Report Industry Investment Rating - There is no information about the industry investment rating in the report. Core Viewpoints - For PTA, the low processing fee of TA has persisted for a long time, and the improvement in terminal data supports the continuity of polyester operation. With limited future production, the processing fee center may gradually recover [2]. - For MEG, the industry has entered a continuous inventory accumulation phase, but there may be some negative feedback on the supply side after the weakening of coal - based efficiency and price ratio. Attention should be paid to the opportunity of selling put options near the coal - based cost [3]. - For polyester staple fiber, the overall efficiency and operation of polyester yarn have not improved significantly. With high exports and good spot efficiency, the inventory pressure is limited. Attention should be paid to the opportunity of expanding the spread at low prices and the situation of warehouse receipts [3]. - For natural rubber and 20 - numbered rubber, the national explicit inventory is stable at a non - high level, and the price of Thai cup rubber is stable with rainfall affecting tapping. The strategy is to wait and see [3]. Summary by Product PTA - Data Changes: From October 21 to 27, 2025, the price of PTA increased by 55 to 4505, the PX price increased by 9 to 824, and the PXN spread decreased. The spot processing fee decreased, and the inventory increased slightly [2]. - Device Changes: The 3 - million - ton unit of Dushan Energy was put into operation [2]. - Outlook: TA low processing fee persists, terminal data improves, and the processing fee center may recover [2]. MEG - Data Changes: From October 21 to 27, 2025, the MEG price increased slightly, and the coal - based profit decreased by 4. The total load remained unchanged, and the port inventory continued to accumulate slightly [3]. - Device Changes: The 400,000 - ton unit of Fulian was under maintenance [3]. - Outlook: The industry is in the inventory accumulation phase, but there may be supply - side negative feedback, and attention should be paid to the put - selling opportunity near the coal - based cost [3]. Polyester Staple Fiber - Data Changes: From October 21 to 27, 2025, the price of 1.4D cotton - type staple fiber increased by 5 to 6405, and the profit decreased by 5. The operation rate remained at 94%, and the inventory decreased [3]. - Device Changes: No device maintenance information was reported [3]. - Outlook: The overall situation of polyester yarn is not significantly improved, and attention should be paid to the opportunity of expanding the spread at low prices and the warehouse receipt situation [3]. Natural Rubber & 20 - numbered Rubber - Data Changes: From October 21 to 27, 2025, the price of Shanghai full - latex increased by 525 to 14635, and the price of Thai cup rubber increased by 2 to 52.4. The national explicit inventory was stable, and the price of Thai cup rubber was stable [3]. - Device Changes: No device - related information was reported [3]. - Outlook: The main contradiction lies in stable inventory and rainfall - affected tapping, and the strategy is to wait and see [3]. Styrene - Data Changes: From October 21 to 27, 2025, the price of styrene decreased by 5 to 795, and the profit of EPS increased by 10 to 345 [6]. - Device Changes: No device - related information was reported [6]. - Outlook: There is no outlook information provided in the report [6].
芳烃橡胶早报-20251028
Yong An Qi Huo·2025-10-28 01:43