1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - Due to concerns about the stable supply of upstream raw materials, some domestic refineries have taken preventive load - reduction measures, and subsequent South Korean refineries may also reduce their loads. The PX maintenance season is about to start, and the PTA enterprises may be forced to cut production. The overall driving force of the aromatic hydrocarbon sector is upward [8][14]. - An Iranian ethylene glycol plant has shut down, and the shipment plan of another plant has been cancelled. The blockade of the Strait of Hormuz will affect Middle - East imported goods. The domestic ethylene glycol supply has decreased significantly, and the supply - demand structure has improved month - on - month. It will enter a destocking pattern in the second quarter [8][26]. - The polyester load has increased seasonally. The start - up rate of terminals in Jiangsu and Zhejiang has rebounded, and the short - fiber supply - demand situation in March is favorable [8][33]. 3. Summary According to the Directory 3.1 Chapter 1: Comprehensive Analysis and Trading Strategies - **PX & TA**: Affected by concerns about upstream raw material supply, some domestic refineries have reduced their loads preventively. An East China refinery's 3.8 - million - ton reforming unit has shut down for maintenance. South Korean refineries may also reduce their loads. The PX maintenance season is coming, and PTA enterprises may be forced to cut production. The trading strategies are preventive load - reduction for unilateral trading, positive arbitrage, and waiting and seeing for options [8]. - **MEG**: An Iranian 450,000 - ton ethylene glycol plant has shut down, and the March shipment plan of another 400,000 - ton/year plant has been cancelled. The blockade of the Strait of Hormuz will affect imports. Domestic supply - side plants are under maintenance, and the supply - demand structure has improved. The trading strategies are a bullish trend for unilateral trading, positive arbitrage, and waiting and seeing for options [8]. - **PF**: As of Thursday, the domestic polyester load is around 87.2%. The start - up of terminals in Jiangsu and Zhejiang has increased. The short - fiber supply - demand situation in March is favorable, but the inventory has increased significantly. Some short - fiber plants will have maintenance in March. The trading strategies are following the cost - side strength for unilateral trading, positive arbitrage, and waiting and seeing for options [8]. - **PR**: A 750,000 - ton device of Sanfangxiang will restart in mid - March, and a 1.2 - million - ton polyester bottle - chip device of Huarun Jiangyin Factory has restarted in early March. The bottle - chip load will continue to rise. The supply - demand situation has limited impact on the market, and it mainly follows the cost - side strength. The trading strategies are following the cost - side strength for unilateral trading, positive arbitrage, and waiting and seeing for options [8]. 3.2 Chapter 2: Core Logic Analysis - **PX**: Concerns about refinery raw materials have led to preventive load - reduction of PX, affecting the supply of aromatic hydrocarbon varieties. The current domestic and Asian PX loads are at high levels in recent years. The PX maintenance season is about to start, and the supply - demand pattern will gradually destock [14][19]. - **PTA**: Some PTA devices have restarted, and some have shut down. The market expects an unexpected reduction in PX supply, and PTA enterprises may be forced to cut production. The cost - driven PX is stronger than TA, and the processing margin has decreased compared with February. The spot basis and the 5 - 9 month spread of PTA have strengthened [21][25]. - **MEG**: An Iranian ethylene glycol plant has shut down, and the shipment plan of another plant has been cancelled. The blockade of the Strait of Hormuz will affect imports. Domestic supply - side plants are under maintenance, and the overall domestic ethylene glycol start - up load has decreased. The spot basis has weakened significantly, and the 5 - 9 month spread has strengthened. The supply - demand structure has improved, and it will enter a destocking pattern in the second quarter [26][31]. - **Polyester**: The polyester load has increased seasonally. As of Friday, the domestic polyester load is around 86.7%. The start - up rate of terminals in Jiangsu and Zhejiang has rebounded, with the comprehensive start - up of Jiangsu and Zhejiang texturing reaching 74%, the comprehensive start - up of looms reaching 64%, and the comprehensive start - up of printing and dyeing reaching 77% [36][37]. 3.3 Chapter 3: Weekly Data Tracking - **PX**: The report provides data on PX price spreads, US gasoline and crude oil inventories, and PX supply and demand, including PX CFR in China, PXN, PX - MX, US gasoline and crude oil inventories, and domestic and Asian PX loads [46][49][52]. - **PTA**: It includes data on PTA price and profit, such as PTA spot price, profit, 05 basis, and 5 - 9 month spread, as well as PTA supply and demand data, including PTA load index, polyester load, and PTA inventory [56][59][62]. - **MEG**: It provides data on MEG price, such as the market price in East China, coal price in Ordos, methanol ex - tank price in East China, and Northeast Asian ethylene price, as well as MEG profit data, including oil - based profit, MTO profit, ethylene monomer profit, and coal - based profit [67][75]. - **Polyester**: It includes data on polyester profit, such as POY, DTY, FDY, bottle - chip, and short - fiber profits, as well as polyester supply data, including polyester load, bottle - chip load, filament load, short - fiber load, filament average inventory days, short - fiber inventory days, and the start - up rates of looms and texturing in Jiangsu and Zhejiang [78][81][83].

1. Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The polyester industry chain is affected by factors such as refinery preventive load - reduction, device maintenance, and geopolitical conflicts. The overall driving force of the aromatic hydrocarbon sector is upward, and the supply - demand patterns of various varieties are gradually improving [8][14]. - With the implementation of device maintenance plans, the supply - demand structures of PX, TA, MEG, etc. are gradually moving towards a de - stocking pattern, and the prices and spreads of some varieties are showing positive trends [8][19]. 