Report Industry Investment Rating - Not provided Core Viewpoints - PTA: Domestic PTA installations are gradually resuming, leading to an increase in domestic PTA production and a rapid decline in PTA basis. OPEC+ increased oil production again at the meeting. Downstream profits have significantly recovered, and the polyester operating load has rebounded to 91% [2] - Ethylene glycol: The basis of ethylene glycol has weakened. The upcoming commissioning of Yulong Petrochemical's ethylene glycol plant is putting pressure on the futures market. Although the arrival of overseas ethylene glycol plants has decreased, the hedging volume has increased after the price recovery. Polyester inventory is in good condition, and the downstream weaving load has rebounded [2] Summary by Relevant Catalogs Market Quotes - INE crude oil rose from 493.6 yuan/barrel on September 16, 2025, to 499.3 yuan/barrel on September 17, an increase of 5.7 yuan/barrel [2] - PTA-SC decreased from 1101.0 yuan/ton to 1083.5 yuan/ton, a decrease of 17.42 yuan/ton; PTA/SC decreased from 1.3069 to 1.2986, a decrease of 0.0083 [2] - CFR China PX increased from 834 to 836, an increase of 2; PX-naphtha spread increased from 226 to 231, an increase of 6 [2] - PTA's main futures price rose from 4688 yuan/ton to 4712 yuan/ton, an increase of 24 yuan/ton; the spot price rose from 4610 yuan/ton to 4620 yuan/ton, an increase of 10 yuan/ton [2] - PTA's spot processing fee increased from 127.9 yuan/ton to 148.1 yuan/ton, an increase of 20.2 yuan/ton; the futures processing fee increased from 215.9 yuan/ton to 230.1 yuan/ton, an increase of 14.2 yuan/ton [2] - PTA's main basis increased from (80) to (77), an increase of 3; the number of PTA warehouse receipts decreased from 7889 to 0, a decrease of 7889 [2] - MEG's main futures price rose from 4272 yuan/ton to 4297 yuan/ton, an increase of 25 yuan/ton; MEG-naphtha increased from (125.95) yuan/ton to (125.14) yuan/ton, an increase of 0.8 yuan/ton [2] - MEG's domestic price decreased from 4385 yuan/ton to 4373 yuan/ton, a decrease of 12 yuan/ton; the main basis decreased from 105 to 85, a decrease of 20 [2] - POY150D/48F decreased from 6710 to 6705, a decrease of 5; POY cash flow decreased from 49 to 40, a decrease of 9 [2] - FDY150D/96F remained unchanged at 6910; FDY cash flow decreased from (251) to (255), a decrease of 4 [2] - DTY150D/48F decreased from 7970 to 7960, a decrease of 10; DTY cash flow decreased from 109 to 95, a decrease of 14 [2] - The long - filament sales rate increased from 40% to 42%, an increase of 2 percentage points [2] - 1.4D direct - spun polyester staple fiber remained unchanged at 6540; polyester staple fiber cash flow decreased from 229 to 225, a decrease of 4 [2] - The short - fiber sales rate decreased from 65% to 53%, a decrease of 12 percentage points [2] - Semi - bright chips increased from 5755 to 5760, an increase of 5; chip cash flow increased from (6) to (5), an increase of 1 [2] - The chip sales rate decreased from 120% to 105%, a decrease of 15 percentage points [2] Industry Chain Operating Conditions - PX, PTA, MEG operating rates and polyester load all remained unchanged at 87.16%, 78.25%, 62.20%, and 88.78% respectively [2] Device Maintenance - A 2.5 - million - ton PTA plant in East China restarted last weekend after being shut down for maintenance around August 26 [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - PTA: In the PTA market, the intraday crude oil prices were strong, and the low processing fees provided strong cost support for PTA. However, the ample PTA spot supply restricted its upward movement. Domestic PTA plants are gradually resuming operations, leading to an increase in domestic PTA production and a rapid decline in PTA basis. After the OPEC+ meeting, oil production was increased again, and the downstream profits were significantly restored, with the polyester operating load rising to 91% [2]. - MEG: In the MEG market, the spot price in Zhangjiagang decreased this week. The futures price first rose and then fell, and the spot market price followed suit. The basis negotiation declined. The basis of MEG weakened, and the upcoming commissioning of Yulong Petrochemical's MEG plant put pressure on the futures market. Although the arrival of overseas MEG plants decreased, the hedging positions increased after the price rebounded. The polyester inventory was in good condition, and the downstream weaving load increased [2]. 