化工日报：PTA小幅降负-20250730

Report Industry Investment Rating - The report gives a neutral rating for PX/PTA/PF/PR [5] Core Viewpoints - Geopolitical situations are disturbing oil prices, and concerns about Russian crude oil supply disruptions and Middle - East tensions support oil price rebounds. PX maintains a low - inventory pattern, and PXN has support. PTA's fundamental supply - demand situation changes little, and attention should be paid to macro - sentiment changes. Polyester load is currently strong, but the recovery of demand needs to be monitored. PF is affected by downstream production cuts, and PR's processing fees are expected to return to the range after repair [3][4][5] Summary by Directory Price and Basis - The report presents the TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber 1.56D*38mm semi - glossy natural white basis [9][10][12] Upstream Profits and Spreads - It shows PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [17][20] International Spreads and Import - Export Profits - The report includes toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [25][27] Upstream PX and PTA Start - up - It presents the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia [28][31][33] Social Inventory and Warehouse Receipts - The report shows PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse warehouse - receipt inventory, PX warehouse - receipt inventory, and PF warehouse - receipt inventory [36][39][40] Downstream Polyester Load - It includes filament production and sales, short - fiber production and sales, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, Jiangsu and Zhejiang loom start - up rate, Jiangsu and Zhejiang texturing start - up rate, Jiangsu and Zhejiang dyeing start - up rate, and filament profit [48][50][59] PF Detailed Data - The report presents polyester staple fiber load, polyester staple fiber factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, original - recycled spread, pure - polyester yarn start - up rate, pure - polyester yarn production profit, polyester - cotton yarn start - up rate, polyester - cotton yarn processing fee, pure - polyester yarn factory inventory available days, and polyester - cotton yarn factory inventory available days [70][79][83] PR Fundamental Detailed Data - It shows polyester bottle - chip load, bottle - chip factory bottle - chip inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, East China water bottle - chip - recycled 3A - grade white bottle - chip spread, bottle - chip next - month spread, and bottle - chip next - next - month spread [86][91][95]