1. Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core Views PTA - The supply - demand pattern of PTA is expected to be acceptable in the near term, as some polyester factories have made phased replenishments, driving the continuous strengthening of the spot basis. The futures market has also risen significantly following the cost side. It is expected that the PTA spot price will fluctuate with the cost side in the short term, and the spot basis will show a strong - side fluctuation. Attention should be paid to oil price trends and downstream loads [5]. MEG - Last week, the unloading of ethylene glycol at ports was smooth, and with some domestic trade goods being shipped into storage, it is expected that the visible inventory will still rise moderately early next week. Fundamentally, the medium - and long - term inventory accumulation expectation for ethylene glycol still exists, and the available spot in the market will continue to be abundant. It will take time to restore market confidence. Next week is the delivery node, so attention should be paid to the replenishment rhythm of traders in the market. In the short term, the price center of ethylene glycol will mainly be sorted out at a low level, and attention should be paid to the impact of cost and device news [7]. 3. Summary by Directory 3.1. Previous Day's Review - No specific review content was found in the report. 3.2. Daily Tips PTA - **Fundamentals**: On Friday, December cargo was traded around 01 - 10 or at a 70 - point discount to 05, with individual transactions slightly higher at a 55 - point discount to 05, and the price negotiation range was 4680 - 4815. January cargo was traded around 05 - 60 to 70 or at the 01 level. Cargo for mid - to - late February was traded around 05 - 55. The mainstream spot basis today is 01 - 10 [5]. - **Basis**: The spot price is 4765, and the basis of the 05 contract is - 117, indicating a premium on the futures market [5]. - **Inventory**: PTA factory inventory is 3.76 days, a decrease of 0.1 days compared to the previous period [5]. - **Market Chart**: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average [5]. - **Main Position**: The net position is long, changing from short to long [5]. - **Expectation**: As mentioned in the core view [5]. MEG - **Fundamentals**: On Friday, the price center of ethylene glycol fluctuated weakly, and the market buying sentiment was average. The ethylene glycol futures market showed a weak downward trend, and the follow - up of buyers in the market was average. The mainstream negotiation and transaction of next - week's spot were at a discount of 15 - 18 yuan/ton to the 01 contract. Near the end of the session, the ethylene glycol spot price further weakened to around 3600 yuan/ton. In the US dollar market, the center of the ethylene glycol external market weakened slightly, and the negotiation was rather stalemate. In the morning, the negotiation and transaction of December - end and January - shipped goods were around 430 - 435 US dollars/ton. In the afternoon, as the ethylene glycol futures market weakened, the negotiation center of mid - January shipped goods fell to around 428 - 430 US dollars/ton. The negotiation ranges for domestic and external market transactions were 3600 - 3665 yuan/ton and 426 - 438 US dollars/ton respectively [8]. - **Basis**: The spot price is 3625, and the basis of the 05 contract is - 113, indicating a premium on the futures market [8]. - **Inventory**: The total inventory in East China is 84.4 tons, an increase of 2.5 tons compared to the previous period [8]. - **Market Chart**: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average [8]. - **Main Position**: The net position is short, with a reduction in short positions [7]. - **Expectation**: As mentioned in the core view [7]. 3.3. Today's Focus - The report mentions that the short - term commodity market is greatly affected by the macro - level, so attention should be paid to the cost side. For a market rebound, attention should be paid to the upper resistance level [9]. 3.4. Fundamental Data PTA - The PTA supply - demand balance sheet shows data on PTA production capacity, load, output, imports, total supply, polyester production, consumption, exports, total demand, and inventory from January 2024 to December 2025 [11]. MEG - The ethylene glycol supply - demand balance sheet shows data on ethylene glycol production, imports, total supply, polyester production, consumption, exports, total demand, and port inventory from January 2024 to December 2025 [12]. - Price data for various products on December 19 and 18, 2025, including spot prices of naphtha, PX, PTA, MEG, and various polyester products, as well as futures prices and basis, and profit data for different production methods are provided [13]. - There are also multiple charts showing historical data on prices, production margins, inventory, and operating rates of PTA, MEG, PET bottle chips, polyester fibers, etc., from 2019 - 2025 [14][17][20] etc.