3. Summary by Relevant Catalogs Market Data - **Crude Oil**: The INE crude oil price increased from 488.1 yuan/barrel on September 15, 2025, to 493.6 yuan/barrel on September 16, 2025, with a change of 5.50 yuan/barrel [2]. - **PTA**: The PTA - SC spread decreased from 1124.9 yuan/ton to 1101.0 yuan/ton, the PTA/SC ratio decreased from 1.3171 to 1.3069. The CFR China PX price decreased from 836 to 834, and the PX - naphtha spread decreased from 238 to 226. The PTA主力期价 increased from 4672 yuan/ton to 4688 yuan/ton, the PTA现货价格 increased from 4600 yuan/ton to 4610 yuan/ton. The spot processing fee increased from 115.4 yuan/ton to 127.9 yuan/ton, and the disk processing fee increased from 187.4 yuan/ton to 215.9 yuan/ton. The PTA仓单数量 decreased from 9893 to 7889 [2]. - **MEG**: The MEG主力期价 decreased from 4288 yuan/ton to 4272 yuan/ton, the MEG - naphtha spread increased from -130.89 yuan/ton to -127.08 yuan/ton. The MEG内盘 increased from 4378 yuan/ton to 4385 yuan/ton, and the主力基差 decreased from 105 to 85 [2]. - **Polyester Products**: The prices of POY150D/48F, FDY150D/96F, and DTY150D/48F remained unchanged. The POY现金流 decreased from 60 to 49, the FDY现金流 decreased from -240 to -251, and the DTY现金流 decreased from 120 to 109. The长丝产销 decreased from 53% to 40%. The price of 1.4D直纺涤短 increased from 6535 to 6540, the涤短现金流 decreased from 235 to 229, and the短纤产销 increased from 50% to 65%. The price of半光切片 increased from 5750 to 5755, the切片现金流 decreased from 0 to -6, and the切片产销 increased from 80% to 120% [2]. Industry Operating Rates - The PX开工率 remained at 87.16%, the PTA开工率 remained at 78.25%, the MEG开工率 remained at 62.20%, and the聚酯负荷 remained at 88.78% [2]. Device Maintenance - A 2.5 - million - ton PTA plant in East China restarted last weekend after shutting down for maintenance around August 26 [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - PTA: Domestic PTA plants are gradually resuming operation, leading to an increase in domestic PTA production and a rapid decline in PTA basis. OPEC+ increased oil production again at the meeting. Downstream profits have significantly recovered, and the operating load of polyester has rebounded to 91% [2]. - Ethylene Glycol (MEG): The basis of ethylene glycol has weakened. The upcoming commissioning of Yulong Petrochemical's ethylene glycol plant is putting pressure on the futures market. Although the arrival of overseas ethylene glycol plants has decreased, the increase in hedging positions after the price recovery. Polyester inventory is performing well, and the downstream weaving load has increased [2]. 3. Summary by Relevant Catalogs a. Market Data - **Crude Oil**: INE crude oil price rose slightly from 475.3 yuan/barrel on September 12, 2025, to 488.1 yuan/barrel on September 15, 2025 [2]. - **PX**: CFR China PX price increased from 832 to 836, and the PX - naphtha spread widened by 4 to 238 [2]. - **PTA**: The main PTA futures price rose from 4648 yuan/ton to 4672 yuan/ton, and the spot price increased from 4575 yuan/ton to 4600 yuan/ton. Both spot and futures processing fees showed slight increases [2]. - **MEG**: The main MEG futures price rose from 4272 yuan/ton to 4288 yuan/ton. The spot price in Zhangjiagang's ethylene glycol market increased, and the basis weakened [2]. - **Polyester Filament**: Prices of POY, FDY, and DTY decreased, and their cash flows also declined. The production - sales ratio of long - filament increased by 11% to 53% [2]. - **Polyester Staple Fiber**: The price of 1.4D direct - spinning polyester staple fiber increased slightly, and the production - sales ratio decreased by 6% to 50% [2]. - **Polyester Chip**: The price of semi - bright chips decreased slightly, and the production - sales ratio increased by 31% to 80% [2]. b. Operating Rates - PX operating rate remained unchanged at 87.16%, PTA operating rate was stable at 78.25%, MEG operating rate increased by 1.32% to 62.20%, and polyester load increased by 0.53% to 88.78% [2]. c. Device Maintenance An East China 2.5 million - ton PTA plant restarted last weekend after a shutdown for maintenance around August 26 [2].

Report Industry Investment Rating - Not provided Core View - In the PTA market, near - term TA inventory continues to decline, but its structure and profitability are weakening. There may be no significant improvement in polyester performance and new PTA production capacity is expected. With the expectation of future inventory build - up, the willingness to hold goods is weak. However, the processing fee has reached a very low level, and as PX supply gradually recovers, there is an opportunity to expand the processing fee by buying at low prices [2]. - For MEG, near - term domestic oil - based production increases, coal - based production declines slightly, and overall load decreases. Overseas maintenance increases. The port inventory continues to decline at the beginning of the week and then rebounds. The downstream inventory level decreases, and the basis strengthens. Although the basis has strengthened significantly due to continuous inventory reduction in the near term, there is still an expectation of inventory build - up in the far term. The market is expected to fluctuate widely, and attention should be paid to the