Report Summary 1. Report's Industry Investment Rating - Not mentioned in the report. 2. Core Viewpoints - PTA: The sentiment in the commodity market has declined. PX maintains fundamental resilience during its high - level correction. The PTA industry remains strong, with expected record - high production in January 2024 in China, no Spring Festival production cut plans, and no new capacity throughout the year. PX supply is still tight, and the domestic PTA high - operation rate and the limited negative feedback from polyester factory production cuts support the market [3]. - MEG: After a long - term slump overseas, the reduction of ethylene glycol exports from the Middle East has boosted market confidence. The supply contraction due to production line conversion provides room for price increases [3]. 3. Summary by Relevant Catalogs 3.1 Market Data Changes - **Crude Oil and PTA - related**: INE crude oil price increased from 464.2 yuan/barrel on February 9, 2026, to 476.1 yuan/barrel on February 10, 2026, a rise of 11.9 yuan/barrel. PTA - SC decreased by 48.48 yuan/ton, and PTA/SC ratio decreased by 0.0275 [3]. - **PX**: CFR China PX price rose from 900 to 909, and the PX - naphtha spread increased from 297 to 311 [3]. - **PTA**: The PTA主力期价 increased from 5192 yuan/ton to 5230 yuan/ton, and the spot price rose from 5115 yuan/ton to 5140 yuan/ton. The spot processing fee decreased by 2.8 yuan/ton, and the disk processing fee decreased by 4.8 yuan/ton. The PTA仓单数量 increased by 2004 [3]. - **MEG**: The MEG主力期价 decreased from 3739 yuan/ton to 3733 yuan/ton, and MEG - naphtha remained unchanged. The MEG内盘 decreased from 3635 yuan/ton to 3623 yuan/ton, and the主力 basis decreased by 3 [3]. - **Polyester Products**: POY150D/48F price decreased by 25 yuan/ton, FDY150D/96F decreased by 10 yuan/ton, DTY150D/48F remained unchanged. The cash - flow of POY, FDY, DTY, polyester staple fiber, and polyester chips all decreased to varying degrees [3]. 3.2 Industry Chain Start - up Situation - PX start - up rate remained at 85.92%, PTA start - up rate remained at 76.73%, MEG start - up rate increased from 61.67% to 62.36%, and polyester load decreased from 77.49% to 77.26% [3]. 3.3 Production and Sales Situation - The long - filament production and sales rate increased from 12% to 13%, the short - fiber production and sales rate decreased from 41% to 39%, and the polyester chip production and sales rate increased from 22% to 23% [3]. 3.4 Device Maintenance Dynamics - A 250 - million - ton PTA device in East China is expected to stop production on February 10, 2026, and the specific restart time is undetermined [4].

Group 1: Report Investment Rating - No information provided Group 2: Core Views of the Report - The commodity market has declined significantly. PX maintains fundamental resilience during its high - level correction. Due to the Iran geopolitical risk, the risk of crude oil prices still exists. The downstream PTA industry remains strong. China's PTA production in January is expected to reach a new high with no production cut plan for the Spring Festival. With no new PTA capacity throughout the year, existing facilities will operate at full capacity to meet the growing polyester demand, providing a solid demand base for PX. The PX supply remains tight, with the South Korean TDP plant increasing its load and a Middle - Eastern PX plant scheduled to shut down before February, resulting in limited global effective capacity release. The profit structure is still healthy. Domestic PTA maintains high - level operation, with domestic demand declining. The production cuts of polyester factories have a limited negative impact on PTA. Bottle chip profits expand, while staple fiber profits decline [2] Group 3: Summary by Indicators Price Indicators - PTA spot price dropped from 5140 to 5100, a decrease of 40. MEG domestic price fell from 3675 to 3649, a decrease of 26. PTA closing price decreased from 5218 to 5144, a decrease of 74. MEG closing price decreased from 3788 to 3745, a decrease of 43. The price of 1.4D direct - spun polyester staple fiber decreased from 6575 to 6525, a decrease of 50. The price of 1.4D imitation large - chemical fiber remained unchanged at 5300. The price difference between 1.4D direct - spun and imitation large - chemical fiber decreased from 1275 to 1225, a decrease of 50. The price of East China water bottle chips decreased from 6256 to 6196, a decrease of 60. The price of hot - filled polyester bottle chips decreased from 6256 to 6196, a decrease of 60. The price of carbonated - grade polyester bottle chips decreased from 6356 to 6296, a decrease of 60. The price of outer - market water bottle chips remained unchanged at 835. The price of T32S pure polyester yarn remained unchanged at 10700. The price of polyester - cotton yarn 65/35 45S remained unchanged at 16800. The price of cotton 328 decreased from 15660 to 15640, a decrease of 20. The price of primary three - dimensional hollow (silicon - containing) remained unchanged at 7300. The price of primary low - melting - point staple fiber remained unchanged at 7895 [2] Basis and Spread