芳烃橡胶早报-20251110

Report Industry Investment Rating - No information provided Core Viewpoints - For PTA, near - term partial device maintenance leads to a decline in开工, polyester load remains stable, inventory accumulates, and basis is weak. PX domestic开工 rebounds. In the future, as TA has had low processing fees for a long time and terminal data improves, the processing fee center may gradually recover [1] - For MEG, near - term domestic coal - based devices are under maintenance and some have reduced loads, while oil - based devices run stably. Short - term inventory accumulation is expected to continue, but the supply may decrease due to low efficiency. In the long term, the overall pattern may weaken [8] - For polyester staple fiber, near - term开工 increases, production and sales weaken, and inventory remains stable. In the future, considering the overall situation of polyester yarn and short - fiber exports, there are opportunities to expand processing fees at low prices [8] - For natural rubber and 20 - number rubber, the national explicit inventory is stable and at a low level, and the price of Thai cup - lump rubber is stable with rainfall affecting tapping. The strategy is to wait and see [11] - For styrene, no future outlook is provided in the report Summary by Product PTA - Price data shows changes from November 3 - 7: crude oil up 0.2, PTA inner - disk spot up 35, etc [1] - Device changes: Xin Fengming Dushan's 2.5 million - ton device and Ineos' 1.1 million - ton device are under maintenance [1] MEG - Price data shows changes from November 3 - 7: MEG inner - disk price up 41, MEG coal - based profit down 17.08, etc [8] - Device changes: Yankuang's 400,000 - ton device and Zhonghuaxue's 300,000 - ton device are under maintenance [8] Polyester Staple Fiber - Price data shows changes from November 3 - 7: 1.4D cotton - type up 35, short - fiber profit down 9, etc [8] - Device information: Fujian Shanli restarts, and开工 rises to 96.8% [8] Natural Rubber & 20 - Number Rubber - Price data shows daily and weekly changes from November 3 - 7: e.g.,美金泰标 down 10 daily and 15 weekly [11] - Price difference and other data also show daily and weekly changes [11] Styrene - Price data shows changes from November 3 - 7: e.g., ethylene (CFR Northeast Asia) remains unchanged, pure benzene (CFR China) down in the early stage and then stable [15] - Profit data shows changes: e.g., styrene domestic profit down 20 on November 7 compared to the previous day [15]