Group 1: Oil and Asphalt Industry - The production of asphalt in November decreased, with a utilization rate of 24.8%, down 4.2% month-on-month, while inventory remains at historically low levels. However, demand is expected to weaken due to falling temperatures in the northern regions and limited project increments in the south, leading to a generally weak market outlook [5]. - PX production remains high at 86.8% as of November 14, but with several PTA facilities undergoing maintenance, supply is expected to decline. The PX market may face continuous inventory accumulation in November and December, although long-term supply-demand expectations for next year appear positive [5]. - PTA production is at 72.1% as of November 20, with maintenance extending longer than anticipated. The cancellation of PTA export restrictions by India has improved market conditions, leading to a stronger basis and a recovery in processing margins above 200 CNY/ton [5]. Group 2: Short Fiber and Polyester Industry - Short fiber production remains stable at 97.5%, with inventory increasing slightly to 8.7 days. Demand is moderate, with factories maintaining steady sales, while weaving and texturing operations have slightly decreased [6]. - Bottle chip production is at 81.6% with a decrease in inventory to 16.06 days. Despite low processing margins around 429 CNY/ton, high social inventory and weak demand hinder price improvements [6]. - Pure benzene production is slightly down but remains high, with downstream profits generally in the red, leading to potential production cuts in downstream products. Overall demand is weak, resulting in continued inventory accumulation and a bearish market outlook [6]. Group 3: Cotton and Yarn Market - The increase in new cotton production may not meet expectations, and with low commercial inventory, cotton prices are supported. However, as prices rise, hedging pressures will increase, and recent transactions in the pure cotton yarn market have been weak, with downstream demand primarily driven by necessity [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Polyethylene is in a stage of oscillating downward, and the price center is expected to decline in the later stage. The contract is 12601. With the capacity being put into production, new devices are gradually coming into operation, and the existing production load is also high. Meanwhile, imports are expected to increase in Q4, leading to significant supply pressure. As the demand enters the end of the peak season and struggles to digest the high output, the price center of polyethylene may continue to move downward [3]. 3. Summary According to Relevant Catalogs 3.1 Basis and Spread - **Basis**: Affected by the futures market, the spot price also declined. The basis strengthened overall. The basis in East China strengthened by 60 to around 180 yuan/ton, remained flat in North China at around -20 yuan/ton, and weakened by 10 to around 190 yuan/ton in South China. The non - standard basis showed a similar trend [20]. - **Spread on the Futures Market**: The 1 - 5 spread remained slightly at around -60, at a historical low. The L - PP01 spread climbed above 430 yuan/ton, and the PP - 701 spread was at a high level. Overall, PP faced greater supply pressure (high load and new production), while L had more maintenance and stronger support from agricultural film demand. The methanol market was weak, with port inventories reaching a new high under high imports. The methanol price continued to decline, and the MI0 profit improved month - on - month [28]. 3.2 Domestic Production Profit and Supply - **Cost Curve**: The oil - based process has the largest capacity share, with the East China oil - based cost at 7192 yuan/ton. The coal - based process is an important supplement to domestic PE production, with the Inner Mongolia coal - based cost at 5523 yuan/ton. The light - hydrocarbon process has the second - largest share, but lacks a clear cost calculation formula. The MTO process has a relatively small capacity share, and its marginal impact is limited [54][55][56]. - **Production Profit**: This week, oil prices oscillated and then declined after mid - week. The Brent crude oil price fell below 82 US dollars per barrel. The oil - based profit was at a relatively good level in recent years. The price of Northeast Asian ethylene was weak, and the profit of ethylene procurement improved. Affected by supply tightening and strengthened winter - storage expectations, the price of thermal coal continued to rise, the CTO profit deteriorated but remained high, and the inland MTO profit was under pressure [57][58]. - **Domestic Capacity and Production**: As of October 2025, the new domestic PE capacity totaled 393 million tons, with a capacity growth rate of 10.49%. The planned new capacity in 2025 is 563 million tons, and the capacity growth rate is expected to be 14.91%. This week, the domestic PE output was 67.08 million tons, a decrease of 0.35 million tons compared to the previous week. The operating rate was 82.71%, a decrease of 0.43% compared to the previous week. The maintenance loss was 9.95 million tons, an increase of 1.05 million tons compared to the previous week. New maintenance was added to devices of Wanhua Chemical, Jilin Petrochemical, and Zhongying Petrochemical, and the maintenance devices had not restarted, resulting in a decrease in supply this week [78][79][80]. 3.3 US Dollar Price and Import Profit - **US Dollar Price in the International Market**: The prices in Northwest Europe were at a high level, especially for LD and HD. The US prices declined. The US dollar prices in the Chinese market showed mixed trends, the prices in Southeast Asia decreased slightly with weak demand, and the prices in South Asia remained stable with light trading [96]. - **Domestic and International Price Spread**: The spread between CFR China and the periphery recovered. The import windows for LD and some HD products were open. Recently, the inventory pressure of foreign suppliers has weakened, and the reporting of offers has slowed down [97][107]. 