大炼化周报：下游需求走弱，涤纶长丝偏弱运行

Investment Rating - The report provides a general investment rating for the refining and chemical industry, indicating a cautious outlook due to weakening downstream demand and fluctuating prices [2]. Core Insights - The domestic refining project price difference this week is 2465.64 CNY/ton, up by 100.23 CNY/ton (4.24% week-on-week), while the international refining project price difference is 961.07 CNY/ton, up by 69.15 CNY/ton (7.75% week-on-week) [2]. - In the polyester sector, the average prices for POY, FDY, and DTY are 6800, 7386, and 8346 CNY/ton respectively, with week-on-week changes of -114, -79, and -100 CNY/ton [2]. - The average profit margins for POY, FDY, and DTY are -3, 120, and 161 CNY/ton respectively, with week-on-week changes of -62, -38, and -53 CNY/ton [2]. - The PX average price is 815.00 USD/ton, down by 3.43 USD/ton, with a price difference from crude oil of 282.21 USD/ton, up by 1.30 USD/ton [3]. - The operating rate for polyester filament is 88.87%, down by 0.13 percentage points week-on-week [2]. Summary by Sections 1. Refining Sector - Domestic refined oil prices for gasoline, diesel, and aviation kerosene have increased this week, while international prices have decreased [2]. 2. Polyester Sector - The average prices for POY, FDY, and DTY are 6800, 7386, and 8346 CNY/ton respectively, with corresponding week-on-week changes of -114, -79, and -100 CNY/ton [2]. - The inventory days for POY, FDY, and DTY are 17.3, 21.8, and 24.9 days respectively, with week-on-week increases of 0.4, 0.3, and 0.7 days [2]. - The weaving machine operating rate is 66.79%, down by 1.74 percentage points week-on-week [2]. 3. Chemical Sector - The PX average price is 815.00 USD/ton, with an operating rate of 84.98%, down by 2.67 percentage points week-on-week [3].