3. Summary of Each Chapter Chapter 1: Comprehensive Analysis and Trading Strategies - **PX&P**: Affected by concerns over the stable supply of upstream raw materials, some domestic refineries have taken preventive load - reduction measures. The upcoming PX maintenance season will gradually lead to a de - stocking pattern in the supply - demand situation. The trading strategies include going long unilaterally, positive arbitrage, and waiting and seeing for options [8]. - **TA**: After the restart of several devices, the supply has returned, and the load in March has increased compared to February. The cost - push makes PX stronger than TA in price, and the real - time processing margin has decreased. The trading strategies are the same as those of PX&P [8][22]. - **MEG**: An Iranian ethylene glycol device has shut down, and the shipment plan of another device has been cancelled. Domestic devices are also undergoing maintenance, and the supply - demand structure has improved month - on - month, entering a de - stocking pattern in the second quarter. The trading strategies are going long unilaterally, positive arbitrage, and waiting and seeing for options [8][27]. - **PF**: The cost has increased significantly. The futures of direct - spun polyester staple fiber have followed the increase quickly, while the spot has been relatively slow. The supply - demand situation in March is favorable. The trading strategies are going long unilaterally following the cost increase, positive arbitrage, and waiting and seeing for options [8]. - **PR**: The futures prices of upstream raw materials have risen sharply. Some polyester bottle - chip devices are restarting, and the load has increased compared to before the festival, but the de - stocking amplitude in the first quarter is limited. The trading strategies are the same as those of PF [8]. Chapter 2: Core Logic Analysis - **Polyester**: After the festival, the polyester load has recovered. As of Friday, the preliminary calculation shows that the polyester load in the Chinese mainland is around 84.1%. The overall load is expected to continue to increase [39]. - **PX**: Concerns over refinery raw materials have led to preventive load - reduction in PX, affecting the supply of aromatic hydrocarbon varieties. The current PX load in China and Asia is at a high level in recent years, and the maintenance season is about to start, which will gradually lead to a de - stocking pattern in the supply - demand situation [14][19]. - **PTA**: The supply has returned, and the load in March has increased compared to February. The cost - push makes PX stronger than TA in price, and the real - time processing margin has decreased. The spot basis and the 5 - 9 month spread have strengthened [22][26]. - **MEG**: The load of Iranian ethylene glycol has been reduced, and the domestic load has decreased from a high level. The supply - demand structure has improved month - on - month, entering a de - stocking pattern in the second quarter. The spot basis and the 5 - 9 month spread have strengthened [27][32]. Chapter 3: Weekly Data Tracking - **PX - Price Spread**: It shows the price trends of Brent crude oil futures, PX China CFR, PXN, and PX - MX [49]. - **PX - Supply and Demand**: It presents the load trends of PX in China and Asia [55]. - **PTA - Price and Profit**: It shows the trends of PTA spot price, profit, 05 basis, and 5 - 9 month spread [59][62]. - **PTA - Supply and Demand**: It presents the load trends of PTA and polyester, as well as the inventory trends of PTA and polyester factories [65][67]. - **MEG - Price**: It shows the price trends of East China ethylene glycol market, Ordos 5500K coal, East China methanol ex - tank, and Northeast Asian ethylene, as well as the 05 basis and 5 - 9 month spread of EG [70][75]. - **MEG - Profit**: It presents the profit trends of ethylene glycol oil - based production, MTO, ethylene monomer production, and coal - based production [79]. - **Polyester - Profit**: It shows the profit trends of POY, DTY, FDY, bottle - chip, and staple fiber [84]. - **Polyester - Supply**: It presents the load trends of polyester, bottle - chip, filament, and staple fiber, as well as the inventory trends of filament and staple fiber [87][89]. - **Downstream**: It shows the start - up rate trends of Jiangsu and Zhejiang looms and texturing machines [91].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The report analyzes the polyester industry chain, including PX, PTA, MEG, and polyester products. It provides trading strategies based on the current supply - demand situation and price trends. For example, in the PX & PTA market, the supply - demand relationship is complex, and trading strategies such as wide - range shocks and PX & PTA 3, 5 - contract positive spreads are proposed [8]. 3. Summary by Directory 3.1 Comprehensive Analysis and Trading Strategies - **PX & PTA**: An 820,000 - ton PX device in the Middle East will be shut down for 40 - 50 days in January. Zhejiang Petrochemical will have CDU and reforming maintenance in January, with PX expected to reduce its load by about 10%. PTA has multiple device changes. The trading strategies are wide - range shocks for single - side trading, PX & PTA 3, 5 - contract positive spreads for arbitrage, and waiting and seeing for options [8]. - **MEG**: Some MEG devices are reducing their loads or planning maintenance. The supply is expected to increase, and the downstream polyester will reduce production in the second half of the month. The trading strategies are weak shocks for single - side trading, waiting and seeing for arbitrage, and selling call options [8]. - **PF**: Some short - fiber devices plan to be shut down for maintenance, and the load is expected to decrease. The trading strategies are wide - range shocks for single - side trading, waiting and seeing for arbitrage, and waiting and seeing for options [8]. - **PR**: Some bottle - chip devices plan to be shut down for maintenance, and the start - up rate is expected to decrease. The trading strategies are wide - range shocks for single - side trading, waiting and seeing for arbitrage, and waiting and seeing for options [8]. 3.2 Core Logic Analysis 3.2.1 Polyester - **Production and Sales**: The production and sales of long - filaments are weak, the production and sales of short - fibers are differentiated, and the market transaction atmosphere of polyester bottle chips is acceptable. The polyester start - up load has declined to 88.3%, a week - on - week decrease of 2.5% [15]. - **Terminal Demand**: The terminal demand is weak. The comprehensive start - up rate of Jiangsu and Zhejiang texturing machines has decreased by 2% to 70%, the comprehensive start - up rate of Jiangsu and Zhejiang looms has decreased by 1% to 55%, and the comprehensive start - up rate of Jiangsu and Zhejiang printing and dyeing has increased by 1% to 70% [18]. - **Long - Filament Situation**: The production and sales of polyester filaments are weak, the start - up rate has increased, the inventory has remained stable, and the efficiency is poor. The start - up rate of long - filament factories has decreased by 1.4% to around 88.8%, and the average inventory days of polyester long - filaments are 16.3 days, remaining the same week - on - week [21]. - **Bottle - Chip Situation**: The load of bottle chips has increased by 0.8% to 74.8%. The inventory of domestic polyester bottle - chip factories is about 13 days on average [24]. - **Short - Fiber Situation**: The production and sales of short - fibers are differentiated, the demand is weak, the downstream orders are few, the inventory has increased by 0.2 days to 9.6 days, and the processing fee is under pressure [32]. 3.2.2 PX - PX has good benefits and a high start - up rate. The downstream polyester demand has weakened. The floating - price and paper - cargo prices have certain trends [33]. 3.2.3 PTA - As of Thursday, the PTA load has decreased by 1.9% to 76.3%. Multiple PTA devices have changes in their operation status, and the price upward - driving force has weakened [36]. 3.2.4 MEG - On Friday, MEG prices corrected. The spot was traded at a discount of about 132 yuan/ton to the 05 contract. The supply is expected to increase, with some devices restarting [39][42]. 3.3 Weekly Data Tracking 3.3.1 PX - **Price and Spread**: It provides data on Brent crude oil futures, PX China CFR, PXN, and PX - MX, showing their historical trends [52]. - **Disproportionation and Oil - Adjustment Spread & Profit**: It shows data on US gasoline inventory, US crude oil inventory, xylene oil - adjustment and PX production spread, toluene oil - adjustment spread, and disproportionation profit [55][56]. - **Supply and Demand**: It presents the load data of Chinese and Asian PX and Chinese PTA [62][63]. 