芳烃橡胶早报-20250815

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - For PTA, with the low processing fee, additional maintenance increases. Although the sales of filament are weak, there is no further reduction in production in the short - term. The bottle - chip inventory decreases continuously at low operation rate. The polyester operation rate is expected to stabilize and has upward flexibility, and the supply - demand situation is expected to improve stage by stage. It is recommended to pay attention to the opportunity of expanding the processing fee by buying at low prices [1]. - For MEG, the domestic device has a partial delay in restart, and there are some unexpected overseas maintenance. The port inventory is expected to remain low with little short - term inventory accumulation pressure. The long - term has an inventory accumulation expectation due to the return of maintenance and new device production. The valuation is greatly affected by the subsequent evolution of the cost side, and it is recommended to pay attention to the restart progress of the satellite device [8]. - For polyester staple fiber, as the finished product inventory of the polyester yarn end decreases continuously, the subsequent downstream operation rate may increase. Although the supply of staple fiber may also increase, considering the low processing fee on the disk, it is recommended to pay attention to the opportunity of expanding the processing fee by buying at low prices [8]. - For natural rubber, the national explicit inventory remains stable with a low absolute level but no seasonal destocking. The price of Thai cup rubber rebounds due to rainfall affecting tapping. The strategy is to wait and see [8]. 3. Summary by Related Catalogs PTA - Market Data: From August 8 to 14, 2025, the price of crude oil decreased by 7, PX CFR decreased by 45, PTA internal - market spot price changed little, and the processing fee fluctuated. The average daily trading basis of PTA spot was 2509(-13). The restart of 2.2 million tons of Jiaxing Petrochemical and 2.5 million tons of Shandong Weilian was reported [1]. - Industry Situation: The upstream PX domestic operation rate increased slightly, overseas operation rate decreased slightly, and PXN strengthened. The downstream polyester operation rate increased slightly, and the inventory continued to accumulate. The basis was weak, and the spot processing fee was still low [1]. MEG - Market Data: From August 8 to 14, 2025, the price of MEG internal - market decreased by 4, and the profit of MEG coal - based decreased. The basis for 09 was around +82. The 800,000 - ton Zhejiang Petrochemical restarted, and the 1.9 - million - ton Shenghong stopped production due to an accident [8]. - Industry Situation: The domestic operation rate was basically stable with some delayed restarts, and there was some unexpected overseas maintenance. The port inventory was expected to accumulate. The downstream inventory level increased, the basis was basically stable, and the oil - based profit recovered [8]. Polyester Staple Fiber - Market Data: From August 8 to 14, 2025, the price of staple fiber fluctuated, and the profit changed. The spot price was around 6453, and the market basis for 09 was around - 10 [8]. - Industry Situation: The upstream operation rate increased slightly to 90.6%, the sales were basically stable, and the inventory continued to accumulate. The downstream polyester yarn operation rate was stable, the raw material inventory was maintained, the finished product inventory decreased, and the profit improved slightly [8]. Natural Rubber - Market Data: From August 8 to 14, 2025, the prices of various types of rubber such as 20 - number rubber, US - dollar Thai mixed rubber, etc. fluctuated. The national explicit inventory remained stable [8]. - Industry Situation: Thai cup rubber price rebounded due to rainfall affecting tapping, and there was no seasonal destocking [8]. Aromatic Hydrocarbon and Derivatives (Benzene Series) - Market Data: From August 8 to 14, 2025, the prices of ethylene, pure benzene, styrene, etc. fluctuated. The profits of ABS, EPS, PS, etc. also changed [8]. - Industry Situation: No overall industry situation summary information was provided in the text. Only the price and profit data changes of various products were presented.