化工日报：宏观氛围较好，关注成本端变动-20260107

Report Industry Investment Rating - PX/PTA/PF/PR are rated neutral. [4] Core Viewpoints - The macro - atmosphere is favorable, and attention should be paid to cost - side changes. The tense situation in Iran is supporting the rebound of oil prices. In the PX market, short - term supply is expected to increase, but the outlook for the second quarter of next year is good. For PTA, the short - term inventory situation is acceptable, and the processing fee is expected to improve in the long - term. The demand side of polyester is weakening, and different products in the polyester industry have different performance in terms of profit and inventory. [1][2][4] Summary by Directory Price and Basis - Figures show TA and PX's main contract trends, basis, and inter - period spreads, as well as PTA's East China spot basis and short - fiber basis. [10][13][15] Upstream Profits and Spreads - Include PX processing fee (PXN), PTA spot processing fee, South Korea's xylene isomerization profit, and South Korea's STDP selective disproportionation profit. [20][24] International Spreads and Import - Export Profits - Cover toluene's US - Asia spread, toluene's South Korea FOB - Japan naphtha CFR spread, and PTA export profit. [26][28] Upstream PX and PTA Startup - Display the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia. [29][32][34] Social Inventory and Warehouse Receipts - Present PTA's weekly social inventory, PX's monthly social inventory, and various warehouse receipt data of PTA, PX, and PF. [39][41][42] Downstream Polyester Load - Involve the production and sales of filament and short - fiber, polyester load, and the inventory days and profits of different types of filaments, as well as the operating rates of weaving, texturing, and dyeing in Jiangsu and Zhejiang. [49][51][59] PF Detailed Data - Include polyester staple fiber's operating rate, factory equity inventory days, production profit, and the operating rates and profits of related products such as pure polyester yarn and polyester - cotton yarn. [76][80][90] PR Fundamental Detailed Data - Show polyester bottle - chip's operating rate, factory inventory days, processing fees (spot and export), export profit, and price spreads. [93][98][100]