3.4 Downstream Operation and Profit - **Downstream Operation**: The downstream has entered the end of the peak season. The demand for greenhouse films is gradually shrinking, and the operating rate of mulch films has declined from the high level. The operating rate of packaging films increased by 0.3% month - on - month, with some rigid demand remaining. The operating rates of pipes and hollow products increased by 0.3%, while the operating rates of drawing and injection molding decreased by 1% and 0.1% respectively [122]. - **Downstream Profit**: Relevant data showed the profit trends of different types of films such as mulch films and double - protection films, but specific analysis was not provided in the report [123][132]. 3.5 Inventory - This week, the inventory of production enterprises decreased by 2.59 million tons to 50.33 million tons, including a reduction of 2.5 million tons in the inventory of the two major state - owned oil companies and 0.09 million tons in coal - based inventory. The social inventory decreased by 1.42 million tons to 48.59 million tons. The increase in upstream maintenance and active inventory reduction, combined with the rigid demand consumption of downstream enterprises, led to the reduction of upstream and social inventories [11][150]. 3.6 Position, Trading Volume, and Warehouse Receipts - **Position**: The positions of the 01, 05, and 09 contracts of plastics showed different trends over time [165]. - **Trading Volume**: The trading volumes of the 01, 05, and 09 contracts of plastics also showed different trends over time [167][168][169]. - **Warehouse Receipts**: The number of registered warehouse receipts of L showed a change trend over time [174].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - For PTA, the short - term spot price is expected to fluctuate with the cost side, and the spot basis will fluctuate within a range. Attention should be paid to device changes [5]. - For MEG, the medium - to long - term inventory build - up pressure still exists. In the short term, the price center of gravity is expected to operate weakly, with continuous upward pressure [7]. 3. Summaries According to the Table of Contents 3.1 Previous Day Review - No specific review content provided 3.2 Daily Tips - No specific tip content provided 3.3 Today's Focus - No specific focus content provided 3.4 Fundamental Data - **PTA**: The previous day's futures fluctuated and closed higher. The spot market negotiation atmosphere was fair, the spot basis slightly strengthened, and the far - month basis increased. The mainstream spot basis today is 01 - 70. The PTA factory inventory is 3.97 days, a decrease of 0.12 days compared to the previous period. The 20 - day moving average is upward, and the closing price is above the 20 - day moving average. The main positions have turned from net short to net long [5][6]. - **MEG**: On Wednesday, the price center of gravity of ethylene glycol was weakly adjusted, and the market trading was fair. The spot basis rebounded to a premium of 28 - 29 yuan/ton over the 01 contract at the end of the session. The total inventory in East China is 62.2 tons, an increase of 5.7 tons compared to the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The main positions are net short, and the short positions have increased [7]. 3.5 Price - The price data of various products such as naphtha, PX, PTA, MEG, and polyester products on November 19 and 18, 2025, are given, including spot prices, futures prices, basis, and processing fees [12]. 3.6 Inventory Analysis - The inventory data of PTA, MEG, PET slices, and polyester products in different periods from 2021 - 2025 are presented, such as the available days of in - factory inventory and port inventory [40][42][45]. 3.7 Polyester Upstream and Downstream开工率 - The operating rate data of PTA, PX, ethylene glycol, polyester, and textile enterprises in the polyester industry chain from 2021 - 2025 are provided [52][54][56][57]. 3.8 Profit - The profit data of PTA, MEG, and polyester products from 2022 - 2025 are given, including processing fees and production gross profits [58][61][63][65][66][68]

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - For PTA, the spot basis has been low recently, with reduced trader activity and few bids from polyester factories. However, supported by the cost side and the cancellation of BIS certification in India, the PTA spot price has shown a generally strong and volatile trend. The processing margin remains low, and it is expected to fluctuate following the cost side in the short term, with the spot basis fluctuating within a certain range. Attention should be paid to device changes [5]. - For MEG, the price center has been oscillating strongly, and the basis has been declining. The main port of ethylene glycol has unloaded smoothly this week, and it is expected that the port inventory will continue to rise early next week. Fundamentally, there is still pressure for ethylene glycol to accumulate inventory in the long - term, but the situation has improved in the near - term due to a reduction in partial supply. The future supply changes should be monitored. As the port inventory rises, the liquidity of on - site goods increases, and the ethylene glycol spot basis is expected to weaken. Attention should be paid to the outflow speed of warehouse receipts in northern Jiangsu. In the short term, the price center of ethylene glycol will be adjusted widely, but there is still upward pressure [7]. Summary by Directory 1.前日回顾 - There is no specific content about the previous day's review in the provided text. 2.