终端需求阶段性改善，聚酯产业链估值修复

Group 1: Market Conditions - A significant cold wave has impacted most regions in China, coinciding with the "Double 11" shopping festival, leading to a surge in demand for winter fabrics [1] - The knitting market has shown a positive trend, particularly in plush products, with inventory levels decreasing and prices rising [1] - The weaving enterprises' new order index has returned to the average level of previous years, indicating a recovery in demand [1] Group 2: Profitability and Production - The profit margins in the texturing segment have improved significantly, with processing fees recovering from losses to a breakeven or slight profit state [2] - Polyester product cash flow has improved due to lower raw material prices, with most products returning to a good profit state [2] - The average operating rate for polyester is expected to be adjusted upwards to 90.5% in November, better than previous market expectations [2] Group 3: Oil Market Dynamics - International oil prices have rebounded after a significant decline, influenced by geopolitical factors and market sentiment [3] - The easing of geopolitical tensions between the U.S. and China has contributed to a reduction in market anxiety [3] - The technical analysis suggests a potential short-term rebound in oil prices after a period of decline [3] Group 4: Supply and Demand Balance - PX production is increasing, with domestic facilities delaying maintenance plans due to good production efficiency, leading to an oversupply situation [4] - PTA's supply pressure remains high as new capacities are gradually released, despite some recent maintenance [4] - Overall, while there is some support for PX and PTA prices due to demand recovery and oil price stabilization, the supply side remains ample, limiting significant price rebounds [4]