3.3.2 PTA - **Price and Profit**: It shows the historical trends of PTA spot price, profit, 05 - contract basis, and 5 - 9 month spread [66][67][69]. - **Supply and Demand**: It provides data on PTA load index, polyester load, PTA inventory, and polyester factory inventory [72][74]. 3.3.3 MEG - **Price**: It shows the price data of East China ethylene glycol market, Ordos 5500K coal price, East China methanol ex - tank price, and Northeast Asia ethylene price, as well as the 05 - contract basis and 5 - 9 month spread [77][79]. - **Profit**: It presents the profit data of ethylene glycol oil - based production, MTO, ethylene monomer production, and coal - based production [83]. 3.3.4 Polyester - **Profit**: It shows the profit data of POY, DTY, FDY, bottle chips, and short - fibers [88]. - **Supply**: It provides data on polyester load, bottle - chip load, long - filament load, short - fiber load, long - filament average inventory days, short - fiber inventory days, and the start - up rates of Jiangsu and Zhejiang looms and texturing machines [91][93][95].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The overall polyester industry is facing a weakening trend, with开工 rates declining and product processing fees fluctuating narrowly. The terminal demand is generally weak, and the inventory pressure in some sectors is increasing [6][9]. - Different products in the polyester industry chain have different supply - demand situations and price trends. For example, PX supply is expected to increase, PTA has a risk of inventory accumulation, MEG has a large increase in port inventory, and the supply - demand of short - fiber and bottle - chip is relatively loose [6][20][26]. 3. Summary by Relevant Catalogs 3.1 Chapter 1: Comprehensive Analysis and Trading Strategies - **PX**: Supply side, some domestic and foreign devices are undergoing maintenance or restarting. The supply - demand pattern remains tight, and the profit is good. The trading strategies are unilateral (oscillating weakly), arbitrage (1 - 5 reverse arbitrage), and options (selling out - of - the - money call options) [6]. - **PTA**: Some maintenance devices are planned to restart, the downstream polyester sales are dull, and there is an expectation of inventory accumulation. The trading strategies are unilateral (oscillating weakly), arbitrage (1 - 5 reverse arbitrage), and options (selling out - of - the - money call options) [6]. - **MEG**: Multiple domestic devices have reduced production or postponed restarting, the downstream polyester has reduced production, and the inventory has a de - stocking pressure. The trading strategies are unilateral (oscillating weakly), arbitrage (1 - 5 reverse arbitrage), and options (selling out - of - the - money call options) [6]. - **PF**: The short - fiber sales are weak, the demand is stable, and the processing fee is under pressure. The trading strategies are unilateral (oscillating weakly), arbitrage (wait - and - see), and options (selling out - of - the money call options) [6]. - **PR**: New devices are expected to be put into production, the downstream purchase rhythm is slow, and the supply - demand is relatively loose. The trading strategies are unilateral (oscillating weakly), arbitrage (wait - and - see), and options (selling out - of - the money call options) [6]. 3.2 Chapter 2: Core Logic Analysis - **Polyester**: The overall polyester production and sales are weak, the开工 rate continues to decline, and the product processing fee fluctuates narrowly. The terminal demand is weak, and the inventory of long - fiber rises [9][11][13]. - **PX**: Affected by the weakness of crude oil and the textile off - season, the price center of PX has declined. Some domestic and foreign devices are undergoing maintenance or restarting [20]. - **PTA**: Some maintenance devices are planned to restart, the PTA开工 rate is expected to increase, and the processing fee center has declined slightly [22]. - **MEG**: The port inventory has increased significantly, the market circulation of goods is large, and the price has continued to decline [26]. 3.3 Chapter 3: Weekly Data Tracking - **PX**: The price has declined, and the price difference and profit between varieties are presented. The demand - supply situation involves some device maintenance and restarting, and the overall supply - demand pattern remains tight [20][30][54]. - **PTA**: The profit analysis includes the profit from crude oil, naphtha, and PX. The supply - demand situation shows that the PTA负荷 and polyester load are involved, and the inventory includes social inventory, factory raw material inventory, and warehouse receipts [61][64][66]. - **MEG**: The price, price difference, and profit are presented. The port inventory has increased, and the market circulation of goods is large [25][26][68]. - **Polyester**: The profit from long - fiber, short - fiber, bottle - chip, etc. is analyzed. The supply includes the load of long - fiber, short - fiber, bottle - chip, etc., and the demand involves the consumption situation of downstream industries such as pure - polyester yarn and fabric [87][89][93].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On October 23, the EU's 19th - round sanctions on Russia drove up the price of Brent crude oil, increasing the cost of PX and PTA. For PX, it is expected to be short - term bullish with high operating rates. For PTA, supply increases while demand stabilizes, and there is an expectation of inventory accumulation. For MEG, supply is expected to rise, and the market will become more balanced. For short - fiber and bottle - chip, short - term demand is okay, but long - term demand may weaken [8]. - Trading strategies for all products suggest short - term shock. After the weakening of demand and oil prices, there are opportunities to short at high prices. Arbitrage is on hold, and selling out - of - the - money call options is recommended [8][9]. Summary by Relevant Catalogs Chapter 1: Comprehensive Analysis and Trading Strategies - **PX**: Supply and demand both increase. Spot floating prices are strong, and paper - goods maintain a back structure. Operating rates will remain high. Short - term is bullish, and look for short - selling opportunities when demand and oil prices weaken [8]. - **PTA**: Supply increases while demand stabilizes. Social inventory has been rising since late September. Processing fees have dropped to within 100 yuan/ton. Operating rates are expected to be stable, and there is an expectation of inventory accumulation [8]. - **MEG**: Port pick - up is stable, and the basis is strong. Supply has decreased this week but is expected to increase. The market will become more balanced [8]. - **Short - fiber**: Supply and demand are stable, with good processing fees. Domestic demand is strong, but export orders are slow. Demand support may be limited in the future [8]. - **Bottle - chip**: Operating rates are stable, with good transactions and slightly stronger processing fees. Future demand may decline as it transitions from peak to off - peak season [8]. Chapter 2: Core Logic Analysis 2.1 Polyester - **Overall**: Operating rates are stable, raw material prices rise, and processing fees are compressed. Sales are good due to terminal replenishment [12]. - **Filament**: Sales are good, operating rates change little, and inventory decreases significantly. Operating rates are around 92.4%, and average inventory days are 17.6 days, a decrease of 6.8 days week - on - week [17]. - **Bottle - chip**: Operating rates are stable, transactions are good, and processing fees are slightly stronger. Future replenishment may weaken [19]. - **Short - fiber**: Supply and demand are stable, factory and downstream inventory decline, and processing fees are good. Domestic demand is strong, but new export orders are slow, and demand support may be limited [26]. 