restart progress of some devices [11]. - For polyester staple fiber, the start - up rate has increased, sales have weakened, and inventory has remained stable. On the demand side, the start - up rate of polyester yarn has increased slightly, raw material inventory has rebounded, and finished - product inventory has continued to accumulate with weak profitability. In the future, the start - up rate is expected to remain high, and the processing fee is expected to fluctuate [11]. - For natural rubber and 20 - number rubber, the national explicit inventory remains stable at a relatively low level, and the price of Thai cup - lump rubber remains stable with rainfall affecting tapping. The recommended strategy is to wait and see [11]. Summary by Related Categories PTA - Price and Index Changes: The price of naphtha increased by 1.1, PX CFR Taiwan increased by 6, PTA internal - market spot price increased by 20, POY 150D/48F decreased by 80, PTA processing fee increased by 11, and polyester gross profit decreased by 92. The PTA balance load and PTA load remained unchanged, and the number of warehouse receipts + valid forecasts decreased by 2809. The basis remained unchanged, and sales increased by 0.5 [2]. - Device Changes: Dushan Energy's 2.5 - million - ton device restarted [2]. MEG - Price and Index Changes: The MEG internal - market price decreased by 15, the MEG far - month price decreased by 12, the MEG coal - based profit decreased by 15, and other indicators remained unchanged [11]. - Device Changes: Shaanxi Weihua's 300,000 - ton device restarted [11]. Polyester Staple Fiber - Price and Index Changes: The price of 1.4D cotton - type staple fiber increased by 30, the profit of pure polyester yarn decreased by 25, and the difference between cotton and polyester staple fiber decreased by 20 [11]. - Device Changes: No new device overhauls were reported, and the start - up rate increased to 93.9% [11]. Natural Rubber and 20 - Number Rubber - Price and Index Changes: The daily change of most prices was 0, with some exceptions such as the Shanghai 3L price remaining unchanged and the Thailand cup - lump rubber price remaining stable. The weekly change showed an increase in some prices, and the difference between some varieties also changed [11]. Styrene - Price and Index Changes: The price of styrene in Jiangsu increased by 15, the price of styrene in South China increased by 10, the EPS domestic profit decreased by 10, and the PS domestic profit decreased by 10 [14].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Crude oil prices declined, weakening cost support for PTA. PTA supply was sufficient, downstream polyester filament sales were 42.67%, and the market lacked confidence, leading to a decline in PTA prices and a weakening basis [2]. - The price of ethylene glycol (MEG) rebounded slightly, and the spot market price followed suit with a slight increase, while the basis negotiation continued to strengthen [2]. - OPEC+ will consider increasing oil production again at Sunday's meeting. The spread between PX and naphtha has expanded, and the weakness of benzene prices has inhibited the further increase of PX production to some extent. The spread between PX and MX has rebounded, the downstream load of polyester has remained at around 88%, domestic PTA plants have gradually returned, and domestic PTA production has increased [2]. - South Korea's naphtha cracking unit plans to cut production, and olefin varieties have risen significantly. The price of ethylene glycol has rebounded, and the maintenance of overseas ethylene glycol plants, especially Saudi Arabian plants, has been continuously postponed, which may have a significant impact on the market outlook. This has also continuously boosted the price of ethylene glycol. The later arrival volume of ethylene glycol has decreased. The polyester inventory is in good condition, and the downstream weaving load has increased [2]. Summary by Related Catalogs Market Quotes - **PTA**: On September 4, 2025, the INE crude oil price was 481.0 yuan/barrel, a decrease of 12.20 yuan from the previous day; the PTA - SC was 1160.5 yuan/ton, an increase of 12.66 yuan; the PTA/SC ratio was 1.3320, an increase of 0.0117; the PTA主力期价 was 4656 yuan/ton, a decrease of 76.0 yuan; the PTA spot price remained unchanged at 4705 yuan; the spot processing fee was 88.1 yuan/ton, a decrease of 71.4 yuan; the disk processing fee was 134.1 yuan/ton, a decrease of 72.4 yuan; the main basis was (57), a decrease of 6.0; the PTA warehouse receipt quantity remained unchanged at 29742 [2]. - **MEG**: On September 4, 2025, the MEG主力期价 was 4357 yuan/ton, an increase of 26.0 yuan; the MEG - naphtha was (112.24) yuan/ton, an increase of 5.8 yuan; the MEG domestic price remained unchanged at 4435 yuan; the main basis was 88, an increase of 4.0 [2]. Industrial Chain Start - up Situation - On September 4, 2025, the PX start - up rate was 82.59%, unchanged; the PTA start - up rate was 74.26%, unchanged; the MEG start - up rate was 60.68%, a decrease of 1.09%; the polyester load was 88.16%, an increase of 0.17% [2]. Polyester Product Situation - **Polyester Filament**: The prices of POY150D/48F, FDY150D/96F, and DTY150D/48F remained unchanged at 6860 yuan, 7130 yuan, and 8035 yuan respectively on September 4, 2025. The cash flows of POY, FDY, and DTY also remained unchanged at 101 yuan, (129) yuan, and 76 yuan respectively. The sales rate of polyester filament was 43%, a decrease of 7% [2]. - **Polyester Staple Fiber**: The price of 1.4D direct - spun polyester staple fiber remained unchanged at 6575 yuan on September 4, 2025. The cash flow of polyester staple fiber remained unchanged at 166 yuan, and the sales rate was 39%, a decrease of 2% [2]. - **Polyester Chip**: The price of semi - glossy chips remained unchanged at 5795 yuan on September 4, 2025. The cash flow of chips remained unchanged at (64) yuan, and the sales rate was 49%, an increase of 3% [2]. Device Maintenance Dynamics - A 2.5 - million - ton PTA device in South China started maintenance on September 4, 2025, and another 2.5 - million - ton device is expected to stop for maintenance around August 23, with an expected maintenance time of more than one month [2].

Report Industry Investment Ratings - Not provided in the given content Core Views - **Polyester Industry**: Short - term PX, PTA, short - fiber, and bottle - chip prices follow oil prices, with limited upward drivers. Ethylene glycol has a "strong present, weak future" pattern. Strategies vary by product, such as PX11 and TA being under observation, and attention to support levels [2]. - **Fertilizer Industry**: Urea futures face pressure due to weak demand and high supply. It is advisable to monitor the recovery of industrial demand in North China after the parade [5]. - **Methanol Industry**: Methanol supply is abundant in September, while traditional downstream demand is weak. Attention should be paid to the restart of port MTO devices and inventory digestion [12]. - **Crude Oil Industry**: OPEC + supply news increases concerns about a supply surplus in the fourth quarter. The oil price is likely to be weak, and a bearish strategy is recommended [15]. - **Polyolefin Industry**: In September, the polyolefin market shows a pattern of "decreased supply and increased demand", with controllable inventory pressure. It is suggested to hold the expanding position of the LP01 contract [22]. - **Chlor - alkali Industry**: Caustic soda prices may remain firm in the short - term, and PVC is expected to continue weak and volatile [30]. - **Pure Benzene - Styrene Industry**: Short - term pure benzene and styrene prices are under pressure, but the downward space is limited if oil prices do not drop sharply. For EB10, short - term support around 6900 can be monitored [34]. Summaries by Related Catalogs Polyester Industry - **Prices and Cash Flows**: On September 3, Brent crude oil (November) was at $67.60/barrel, down 2.2%. Most polyester product prices were stable or slightly decreased, and cash flows showed different changes [2]. - **Supply and Demand**: PX supply is expected to increase, while demand has limited upward potential. PTA supply - demand prospects have improved, but the implementation of device maintenance is not as expected. Other products also have their own supply - demand characteristics [2]. Fertilizer Industry - **Prices and Supply - Demand**: On September 3 - 5, most fertilizer product prices were stable, and urea production and inventory data showed small fluctuations. Urea demand is weak, and supply is relatively sufficient [5]. Methanol Industry - **Prices and Inventory**: On September 3, MA2601 closed at 2382 yuan/ton, up 0.42%. Methanol enterprise, port, and social inventories all increased [12]. - **Supply and Demand**: In September, methanol supply is high, and traditional downstream demand is weak. Attention should be paid to the restart of port MTO devices [12]. Crude Oil Industry - **Prices and Spreads**: On September 4, Brent was at $67.39/barrel, down 0.31%. Most oil - related prices and spreads changed slightly, and the crack spread of refined oil increased slightly [15]. - **Supply and Demand**: OPEC + supply news intensifies concerns about a supply surplus in the fourth quarter, and the oil price is likely to be weak [15]. Polyolefin Industry - **Prices and Inventory**: On September 3, L2601 closed at 7247 yuan/ton, down 0.07%. PE and PP enterprise and social inventories increased [22]. - **Supply and Demand**: In September, PE supply pressure is limited, and PP shows a pattern of "both supply and demand increasing". Downstream demand has increased slightly [22]. Chlor - alkali Industry - **Prices