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1. Report Industry Investment Ratings - PTA: Core view - Neutral; Spot - Cautiously bearish; Cost - Neutral; Device changes - Cautiously bearish; Downstream demand - Neutral; Supply - demand balance - Cautiously bearish; Processing profit - Cautiously bullish [5] - PX: Core view - Neutral; Spot - Neutral; Device changes - Cautiously bearish; Import - Neutral; Downstream demand - Cautiously bullish; Supply - demand balance - Neutral; Processing profit - Neutral [6] - Ethylene glycol: Core view - Neutral; Spot - Neutral; Device changes - Cautiously bearish; Import - Neutral; Downstream demand - Neutral; Supply - demand balance - Cautiously bearish; Processing profit - Cautiously bullish [7] 2. Core Views of the Report - PTA: PTA supply - demand changes are small, with expected inventory accumulation. Crude oil and the PTA - Brent oil spread are at relatively low levels, and there is limited downward space in the short term. The far - month is expected to be better than the near - term. The spot market is weak, and the cost side is neutral. There is inventory accumulation pressure from November to December [5][59]. - PX: PTA has planned production capacity, PX supply - demand is acceptable, the spot market is tight, PXN has recovered, and the valuation is relatively reasonable. It will follow the cost in the short term. The supply - demand balance pressure from October to November is not large, and the inventory is not high [6]. - Ethylene glycol: The price of the ethylene glycol industry chain is at a low level. The supply is difficult to clear, and there is a lack of short - term supply - demand drivers. Attention should be paid to the impact of sanctions. There is inventory accumulation pressure from October [7]. 3. Summaries According to Related Catalogs PTA - Device Changes: PTA device maintenance is in progress as planned. YS New Material has restarted, YS Ningbo reduced its load due to weather, Hengli 1 is under maintenance, and YS Hainan, Dahua, and Zhongtai are under maintenance. Dushan's new device has a trial - run plan next week, and Dushan 1 has a maintenance plan [46][59]. - Inventory: As of October 17, PTA social inventory (excluding credit warehouse receipts) increased to 217.6 tons, up 1.6 tons. The market basis is weakly stable [50]. - Balance Sheet: In October, it is balanced, but there is significant inventory accumulation pressure from November to December. The valuation is not high, the cost is weak, and the fundamentals are weak [58][59]. - Demand: As of October 17, the polyester operating rate was 91.4%, remaining at a high level. The operating rate assessment for October - November is 91.5% (+0.5%) and 90% (+1%). After the holiday, the load of texturing, weaving, and dyeing in Jiangsu and Zhejiang remained stable at 80%, 69%, and 78%. Autumn and winter orders are acceptable [59]. PX - Device Changes: The domestic PX load is 84.9%, and the Asian load is 78%. Wushi Petrochemical is under planned maintenance, Yangzi Petrochemical and Hengli slightly reduced their loads, and Shenghong Petrochemical slightly increased its load. Overseas, FCFC in Taiwan, China (720,000 tons) is under maintenance, and PTTG has a maintenance plan in late October [81][86]. - Balance Sheet: In the fourth quarter, the PX balance remains low, the spot floating price has slightly improved, and PXN has recovered. It will follow the cost in the short term [86]. - Market Conditions: The spread between the PX outer and inner markets has narrowed, the PX 11 - January spread is weak, and the TA01 processing fee is weak [87]. Ethylene Glycol - Device Changes: The overall domestic load is 77.16%, and the synthetic - gas - based load is 81.89%. CNOOC Shell has restarted after maintenance, Fulian is under maintenance, Shenghong has a maintenance plan in the second half of the month, and Yulong has restarted at 60% capacity. Some coal - chemical devices are under maintenance or restarted. Overseas, Formosa Plastics' No. 1 plant in Taiwan, China, Maoming Petrochemical, and Shell in the US and Canada are under maintenance [100][117]. - Inventory: As of October 13, the port inventory in East China was about 579,000 tons, a month - on - month increase of 38,000 tons. The arrival volume is moderately low, and the short - term port inventory is expected to remain stable with a slight decline. The polyester factory's raw - material inventory days are 12.5 days (-0.3) [127]. - Balance Sheet: In October, it is in a loose balance, and inventory accumulates rapidly from November to December. The market lacks upward drivers and is weak in the short term [129][132].