Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Report's Core View - For PTA, near - term PX has some maintenance delays and increased load of existing capacity, passing the fastest de - stocking stage. TA processing fees are still low, and short - process benefits may be under pressure. TA has more maintenance and production cut discussions due to low processing fees, but polyester load also drops. Inventory remains low, processing fees have a slight repair, and there is still a far - month inventory build - up expectation. Suggest to focus on opportunities to short the PX - MX spread at high levels and long the far - month TA processing fees at low levels [2]. - For MEG, near - term EG has maintenance returns and new device startups, so supply remains at a relatively high level. Port arrivals increase month - on - month, and ports may gradually enter the inventory build - up stage. The current situation is still okay, and the valuation may be slowly compressed. Pay attention to the coal - based cost support below and the opportunity to sell put options near the coal - based cost [4]. - For polyester staple fiber, near - term device operation is stable, the start - up rate is maintained at 95.4%, production and sales improve month - on - month, and inventory is significantly reduced. On the demand side, the start - up rate of polyester yarn is stable, raw material inventory increases, and finished product inventory decreases month - on - month, with weak benefits. In the future, the rate of increasing production at high finished - product inventory levels of polyester yarn may slow down. The start - up rate of staple fiber remains high due to good spot benefits, and inventory pressure is limited. Processing fees are expected to fluctuate [5]. - For natural rubber and 20 - grade rubber, the main contradictions are that the national explicit inventory is stable at a relatively low absolute level, and the price of Thai cup rubber is stable with rainfall affecting tapping. The strategy is to wait and see [8]. 3. Summary by Product PTA - **Price and Margin Changes**: From 2025/09/24 to 2025/09/30, crude oil decreased by 1.7, naphtha decreased by 23, PX CFR Taiwan decreased by 11, PTA inner - market spot decreased by 55. Naphtha cracking spread decreased by 3.53, PX processing margin increased by 12, PTA processing margin remained unchanged, and polyester gross profit increased by 53. PTA balance load remained unchanged, PTA load increased by 0.3, and the sum of warehouse receipts and valid forecasts increased by 1402. The average daily transaction basis of PTA spot was 2601(-53) [2]. - **Market Outlook**: Near - term PX has some maintenance delays and increased load of existing capacity, passing the fastest de - stocking stage. TA processing fees are low, and short - process benefits may be under pressure. TA has more maintenance and production cut discussions, polyester load drops, inventory remains low, processing fees have a slight repair, and there is still a far - month inventory build - up expectation [2]. MEG - **Price and Margin Changes**: From 2025/09/24 to 2025/09/30, Northeast Asian ethylene decreased by 5, MEG outer - market price decreased by 3, MEG inner - market price decreased by 20, MEG East China price decreased by 20, MEG far - month price decreased by 19. MEG coal - based profit decreased by 20, MEG inner - market cash flow (ethylene) decreased by 18, MEG total load remained unchanged, coal - based MEG load remained unchanged, and MEG port inventory remained unchanged [4]. - **Market Outlook**: Near - term EG has maintenance returns and new device startups, supply remains high, port arrivals increase month - on - month, ports may enter the inventory build - up stage, the current situation is okay, and the valuation may be slowly compressed [4]. Polyester Staple Fiber - **Price and Margin Changes**: From 2025/09/24 to 2025/09/30, the price of 1.4D cotton - type staple fiber decreased by 15, the price of low - melting - point staple fiber remained unchanged, the price of pure polyester yarn remained unchanged, and the price of polyester - cotton yarn remained unchanged. The profit of staple fiber increased by 38, and the profit of pure polyester yarn increased by 15 [4][5]. - **Market Outlook**: Near - term device operation is stable, production and sales improve month - on - month, inventory is significantly reduced. On the demand side, the start - up rate of polyester yarn is stable, raw material inventory increases, and finished product inventory decreases month - on - month. In the future, the rate of increasing production at high finished - product inventory levels of polyester yarn may slow down, the start - up rate of staple fiber remains high, and inventory pressure is limited [5]. Natural Rubber and 20 - grade Rubber - **Price Changes**: From 2025/09/24 to 2025/09/30, the price of US - dollar Thai standard decreased by 45, the price of US - dollar Thai mixed decreased by 50, the price of RMB mixed decreased by 270, the price of Shanghai full - latex decreased by 495, and the price of Shanghai 3L decreased by 50 [8]. - **Market Outlook**: The main contradictions are stable national explicit inventory at a relatively low level and stable Thai cup rubber price with rainfall affecting tapping. The strategy is to wait and see [8]. Styrene - **Price and Margin Changes**: From 2025/09/24 to 2025/09/30, the price of ethylene (CFR Northeast Asia) decreased by 25, the price of pure benzene (CFR China) remained unchanged, the price of pure benzene (East China) decreased by 35, the price of hydrogenated benzene (Shandong) decreased by 210, the price of styrene (CFR China) remained unchanged, the price of styrene (Jiangsu) decreased by 125, and the price of styrene (South China) decreased by 130. The domestic profit of EPS increased by 85, and the domestic profit of PS increased by 54 [11].

