聚酯减产逐步兑现，终端陆续放假

1. Report Industry Investment Rating - The rating for unilateral trading is neutral, indicating that the short - term market for PX/PTA/PF/PR is highly volatile due to external funds [3]. 2. Core View of the Report - The polyester production cuts are gradually being implemented, and the downstream terminals are gradually on holiday. The cost side fluctuates around the Iran situation. The PX fundamentals have no obvious changes in the short - term, but the medium - term outlook is good. The PTA near - term supply and demand tend to accumulate, but the long - term processing fee is expected to improve. The polyester load is accelerating its decline, and the demand before the Spring Festival is weak. The polyester bottle - chip processing fee rebounds [1][2]. 3. Summary According to the Directory Price and Basis - The report presents figures on TA and PX main contract trends, basis, and inter - period spreads, including TA main contract & basis & inter - period spread trends, PX main contract trend & basis & inter - period spread, PTA East China spot basis, and short - fiber 1.56D*38mm semi - bright natural white basis [7][8][13]. Upstream Profit and Spread - Figures show PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit, reflecting the profit and spread situation of upstream products [15][19]. International Spread and Import - Export Profit - It includes figures such as the toluene US - Asia spread, toluene South Korea FOB - Japan naphtha CFR, and PTA export profit, which are related to international spreads and import - export profitability [21][23]. Upstream PX and PTA Operation - Figures display the operating rates of PTA in China, South Korea, and Taiwan, as well as the PX operating rates in China and Asia, reflecting the upstream production status [24][27][29]. Social Inventory and Warehouse Receipts - The report shows the weekly social inventory of PTA, monthly social inventory of PX, and various warehouse receipt inventories of PTA, PX, and PF, reflecting the inventory situation [35][37][38]. Downstream Polyester Load - Figures present the production and sales of filaments and short - fibers, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle - chip load, and the operating rates of Jiangsu and Zhejiang looms, texturing machines, and printing and dyeing machines, as well as the inventory days of filament factories, reflecting the downstream production and inventory status [43][45][57]. PF Detailed Data - It includes figures on 1.4D physical inventory, 1.4D equity inventory, polyester staple fiber load, polyester staple fiber factory equity inventory days, pure polyester yarn operating rate, pure polyester yarn production profit, recycled cotton - type staple fiber load, and the price difference between raw and recycled materials, providing detailed information on PF [65][66][69]. PR Fundamental Detailed Data - Figures show the polyester bottle - chip load, bottle - chip factory inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, and the price difference between East China water bottle chips and recycled 3A - grade white bottle chips, as well as the inter - month spreads of bottle chips, presenting detailed PR fundamentals [81][83][89].