Report Summary 1. Report Industry Investment Rating No information provided. 2. Report Core View - For PTA, the near - term TA operation rate continues to rise, polyester operation rate slightly declines, inventory accumulates, basis remains strong, and spot processing fees weaken. PX domestic operation rate decreases month - on - month, overseas continues to rise, PXN and its structure continue to weaken. In the future, the contradiction in bottle - grade chips may drag down the polyester load, TA will enter the inventory accumulation stage, and attention should be paid to the opportunity of shorting processing fees at high prices [2]. - For MEG, the near - term maintenance returns, the operation rate rises significantly, port inventory slightly accumulates, downstream stocking levels decline, and basis weakens. The fastest de - stocking stage at ports has passed, and it will transition to a balanced and slightly inventory - accumulating stage. It is expected to be range - bound, and attention should be paid to changes in Iranian imports [7]. - For polyester staple fiber, the near - term device operation is stable, production and sales improve month - on - month, and inventory decreases month - on - month. The downstream polyester yarn operation rate declines, raw material stocking increases, and finished product inventory accumulates month - on - month. It is expected that the processing fee will remain weak, and attention should be paid to whether there will be further production cuts in the industry [7]. - For natural rubber and 20 - grade rubber, the national explicit inventory remains stable, the absolute level is not high, but there is no seasonal de - stocking. The price of Thai cup lump rubber rebounds due to rainfall affecting tapping. The strategy is to wait and see [7]. - For styrene, the prices of some raw materials and products decline. The domestic profits of some products change, and attention should be paid to the market dynamics [11]. 3. Summary by Product PTA - **Price and Index Changes**: From June 11 to 17, 2025, crude oil rose by 3.3, PX CFR Taiwan increased by 18, PTA internal - market spot price rose by 15, while the naphtha cracking spread decreased by 22.10, and PTA processing fee dropped by 88 [2]. - **Device Changes**: The 1.5 - million - ton PTA device of Jiaxing Petrochemical restarted [2]. MEG - **Price and Index Changes**: From June 11 to 17, 2025, the MEG internal - market price rose by 20, and the MEG coal - based profit remained unchanged, while the MEG internal - market cash flow (ethylene) decreased by 76 [7]. - **Device Changes**: The 900,000 - ton device of Satellite was under maintenance, the 400,000 - ton device of Yankuang increased its load, and the 900,000 - ton device of Hengli restarted [7]. Polyester Staple Fiber - **Price and Index Changes**: From June 11 to 17, 2025, the price of 1.4D cotton - type staple fiber rose by 20, short - fiber profit increased by 1, and pure - polyester yarn profit decreased by 20 [7]. - **Operation Conditions**: The near - term device operation was stable at an operation rate of 92.1%, production and sales improved month - on - month, and inventory decreased month - on - month [7]. Natural Rubber and 20 - grade Rubber - **Price and Index Changes**: From June 11 to 17, 2025, the price of Shanghai 3L rubber rose by 50, and the price of Hainan glue rose by 100 [7]. - **Market Conditions**: The national explicit inventory remained stable, the price of Thai cup lump rubber rebounded due to rainfall affecting tapping [7]. Styrene - **Price and Index Changes**: From June 11 to 17, 2025, the pure - benzene (East China) price decreased by 85, the styrene (CFR China) price dropped by 15, and EPS domestic profit increased by 115 [11].

Group 1: Report Industry Investment Rating - No information provided in the document Group 2: Core Views of the Report - For PTA, polyester production has declined, bottle - chip processing fees remain low, TA has sufficient maintenance in the first half of the year and new production plans, and attention should be paid to the opportunity of narrowing the processing fees of far - month TA [1] - For MEG, there are unexpected device problems in the near term, oil - based supply is reduced more than expected while demand has short - term resilience, and port inventory is expected to decrease significantly. Attention should be paid to the phased positive spread opportunity [1] - For polyester staple fiber, the efficiency is low, the supply is high, and the downstream profit is under pressure. The fundamental situation is difficult to improve significantly, but the processing fees on the disk have been compressed to a low level and are expected to remain weak. Attention should be paid to subsequent production reduction actions [1] - For natural rubber, the national explicit inventory has slightly decreased, the absolute level is not high, the price of Thai cup rubber has rebounded slightly, and the current strategy is to wait and see [1] Group 3: Summaries by Related Catalogs PTA - **Market data**: From May 19 - 23, 2025, the average daily trading basis of PTA spot was 2509(+154). The price of crude oil changed by 0.4, PX CFR by - 3, etc. [1] - **Device changes**: Zhongtai's 1.2 million - ton device restarted, Tongkun's 3 million - ton device was under maintenance, and Honggang's 2.5 million - ton device restarted [1] - **Market situation**: PTA plant operation rate increased, polyester operation rate decreased from a high level, inventory continued to decline, basis strengthened, and spot processing