2.2 PX - **Price**: Spot floating prices are strong, and paper - goods maintain a back structure [27]. - **Profit**: Naphtha cracking spreads are compressed, and long - and short - process device profits are strong. Long - process device profits are around $240/ton, and short - process device profits are over $100/ton [29]. - **Operating rate**: It is at a high level and will continue to rise. Many devices are scheduled to restart [31]. 2.3 PTA - **Basis and monthly spread**: They are weak, and social inventory has been rising since late September [33]. - **Supply and demand**: Supply increases while demand stabilizes. Processing fees have dropped to a new low this year, within 100 yuan/ton. Operating rates are expected to be stable [37]. 2.4 MEG - **Basis**: It is strong due to stable port pick - up and low arrivals [38]. - **Supply**: Operating rates have decreased this week but are expected to increase as many devices are scheduled to restart [48]. Chapter 3: Weekly Data Tracking 3.1 PX - **Price**: It shows the price trends of the PX industry chain, including naphtha, pure benzene, etc. [52]. - **Spreads and profits**: It includes variety spreads, disproportionation - blending spreads, regional spreads, etc. [54][58][60]. 3.2 PTA - **Price**: It shows the spot prices of PTA and PX and related spreads and profits [72]. - **Supply and demand**: It shows the load indexes of PTA and polyester and inventory data [82][84]. 3.3 MEG - **Price**: It shows the spot price of ethylene glycol and related raw material prices [86]. - **Spreads and profits**: It includes various spreads and profits such as internal - external spreads and oil - making profits [88][97]. - **Supply and demand**: It shows the load index and inventory data [104][106]. 3.4 Polyester - **Profit**: It includes weighted profits, filament profits, etc. [109]. - **Supply**: It shows the load data of polyester, bottle - chip, etc. [111]. - **Inventory**: It shows the inventory days of filament, short - fiber, etc. [114]. - **Demand**: It includes the operating rates of downstream industries such as printing and dyeing, weaving, and related inventory and sales data [117][122][125].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The upstream US crude oil inventory has increased for three consecutive weeks, geopolitical conflicts have fluctuating impacts, and there is no definite upward driver for oil prices. The medium - to - long - term expectation of crude oil surplus is hard to be falsified, resulting in insufficient cost support for PX and PTA [7]. - For each product in the polyester industry chain, there are different supply - demand situations and profit trends. For example, PX has a high - level profit and high - level operation expected in the fourth quarter, while PTA has a risk of inventory accumulation, and MEG's supply - demand is expected to be loose in the fourth quarter [7]. 3. Summary According to Related Catalogs 3.1 Chapter 1: Comprehensive Analysis and Trading Strategies - **PX&PTA**: Upstream, oil price lacks upward drive, PX&PTA cost support is insufficient. PX has a back - structured spot floating price with changing monthly spreads, and its supply is abundant. PTA's social inventory has been rising, and there is a risk of further inventory accumulation. Trading strategies include going short at high prices, PTA15 reverse arbitrage, and option watching [7]. - **MEG**: After the holiday, port inventory increased significantly. Supply is expected to decrease in the second half of the month. Trading strategies are going short at high prices, watching for arbitrage, and selling call options [7]. - **PF**: Short - fiber factory inventory has no pressure, and processing fees are slightly stronger. However, future demand lacks effective support. Trading strategies are going short at high prices, going long on processing fees, and option watching [7]. - **PR**: Bottle - chip processing fees are slightly stronger, but downstream demand may weaken. Trading strategies are going short at high prices, watching for arbitrage, and option watching [7]. 3.2 Chapter 2: Core Logic Analysis 2.1 Polyester - After the holiday, polyester's operation is stable, raw material prices fall, and processing fees rise slightly. Downstream transactions are okay, and there is support for replenishment demand [10]. - The start - up rate of polyester downstream in Jiangsu and Zhejiang first decreased and then increased after the holiday. The comprehensive start - up rates of texturing, weaving, and dyeing in Jiangsu and Zhejiang are 80%, 69%, and 78% respectively, with the latter two remaining unchanged week - on - week [12]. - The sales of polyester filament after the holiday are weak, and inventory has increased. The average inventory days of polyester filament after the holiday are 24.3 days, an increase of 5.1 days compared to before the holiday [15]. - The low - price transactions of polyester bottle - chips after the holiday are okay, and processing fees are slightly stronger. However, downstream demand may shift from peak to off - peak [19]. - The supply of short - fiber has decreased and demand has increased, and factory inventory has no pressure. But future demand may lack support [22]. 2.2 PX - After the holiday, PX's spot floating price has a back structure, and the monthly spread first widened and then narrowed [23]. - The naphtha cracking spread has weakened, and the profit of long - process PX devices has strengthened. PX's operation rate has slightly decreased this week, and it is expected to first increase and then decrease in Asia this month. The operation rate will remain high in the fourth quarter [25][27]. 2.3 PTA - Since late September, PTA's social inventory has been rising, and the basis and monthly spread remain weak [29]. - This week, the operation rate of PTA has increased. New devices are planned to be put into operation, and some devices are planned for maintenance. PTA's processing fee is undervalued [33]. 2.4 Ethylene Glycol (MEG) - After the holiday, MEG's port inventory has increased significantly. Recently, the arrival of goods at the port has decreased, and the basis has strengthened in the second half of the week [34]. - The supply of MEG is expected to decrease in the second half of the month due to device maintenance [36]. 3.3 Chapter 3: Weekly Data Tracking 3.1 PX - Price: The prices of PX and its related products in the industrial chain are presented, including PX, naphtha, etc. [47][48]. - Spreads and Profits: There are various spreads and profit data, such as PX - naphtha spreads, disproportionation - blending oil spreads and profits [50][54]. - Supply and Demand: The operating rates of PX in China and Asia are provided, along with the relationship between PX supply and demand [60][61]. 3.2 PTA - Price: The prices of PTA and PX, as well as PTA's processing fees and internal - external spreads are shown [69][70]. - Spreads: The basis and monthly spreads of PTA are presented [73]. - Profits: The profits of PTA in different cost - calculation methods are provided [75]. - Supply and Demand: The operating rates of PTA and polyester are given, along with PTA's inventory situation [79][81]. 3.3 MEG - Price: The prices of MEG and its related raw materials are presented [83]. - Spreads: There are various spreads of MEG, such as internal - external spreads, regional spreads [85][89]. - Profits: The profits of MEG in different production methods are provided [94]. - Supply and Demand: The operating rate of MEG and its port inventory are given [100][102]. 3.4 Polyester - Profits: The weighted profit of polyester, the average profit of filament, short - fiber profit, etc. are provided [105]. - Supply: The operating rates of polyester, bottle - chip, filament, and short - fiber are given [107]. - Inventory: The inventory days of filament, short - fiber, etc. are provided [109]. - Demand: The operating rates of dyeing, weaving, and texturing in Jiangsu and Zhejiang, as well as export data and domestic consumption data are presented [112][120]

