石化行业周报：PX利润明显走强-20251222

Investment Rating - The industry investment rating is "Strongly Outperforming the Market" and is maintained [1] Core Views - The report highlights that the PX profit has significantly strengthened due to the polyester restocking logic and the marginal improvement expectations for PX and PTA supply and demand next year. The price spread between PX (China main port) and naphtha (Japan) has recovered from $282.92/ton on December 12 to $305.12/ton on December 18 [2] - The oil and petrochemical index performed well this week, increasing by 1.60% compared to last week, with other petrochemical sectors showing the best performance within the oil and petrochemical sector, rising by 5.14% [5] - The report indicates a decline in crude oil prices, with U.S. crude oil inventories rising while gasoline inventories decreased [6][9] Summary by Sections Crude Oil - Crude oil prices have decreased, with Brent crude futures closing at $60.07/barrel, reflecting a -1.8% change from last week [7] - U.S. crude oil and petroleum product inventories (excluding strategic reserves) increased by 2,139 thousand barrels, while gasoline inventories saw a decrease of 1,921 thousand barrels [11] Polyester - The price spread for polyester filament yarn has decreased, with inventory days for Jiangsu and Zhejiang weaving machines increasing, and weaving machine operating rates declining [12][17] - The latest data shows that the prices for polyester filament yarn POY, DTY, and FDY are stable at 6,350, 7,650, and 6,570 CNY/ton respectively, with price spreads decreasing by 28, 78, and 88 CNY/ton compared to last week [14] Olefins - The report notes a decline in sample PE spot prices, with the current price at 7,160 CNY/ton, down by 2.72% from last week [24] - The petrochemical inventory for polyolefins stands at 660,000 tons, a decrease of 20,000 tons from the previous week [24]