化工日报：PTA/PX跟随成本端波动-20260108

1. Report Industry Investment Rating - PX/PTA/PF/PR is rated neutral [4] 2. Core Viewpoints of the Report - PTA/PX follows the cost - end fluctuations. The Iran situation is intensifying, and recent oil prices are oscillating. PX supply is expected to increase, while TA has a de - stocking balance in December and a controllable inventory - building pressure in January. The polyester demand may decline, and the processing fees of different products show different trends [1][2][4] 3. Summary by Relevant Catalogs 3.1 Price and Basis - Figures include TA main contract & basis & inter - period spread trend, PX main contract trend & basis & inter - period spread, PTA East China spot basis, and short - fiber 1.56D*38mm semi - bright natural white basis [10][11][16] 3.2 Upstream Profits and Spreads - Figures cover PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [18][22] 3.3 International Spreads and Import - Export Profits - Figures involve toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [24][26] 3.4 Upstream PX and PTA Operation Rates - Figures show China's PTA load, South Korea's PTA load, Taiwan's PTA load, China's PX load, and Asia's PX load [27][30][32] 3.5 Social Inventory and Warehouse Receipts - Figures display PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PX warehouse receipts inventory, and PF warehouse receipts inventory [38][40][41] 3.6 Downstream Polyester Load - Figures include filament production and sales, short - fiber production and sales, polyester load, direct - spinning filament load, polyester staple fiber load, and polyester bottle - chip load, as well as related factory inventory days and regional operation rates [48][50][59] 3.7 Detailed PF Data - Figures cover polyester staple fiber load, polyester staple fiber factory equity inventory days, recycled cotton - type staple fiber load, pure polyester yarn operation rate, pure polyester yarn production profit, polyester - cotton yarn operation rate, and polyester - cotton yarn processing fee [73][79][82] 3.8 Detailed PR Fundamental Data - Figures show polyester bottle - chip load, bottle - chip factory bottle - chip inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, and related price differences [90][92][97]