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - The polyester industry is currently in a situation where demand is weak during the off - season, and downstream negative feedback is continuously transmitted to the upstream market, suppressing the prices of polyester products [6]. - Different products in the polyester industry chain have different supply - demand and price trends. For example, PX supply is still tight in the short term and is expected to oscillate with the cost side; PTA supply is expected to increase, and its processing fee is significantly compressed; MEG has an inventory accumulation expectation in August - September; short - fiber processing fees are expected to be strongly supported; and bottle - chip processing fees are also relatively strong [4]. 3. Summary According to Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies | Product | Logic Analysis | Trading Strategy | | --- | --- | --- | | PX&PTA | PX supply is still tight, with the Vietnamese NSRP 700,000 - ton PX device gradually resuming and the Thai THAI OIL 530,000 - ton PX device shut down for maintenance. PTA supply is expected to increase with device restarts and new installations. Downstream polyester and terminal operations are declining. | Unilateral: Oscillatory consolidation; Arbitrage: Long PX and short PTA; Option: Wait and see [4] | | MEG | Domestic and foreign devices are restarting, and the port inventory is currently low but has an inventory accumulation expectation in August - September. The downstream load is decreasing, but there is short - term market support due to the rebound in coal prices. | Unilateral: Oscillatory consolidation; Arbitrage: Wait and see; Option: Wait and see [4] | | PF | Short - fiber processing differentials are continuously widening, production and sales are average, and there are still production reduction plans in July. | Unilateral: Oscillatory consolidation; Arbitrage: Short PTA and long PF; Option: Wait and see [4] | | PR | Bottle - chip processing fees are strengthening, and production reduction measures are gradually being implemented. | Unilateral: Oscillatory consolidation; Arbitrage: Wait and see; Option: Wait and see [4] | 3.2 Core Logic Analysis - **Polyester Load and Terminal Operations**: As of Friday, the polyester load was 88.9%, a week - on - week decrease of 1.7%. The Jiangsu and Zhejiang texturing and weaving operations decreased by 7% and 4% respectively, and the dyeing operation remained at 67%. The fabric orders were weak, and terminal production reduction was accelerating [6]. - **Product - Specific Situations**: - **PX**: Domestic PX load remained basically stable, with a slight increase to 81.3% as of Friday. Overseas load decreased slightly. Long - process device profits narrowed, and short - process device profits fluctuated slightly [16]. - **PTA**: Social inventory increased slightly, and the basis and the September - January spread weakened significantly. Supply is expected to increase, and processing differentials have weakened to the lowest point of the year [18][20]. - **MEG**: Port inventory rebounded, supply increased, the basis weakened, and the September - January spread strengthened. Domestic and foreign device loads increased, and there is an inventory accumulation expectation in August - September [22][25]. - **Polyester Products**: Long - filament inventory accumulated, short - fiber profits expanded but downstream operations declined, and bottle - chip processing fees strengthened with production reduction measures being implemented [8][10][12]. 3.3 Weekly Data Tracking - **PX**: - **Price**: The report presents the price trends of Asian PX, naphtha, and Brent crude oil, etc. [34]. - **Spread and Profit**: It includes various spreads such as PX - Brent, PX - naphtha, and PX - MX, as well as theoretical profits [36][38]. - **Supply and Demand**: Domestic and overseas PX loads and the relationship between PX and PTA loads are shown [63][64]. - **PTA**: - **Profit**: It includes profits such as PTA's profit from crude oil, naphtha, and PX [74][75]. - **Supply and Demand**: PTA and polyester loads are presented [77]. - **Inventory**: PTA social inventory, polyester factory raw material inventory, PTA factory raw material inventory, and PTA warehouse receipts are included [79]. - **MEG**: - **Price**: It shows the prices of ethylene glycol spot, coal, methanol, and ethylene [81]. - **Spread**: It includes various spreads such as domestic and foreign spreads, regional spreads, and EO - 1.4EG spread [83]. - **Profit**: It includes profits from oil - based, MTO, ethylene monomer, and coal - based production of ethylene glycol [94][96]. - **Polyester**: - **Profit**: It includes the average profit of long - filaments, short - fiber profit, polyester weighted profit, bottle - chip processing profit, and slice profit [99]. - **Supply**: It shows the loads of polyester, bottle - chips, long - filaments, and short - fibers, as well as inventory days [101][102]. - **Demand**: It includes the loads and inventories of pure - polyester yarn, polyester - cotton yarn, and fabric, as well as export data and domestic consumption data [105][108][109].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - PX is expected to follow the cost side in the short term due to low social inventory, tight supply, reduced mid - long process profits, and expected demand growth from downstream PTA device production [8]. - PTA is under pressure due to weakened basis and monthly spread, expected inventory accumulation, and negative feedback from downstream [8][45]. - MEG is expected to be weak in the short term with low port inventory, expected supply return, and negative downstream factors [8]. - PF is expected to be stable in the short term with expanding processing margins and planned production cuts [8]. - PR is expected to follow the raw material side in the short term with strengthened processing fees and production cuts [8]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **PX&PTA**: PX social inventory is low, supply is tight, and downstream PTA device production will drive demand. PTA has weakened basis and monthly spread, and inventory accumulation is expected. Trading strategies include short - term shock consolidation for single - side trading, and waiting for arbitrage and options [8]. - **MEG**: Overseas device outages and expected supply return. With low port inventory and negative