大炼化周报：下游织企库存偏高，涤纶长丝偏弱运行

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The domestic key refining project price spread this week is 2362.45 CNY/ton, down by 95.82 CNY/ton (down 3.90% week-on-week), while the foreign key refining project price spread is 886.03 CNY/ton, down by 68.13 CNY/ton (down 7.14% week-on-week) [2] - In the polyester sector, the average prices for POY, FDY, and DTY are 6914, 7464, and 8446 CNY/ton respectively, with week-on-week changes of -36, -36, and -75 CNY/ton. The weekly average profits for POY, FDY, and DTY are 59, 159, and 213 CNY/ton, with week-on-week changes of -10, -10, and -36 CNY/ton [2] - The downstream weaving machine operating rate is 68.53%, down by 0.51 percentage points week-on-week, while the inventory of raw materials for weaving enterprises is 8.58 days, down by 0.50 days [2] Summary by Sections 1. Refining Sector - Domestic refined oil prices for gasoline and aviation kerosene have increased this week, while foreign refined oil prices for gasoline, diesel, and aviation kerosene have also risen [3] 2. Polyester Sector - The average price of PX is 818.43 USD/ton, down by 0.43 USD/ton, with a price spread against crude oil of 280.92 USD/ton, down by 13.11 USD/ton. The PX operating rate is 88.32%, up by 3.36 percentage points [3] - The average prices for PTA and MEG are 4772.1 CNY/ton and 4621.4 CNY/ton respectively, with PTA's weekly average profit at -153.7 CNY/ton [11] 3. Chemical Sector - The report highlights the performance of key listed companies in the refining and polyester sectors, including Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong [4]