大炼化周报：下游织企库存增加，涤纶长丝偏弱运行

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The domestic key refining projects' price spread this week is 2489.59 CNY/ton, up by 123.28 CNY/ton (5.21% week-on-week), while the foreign key refining projects' price spread is 958.12 CNY/ton, up by 48.98 CNY/ton (5.39% week-on-week) [2] - In the polyester sector, the average prices for POY, FDY, and DTY are 6950, 7500, and 8521 CNY/ton respectively, with week-on-week changes of -86, -86, and -71 CNY/ton. The weekly average profits for POY, FDY, and DTY are 69, 168, and 249 CNY/ton, with week-on-week changes of -19, -19, and -9 CNY/ton [2] - The operating rate for polyester filament is 89.40%, down by 0.12 percentage points week-on-week, while the weaving enterprises' operating rate is 69.04%, unchanged week-on-week [2] - The PX average price is 818.86 USD/ton, down by 18.71 USD/ton, with a price spread against crude oil of 294.03 USD/ton, up by 4.16 USD/ton [3] Summary by Sections 1. Refining Sector - Domestic refined oil prices for gasoline, diesel, and aviation coal have decreased, while the price spread has increased. In the U.S., gasoline, diesel, and aviation coal prices have also decreased, with an increase in price spreads [2] 2. Polyester Sector - The average prices for POY, FDY, and DTY are 6950, 7500, and 8521 CNY/ton respectively, with weekly average profits of 69, 168, and 249 CNY/ton. The inventory days for POY, FDY, and DTY are 17.6, 21.3, and 22.3 days, respectively, with increases of 2.5, 2.4, and 2.9 days week-on-week [2] - The operating rates for polyester filament and weaving enterprises are 89.40% and 69.04%, respectively, indicating a stable production environment [2] 3. Chemical Sector - The PX average price is 818.86 USD/ton, with an operating rate of 84.96%, up by 0.64 percentage points week-on-week [3]