downstream factors, it is expected to be weak in the short term. Trading strategies include shock - weak for single - side trading, and waiting for arbitrage and options [8]. - **PF**: Short - term shock consolidation. The processing margin is expanding, and there are production cut plans. The trading strategy for arbitrage is to short PTA and long PF, and wait for options [8]. - **PR**: Short - term shock consolidation following the raw material side. Processing fees are supported, and production cuts are implemented. Wait for arbitrage and options [8]. Chapter 2: Core Logic Analysis 2.1 Polyester - Polyester load decreased to 90.2% this week, with rising inventory, compressed filament profits, expanding short - fiber profits, and reduced bottle - chip losses [11]. - Jiangsu and Zhejiang loom and texturing machine operating rates declined significantly [13]. - Filament factory operating rate remained stable, but inventory accumulated due to weak downstream demand [15]. - Bottle - chip load decreased, inventory increased, and processing fees expanded. There are production cut plans [17]. - Short - fiber supply and demand are weak, and inventory increased [24]. 2.2 PX - Floating price, basis, and monthly spread weakened [26]. - Gasoline inventory increased, and cracking spread weakened [29]. - Supply increased significantly in June, and maintenance increased in July. Profits were weak first and then strong [36]. 2.3 PTA - Basis and monthly spread weakened significantly. Social inventory decreased slightly, and processing fees were compressed [45][47]. - The cumulative export from January to May decreased by 11.52% year - on - year, and the internal - external price spread fluctuated in June [49]. 2.4 Ethylene Glycol (MEG) - Supply and demand are weak, and basis and monthly spread strengthened. Port inventory decreased, and there is an expected inventory accumulation from August to September [51][53]. Chapter 3: Weekly Data Tracking 3.1 PX - **Price**: The report shows the price trends of PX and related products in the industrial chain [64][66]. - **Variety Spread and Profit**: It presents the spreads and profits between PX and other varieties [67][68]. - **Disproportionation and Oil - blending Spread and Profit**: It shows the spreads and profits related to disproportionation and oil - blending [74][76]. - **Regional Spread and Profit**: It presents the spreads and profits between different regions [84][85]. - **Supply and Demand**: It shows the load and operating rate of PX and related products, as well as the relationship between PX and PTA prices [90][91]. 3.2 PTA - **Profit**: It shows the profits of PTA from different cost perspectives [97][100]. - **Inventory**: It presents the social inventory, factory raw material inventory, and warehouse receipts of PTA [103][104]. 3.3 MEG - **Price**: It shows the price trends of MEG and related raw materials [105][106]. - **Spread**: It presents the internal - external spread, regional spread, and basis and monthly spread of MEG [111][112]. - **Profit**: It shows the profits of MEG from different production methods [117][118]. - **Supply and Demand**: It shows the load, operating rate, and port inventory of MEG [119][120]. 3.4 Polyester - **Profit**: It shows the profits of filament, short - fiber, bottle - chip, and other polyester products [121][122]. - **Supply**: It presents the load and inventory of different polyester products [123][124]. - **Demand**: It shows the demand - side indicators such as the operating rate and inventory of downstream products, as well as domestic and foreign market demand [128][132].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The prices of PX, PTA, MEG, and PF in the polyester industry chain are expected to be oscillating and strengthening this week. The specific trading strategies include going long on PX and short on PTA, going short on PTA and long on PF, and remaining on the sidelines for options [7]. 3. Summary According to Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies - **PX**: The futures price of PX oscillated and strengthened this week, with the floating price, basis, and monthly spread of PX strengthening, and the profit of PX expanding. The operating rate of PX changed little. In early July, there are maintenance plans for William Chemical's 2 million tons/year and Tianjin Petrochemical's 390,000 tons. The maintenance of Fushun Petrochemical's 700,000 tons of PX was postponed to September. The operating rate of Asian PX has declined recently, and the circulating supply of PX is tight. The trading strategy is to be oscillating and strengthening unilaterally, go long on PX and short on PTA for arbitrage, and remain on the sidelines for options [7]. - **PTA**: This week, the supply of PTA decreased while the demand increased, the social inventory decreased, the basis and monthly spread strengthened, and the processing fee was compressed. The operating rate of PTA decreased, the operating rate of downstream polyester increased, the inventory of polyester factories decreased, and the profit of polyester continued to be compressed. The trading strategy is to be oscillating and strengthening unilaterally, go long on PX and short on PTA for arbitrage, and remain on the sidelines for options [7]. - **MEG**: This week, the supply and demand of ethylene glycol both increased, the basis weakened, and the monthly spread strengthened. The supply of ethylene glycol increased significantly, the operating rate of downstream polyester was boosted, and the operating rates of terminal looms, texturing, and dyeing continued to weaken. The supply - demand pattern of ethylene glycol in June and July is still tight, and the port inventory is low. The trading strategy is to be oscillating and strengthening unilaterally, remain on the sidelines for arbitrage, and remain on the sidelines for options [7]. - **PF**: This week, the supply of staple fiber increased while the demand decreased, the production and sales were stable, and the processing fee increased. Some large manufacturers had tight supplies, and the supply of staple fiber was tight, with the processing fee strengthening. In July, the mainstream large manufacturers of staple fiber still have production reduction plans, and the downstream operating rate is stable. The trading strategy is to be oscillating and strengthening unilaterally, go short on PTA and long on PF for arbitrage, and remain on the sidelines for options [7]. - **Bottle chips**: This week, the load of some bottle chip devices increased, the operating rate of bottle chips strengthened, there was no downstream bidding, the inventory of bottle chips increased, and the processing fee of bottle chips was compressed. Pay attention to the actual situation of device shutdowns. The trading strategy is to be oscillating and strengthening unilaterally, remain on the sidelines for arbitrage, and remain on the sidelines for options [7]. 3.2 Core Logic Analysis 3.2.1 Polyester - The operating rate of polyester increased week - on - week, the inventory of polyester factories decreased, and the profit of polyester continued to be compressed. The operating rates of Jiangsu and Zhejiang looms, texturing, and dyeing showed a seasonal decline. The operating rate of filament factories increased, and the inventory accumulated. The operating rate of bottle chips increased, and the loss expanded. The supply of staple fiber increased while the demand decreased, and the inventory increased [11][21][23][28]. 