1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Short - term PX and PTA prices may maintain a volatile pattern, while in the long - term, attention should be paid to whether the demand side can form continuous pull [4]. - The prices of the industrial chain are expected to maintain a weak and volatile trend in the short term, mainly driven by the contradiction between the continuous compression of PTA processing fees forcing upstream production cuts and the extension of the raw material stocking cycle of weaving enterprises [6]. 3. Summary by Related Catalogs 3.1 Daily Market Summary 3.1.1 PTA & PX - On August 11, the PX main contract closed at 6778.0 yuan/ton, up 0.77% from the previous trading day, with a basis of - 73.0 yuan/ton; the PTA main contract closed at 4706.0 yuan/ton, up 0.47% from the previous trading day, with a basis of - 36.0 yuan/ton [2]. - On the cost side, on August 11, the Brent crude oil main contract closed at 66.32 US dollars/barrel, and WTI closed at 63.35 US dollars/barrel. On the demand side, the total transaction volume of Light Textile City was 467.0 million meters, and the 15 - day average transaction was 479.13 million meters [2]. - On the supply side, a 1.5 - million - ton PTA plant in East China shut down last weekend, and another 2.5 - million - ton PTA plant restarted. Weilian Chemical's 1 - million - ton PX plant recently resumed operation after maintenance at the end of June. Shenghong Refining & Chemical's 4 - million - ton PX plant reduced its load from July 17 to around August 10. Currently, the PTA start - up rate has rebounded, which supports the PX market [2]. - The downstream demand is weak, suppressing the price. The transaction volume of Light Textile City is lower than the 15 - day average, indicating weak procurement sentiment in the terminal textile market. The lack of incremental drivers in the consumption of polyester products such as polyester fiber restricts the recovery space of PTA demand. The increasing negative feedback pressure from downstream may lead to a further decline in the polyester start - up rate, weakening the demand elasticity of PTA [3]. - The PTA factory inventory is at a neutral level, and the current price rebound of PTA is mainly driven by cost and supply reduction expectations rather than inventory depletion. However, if the terminal demand continues to weaken, PTA inventory may accumulate passively, suppressing the medium - term price increase space [4]. 3.1.2 Polyester - On August 11, the short - fiber main contract closed at 6408.0 yuan/ton, up 0.41% from the previous trading day. The spot price in the East China market was 6490.0 yuan/ton, unchanged from the previous trading day, with a basis of 82.0 yuan/ton [5]. - From the supply side, the PX futures price fluctuated widely, and the PTA futures price declined continuously, indicating that the supply pressure at the raw material end was gradually transmitted downstream. On the demand side, the 15 - day moving average of the transaction volume of Light Textile City continued to decline, indicating a marginal weakening of terminal weaving demand. In terms of inventory, the inventory days of polyester short - fiber, FDY, and DTY are all higher than the historical average, reflecting that the industrial chain is in an active de - stocking cycle [5]. 3.2 Industrial Chain Price Monitoring - PX futures: The main contract price increased by 0.77% to 6778 yuan/ton, the main contract trading volume increased by 14.70% to 74,068 lots, and the main contract open interest decreased by 7.36% to 84,351 lots [7]. - PTA futures: The main contract price increased by 0.47% to 4706 yuan/ton, the main contract trading volume increased by 28.06% to 444,706 lots, and the main contract open interest decreased by 2.58% to 682,845 lots [7]. - Short - fiber futures: The main contract price increased by 0.41% to 6408 yuan/ton, the main contract trading volume increased by 0.90% to 110,830 lots, and the main contract open interest increased by 1.19% to 180,318 lots [7]. - Other prices: The prices of most products in the industrial chain remained unchanged on August 11 compared with August 8, except for slight increases in the prices of Brent crude oil and US crude oil main contracts [7]. 3.3 Industry Dynamics and Interpretation 3.3.1 Macroeconomic Dynamics - On August 11, Federal Reserve Governor Bowman supported starting interest rate cuts in September and cutting interest rates three times this year. JPMorgan Chase changed its expectation of the Fed's interest rate cuts this year from once to three times [9]. - On August 11, Guangdong's CPI in July decreased by 0.3% year - on - year, and PPI decreased by 2.0% year - on - year. In July 2025, the national consumer price was flat year - on - year and increased by 0.4% month - on - month; the month - on - month decline of PPI narrowed for the first time since March [9]. - On August 8, Trump nominated Stephen Milan, the chairman of the White House Council of Economic Advisers, to serve as a Federal Reserve governor until January 31, 2026. Waller became a hot candidate for the new Fed chairman. The US Treasury Secretary started the interview process for the Fed chairman. Bostic said that the July employment report changed the Fed's view of the employment target [9]. - On August 8, the Bank of England cut interest rates by 25 basis points, and four voting members supported keeping interest rates unchanged. It was the first time to hold two votes in history. In July, China's imports and exports were 3.91 trillion yuan, an increase of 6.7%. Exports were 2.31 trillion yuan, an increase of 8%; imports were 1.6 trillion yuan, an increase of 4.8% [9]. - On August 8, the central bank increased its gold reserves for the 9th consecutive month, with the gold reserve at the end of July reaching 73.96 million ounces, a month - on - month increase of 60,000 ounces. The People's Bank of China carried out a 700 - billion - yuan outright reverse repurchase operation with a term of 3 months [10]. 3.3.2 Supply and Demand - Demand - On August 11, the total transaction volume of Light Textile City was 467.0 million meters, a month - on - month decrease of 2.51%. The transaction volume of long - fiber fabrics was 383.0 million meters, and the transaction volume of short - fiber fabrics was 86.0 million meters [11].