货 volume has continued to decline. From June 5 - 11, the average daily shipment of the main port in Zhangjiagang was around 4,790 tons, the average daily shipment of the two main storage areas in the Taicang direction was around 5,000 tons, and the average daily shipment in the Ningbo direction was around 4,500 tons. In addition, the statistical inventory of the mainstream domestic trade transfer tanks was around 18,000 tons, an increase of 8,000 tons compared with the previous period [35][36][38]. 3.3基本面分析 (Fundamental Analysis) - **Cost Impact**: Geopolitical risks suddenly emerged, and the price rose to near the high point at the beginning of the year. The cost of raw materials such as crude oil, naphtha, ethylene, methanol, and动力煤 has an impact on the MEG price [42]. - **Polyester Industry**: Polyester is affected by the negative feedback from the terminal but cannot transmit it upstream. The average weekly load of polyester factories was 89.69%, and the average weekly load of Jiangsu and Zhejiang looms was 68.79%. The market average prices of semi - bright POY150D/48F, DTY150D/48F, and FDY150D/96F were 6,905 yuan/ton, 8,125 yuan/ton, and 7,180 yuan/ton respectively, down 1.62%, 1.14%, and 1.81% compared with the previous period. The average price of polyester staple fiber in the East China market this period was 6,506 yuan/ton, up 11 yuan/ton or 0.17% compared with the previous average price. The negotiation range of polyester bottle chips in the East China region was 5,880 - 5,980 yuan/ton, and the average price this week was 5,935.00 yuan/ton, down 1.17% compared with the previous reporting period [44][46]. - **Terminal Demand**: The terminal regards the rise of raw material prices as a purchase signal, and the production and sales have slightly recovered. However, the weaving market has entered the off - season, the start - up rate has slowly declined, the terminal demand is weak, customer inquiries have decreased, and new orders for grey fabrics have been issued slowly. As of June 12, the start - up rates of water - jet looms in Wujiang, Changxing, and other regions decreased to varying degrees [47][51]. - **Polyester Production and Sales**: From June 9 - 13, the average weekly production and sales of polyester were estimated to be 100%. After downstream enterprises replenished a small amount of inventory at the end of last month and basically digested it last week, the downstream raw material inventory was digested to a low level this week. On Monday, polyester factories promoted sales. After the price reduction in the late session, the production and sales volume increased, and the production and sales of mainstream large factories ranged from 100% - 600%, with the median between 100% - 300% [54]. - **Downstream Product Inventory**: As of June 12, the inventory of long - filament products rebounded. The average inventory days of POY, FDY, and DTY were 17.90 days, 21.70 days, and 28.50 days respectively. The inventory days of polyester staple fiber in mainstream factories were 8.35 days, a decrease of 1.06 days compared with the previous period, and the inventory days of polyester chip factories were 11.60 days, an increase of 0.49 days compared with the previous period [55][57].