and Inventory**: On September 3, the price of Shandong 32% liquid caustic soda was stable, and the price of PVC was also stable. Chlor - alkali inventories showed different changes [30]. - **Supply and Demand**: Caustic soda supply will gradually recover, and demand may increase. PVC supply is expected to increase, while demand remains weak [30]. Pure Benzene - Styrene Industry - **Prices and Inventory**: On September 3, CFR China pure benzene was at $734/ton, up 0.8%. Pure benzene and styrene port inventories increased [34]. - **Supply and Demand**: Pure benzene supply is expected to remain high, and demand support is weakening. Styrene supply is high in the short - term, but there are expectations of improvement in supply - demand later [34].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For PTA, focus on opportunities to expand processing fees on dips and the restart progress of Hengli Huizhou [3]. - For MEG, in the short - term, EG port inventories are expected to decline. The situation is good and the benefits are not low. The far - month is expected to accumulate inventories with the return of maintenance and new device production, but the valuation is greatly affected by the subsequent evolution of the cost side, and it should be regarded as a wide - range shock. Pay attention to the restart progress of Satellite and Xinrun [4]. - For polyester staple fiber, after the finished product inventory of polyester yarn accumulates, the speed of increasing load may slow down. The staple fiber is expected to maintain a high start - up rate with acceptable spot benefits, and the processing fee should be regarded as oscillatory [4]. - For natural rubber and 20 - grade rubber, the main contradictions are that the national explicit inventory is stable and at a relatively low absolute level, and the price of Thai cup lump rubber is stable with rainfall affecting tapping. The strategy is to wait and see [4]. 3. Summary by Relevant Catalogs PTA - **Price and Transaction**: PTA spot daily average transaction basis is 2509(-2) [3]. - **Device Changes**: Sanfangxiang's 1.2 million - ton device is under maintenance, and Dushan Energy's 2.5 million - ton device is under maintenance [3]. - **Market Situation**: After the recent TA maintenance, the start - up rate decreased month - on - month. Polyester load was basically stable, inventory decreased significantly, basis weakened month - on - month, and spot processing fee weakened. PX domestic start - up decreased slightly, overseas devices ran smoothly, PXN weakened month - on - month, disproportionation benefits improved while isomerization benefits weakened slightly, and the US - Asia aromatics spread remained [4]. - **Future Outlook**: TA accidental maintenance increases, polyester start - up continues to rise and the inventory is relatively healthy, so the load is expected to be maintained. The supply of raw material PX will gradually return, and the near - end supply - demand pattern of TA is expected to continue to improve [4]. MEG - **Price and Transaction**: MEG spot basis is around (+64) to 01 [4]. - **Device Changes**: Xinjiang Tianying's 150,000 - ton device restarted, and Shaanxi Weihua's 300,000 - ton device is under maintenance [4]. - **Market Situation**: Recently, the domestic oil - based production capacity increased, the coal - based start - up rate decreased slightly, the overall load increased, overseas accidental maintenance increased, port inventory continued to decline due to low arrivals and stable shipments during the week, downstream stocking levels increased, basis strengthened month - on - month, and the benefit ratio remained [4]. - **Future Outlook**: In the short term, due to few arrivals, EG port inventory is expected to continue to decline. The situation is good and the benefits are not low. In the far - month, with the return of maintenance and new device production, there is an expectation of inventory accumulation, but the valuation is greatly affected by the subsequent evolution of the cost side, and it should be regarded as a wide - range shock. Pay attention to the restart progress of Satellite and Xinrun [4]. Polyester Staple Fiber - **Price and Production**: The load of polyester staple fiber remained stable at 92%, and the load of recycled cotton - type was 51%. The short - fiber profit and pure - polyester yarn profit changed, and the differences between cotton - polyester staple and viscose - polyester staple also changed [4]. - **Market Situation**: The start - up of polyester yarn was stable, raw material stocking decreased, and finished product inventory increased. The benefits were weak [4]. - **Future Outlook**: After the finished product inventory of polyester yarn accumulates, the speed of increasing load may slow down. The staple fiber is expected to maintain a high start - up rate