化工日报：需求边际好转，关注成本端变动-20250819

Report Industry Investment Rating - The investment rating for PX/PTA/PF/PR is neutral, with attention on the cost-side crude oil and macro sentiment changes [3] Core Viewpoints - The marginal demand has improved, and attention should be paid to cost-side changes. The most pessimistic period on the demand side has passed, but the market is still affected by factors such as supplier actions and inventory [1][2][3] Summary by Directory I. Price and Basis - Include TA and PX main contract trends, basis, and inter-period spreads, as well as PTA East China spot basis and short fiber basis [7][8][10] II. Upstream Profits and Spreads - Cover PX processing fee, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [16][19] III. International Spreads and Import-Export Profits - Involve toluene spreads between the US and Asia, toluene spreads between South Korea and Japan, and PTA export profit [24][25] IV. Upstream PX and PTA Start-up - Include the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia [27][30][32] V. Social Inventory and Warehouse Receipts - Include PTA weekly social inventory, PX monthly social inventory, and various warehouse receipt inventories [35][38][39] VI. Downstream Polyester Load - Include filament and short fiber production and sales, polyester load, and various factory inventory days and operating rates in the downstream [47][49][51] VII. PF Detailed Data - Include polyester staple fiber load, inventory days, profit, and related operating rates and spreads [73][79][83] VIII. PR Fundamental Detailed Data - Include polyester bottle chip load, inventory days, processing fees, export profits, and various spreads [86][88][95]