fees decreased but remained at a relatively high level; domestic PX operation rate increased, there were unexpected overseas maintenance, PXN slightly decreased, and the isomerization and disproportionation benefits weakened slightly, while the aromatics price difference between the US and Asia increased [1] MEG - **Market data**: From May 19 - 23, 2025, the negotiation price was around 4515 - 4532, and the basis was around 09(+110) [1] - **Device changes**: Sanjiang's 1 million - ton device restarted [1] - **Market situation**: The domestic oil - based operation rate decreased slightly, coal - based devices had both maintenance and restart, the operation rate decreased slightly, port inventory continued to decline due to less arrival, downstream inventory levels decreased, basis strengthened, and profits continued to increase [1] Polyester Staple Fiber - **Market data**: The spot price was around 6571, and the market basis was around 06 - 20 [1] - **Device changes**: Fujian Jinlun was under maintenance, and the operation rate decreased to 93.2% [1] - **Market situation**: Production and sales decreased month - on - month, inventory increased slightly, the operation rate of the polyester yarn end increased, raw material inventory decreased, finished product inventory increased month - on - month, and efficiency continued to weaken [1] Natural Rubber - **Market data**: From May 1 - 2, 2025, the prices of various types of natural rubber such as 20 - number rubber, US - dollar Thai mixed rubber, etc. showed different degrees of change [1] - **Market situation**: The national explicit inventory slightly decreased, the price of Thai cup rubber rebounded slightly, and the current strategy is to wait and see [1] Other Chemical Products (Ethylene, Pure Benzene, etc.) - **Market data**: From May 19 - 23, 2025, the prices of ethylene, pure benzene, styrene, etc. changed to different extents, and the domestic profits of ABS, EPS, PS, etc. also changed [1] - **Market situation**: The prices and profits of various chemical products fluctuated, and the operation rates of EPS, ABS, and PS also showed different trends [1]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - For PTA, the near - term TA start - up has declined, polyester start - up has increased, inventory has decreased month - on - month, the basis has strengthened, and the spot processing fee has decreased month - on - month but remains at a relatively high level. Consider shorting the far - month TA processing fee [2]. - For MEG, the near - term domestic coal - based restart and oil - based maintenance have kept the start - up stable. The port inventory has decreased slightly, the downstream inventory level has decreased slightly, the basis has strengthened, and the profitability has improved month - on - month. Pay attention to the dynamics of ethane - based plants [3]. - For polyester staple fiber, the start - up has increased to 94.1%, sales have improved month - on - month, and inventory has remained stable. The downstream fundamentals are expected to be under pressure, but the futures processing fee has been compressed to a relatively low level, so it is expected to remain weak [3]. - For natural rubber and 20 - grade rubber, the main contradictions are the low absolute level of national explicit inventory, a slight rebound in the price of Thai cup lump rubber, and the storage purchase. The strategy is to wait and see [3]. Group 3: Summary by Product PTA - **Price and Margin Changes**: From April 30 to May 9, the price of PTA spot increased by 100, the spot processing fee decreased by 7.0, and the polyester gross profit decreased by 23. The basis increased by 30, and the sales - to - production ratio increased by 0.15 [2]. - **Device Changes**: Taihua's 1.5 million - ton plant was under maintenance, Honggang's 2.5 million - ton plant was under maintenance, and Tongkun Jiatong's 3 million - ton plant restarted [2]. MEG - **Price and Margin Changes**: From April 30 to May 9, the MEG domestic price increased by 39, the coal - based profit increased by 75.96, and the domestic cash flow (ethylene) increased by 38 [3]. - **Device Changes**: Shanghai Petrochemical's 380,000 - ton plant restarted, Guizhou Qianxi's 300,000 - ton plant was under maintenance, and CNOOC Shell's 400,000 - ton plant was under maintenance [3]. Polyester Staple Fiber - **Price and Margin Changes**: From April 30 to May 9, the price of 1.4D cotton - type staple fiber increased by 25, the short - fiber profit decreased by 73, and the pure - polyester yarn profit decreased by 25 [3]. - **Device Changes**: No device maintenance was reported. The start - up rate increased to 94.1% [3]. Natural Rubber & 20 - grade Rubber - **Price Changes**: From April 30 to May 9, the price of US - dollar Thai standard rubber decreased by 15, the price of US - dollar Thai mixed rubber decreased by 20, and the price of RMB mixed rubber decreased by 70 [3]. - **Related Ratios and Profits**: The difference between mixed rubber and RU main contract increased by 20, the difference between US - dollar Thai standard rubber and NR main contract increased by 4, and the Thai standard rubber processing profit decreased by 4 [3]. Styrene - **Price Changes**: From April 30 to May 9, the price of ethylene (CFR Northeast Asia) decreased by 5, the price of pure benzene (CFR China) remained unchanged, and the price of styrene (Jiangsu) decreased by 5 [5]. - **Profit Changes**: The domestic styrene profit increased by 44, the EPS domestic profit decreased by 70, and the PS domestic profit decreased by 69 [5].