with acceptable spot benefits, and the processing fee should be regarded as oscillatory [4]. Natural Rubber and 20 - grade Rubber - **Price Changes**: Prices of various types of rubber such as US - dollar - denominated Thai standard rubber, Thai mixed rubber, etc. changed. The weekly changes of some varieties were significant, such as a 35 - unit increase in US - dollar - denominated Thai standard rubber [4]. - **Market Indicators**: Indicators such as the spread between mixed rubber and RU main contract, US - dollar - denominated Thai standard rubber and NR main contract changed, and the warehouse receipts of RU on the Shanghai Futures Exchange increased [4]. - **Main Contradictions**: The national explicit inventory is stable and at a relatively low absolute level, and the price of Thai cup lump rubber is stable with rainfall affecting tapping [4]. - **Strategy**: Wait and see [4]. Styrene - **Price Changes**: Prices of raw materials such as ethylene, pure benzene, and product prices of styrene, EPS, etc. decreased. For example, the price of pure benzene (CFR China) decreased from 751 on August 25 to 742 on August 29 [7]. - **Profit Changes**: The domestic profit of styrene, EPS, PS, etc. changed. The domestic profit of EPS decreased by 20 units on August 29 compared with August 25 [7].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, with increased unexpected TA maintenance, rising polyester开工, and returning PX supply, the near - term supply - demand pattern is expected to improve. Attention should be paid to opportunities to expand processing fees at low prices and the restart progress of Hengli Huizhou [3]. - For MEG, although the EG开工 has risen to a relatively high level, port inventories are expected to remain low in the short term. The far - month is expected to accumulate inventory, and it is regarded as a wide - range shock. Attention should be paid to the restart progress of Satellite and Xinrun [9]. - For polyester staple fiber, as the destocking of polyester yarn end products accelerates, restocking demand emerges. With high - level staple fiber开工 and continued destocking, attention should be paid to opportunities to expand processing fees at low prices [9]. - For natural rubber and 20 - number rubber, the national explicit inventory remains stable at a non - high level without seasonal destocking, and the price of Thai cup rubber rebounds due to rainfall affecting tapping. The strategy is to wait and see [9]. Summary by Related Catalogs PTA - **Data Changes**: From August 22 to 28, 2025, the PTA spot price decreased by 60 yuan, and the polyester profit increased by 35 yuan. The TA basis decreased by 3, and the daily average sales ratio increased by 0.25. The PTA spot transaction average daily basis for 2509 increased by 25 [2]. - **Device Changes**: Sanfangxiang's 1.2 - million - ton device and Dushan Energy's 2.5 - million - ton device are under maintenance [3]. - **Market Situation**: Near - end TA unexpected maintenance increases, resulting in a significant decline in开工. Polyester负荷 continues to rise, inventory decreases month - on - month, the basis strengthens slightly, and spot processing fees improve. PX domestic开工 rises slightly, overseas devices restart, and开工 rebounds significantly. The PXN strengthens month - on - month, the disproportionation benefit weakens, and the isomerization benefit reaches a high level. The US - Asia aromatics transfer volume is relatively small [3]. MEG - **Data Changes**: From August 22 to 28, 2025, the MEG outer - market price decreased by 3 US dollars, the inner - market price decreased by 26 yuan, and the coal - based profit decreased by 26 yuan. The MEG basis for 01 increased by 62 [9]. - **Device Changes**: Xinjiang Tianying's 150,000 - ton device restarts, and Shaanxi Weihua's 300,000 - ton device is under maintenance [9]. - **Market Situation**: Near - end domestic oil - based devices restart, coal - based开工 declines slightly, and overall负荷 rebounds. Weekly arrivals decline while shipments remain stable, leading to a decrease in port inventory. Downstream restocking levels remain stable, the basis remains strong, and the benefit ratio remains basically stable month - on - month [9]. Polyester Staple Fiber - **Data Changes**: From August 22 to 28, 2025, the price of 1.4D cotton - type staple fiber decreased by 25 yuan, and the short - fiber profit increased by 25 yuan [9]. - **Device Changes**: Not mentioned in the content - **Market Situation**: Near - end Chuzhou Xingbang and Ningbo Zhuocheng increase production, and开工 rebounds slightly to 91.9%. Sales remain basically stable, and inventory decreases month - on - month. On the demand side, the polyester yarn end开工 rises, raw material restocking increases, and finished - product inventory continues to decrease, with weak benefits [9]. Natural Rubber & 20 - Number Rubber - **Data Changes**: From August 22 to 28, 2025, the price of US - dollar Thai standard spot increased by 10 US dollars, and the RU main contract price increased by 225 yuan [9]. - **Device Changes**: Not mentioned in the content - **Market Situation**: The national explicit inventory remains stable at a non - high level without seasonal destocking, and the price of Thai cup rubber rebounds due to rainfall affecting tapping [9]. Styrene - **Data Changes**: From August 22 to 28, 2025, the price of pure benzene (CFR China) remained unchanged, and the price of styrene (Jiangsu) decreased by 55 yuan [12]. - **Device Changes**: Not mentioned in the content - **Market Situation**: Not mentioned in the content