每日提示 - **PTA**: - Fundamentals: On Friday, the mainstream negotiation and transaction price in November was around a discount of 75 to the 01 contract, with some slightly lower. The price negotiation range was around 4610 - 4660. There was a transaction at 01 - 71 at the beginning of December. Today's mainstream spot basis is 01 - 75, showing a neutral situation. - Basis: The spot price is 4637, and the basis of the 01 contract is - 63, with the futures price higher than the spot price, showing a neutral situation. - Inventory: The PTA factory inventory is 3.97 days, a decrease of 0.12 days compared to the previous period, showing a positive situation. - Disk: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, showing a positive situation. - Main force position: The net long position is increasing, showing a positive situation [5]. - **MEG**: - Fundamentals: On Friday, the price center of ethylene glycol oscillated strongly, and the basis declined. During the night session, ethylene glycol opened higher and moved up. The mainstream spot negotiation was around a premium of 55 - 60 yuan/ton to the 01 contract. During the day, the ethylene glycol disk remained high and strong, and the spot basis continued to weaken. In the afternoon, the transaction was around a premium of 46 - 48 yuan/ton to the 01 contract. In terms of US dollars, the center of the ethylene glycol outer market moved up, and the mainstream negotiation of recent shipments was around 467 - 470 US dollars/ton. There was a transaction of Taiwan tender goods at around 475 US dollars/ton, with a cargo volume of 5000 tons. The negotiation ranges for domestic and foreign market transactions are 3957 - 4003 yuan/ton and 467 - 473 US dollars/ton respectively, showing a neutral situation. - Basis: The spot price is 3982, and the basis of the 01 contract is 60, with the spot price higher than the futures price, showing a neutral situation. - Inventory: The total inventory in East China is 62.2 tons, an increase of 5.7 tons compared to the previous period, showing a negative situation. - Disk: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average, showing a negative situation. - Main force position: The main force has a net short position, and the long position has turned to a short position, showing a negative situation [7][8]. 3.今日关注 - There is no specific content about what to focus on today in the provided text. 4.基本面数据 - **PTA Supply - Demand Balance Sheet**: It shows the supply - demand situation of PTA from January 2024 to December 2025, including capacity, production, import, export, consumption, and inventory data, as well as the year - on - year changes in supply and demand and the inventory - consumption ratio [10]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It shows the supply - demand situation of ethylene glycol from January 2024 to December 2025, including production, import, consumption, port inventory, and inventory changes, as well as the year - on - year changes in supply and demand [11]. - **Price Data**: It includes the prices of various products such as naphtha, p - xylene, PTA, ethylene glycol, polyester fibers, and their futures prices, as well as basis and profit data on November 14 and 13, 2025 [12]. 5.价格 - There are price trend charts for various products such as PET bottle chips (including market price, production gross profit, operating rate, and inventory), PTA (including basis, inter - month spread), MEG (including basis, inter - month spread), and spot spreads (TA - EG spot spread, p - xylene processing spread) from 2021 to 2025 [13][15][24][30][37]. 6.库存分析 - There are inventory trend charts for various products such as PTA factory inventory, MEG port inventory, PET chip factory inventory, and polyester fiber inventory from 2021 to 2025 [40][41][43][45]. 7.聚酯上游开工 - There are operating rate trend charts for upstream products in the polyester industry, including PTA, p - xylene, and ethylene glycol (comprehensive) from 2021 to 2025 [52][53][55]. 8.聚酯下游开工 - There are operating rate trend charts for downstream products in the polyester industry, including the capacity utilization rate of polyester in China and the operating rate of textile enterprises in Jiangsu and Zhejiang from 2021 to 2025 [56][57][58]. 9. PTA加工费 - There is a trend chart of PTA processing fees in China from 2022 to 2025 [59][60]. 10. MEG利润 - There are profit trend charts for different production methods of MEG (methanol - based, coal - based syngas, naphtha - integrated, ethylene - based) in China from 2022 to 2025 [61][62]. 11.聚酯纤维利润 - There are profit trend charts for polyester fiber short - fiber, DTY, POY, and FDY in China from 2022 to 2025 [64][66][67][69].

Report Title PTA&MEG Morning Report - November 13, 2025 [1] Core Views - PTA is expected to fluctuate strongly following the cost side in the short term, with attention to device changes [5]. - MEG is expected to fluctuate and consolidate, with obvious upside pressure [7]. Summary by Section 1. PTA Daily View - **Fundamentals**: PTA futures closed slightly lower yesterday, with a light trading atmosphere in the spot market and fluctuating spot basis. The expected price will follow the cost side to fluctuate strongly in the short term [5]. - **Basis**: The spot price is 4592, and the basis of the 01 contract is -78, with the futures price higher than the spot price, showing a neutral situation [5]. - **Inventory**: PTA factory inventory is 4.09 days, an increase of 0.06 days compared to the previous period, which is bearish [5]. - **Market Trend**: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is bullish [5]. - **Main Position**: The net short position is decreasing, which is bearish [5]. 2. MEG Daily View - **Fundamentals**: On Wednesday, the ethylene glycol market price was sorted out at a low level, and the spot basis weakened. The futures price fluctuated widely at night [8]. - **Basis**: The spot price is 3953, and the basis of the 01 contract is 62, with the spot price higher than the futures price, showing a neutral situation [8]. - **Inventory**: The ethylene glycol port inventory in East China has risen to around 660,000 tons, and there is still room for further accumulation in the short term, which is bearish [7]. - **Market Trend**: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average, which is bearish [8]. - **Main Position**: The net long position is decreasing, which is bullish [7]. 