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, with low processing fees, additional maintenance has increased. Although filament sales are weak, there is limited scope for further production cuts in the short - term. Bottle - chip inventories are continuously decreasing at low operation rates. Overall, polyester operation is expected to stabilize and has upward potential, and the supply - demand situation is expected to improve periodically. Attention can be paid to the opportunity of expanding processing fees at low prices [3] - For MEG, domestic unit restarts are partially delayed, and overseas unexpected maintenance exists. Port inventories are expected to remain low with limited short - term inventory accumulation pressure. The situation is good, but the valuation is greatly affected by the subsequent evolution of the cost side, showing a wide - range oscillation. Attention should be paid to the satellite restart progress [8] - For polyester staple fiber, as the finished - product inventory of polyester yarn is continuously decreasing, downstream operation may continue to rise. Although the supply of staple fiber may also increase, the overall space is limited. Considering that the disk processing fee is still in a low range, attention can be paid to the opportunity of expanding processing fees at low prices [8] - For natural rubber and 20 - number rubber, the national explicit inventory remains stable at a non - high absolute level but does not show seasonal depletion. The price of Thai cup rubber has rebounded due to rainfall affecting tapping. The strategy is to wait and see [8] Summary by Related Catalogs PTA - **Market Data**: From August 15 to August 21, the price of naphtha in Japan increased from 65.9 to 67.7, PX CFR Taiwan from 573 to 585, PTA internal - market spot from 828 to 852, etc. The PTA spot average daily transaction basis for 2509 increased by 6. There were maintenance of Yisheng Hainan's 2 million - ton and Hengli Huizhou's 5 million - ton PTA devices [2] - **Market Situation**: Near - end TA operation rate increased month - on - month, polyester load slightly increased, inventory continued to accumulate, basis remained weak, and spot processing fees were still low. PX domestic operation rate increased slightly, overseas operation rate decreased slightly, PXN strengthened month - on - month, and the US - Asia aromatic hydrocarbon price difference increased slightly [3] MEG - **Market Data**: From August 15 to August 21, the price of Northeast Asian ethylene remained at 830 on August 21, MEG external - market price increased from 523 to 530, etc. The MEG spot basis for 09 increased by 91. Xinjiang Tianying's 150,000 - ton unit restarted [8] - **Market Situation**: Near - end domestic units had partial delayed restarts, and overseas had some unexpected maintenance. Port inventories were expected to accumulate with stable shipments. Downstream inventory levels increased month - on - month, the basis remained stable, and oil - based benefits improved significantly [8] Polyester Staple Fiber - **Market Data**: From August 15 to August 21, the price of 1.4D cotton - type staple fiber increased from 6555 to 6610. The spot price was around 6598, and the market basis for 10 was around - 120. The operation rate slightly increased to 91.1% [8] - **Market Situation**: The Ningbo Dafa technical - transformation unit resumed operation, and production and sales remained stable. Inventory remained the same month - on - month. On the demand side, the operation rate of polyester yarn increased, raw - material inventory increased, and finished - product inventory continued to decrease [8] Natural Rubber & 20 - Number Rubber - **Market Data**: From August 15 to August 21, the price of US - dollar Thai standard spot increased from 1800 to 1800 (with fluctuations in between), and the price of Shanghai full - latex decreased from 14645 to 14520. The daily change and weekly change of various prices are also provided [8] - **Market Situation**: The national explicit inventory remained stable at a non - high absolute level but did not show seasonal depletion. The price of Thai cup rubber rebounded due to rainfall affecting tapping [8] Styrene - **Market Data**: From August 15 to August 21, the price of ethylene (CFR Northeast Asia) remained at 830 on August 21, pure benzene (CFR China) remained at 748, etc. The daily changes of various prices are also provided [11] - **Market Situation**: Not provided