Indicators - Short - fiber basis increased from 12 to 38, an increase of 26. The 3 - 4 spread decreased from - 70 to - 80, a decrease of 10 [2] Cash - flow and Profit Indicators - Polyester staple fiber cash - flow increased from 240 to 246, an increase of 6. Bottle - chip spot processing fee decreased from 630 to 613, a decrease of 17. T32S pure polyester yarn processing fee increased from 4125 to 4175, an increase of 50. Polyester - cotton yarn profit increased from 1521 to 1562, an increase of 41. Hollow staple fiber 6 - 15D cash - flow increased from 474 to 517, an increase of 43 [2] Operating Rate and Sales - to - Production Ratio Indicators - Direct - spun staple fiber load (weekly) increased from 86.77% to 88.84%, an increase of 2.07%. Polyester staple fiber sales - to - production ratio decreased from 56.00% to 46.00%, a decrease of 10.00%. Polyester yarn operating rate (weekly) increased from 70.00% to 70.32%, an increase of 0.32%. Regenerated cotton - type load index (weekly) decreased from 54.81% to 55.44%, a decrease of 0.63% [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The commodity market has fallen significantly. PX maintains fundamental resilience during the high - level correction. Due to the Iranian geopolitical risk, the risk of crude oil prices still exists. The downstream PTA industry remains strong. China's PTA output in January is expected to reach a record high, with no production cut plan for the Spring Festival. There are no new PTA production capacities throughout the year, and existing facilities will operate at full capacity to meet the growing polyester demand, providing a solid demand foundation for PX. The PX supply is still tight. The South Korean TDP plant has increased its load, and a PX plant in the Middle East is scheduled to shut down before February, resulting in limited global effective capacity release. The PX - mixed xylene toluene spread remains at around $150. In terms of the profit structure, although the PX - naphtha spread has dropped to $335/ton, it is still at a healthy level. Domestic PTA maintains high operation, domestic demand has declined, and the production cuts of polyester factories have a limited negative feedback on PTA. Bottle chip profits expand, while short - fiber profits decline [2] Group 3: Price and Index Changes PTA and MEG - PTA spot price decreased from 5095 to 5080, a change of - 15; MEG domestic price decreased from 3722 to 3670, a change of - 52; PTA closing price increased from 5092 to 5150, a change of 58; MEG closing price remained unchanged at 3767 [2] Short - fiber - 1.4D direct - spun polyester staple fiber price increased from 6545 to 6555, a change of 10; short - fiber basis increased from 18 to 28, a change of 10; 3 - 4 spread decreased from - 28 to - 50, a change of - 22; polyester staple fiber cash flow increased from 240 to 246, a change of 6; 1.4D imitation large - chemical fiber price remained unchanged at 5300; the spread between 1.4D direct - spun and imitation large - chemical fiber increased from 1245 to 1255, a change of 10 [2] Bottle chip - Polyester bottle chip prices in the Jiangsu and Zhejiang markets: the mainstream negotiation price is 6180 - 6320 yuan/ton, with the average price down 25 yuan/ton from the previous working day. The prices of PTA and bottle chip futures are weak, the cost - side support has weakened, the supply - side offers are a mix of stability and decline, the market spot supply is tight, and the downstream terminal demand is mainly for rigid restocking, with the market negotiation focus shifting downwards. The price of East China water bottle chips increased from 6183 to 6187, a change of 4; the price of hot - filled polyester bottle chips increased from 6183 to 6187, a change of 4; the price of carbonated - grade polyester bottle chips increased from 6283 to 6287, a change of 4; the price of outer - market water bottle chips decreased from 830 to 825, a change of - 5; the bottle chip spot processing fee increased from 580 to 614, a change of 34 [2] Others - T32S pure polyester yarn price decreased from 10720 to 10700, a change of - 20; T32S pure polyester yarn processing fee decreased from 4175 to 4145, a change of - 30; the price of polyester - cotton yarn 65/35 45S remained unchanged at 16800; the price of cotton 328 increased from 15570 to 15650, a change of 80; the profit of polyester - cotton yarn decreased from 1575 to 1538, a change of - 37; the price of primary three - dimensional hollow (with silicon) remained unchanged at 7300; the cash flow of hollow short - fiber 6 - 15D increased from 497 to 527, a change of 30; the price of primary low - melting - point short - fiber remained unchanged at 7895 [2] Group 4: Load and Production and Sales Indexes - The direct - spun short - fiber load (weekly) increased from 86.77% to 88.84%, a change of 2.07%; the polyester staple fiber production and sales increased from 13.00% to 44.00%, a change of 57.00%; the polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, a change of 0.32%; the recycled cotton - type load index (weekly) decreased from 55.44% to 54.81%, a change of - 0.63% [3]