大炼化周报：长丝产销增加，库存压力有所缓解

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The domestic refining projects' price spread this week is 2506.97 CNY/ton, up by 7.23 CNY/ton (0.29% week-on-week), while the foreign refining projects' price spread is 962.22 CNY/ton, down by 14.89 CNY/ton (-1.52% week-on-week) [2] - In the polyester sector, the average prices for POY, FDY, and DTY are 6729, 7271, and 8121 CNY/ton respectively, with week-on-week changes of +29, -50, and -96 CNY/ton. The weekly average profits for POY, FDY, and DTY are -34, 61, and 28 CNY/ton respectively, with week-on-week changes of +47, -5, and -36 CNY/ton [2] - The operating rate for polyester filament is 89.18%, up by 0.16 percentage points week-on-week, while the weaving mills' operating rate is 65.55%, down by 0.14 percentage points week-on-week [2] Summary by Sections 1. Refining Sector - Domestic refined oil prices for gasoline and diesel have increased this week, as have foreign refined oil prices in the US [3] 2. Polyester Sector - The average price for PX is 811.29 USD/ton, down by 2.57 USD/ton, with a price spread against crude oil of 279.40 USD/ton, down by 8.20 USD/ton. The PX operating rate is 88.70%, up by 2.67 percentage points week-on-week [3] - The average prices for MEG and PTA are 4745.0 CNY/ton and 4670.0 CNY/ton respectively, with PTA showing a significant week-on-week decrease of 56.4 CNY/ton [12] - The inventory days for POY, FDY, and DTY are 9.3, 16.7, and 22.1 days respectively, with week-on-week changes of -2.3, -1.2, and -1.4 days [12] 3. Related Listed Companies - Key companies in the refining and polyester sectors include Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, Hengyi Petrochemical, Tongkun Co., and Xin Fengming [4]