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, with an increase in unexpected maintenance, continuous recovery of polyester开工 and relatively healthy inventory, there is still room for load - up. The supply of raw material PX is gradually returning, and the near - term supply - demand pattern of TA is expected to continue to improve. Attention should be paid to the opportunity of expanding processing fees at low prices and the restart progress of Hengli Huizhou [2][3][7] - For MEG, the near - term domestic oil - based restart and a slight decline in coal - based开工 lead to an overall increase in load. With a decline in arrivals and stable shipments during the week, port inventory is decreasing. The downstream stocking level is stable, the basis is strongly maintained, and the profit - to - price ratio is basically stable month - on - month. In the future, although the EG开工 has risen to a relatively high level, port inventory is expected to remain low in the short term due to fewer arrivals. The pattern is good and the profit is not low. In the far - month, there is an expectation of inventory accumulation with the return of maintenance and the commissioning of new devices, but the valuation is greatly affected by the subsequent evolution of the cost side, and it should be regarded as a wide - range shock. Attention should be paid to the restart progress of Satellite and Xinrun [7] - For polyester staple fiber, the开工 of near - end Chuzhou Xingbang and Ningbo Zhuocheng has increased slightly to 91.9%, the production and sales are basically stable, and the inventory has decreased month - on - month. On the demand side, the开工 of polyester yarn has increased, raw material stocking has increased, and finished product inventory has continued to decrease, but the profit is weak. In the future, as the inventory reduction speed of polyester yarn finished products has accelerated, the stocking demand has emerged. The开工 of staple fiber remains high but has not increased significantly. With the continuation of inventory reduction, attention should be paid to the opportunity of expanding processing fees at low prices [7] - For natural rubber and 20 - number rubber, the main contradiction is that the national explicit inventory is stable, the absolute level is not high, but there is no seasonal inventory reduction, and the price of Thai cup rubber has rebounded due to rainfall affecting rubber tapping. The strategy is to wait and see [7] Summary by Related Catalogs PTA - **Price and Index Changes**: From August 19 to August 25, 2025, crude oil rose from 65.8 to 68.8, PTA internal spot goods rose from 4690 to 4850, and PTA processing difference rose from 128 to 175. The daily average transaction basis of PTA spot is 2509(+22). The new 1.6 - million - ton line of Sanfangxiang's new device has been put into production [2] - **Market Situation**: With an increase in unexpected near - end TA maintenance, the开工 has decreased significantly. The polyester load has continued to increase, the inventory has decreased month - on - month, the basis has strengthened slightly, and the spot processing fee has improved. The domestic PX开工 has increased slightly [2] MEG - **Price and Index Changes**: From August 19 to August 25, 2025, the price of MEG external disk rose from 523 to 534, the price of MEG internal disk rose from 4458 to 4542, and the coal - based MEG profit rose from 372 to 463. The basis of MEG spot is around 09(+95) [7] - **Device Changes**: Xinjiang Tianying's 150,000 - ton device has restarted, and Shaanxi Weihua's 300,000 - ton device has been under maintenance [7] Polyester Staple Fiber - **Price and Index Changes**: From August 19 to August 25, 2025, the price of 1.4D cotton - type staple fiber rose from 6555 to 6675, and the short - fiber profit rose from 35 to - 14. The spot price is around 6600, and the market basis is around 10 - 130 [7] - **Market Situation**: The开工 of near - end Chuzhou Xingbang and Ningbo Zhuocheng has increased slightly to 91.9%, the production and sales are basically stable, and the inventory has decreased month - on - month. The downstream polyester