3.2.2 PX - The floating price, basis, and monthly spread of PX strengthened. The gasoline inventory rebounded, and the cracking spread weakened. The supply increased significantly in June, the maintenance of PX increased in July, and the profit of PX was weak first and then strong. The operating rate of PX changed little this week, but it is expected to decline in July [30][33][37][45]. 3.2.3 PTA - The basis and monthly spread of PTA strengthened. The supply decreased while the demand increased, the social inventory decreased, and the processing fee was compressed. The internal - external price spread of PTA rebounded, and the export expectation decreased. From January to April, the cumulative export of PTA was 1.3364 million tons, a year - on - year decrease of 2.8%. In May, the internal - external price spread of PTA narrowed, the export profit declined, and the export expectation of PTA decreased [46][48][50][52]. 3.2.4 Ethylene Glycol - The supply and demand of ethylene glycol both increased, the basis weakened, and the monthly spread strengthened. The port inventory of ethylene glycol decreased, the supply rebounded significantly, and the operating rate of ethylene glycol increased significantly recently. The supply - demand pattern in June continued to be in a tight balance [53][55]. 3.3 Weekly Data Tracking 3.3.1 PX - **Price**: The report shows the price trends of Asian PX, naphtha, and Brent crude oil, as well as the price trends of the PX industrial chain [65]. - **Inter - variety spread and profit**: It includes the spreads and profits between NAP Japan CFR - BLENT main contract settlement price, PX - BLENT, PX - NAP Asia, PX - MX (Korea), and PX theoretical profit [67][68]. - **Disproportionation and oil - blending spread and profit**: It involves the gasoline inventory, gasoline cracking spread, and crude oil inventory in the United States, as well as the spreads and profits of Asian toluene disproportionation - oil blending, toluene oil - blending spread, and disproportionation profit [78][80]. - **Inter - regional spread and profit**: It shows the spreads between toluene (US - Korea), xylene (US - Korea), and PX (US - Korea) [88][89][90][91]. - **Supply and demand**: It presents the operating rates of Chinese PX and Asian PX, as well as the relationship between PX - NAP Asia and the load of Chinese PTA [94]. 3.3.2 PTA - **Profit**: It includes the spot profits of PTA with crude oil and naphtha, as well as the theoretical profit of PTA - PX [102][103]. - **Supply and demand**: It shows the load indexes of PTA and polyester [105]. - **Inventory**: It presents the social inventory of PTA, the raw material inventory of polyester factories, the raw material inventory of PTA factories, and the PTA warehouse receipts [107]. 3.3.3 MEG - **Price**: It shows the spot price of ethylene glycol in East China, the market price of ethylene glycol in East China, the coal price in Inner Mongolia, the ex - tank price of methanol in Jiangsu, and the price of Northeast Asian ethylene [109]. - **Spread**: It includes the internal - external spread of ethylene glycol, the spread between East China and South China of ethylene glycol, the EO - 1.4EG spread, the spreads between different regions of ethylene glycol (Northeast Asia - Southeast Asia, Northeast Asia - US, Northwest Europe - US Gulf), and the basis and monthly spread of MEG09 [110][111][115][117]. - **Profit**: It involves the oil - based profit, MTO profit, ethylene monomer production profit, and coal - based profit of ethylene glycol [122][124]. - **Supply and demand**: It presents the load index of ethylene glycol, the operating rate of MEG synthesis gas, the load of polyester, and the port inventory of ethylene glycol [127]. 3.3.4 Polyester - **Profit**: It includes the average profit of filaments, the profit of staple fibers, the weighted profit of polyester, the processing profit of bottle chips, and the profit of slices [129]. - **Supply**: It shows the load indexes of polyester, bottle chips, filaments, and staple fibers, as well as the inventory days of filaments and staple fibers [131][132]. - **Demand**: It presents the operating rates of pure polyester yarn, the inventory of pure polyester yarn products, the raw material inventory of yarn mills, the operating rate of yarn mills, the inventory of polyester - cotton yarn factories, the load of Chinese yarn, the load of Chinese grey cloth, the inventory of Chinese grey cloth, the trading volume of the Light Textile City, the inventory and inventory - to - sales ratio of US wholesalers, the export amounts of textiles, clothing, and textiles and clothing, and the year - on - year growth rates of social consumer retail sales and clothing and textile retail sales [135][136][138][139].

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints - This week, the supply and demand of PX both increased, with the floating price, basis, and monthly spread of PX weakening. The PXN spread also weakened due to the increase in PX unit operation and the restart of maintenance units. The supply of downstream PTA increased while demand decreased, and the de - stocking of PTA social inventory slowed down. The basis was strong, the monthly spread weakened, and the processing fee was strong first and then weak. In June, with the significant increase in PX operating rate and the restart of most previously maintained PTA units, along with the planned commissioning of a new 2.5 - million - ton PTA unit of Honggang Petrochemical Phase 3, PX will still maintain a tight balance under the pattern of increased supply and demand. The polyester downstream is in the seasonal off - season, with poor efficiency of polyester factories, a decline in operation, and a slowdown in the expected de - stocking rate of PTA in June [7]. - Next week, the expected import arrival volume of ethylene glycol is about 137,000 tons. With weak sales of downstream polyester and limited terminal pick - up at the wharf, the port inventory of ethylene glycol is expected to rise, and the basis and monthly spread of ethylene glycol will weaken. In June, the maintenance volume of ethylene glycol remains high, and the import is expected to increase slightly. The downstream polyester has poor efficiency, rising inventory, and a decline in operation. In June, ethylene glycol will show a pattern of both supply and demand decline [7]. - This week, the operation of short - fiber decreased, inventory increased, the operation of terminal weaving, texturing, and dyeing declined, short - fiber production enterprises suffered losses, and the expectation of production reduction was strong. The downstream yarn mills also suffered losses, and the inventory of grey fabrics increased, so the short - fiber processing fee may be under pressure [7]. - This week, the operation of bottle - chip decreased. Although the downstream soft - drink industry is still in the peak season, after the previous centralized procurement by bottle - chip downstream, the bottle - chip downstream is still mainly consuming raw material inventory in the short term, and there were still no tenders from large beverage manufacturers this week. Currently, the overall supply of bottle - chip is abundant, the downstream's willingness to receive goods is weak, and the bottle - chip processing fee is still under pressure [7]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **PX & PTA** - Logic analysis: This week, PX supply and demand both increased, with weakened floating price, basis, and monthly spread, and a