芳烃市场有所降温，聚酯产业链价格重心下行

Group 1 - The core viewpoint of the report highlights the tracking of price differentials for key refining projects both domestically and internationally, with domestic price differential at 2515.90 CNY/ton, showing a week-on-week increase of 9.33 CNY/ton (+0.37%), and international price differential at 1104.12 CNY/ton, with a week-on-week increase of 6.94 CNY/ton (+0.63%) [1][2] - As of February 6, 2026, the average weekly price of Brent crude oil was 67.33 USD/barrel, reflecting a week-on-week decrease of 0.60% [1][2] - The report discusses geopolitical factors affecting oil prices, including the potential resumption of nuclear talks between the U.S. and Iran, which initially reduced geopolitical risk but later saw a resurgence due to military actions and negotiations [2] Group 2 - In the chemical sector, limited support from the cost side has led to fluctuating prices for chemical products, with some experiencing short-term supply impacts resulting in price increases [3] - The polyester and nylon sector saw a decline in prices across the polyester value chain, with upstream cost support weakening and significant drops in prices for PX, MEG, and PTA [3] - The report notes that the operational rates for downstream weaving machines have significantly decreased, leading to a stagnation in market transactions and a focus on cash flow recovery by factories [3] Group 3 - The stock performance of six major private refining companies showed varied results, with weekly changes including Rongsheng Petrochemical (-1.90%), Hengli Petrochemical (-5.29%), and others, while monthly changes indicated positive growth for most companies [4] - The report identifies several risk factors for the refining sector, including delays in the commissioning and ramp-up of refining facilities, macroeconomic slowdown affecting demand, geopolitical tensions, and significant changes in the PX-PTA-PET industry chain capacity [4]