大炼化周报：长丝、短纤价格走弱-20250727

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Views of the Report - The prices of filaments and staple fibers weakened in the week. The domestic key large refining project spread increased slightly, while the foreign spread decreased slightly. The profits of the polyester filament industry declined, and the inventory decreased. The prices of domestic and US refined oil products showed a downward trend. The PX price increased, and the spread with crude oil widened, but the PX operating rate decreased [2]. 3. Summary According to Related Catalogs 3.1 Big Refining Weekly Data Briefing 3.1.1 Price and Spread of Key Refining Projects - The spread of domestic key large refining projects this week was 2,526 yuan/ton, a week - on - week increase of 45 yuan/ton (1.8%). The spread of foreign key large refining projects was 1,098 yuan/ton, a week - on - week decrease of 12 yuan/ton (-1.1%) [2][8]. 3.1.2 Polyester Plate - Product Prices and Profits: The average weekly prices of POY/FDY/DTY were 6,579/6,814/7,804 yuan/ton respectively, with week - on - week decreases of 25/18/75 yuan/ton. The weekly average profits were - 155/-264/-205 yuan/ton, with week - on - week decreases of 76/71/109 yuan/ton. The price of polyester staple fiber was 6,617.1 yuan/ton, a week - on - week decrease of 32.9 yuan/ton, and the profit was 36.6 yuan/ton, a week - on - week decrease of 81.1 yuan/ton [2][9]. - Inventory and Operating Rate: The inventory of POY/FDY/DTY was 15.5/20.3/28.1 days respectively, with week - on - week decreases of 9.9/5.3/2.6 days. The operating rate of filaments was 92.7%, a week - on - week increase of 0.5 percentage points. The operating rate of downstream looms was 55.6%, a week - on - week decrease of 0.2 percentage points. The raw material inventory of weaving enterprises was 10.4 days, a week - on - week increase of 1.2 days, and the finished product inventory was 30.7 days, a week - on - week increase of 0.3 days [2][9]. 3.1.3 Refining Plate - Domestic Refined Oil: The prices of diesel and jet fuel decreased this week. - US Refined Oil: The US gasoline price decreased this week [2]. 3.1.4 Chemical Plate - The average PX price this week was 849.3 US dollars/ton, a week - on - week increase of 6.7 US dollars/ton. The spread with crude oil was 346.3 US dollars/ton, a week - on - week increase of 8.1 US dollars/ton. The PX operating rate was 82.4%, a week - on - week decrease of 0.8 percentage points [2][9]. 3.1.5 Related Listed Companies - Private large refining and polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin Fengming [2]. 3.2 Big Refining Weekly Report 3.2.1 Big Refining Index and Project Spread Trends - The report shows the changes in the Shanghai - Shenzhen 300, the petroleum and petrochemical index, and the oil price, as well as the market performance of six private large refining companies and the weekly spreads of domestic and foreign large refining projects [13][15][18]. 3.2.2 Polyester Plate - The report presents multiple data related to the polyester industry chain, including the prices and spreads of crude oil, PX, PTA, MEG, and various polyester products, the operating rates of related products, inventory days, and sales - to - production ratios [24][37][45]. 3.2.3 Refining Plate - The report analyzes the prices and spreads of refined oil products in different regions (domestic, US, Europe, and Singapore) and their relationships with crude oil prices [79][93][105]. 3.2.4 Chemical Plate - The report shows the prices and spreads of various chemical products such as polyethylene, polypropylene, EVA, and styrene and their relationships with crude oil prices [130][135][138].