3. Influencing Factors Summary - **Positive Factors**: Weilian Chemical's 2.5 million - ton capacity reduced its load, and Ineos' 1.1 million - ton and Dushan Energy's 2.5 million - ton capacities stopped production [9]. - **Negative Factors**: Yisheng Dalian's 3.75 - million - ton capacity restored its load, and Zhongtai's 1.2 million - ton capacity increased its load to 70% [9]. 4. Price - **Spot Prices**: The price of naphtha CFR Japan increased by 9 to 584.5 dollars/ton; the price of p - xylene (PX) CFR China Taiwan decreased by 17 to 824 dollars/ton; the price of PTA remained unchanged at 4282 yuan/ton; the price of MEG remained unchanged at 3942 yuan/ton [12]. - **Futures Prices**: TA01 increased by 22 to 4670 yuan/ton; EG01 increased by 16 to 3891 yuan/ton [12]. 5. Inventory Analysis - **PTA**: The factory inventory available days in China are presented in a long - term data chart [40]. - **MEG**: The port inventory in East China is presented in a long - term data chart [40]. 6. Profit - **PTA Processing Fee**: It decreased by 421.295 to 18.18 yuan/ton [12]. - **MEG Profits**: The profits of various production methods such as naphtha - based MEG all decreased [12]. - **Polyester Product Profits**: The profits of POY, FDY, DTY, and polyester staple fiber showed different degrees of change [12].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For PTA, the short - term price is expected to follow the cost side with a strong and volatile trend. The spot market negotiation atmosphere is currently dull, mainly among traders, with few actions from polyester factories. The spot basis is running at a low level near the risk - free arbitrage, and the market sentiment is wait - and - see [5]. - For MEG, it is expected to fluctuate and consolidate, with obvious resistance above. The port inventory has increased as expected, and the arrival of goods within the week is still relatively large, resulting in weak market sentiment [6]. - The short - term commodity market is greatly affected by the macro - level. Attention should be paid to the cost side, and the upper resistance level needs to be monitored when the market rebounds [7]. 3. Summary According to the Directory 3.1 Previous Day's Review - No relevant information provided 3.2 Daily Tips PTA - Fundamental: The PTA futures fluctuated upward yesterday, the spot market negotiation atmosphere was light, and the spot basis was stable. The negotiation and transaction price in mid - and late November was around 4565 - 4640, and the mainstream spot basis today is 01 - 78 [5]. - Basis: The spot price is 4594, the basis of the 01 contract is - 110, and the futures price is at a premium [5]. - Inventory: The PTA factory inventory is 4.09 days, a week - on - week increase of 0.06 days [5]. - Market: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average [5]. - Main Position: The net short position has decreased [5]. MEG - Fundamental: On Monday, the price of ethylene glycol fluctuated widely, and the market negotiation was average. The port inventory of ethylene glycol has increased as expected, and the arrival of goods within the week is still relatively large, leading to weak market sentiment. The spot transaction was around a premium of 67 - 72 yuan/ton over the 01 contract [6]. - Basis: The spot price is 4008, the basis of the 01 contract is 55, and the futures price is at a discount [6]. - Inventory: The total inventory in East China is 56.7 tons, a week - on - week increase of 6.7 tons [6]. - Market: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average [6]. - Main Position: The main position has changed from short to long [6]. 3.3 Today's Focus PTA - The short - term price is expected to follow the cost side with a strong and volatile trend. Attention should be paid to the changes in the device [5]. MEG - It is expected to fluctuate and consolidate, with obvious resistance above. Attention should be paid to the inventory changes [6]. 3.4 Fundamental Data PTA Supply - Demand Balance Sheet - From 2024 to 2025, the PTA production capacity has been increasing, and the supply and demand situation has changed. For example, in 2024, the supply growth rate was relatively high in some months, and the inventory also changed accordingly [8]. Ethylene Glycol Supply - Demand Balance Sheet - From 2024 to 2025, the production and supply of ethylene glycol have changed, and the demand from the polyester industry has also affected its supply - demand balance. The port inventory has also shown different trends in different periods [9]. Price Data - On November 10, 2025, compared with November 7, 2025, the prices of some products such as naphtha, p - xylene, PTA, and MEG have changed. For example, the spot price of naphtha (CFR Japan) increased by 9 to 584.5 dollars/ton, and the PTA processing fee decreased by 382.778 to 56.7 yuan/ton [10].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - For crude oil, although the geopolitical premium has disappeared and OPEC's production increase is minimal, supply has not yet increased significantly, so short - term bearish sentiment on oil prices should be cautious. Maintain a range - trading strategy of buying low and selling high, but currently wait and see to test OPEC's export price - support intention [2] - For methanol, with rising domestic production and high imports, supply pressure increases. Demand is weak, leading to high enterprise and port inventories. The weak reality remains unchanged, and the high - inventory problem of the 01 contract may further suppress the spot price. It is recommended to wait and see [3] - For urea, prices are consolidating at a low level with low volatility. The fundamentals lack drivers, and supply and demand are relatively loose. There is limited upward momentum, but the downside space is also limited at current low prices. It is advisable to wait and see [5] - For rubber, prices are rebounding as expected. Set stop - losses and conduct short - term long trades on