Soochow Securities·2025-09-21 08:29Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [1]. Core Insights - The domestic key refining projects' price spread this week is 2516 CNY/ton, down by 19 CNY/ton (1% decrease) compared to the previous week, while the foreign key refining projects' price spread is 1181 CNY/ton, down by 12 CNY/ton (1% decrease) [2]. - In the polyester sector, the average prices for POY, FDY, and DTY are 6704, 6936, and 7982 CNY/ton respectively, with week-on-week changes of -86, -143, and -39 CNY/ton. The weekly average profits for POY, FDY, and DTY are 79, -33, and 64 CNY/ton respectively [2]. - The operating rate for polyester filament is 91.5%, which is a slight increase of 0.1 percentage points week-on-week [2]. - The downstream weaving machine operating rate is 62.2%, down by 0.2 percentage points week-on-week [2]. - The average price of PX this week is 831.9 USD/ton, down by 3.7 USD/ton, with a price spread compared to crude oil of 338.7 USD/ton, down by 11.6 USD/ton [2]. - The report highlights several listed companies in the refining and polyester sectors, including Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., and Xin Fengming [2]. Summary by Sections 1. Refining Sector - Domestic refined oil prices for gasoline, diesel, and aviation kerosene have increased this week [2]. - The average price of Brent crude oil is 67.6 USD/barrel, with a week-on-week increase of 1.6% [9]. 2. Polyester Sector - The average prices for POY, FDY, and DTY are 6704, 6936, and 7982 CNY/ton respectively, with corresponding week-on-week changes [9]. - The inventory days for POY, FDY, and DTY are 20.6, 28.8, and 31.5 days respectively, with slight increases week-on-week [9]. - The operating rates for PX, PTA, and MEG are 85.3%, 75.5%, and 70.9% respectively [9]. 3. Chemical Sector - The report provides insights into the average prices and profit margins for various chemical products, including PX and PTA [9]. - The average price of PX is 831.9 USD/ton, with a decrease in the price spread compared to crude oil [9].