Report Overview - Report Title: Aromatics and Rubber Morning Report - Report Date: June 16, 2025 - Research Team: Energy and Chemicals Team of the Research Center Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For PTA, the near - term TA start - up continues to rise, polyester start - up declines slightly, inventory accumulates, and the basis remains strong while spot processing fees weaken. Entering the inventory accumulation stage, pay attention to opportunities to short the processing fees [2]. - For MEG, the near - term maintenance returns, start - up rises significantly, port inventory accumulates slightly, and the basis weakens. It will transition to a balanced and slightly inventory - accumulating stage, and is expected to fluctuate. Pay attention to changes in Iranian imports [6]. - For polyester staple fiber, the near - term device runs stably, production and sales improve, and inventory decreases. However, downstream demand is not improved, and processing fees are expected to remain weak. Pay attention to further production cuts in the industry [6]. - For natural rubber and 20 - grade rubber, the national explicit inventory is stable at a relatively low level but does not seasonally decline, and the price of Thai cup lump rubber rebounds due to rainfall affecting tapping. The strategy is to wait and see [6]. Summary by Product PTA - **Price and Margin Changes**: From June 9 to 13, crude oil rose by $4.8, PTA spot rose by $50, and spot processing fees weakened with a decrease of $49. The new Fengming 300 - million - ton device restarted [2]. - **Market Outlook**: Near - term TA start - up continues to rise, polyester start - up declines slightly, inventory accumulates, and the basis remains strong. PX domestic start - up decreases, overseas rises, and PXN and its structure weaken. In the future, the bottle - chip contradiction may drag down polyester load, and TA will enter the inventory accumulation stage. Pay attention to opportunities to short the processing fees [2]. MEG - **Price and Margin Changes**: From June 9 to 13, Northeast Asian ethylene rose by $10, MEG domestic price rose by $50, and coal - based MEG profit increased by $57.04. The satellite 90 - million - ton device was under maintenance, the Yankuang 40 - million - ton device increased its load, and the Hengli 90 - million - ton device restarted [6]. - **Market Outlook**: Near - term maintenance returns, start - up rises significantly, port inventory accumulates slightly, downstream inventory levels decline, and the basis weakens. The stage of the fastest port inventory reduction is over, and it will transition to a balanced and slightly inventory - accumulating stage. It is expected to fluctuate, and pay attention to changes in Iranian imports [6]. Polyester Staple Fiber - **Price and Margin Changes**: From June 9 to 13, the price of 1.4D cotton - type staple fiber rose by $95, and short - fiber profit decreased by $54. The near - term device runs stably with a start - up rate of 92.1%, production and sales improve, and inventory decreases [6]. - **Market Outlook**: The short - fiber supply decline is limited, and the polyester start - up decline due to bottle - chip production cuts may repair the profit. However, downstream demand is not improved, and processing fees are expected to remain weak. Pay attention to further production cuts in the industry [6]. Natural Rubber and 20 - grade Rubber - **Price Changes**: From June 9 to 13, the price of US - dollar - denominated Thai standard rubber rose by $5, and the price of Shanghai full - latex rubber rose by $425. The national explicit inventory is stable, and the price of Thai cup lump rubber rebounds due to rainfall affecting tapping [6]. - **Market Outlook**: The main contradictions are that the national explicit inventory is stable at a relatively low level but does not seasonally decline, and the price of Thai cup lump rubber rebounds. The strategy is to wait and see [6]. Styrene - **Price and Margin Changes**: From June 9 to 13, the price of CFR China styrene rose by $35, and styrene domestic profit increased by $41 [10]. - **Market Outlook**: Not provided in the given content