pullbacks. Partially build positions for the hedge of buying RU2601 and selling RU2609 [11] - For PVC, the supply is strong and demand is weak, with poor export prospects. There is continuous inventory accumulation pressure. It is recommended to consider short - selling on rallies in the medium term [13] - For pure benzene and styrene, pure benzene prices are falling, while styrene futures prices are rising. The BZN spread has room for upward repair. Styrene prices may stop falling in the short term due to high - level inventory reduction [16] - For polyethylene, the PE valuation has limited downward space, but high - level warehouse receipts suppress the market. With the arrival of the seasonal peak season, prices may remain range - bound at a low level [19] - For polypropylene, in a context of weak supply and demand with high inventory pressure, there is no prominent short - term contradiction. The price may be supported when the supply - surplus situation of the cost side changes in the first quarter of next year [22] - For PX, it is expected to have a slight inventory increase in November, with prices mainly following crude oil fluctuations. There may be opportunities for valuation increases in the medium term [25] - For PTA, continuous inventory accumulation is expected in November, and processing fees are under pressure. There may be opportunities for PTA to strengthen driven by the increase in PXN in the medium term [28] - For ethylene glycol, there is expected to be continuous inventory accumulation in the fourth quarter. It is recommended to short on rallies [30] Group 3: Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures closed up 0.10 yuan/barrel, a 0.02% increase, at 460.60 yuan/barrel. Singapore's ESG gasoline inventory decreased by 0.56 million barrels to 12.78 million barrels, a 4.17% decrease; diesel inventory increased by 0.69 million barrels to 9.22 million barrels, an 8.14% increase; fuel oil inventory decreased by 0.30 million barrels to 24.48 million barrels, a 1.21% decrease; total refined oil inventory decreased by 0.16 million barrels to 46.48 million barrels, a 0.35% decrease [5][6] Methanol - **Market Information**: The price in Taicang increased by 17, remained stable in Inner Mongolia, and increased by 15 in southern Shandong. The 01 contract of the futures market decreased by 13 yuan to 2112 yuan/ton, with a basis of - 15. The 1 - 5 spread remained stable at - 101 [2] Urea - **Market Information**: Spot prices in Shandong, Henan, and Hubei increased by 30, 30, and 20 respectively. The 01 contract of the futures market increased by 23 yuan to 1667 yuan, with a basis of - 67. The 1 - 5 spread increased by 16 to - 67 due to news of new export quotas [4] Rubber - **Market Information**: Rubber prices were oscillating. The expected resolution of the US government shutdown and the expected easing of Fed funds are macro - bullish factors. As of November 6, 2025, the operating rate of all - steel tires in Shandong tire enterprises was 65.54%, up 0.21 percentage points from last week and 5.35 percentage points from the same period last year; the operating rate of semi - steel tires in domestic tire enterprises was 74.45%, down 0.24 percentage points from last week and 4.37 percentage points from the same period last year. Semi - steel tire exports slowed down. As of November 2, 2025, China's natural rubber social inventory was 105.6 tons, an increase of 1.7 tons or 1.6% [9][10] PVC - **Market Information**: The PVC01 contract decreased by 19 yuan to 4611 yuan. The spot price of Changzhou SG - 5 was 4520 yuan/ton, with a basis of - 91 (+19) yuan/ton. The 1 - 5 spread was - 304 (-1) yuan/ton. The overall operating rate of PVC was 80.8%, up 2.5%; the operating rate of the calcium carbide method was 81.2%, up 3.8%; the operating rate of the ethylene method was 79.7%, down 0.5%. The overall downstream operating rate was 49.6%, down 0.9%. Factory inventory was 33.5 tons (-0.3), and social inventory was 104 tons (+1.2) [11] Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene in East China was 5310 yuan/ton, a decrease of 112 yuan/ton; the closing price of the active contract was 5422 yuan/ton, a decrease of 112 yuan/ton; the basis was - 112 yuan/ton, a narrowing of 24 yuan/ton. The spot price of styrene was 6350 yuan/ton, unchanged; the closing price of the active contract was 6317 yuan/ton, an increase of 17 yuan/ton; the basis was 33 yuan/ton, a weakening of 17 yuan/ton. The BZN spread was 88.25 yuan/ton, a decrease of 1.25 yuan/ton; the profit of non - integrated EB plants was - 471.9 yuan/ton, an increase of 25 yuan/ton; the spread between EB continuous 1 and continuous 2 was 69 yuan/ton, a narrowing of 19 yuan/ton. The upstream operating rate was 66.94%, up 0.22%; the inventory at Jiangsu ports was 17.93 tons, a decrease of 1.37 tons. The weighted operating rate of three S products was 40.79%, down 1.29%; the operating rate of PS was 53.50%, up 1.50%; the operating rate of EPS was 53.95%, down 8.30%; the operating rate of ABS was 71.60%, down 0.50% [15] Polyethylene - **Market Information**: The closing price of the main contract was 6802 yuan/ton, a decrease of 3 yuan/ton; the spot price was 6850 yuan/ton, a decrease of 25 yuan/ton; the basis was 48 yuan/ton, a weakening of 22 yuan/ton. The upstream operating rate was 83.43%, down 0.31%. The production enterprise inventory was 49.02 tons, an increase of 7.42 tons; the trader inventory was 5.01 tons, an increase of 0.03 tons. The downstream average operating rate was 44.85%, down 0.52%. The LL1 - 5 spread was - 79 yuan/ton, an expansion of 2 yuan/ton [18] Polypropylene - **Market Information**: The closing price of the main contract was 6464 yuan/ton, a decrease of 7 yuan/ton; the spot price was 6510 yuan/ton, a decrease of 20 yuan/ton; the basis was 46 yuan/ton, a weakening of 13 yuan/ton. The upstream operating rate was 77.94%, down 0.61%. The production enterprise inventory was 59.99 tons, an increase of 0.48 tons; the trader inventory was 22.86 tons, an increase