大炼化周报：库存下降，长丝价格走强

Investment Rating - The industry investment rating is not explicitly stated in the provided content, but it can be inferred that the focus is on monitoring price changes and profit margins in the polyester and refining sectors. Core Insights - The average prices for POY, FDY, and DTY in the polyester sector are reported as 6871, 7371, and 8193 CNY/ton respectively, with week-on-week changes of +143, +100, and +71 CNY/ton [88] - The weekly average profits for POY, FDY, and DTY are -38, 28, and -24 CNY/ton, indicating a mixed profitability scenario [88] - The inventory days for polyester filament are reported as 9.3, 16.7, and 18.1 days for POY, FDY, and DTY respectively, with slight changes week-on-week [88] - The operating rate for polyester filament is at 89.32%, showing a slight increase of 0.14 percentage points [88] - The downstream weaving machine operating rate is at 64.11%, reflecting a decrease of 1.44 percentage points [88] Summary by Sections Polyester Sector - The average prices for polyester products are as follows: POY at 6871.4 CNY/ton, FDY at 7371.4 CNY/ton, and DTY at 8192.9 CNY/ton [88] - The profit margins for these products are negative for POY and DTY, while FDY shows a positive margin [88] - Inventory levels and operating rates indicate a stable production environment, although the weaving sector shows a decline in operating rates [88] Refining Sector - The report indicates an increase in domestic refined oil prices, with gasoline and diesel prices rising [114] - The price differentials for refined products are also increasing, suggesting a favorable market condition for refiners [114] Chemical Sector - The average price for PX is reported at 837.29 USD/ton, with a week-on-week increase of 26.00 USD/ton [95] - The price differential for PTA is noted as -178.2 CNY/ton, indicating challenges in profitability [88]