yarn end has seen an increase in开工, an increase in raw material stocking, and a continuous decrease in finished product inventory, but the profit is weak [7] Natural Rubber & 20 - number Rubber - **Price and Index Changes**: From August 19 to August 25, 2025, the price of US - dollar Thai standard spot remained at 1790, and the price of Shanghai full - latex decreased from 14680 to 14470. The weekly change of RU main contract was 85, and the weekly change of NR main contract was 135 [7] - **Market Situation**: The national explicit inventory is stable, the absolute level is not high, but there is no seasonal inventory reduction. The price of Thai cup rubber has rebounded due to rainfall affecting rubber tapping [7] Styrene - **Price and Index Changes**: From August 19 to August 25, 2025, the price of ethylene (CFR Northeast Asia) remained at 830, the price of pure benzene (CFR China) rose from 747 to 751, and the price of styrene (CFR China) rose from 890 to 905. The daily change of EPS (East China ordinary material) was 150, and the daily change of styrene domestic profit was 0 [9]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report Core Views - For PTA, with low processing fees leading to more additional maintenance, and polyester demand expected to stabilize and have upward flexibility, there is a chance to expand processing fees by buying at low prices [3]. - For MEG, the short - term inventory accumulation pressure is small, and the port inventory is expected to remain low. It is expected to fluctuate widely, and attention should be paid to the restart progress of satellite plants [15]. - For polyester staple fiber, as the downstream inventory is continuously reduced, the downstream start - up may continue to rise. Considering the low processing fees, there is an opportunity to expand processing fees by buying at low prices [15]. - For natural rubber and 20 - number rubber, the national explicit inventory remains stable with no seasonal decline, and the Thai cup - rubber price rebounds due to rainfall affecting tapping. The strategy is to wait and see [15]. 3. Summary by Related Catalogs PTA - **Price and Margin Changes**: From August 14 to August 20, crude oil increased by 1, PX CFR Taiwan increased by 3, PTA inner - market spot remained unchanged, and POY 150D/48F increased by 55. The TA basis decreased by 13, and the production - sales ratio increased by 0.20 [3]. - **Device Changes**: Yisheng Hainan's 2 million - ton plant was under maintenance [3]. - **Weekly Outlook**: The short - term TA start - up rate increased, polyester load rose slightly, and inventory continued to accumulate. PX's domestic start - up rate increased slightly, and overseas start - up rate decreased slightly. In the future, the supply - demand situation is expected to improve, and attention should be paid to the opportunity to expand processing fees [3]. Styrene - **Price Changes**: From August 14 to August 20, the price of styrene (CFR China) increased by 5, while the prices of other related products such as ethylene (CFR Northeast Asia) remained unchanged or decreased slightly. The domestic profits of EPS, PS decreased by 40 [9]. MEG - **Price and Margin Changes**: From August 14 to August 20, the MEG outer - market price increased by 3, the inner - market price increased by 49, and the coal - based profit increased by 49. The total load and other loads remained unchanged [15]. - **Device Changes**: Xinjiang Tianying's 150,000 - ton plant restarted [15]. - **Weekly Outlook**: The domestic start - up rate remained stable, and overseas there were some unexpected maintenance. The port inventory is expected to accumulate in the short - term, and the market is expected to fluctuate widely [15]. Polyester Staple Fiber - **Price and Operation Changes**: From August 14 to August 20, the price of some products such as 1.4D cotton - type staple fiber remained stable, and the start - up rate increased slightly to 91.1%. The inventory remained stable, and the downstream start - up rate increased, and the raw material inventory increased while the finished - product inventory decreased [15]. - **Weekly Outlook**: The downstream start - up may continue to rise, and there is an opportunity to expand processing fees by buying at low prices [15]. Natural Rubber & 20 - Number Rubber - **Price Changes**: From August 14 to August 20, the prices of some products such as US - dollar - denominated Thai standard rubber increased, and the RU main contract and NR main contract prices changed. The weekly changes of some price differences and indicators were also significant [15]. - **Daily View**: The main contradiction is that the national explicit inventory remains stable without seasonal decline, and the Thai cup - rubber price rebounds due to rainfall affecting tapping. The strategy is to wait and see [15].