of 1.5 tons; the port inventory was 6.46 tons, a decrease of 0.07 tons. The downstream average operating rate was 53.14%, up 0.52%. The LL - PP spread was 338 yuan/ton, an expansion of 4 yuan/ton [21] PX - **Market Information**: The PX01 contract decreased by 40 yuan to 6780 yuan; PX CFR decreased by 3 dollars to 823 dollars; the basis was - 61 yuan (+12); the 1 - 3 spread was 2 yuan (+6). The PX load in China was 89.8%, up 2.8%; the Asian load was 80.2%, up 2.1%. The FJDH plant in China and the FCFC plant in Taiwan restarted. The PTA load was 76.4%, down 1.2%. In October, South Korea's PX exports to China were 42.6 tons, an increase of 4.7 tons year - on - year. The inventory at the end of September was 402.6 tons, an increase of 10.8 tons month - on - month. The PXN was 250 dollars (+11), the South Korean PX - MX was 110 dollars (+5), and the naphtha crack spread was 110 dollars (-2) [24] PTA - **Market Information**: The PTA01 contract decreased by 24 yuan to 4664 yuan. The East China spot price increased by 35 yuan/ton to 4575 yuan. The basis was - 78 yuan (+2), and the 1 - 5 spread was - 64 yuan (-2). The PTA load was 76.4%, down 1.2%. The downstream load was 91.5%, down 0.2%. The social inventory (excluding credit warehouse receipts) on October 31 was 220.7 tons, an increase of 0.6 tons. The spot processing fee of PTA increased by 53 yuan to 167 yuan, and the futures processing fee increased by 2 yuan to 216 yuan [26] Ethylene Glycol - **Market Information**: The EG01 contract increased by 18 yuan to 3942 yuan. The East China spot price increased by 41 yuan to 4013 yuan. The basis was 70 yuan (-4), and the 1 - 5 spread was - 77 yuan (+3). The ethylene glycol load was 72.4%, down 3.8%; the load of synthetic gas production was 71.9%, down 11.5%; the load of ethylene production was 72.7%, up 0.7%. The import arrival forecast was 18.9 tons, and the East China departure on November 6 was 1.1 tons. The port inventory was 56.2 tons, an increase of 3.9 tons. The profit of naphtha - based production was - 825 yuan, the profit of domestic ethylene - based production was - 649 yuan, and the profit of coal - based production was 628 yuan. The cost of ethylene remained unchanged at 740 dollars, and the price of Yulin pit - mouth bituminous coal fines decreased to 540 yuan [29]

Report Summary 1. Investment Rating - Unilateral: Neutral; - Inter - term: PL01 - 02 reverse spread on rallies; - Inter - variety: None [4] 2. Core View - The supply - demand situation of propylene remains relatively loose. The supply is expected to increase due to the restart of propylene plants in North China and the resumption of maintenance units. The demand is mainly rigid, with downstream replenishment being cautious. The cost support is weakening as crude oil prices are falling with OPEC+ production increase expectations. In the short term, there is insufficient upward driving force, and attention should be paid to the cost side and PDH plant start - stop status [3] 3. Summary by Catalog 3.1 Market News and Key Data - Propylene: The closing price of the main contract is 6205 yuan/ton (+93), the spot price in East China is 6060 yuan/ton (-15), and in North China is 5985 yuan/ton (-25). The basis in East China is - 145 yuan/ton (-108), and in North China is - 147 yuan/ton (-45). The operating rate is 74% (-1%), the spread between China's propylene CFR and Japan's naphtha CFR is 176 US dollars/ton (-6), the spread between propylene CFR and 1.2 propane CFR is 98 US dollars/ton (-10), the import profit is - 251 yuan/ton (+136), and the in - plant inventory is 46260 tons (+4770) [2] - Propylene downstream: PP powder operating rate is 41% (+2.74%), production profit is - 5 yuan/ton (+25); epoxy propane operating rate is 68% (+0%), production profit is - 389 yuan/ton (-32); n - butanol operating rate is 86% (-4%), production profit is - 73 yuan/ton (+15); octanol operating rate is 88% (-4%), production profit is - 381 yuan/ton (+18); acrylic acid operating rate is 74% (-1%), production profit is 747 yuan/ton (+11); acrylonitrile operating rate is 79% (+0%), production profit is - 394 yuan/ton (+52); phenol - acetone operating rate is 78% (+0%), production profit is - 329 yuan/ton (+0) [2] 3.2 Market Analysis - Supply side: Propylene supply is expected to increase due to the restart of plants in North China, reduction of external propylene procurement in some areas, and the resumption and capacity increase of maintenance units. Some enterprises offer discounts to sell [3] - Demand side: Downstream replenishment is cautious due to the loosening of propylene prices. The overall downstream operating rate has declined. The supply of PO is stable for now, and the demand is mainly rigid. The acrylic acid plant has seen a significant decline in operating rate due to centralized maintenance, but some plants are expected to restart. The operating rate of PP powder has increased, while that of butanol and octanol has decreased significantly [3] - Cost side: Crude oil prices are falling with OPEC+ production increase expectations, and the cost support is weakening [3] 3.3 Strategy - Unilateral: Neutral; - Inter - term: PL01 - 02 reverse spread on rallies; - Inter - variety: None [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - PTA is expected to fluctuate weakly following the cost in the weak supply - demand situation, and the industry should continue the strategy of hedging on rallies in the fourth - quarter inventory accumulation pattern. MEG is expected to maintain a weak pattern, and the industry should continue the strategy of hedging at high levels [1][6]. 