weakened PXN spread. PTA supply increased while demand decreased, and the de - stocking of social inventory slowed down. In June, PX will maintain a tight balance, and the PTA de - stocking rate is expected to slow down [7]. - Trading strategies: Unilateral - high - level oscillation; Arbitrage - long PX and short PTA; Option - double - selling options [7]. - **MEG** - Logic analysis: Next week, the expected import arrival volume will increase, port inventory is expected to rise, and the basis and monthly spread will weaken. In June, there will be a pattern of both supply and demand decline [7]. - Trading strategies: Unilateral - high - level oscillation; Arbitrage - wait - and - see; Option - sell call options [7]. - **PF** - Logic analysis: This week, operation decreased, inventory increased, and the processing fee may be under pressure [7]. - Trading strategies: Unilateral - high - level oscillation; Arbitrage - wait - and - see; Option - double - selling options [7]. - **PR** - Logic analysis: This week, operation decreased, and the processing fee is still under pressure [7]. - Trading strategies: Unilateral - high - level oscillation; Arbitrage - wait - and - see; Option - sell call options [7]. Chapter 2: Core Logic Analysis 2.1 Polyester - The operation of polyester continued to decline this week, inventory increased, and profits remained at a low level. Except for the relatively good profits of filament, short - fiber, bottle - chip, and chip are all in a loss state [10]. - The operation of Jiangsu and Zhejiang weaving, texturing, and dyeing declined [14]. - After the festival, the operation of filament decreased, and inventory accumulated rapidly. Affected by the production reduction of mainstream industry suppliers, the price of filament factories was firm, and the processing fee was stable [16][18]. - The market atmosphere of bottle - chip was weak, and losses intensified. The operation of bottle - chip decreased this week. Although the downstream soft - drink industry is in the peak season, the downstream is still mainly consuming raw material inventory, and there were no tenders from large beverage manufacturers. The overall supply is abundant, and the downstream's willingness to receive goods is weak, so the processing fee is still under pressure [19][26]. - Short - fiber is in a loss state, and the expectation of production reduction is strong. The operation of short - fiber decreased this week, with increased inventory, and both short - fiber production enterprises and downstream yarn mills suffered losses [27]. 2.2 PX - The floating price, basis, and monthly spread of PX decreased compared with the previous period [29]. - The gasoline inventory increased, and the cracking spread remained weak [31]. - Due to the increase in PX unit operation and the restart of maintenance units, the PXN spread weakened. There are multiple PX unit maintenance and operation adjustment plans in China and Asia (excluding China) [33][35][36]. 2.3 PTA - The de - stocking of PTA social inventory slowed down, the basis was strong, and the monthly spread weakened. As of June 6, the basis of the main port in May was at 09 + 225 for transactions, and the 09 - 01 contract monthly spread was 136 yuan/ton, a decrease of 50 yuan/ton compared with the last trading day before the festival [37]. - The supply of PTA increased while demand decreased, and the processing fee was strong first and then weak. This week, the operation rate of PTA increased by 3% week - on - week, and in June, the monthly average operation rate is expected to increase by 4% month - on - month. The output in June is expected to increase by about 1 million tons [39][41]. - The spread between domestic and foreign markets of PTA recovered, and the export expectation decreased. From January to April, the cumulative export of PTA was 1.3364 million tons, a year - on - year decrease of 2.8%. After the commissioning of the new Turkish SASA unit, the export volume of PTA to Turkey decreased significantly. In May, the spread between domestic and foreign markets narrowed, the export profit declined, and the export expectation decreased [42][44]. 2.4 Ethylene Glycol - The expected import arrival volume will increase, the port inventory is expected to rise, and the basis and monthly spread will weaken. As of June 6, the spot basis of ethylene glycol was at a low - level transaction of a premium of 115 - 118 yuan/ton to the 09 contract; the 9 - 1 contract monthly spread was 21 yuan/ton, a week - on - week weakening of 49 yuan/ton [45]. - In June, the maintenance volume of ethylene glycol remains high, and the import is expected to increase slightly. There are multiple domestic and foreign ethylene glycol unit maintenance plans [48][52]. Chapter 3: Weekly Data Tracking 3.1 PX - **Price**: It shows the price trends of Asian PX, naphtha, Brent crude oil, etc. [56]. - **Inter - variety spread & profit**: It includes the spreads and profits between PX and other varieties such as naphtha, BLENT, and MX [58][59][60]. - **Disproportionation and oil - blending spread & profit**: It involves the spreads and profits of Asian toluene disproportionation and oil - blending, and the spread between xylene oil - blending and PX production [69][72][76]. - **Inter - regional spread & profit**: It shows the spreads and profits between PX in different regions such as the United States and South Korea [80]. - **Supply and demand**: It presents the operating rates of Chinese and Asian PX, the operating rate of Chinese PTA, and the relationship between PX and PTA prices and processing fees [85]. 3.2 PTA - **Profit**: It includes the spot profits of PTA from crude oil, naphtha, and the theoretical profit of PTA - PX [93][94][95]. - **Supply and demand**: It shows the operating rates of PTA and polyester [96][97]. - **Inventory**: It includes PTA social inventory, polyester factory raw material inventory, PTA factory raw material inventory, and PTA warehouse receipts [98][99]. 3.3 MEG - **Price**: It shows the prices of ethylene glycol spot in East China, coal prices in Inner Mongolia, methanol ex - tank prices in Jiangsu, and Northeast Asian ethylene prices [100]. - **Spread**: It includes the spreads between domestic and foreign markets of ethylene glycol, the spread between East and South China, and the spreads between different regions such as Northeast Asia, Southeast Asia, the United States, and Western Europe [102][103][108]. - **Profit**: It includes the oil - based profit, MTO profit, ethylene monomer production profit, and coal - based profit of ethylene glycol [112][113][115]. - **Supply and demand**: It shows the operating rate of ethylene glycol, the operating rate of polyester, and the port inventory of ethylene glycol [117][118]. 3.4 Polyester - **Profit**: It includes the average profit of filament, short - fiber profit, weighted profit of polyester, bottle - chip processing profit, and chip profit [122][123]. - **Supply**: It shows the operating rates of polyester, filament, short - fiber, and bottle - chip, as well as the inventory days of filament and short - fiber [124][125][126]. - **Demand**: It includes the operating rates of pure - polyester yarn, the inventory of pure - polyester yarn finished products and raw materials, the operating rate of polyester - cotton yarn factories, the inventory of Chinese yarn, the operating rate of Chinese grey fabric, the inventory of Chinese grey fabric, and the export data and consumption data of textiles and clothing [128][129][132].