Report Summary 1. Industry Investment Rating No information provided. 2. Core View - The report anticipates that the price center of ethylene glycol (MEG) will fluctuate within a narrow range in the short term. Although the supply side of MEG has an incremental expectation due to the restart of some short - stopped and previously overhauled devices and the planned commissioning of new devices, the demand improvement is limited as the peak season of "Golden September and Silver October" is coming to an end, despite a short - term boost from the increase in downstream orders during the Double Eleven period [3]. 3. Summary by Related Content Price Information - On October 29, 2025, the price of MEG showed different trends. The spot price center of MEG oscillated and adjusted, with the afternoon spot basis strengthening. The night - session of MEG opened lower and moved up, and the on - site negotiation was light. In the morning, the market was mainly in a weak correction, with spot negotiations and transactions centered around a premium of 66 - 72 yuan/ton over the 01 contract. In the afternoon, the buying of recent goods was active, and the spot basis strengthened to a premium of around 80 yuan/ton over the 01 contract. In the US dollar market, the outer - disk center of MEG adjusted narrowly. Near noon, recent shipments fell to around 488 - 490 US dollars/ton, and some traders participated in inquiries at low prices. In the afternoon, the market rebounded, and recent shipments were negotiated at around 492 - 493 US dollars/ton, with the negotiation being a bit stalemate [3]. - Other chemical product prices on October 29, 2025, are as follows: the price of naphtha CFR was 5575 US dollars/ton, up 0.44% from the previous value; the price of ethylene in Northeast Asia was 766 US dollars/ton, unchanged from the previous value; the ex - factory average price of cyclohexane in East China was 6150 yuan/ton, unchanged from the previous value; the price of methanol was 2202 yuan/ton, up 5550.00% from the previous value; the price of brown coal in Inner Mongolia (Q3000) was 290 yuan/ton, unchanged from the previous value; the closing price of the main contract was 4100 yuan/ton, up 0.76% from the previous value; the settlement price of the main contract was 4081 yuan/ton, down 0.22% from the previous value; the closing price of the near - month contract was 4042 yuan/ton, down 0.6% from the previous value; the settlement price of the near - month contract was 4040 yuan/ton, down 0.64% from the previous value; the market price of ethylene glycol in East China was 4100 yuan/ton, up 0.95% from the previous value; the price of ethylene glycol in Inner Mongolia was 4180 yuan/ton, down 0.9% from the previous value; the price difference between the far - month and near - month contracts was 34 yuan/ton; the basis was 80 yuan/ton, up 9 yuan/ton from the previous value; the comprehensive ethylene glycol was 64.41%, unchanged from the previous value; the ethylene glycol produced from oil was 66.66%, unchanged from the previous value; the operating rate of coal - based ethylene glycol was 61.16%, unchanged from the previous value; the industrial load rate of polyester (PTA) plants was 89.28%, unchanged from the previous value; the industrial load rate of textile machinery in Zhejiang Province was 2.06%, up 0.2% from the previous value; the outer - disk price of ethylene glycol produced from naphtha was 1215.9 US dollars/ton, up 10.13% from the previous value; the outer - disk price of ethylene glycol produced from ethylene was 1089 US dollars/ton, down 3 US dollars/ton from the previous value; the after - tax gross profit of the coal - based synthesis device was 110.18 yuan/ton, up 2.22 yuan/ton from the previous value; the price index of polyester was 8400 yuan/ton, up 0.3% from the previous value; the price index of polyester ester was 6775 yuan/ton, up 0.37% from the previous value; the price index of polyester staple fiber was 6360 yuan/ton, up 0.08% from the previous value; the price index of bottle - grade chips was 4000 yuan/ton, up 0.35% from the previous value [1]. Supply and Demand Situation - A 400,000 - ton/year MEG plant in Fujian has successfully restarted and produced materials, and the subsequent load will run at around 90% [2]. - Some MEG plants are under planned maintenance recently, but with the successive restart of short - stopped and previously overhauled plants and the planned commissioning of new plants in the future, the supply side of MEG has an incremental expectation. The loom operating rate has continued to rise slightly recently, and downstream orders have increased during the Double Eleven period, driving some replenishment demand. However, as the peak season of "Golden September and Silver October" is coming to an end, the demand increment is limited [3]. Sales Situation - On October 29, 2025, the sales rates of polyester filament, polyester staple fiber, and polyester chips were 48.87%, 43.57%, and 37.06% respectively. The sales of polyester filament were average. Due to the repair of oil price premium and the slowdown of raw material price increase, the downstream and terminal businesses were good, but the raw material inventory was sufficient, with less new inventory added during the day and only sporadic rigid demand [3].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report predicts that PX, PTA, and PR will operate in a volatile manner. There are concerns about supply - demand imbalances in the market, with factors like OPEC+增产, device maintenance, and changes in production and sales affecting the prices and market trends of these products [2] Summary According to Relevant Catalogs Price Information - **Upstream Crude Oil and Naphtha**: On September 23, 2025, WTI crude oil futures settled at $63.41 per barrel, up 1.81%; Brent crude oil futures settled at $67.63 per barrel, up 1.59%; the spot price of naphtha (CFR Japan) was $597.50 per ton, up 0.31% [1] - **PX Prices**: The spot price of PX (CFR China Main Port) was $803 per ton, down 0.66%. CZCE PX contracts also showed a decline, with the main - contract closing price at 6530 yuan/ton, down 0.94% [1] - **PTA Prices**: The CZCE TA main - contract closing price was 4556 yuan/ton, down 0.65%. The spot price of PTA in the domestic market was 4470 yuan/ton, down 1.11% [1] - **PR Prices**: The CZCE PR main - contract closing price was 5718 yuan/ton, down 0.49%. The mainstream market price of polyester bottle - chips in the East China market was 5710 yuan/ton, down 0.35% [1] Operating Conditions - For the PX industry, the operating rate on September 23, 2025, was 85.57%, unchanged from the previous value. The PTA factory load rate was 79.38%, up 2.56 percentage points [1] - The load rates of polyester factories, bottle - chip factories, and Jiangsu - Zhejiang looms remained unchanged at 89.00%, 74.19%, and 67.55% respectively. The production - sales rates of polyester products such as polyester filament, polyester staple fiber, and polyester chips all decreased [1] Device Information - A 700,000 - ton PX device in the Northeast has been under maintenance since September 18, with an expected maintenance period of about 45 days [2] Market Analysis - **PX**: OPEC+ is continuing to increase production, and Iraq and the Kurdish region have reached a preliminary agreement to restart the oil pipeline. The expected increase in crude oil supply of 230,000 barrels per day has intensified concerns about supply over - capacity. The global supply - surplus expectation for PX is strengthening, and its cost support is insufficient. There is an obvious increase in PX supply due to short - process capacity expansion and postponed device maintenance, while demand has decreased due to delayed new PTA device production and multiple PTA device maintenance [2] - **PTA**: With insufficient cost support, the TA2601 contract closed at 4556 yuan/ton. The global supply - surplus expectation is strengthening, and PTA operating conditions are a mix of start - up and load reduction. The market's bearish sentiment dominates, and the production and sales of polyester products are mediocre [2] - **PR**: The polyester bottle - chip market in Jiangsu and Zhejiang is trading at 5700 - 5820 yuan/ton. The prices of polyester raw materials PTA and bottle - chip futures are weakly volatile. The supply side has sufficient market supply, and downstream terminals are replenishing stocks at low prices, with a fair trading atmosphere [2]