3. Summary According to the Table of Contents 3.1 Upstream Analysis of the Industry Chain - **Market Review**: In September, although oil prices rose and cost support was strong, PX downstream demand was sluggish, terminal inventory replenishment was cautious, and the new downstream device commissioning was postponed. The MX - PX spread remained high, and the PX absolute price declined. By September 30, the Asian PX closing price was $808.83/ton CFR China, a decrease of $39.84/ton or 4.69% from August 29 [15][17]. - **Maintenance and Restart**: In September, Tianjin Petrochemical's 300,000 - ton unit and two units of Fuhai Chuang totaling 1.6 million tons restarted after maintenance, while Fujia Dahua's 1.4 million - ton unit was under maintenance. The PX operating rate in September was 89.51%, a month - on - month increase of 0.47% [20]. - **PX - Naphtha Spread**: By September 30, the PX - naphtha spread was $217.1/ton, a decrease of $34.21/ton from August 29. The high PX - MX spread led to high enterprise operating rates, but weak terminal demand and postponed new device commissioning reduced the PX - naphtha spread [23]. 3.2 PTA Fundamental Analysis - **Market Review**: In early September, with increasing crude oil production and weak upstream reality, combined with high PTA supply expectations and limited growth space for polyester demand, PTA prices declined. In the middle of the month, due to the Palestine - Israel conflict and improved Sino - US economic and trade relations, PTA prices recovered intermittently but then fell again. In late September, low processing fees and typhoon - affected device shutdowns in South China, along with weak crude oil, led to a decline in PTA prices. By September 30, the PTA spot price was 4,545 yuan/ton, and the spot basis was 2601 - 55 [24][26]. - **Capacity Utilization**: In September, the PTA capacity utilization rate was 75.78%, a month - on - month increase of 2.40% and a year - on - year decrease of 6.52%. In October, Ineos and Hengli have maintenance plans, and the monthly PTA output may increase significantly, but attention should be paid to whether there will be unexpected production cuts in existing devices [30]. - **Processing Fees**: In September, the PTA monthly average processing fee was 156.94 yuan/ton, a month - on - month decrease of 20.65%. The reduction in the destocking range and lower - than - expected terminal performance limited the improvement of PTA benefits, even with PX price concessions [33]. - **Supply - Demand Balance**: In October, with insufficient PTA device maintenance and the restart of previously shut - down devices, and little change in demand, PTA supply - demand is expected to be in a loose balance [34]. 3.3 MEG Fundamental Analysis - **Market Review**: In September, although the cost side was stable to strong, concerns about future supply - demand inventory accumulation led to a significant decline in MEG prices. Despite the low port inventory and the mid - month inventory reaching a five - year low, the new production affected the futures market, resulting in a pattern of strong basis and weak prices. By September 30, the closing price of Zhangjiagang MEG was 4,275 yuan/ton, and the delivered price in the South China market was 4,410 yuan/ton [39]. - **Capacity Utilization**: In September, the domestic MEG capacity utilization rate was about 66.95%, with the non - coal - based MEG capacity utilization rate at about 66.85% and the coal - based MEG capacity utilization rate at about 67.1% [40]. - **Port Inventory**: As of October 9, the total MEG inventory in the main ports of East China was 443,100 tons, an increase of 88,000 tons or 24.8% from September 29. As of October 8, 2025, the expected total arrival volume of domestic MEG in East China was 203,000 tons [45]. - **Processing Profits**: By September 25, the naphtha - based MEG profit dropped to $129/ton, reaching the lowest level of the year, and the profits of other processes also declined to varying degrees due to weak prices, limited terminal order improvement, and new device commissioning [48]. 3.4 Downstream Demand - Side Analysis of the Industry Chain - **Capacity Utilization**: In September, the average monthly polyester capacity utilization rate was 87.59%, a month - on - month increase of 1.12% due to the restart of some devices and new device commissioning. In October, after successful destocking before the festival, the polyester monthly load is expected to remain stable, but there is a risk of a decline in the second half of October as autumn and winter orders are delivered [49][51]. - **Inventory**: Before the festival, aggressive promotions led to low inventory levels, but inventory increased after the festival as downstream textile manufacturers had holidays. The overall inventory of polyester products is currently in a relatively good state [56]. - **Cash Flow**: With the decline in polymerization costs, polyester product manufacturers offered promotions, compressing local cash flows [59]. - **Weaving Industry**: As of September 25, the comprehensive operating rate of chemical fiber weaving in the Jiangsu and Zhejiang regions was 63.12%, a 0.93% increase from the previous period. The average terminal weaving order days were 15.42 days, an increase of 1 day from the previous week. Due to the National Day holiday and factors such as tariffs and new order supplements, the overall demand is lower than in previous years [64]. 3.5 Summary of the Polyester Industry Chain Fundamentals - **Cost Side**: In September, rising oil prices provided strong cost support, but weak PX downstream demand, cautious terminal inventory replenishment, and postponed new device commissioning led to a decline in the PX absolute price [66]. - **Supply Side**: In September, the PTA capacity utilization rate was 75.78%, and the domestic MEG capacity utilization rate was about 66.95% [67]. - **Demand Side**: In September, the average monthly polyester capacity utilization rate was 87.59%, and the comprehensive operating rate of chemical fiber weaving in the Jiangsu and Zhejiang regions was 63.12%. However, overall demand is lower than in previous years due to various factors [67]. - **Inventory**: PTA supply - demand was in a tight balance before the festival and is expected to move towards a loose balance after the festival. As of October 9, the MEG inventory in the main ports of East China increased by 24.8% from September 29 [67].