P T A 日期 原油 石脑油日 本 PX CFR 台湾 PTA内盘现 货 POY 1 50D/4 8F 石脑油裂 解价差 PX加工差 PTA加 工差 聚酯毛利 PTA平衡 负荷 PTA负 荷 仓单+有 效预报 TA基差 产销 2025/11/ 12 62.7 584 825 4590 6580 124.34 241.0 127 179 78.3 75.7 113382 -78 0.35 2025/11/ 13 63.0 569 826 4565 6570 107.14 257.0 106 197 78.3 75.7 113382 -77 0.40 2025/11/ 14 64.4 577 832 4635 6570 105.02 255.0 142 124 77.5 75.7 114594 -77 0.70 2025/11/ 17 64.2 571 831 4615 6590 100.66 260.0 122 161 77.5 75.7 114594 -74 0.45 2025/11/ 18 64.9 569 827 4610 6585 100.66 258.0 137 170 77.5 75.7 1145 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, the near - end TA partial device load reduction, start - up slightly decreased, polyester load increased month - on - month, inventory slightly accumulated, basis strengthened month - on - month, and spot processing fee slightly repaired. With the subsequent low processing fee for a long time and better terminal data, the processing fee center may gradually repair [2]. - For MEG, the near - end domestic oil - based restarted, load increased month - on - month, overseas partial devices restarted, port inventory decreased month - on - month at the beginning of next week, but the arrival forecast increased during the week, basis weakened month - on - month, and coal - based benefits and price ratios decreased. In the long - term, it is in a continuous inventory accumulation stage with a bearish pattern, but there may be partial negative feedback on the supply side after the weakening of coal - based benefits and price ratios [2]. - For polyester staple fiber, the near - end Fujian Shanli restarted, start - up increased, production and sales weakened month - on - month, and inventory remained stable. With the overall inapparent improvement in the benefits and start - up of the polyester yarn end, high export growth of staple fiber itself, and high start - up due to good spot benefits, the overall inventory pressure is limited, and attention should be paid to the opportunity of expanding the spread and the situation of warehouse receipts [2]. - For natural rubber and 20 - number rubber, the national explicit inventory remained stable at a relatively low absolute level, and the Thai cup - lump rubber price remained stable with rainfall affecting tapping. The strategy is to wait and see [2]. Summary by Commodity PTA - Price data: From October 29 to November 4, 2025, crude oil decreased from $64.9 to $64.4, PTA internal - market spot decreased from 4535 to 4520, and polyester POY 150D/48F increased from 6415 to 6515. The PTA processing fee increased from 119 to 94, and polyester gross profit increased from - 3 to 160 [2]. - Device change: Shandong Weilian's 2.5 - million - ton device reduced load [2]. MEG - Price data: From October 29 to November 4, 2025, Northeast Asian ethylene remained at 740, MEG external - market price decreased from 490 to 471, and MEG internal - market price decreased from 4152 to 4002. MEG coal - based profit decreased from - 171 to - 286 [2]. - Device change: Tongliao's 300,000 - ton device restarted [2]. Polyester Staple Fiber - Price data: From October 29 to November 4, 2025, the price of 1.4D cotton - type staple fiber decreased from 6440 to 6395, and short - fiber profit decreased from 154 to 132 [2]. - Device change: Fujian Shanli restarted, and the start - up increased to 96.8% [2]. Natural Rubber & 20 - Number Rubber - Price data: From October 29 to November 4, 2025, the US - dollar Thai standard spot decreased from 1865 to 1800, and the Shanghai whole - latex decreased from 14925 to 14175 [2]. - Key indicators: The national explicit inventory remained stable, and the Thai cup - lump rubber price remained stable with rainfall affecting tapping [2]. Styrene - Price data: From October 29 to November 4, 2025, ethylene (CFR Northeast Asia) remained at 740, pure benzene (CFR China) remained at 681, and styrene (CFR China) decreased from 800 to 780. EPS domestic profit increased from 275 to 395 [5].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Report Core Views - For PTA, near - term partial device load reduction leads to a slight decline in TA开工, while polyester load rises, inventory accumulates slightly, and the basis strengthens. PX domestic operation recovers, overseas maintenance occurs, and PXN expands. TA's low processing fees have persisted for a long time, and with better terminal data, the processing fee center may gradually recover [2]. - For MEG, domestic oil - based restart causes the load to rise, overseas devices restart, and port inventory decreases at the beginning of the week but is expected to rise later. The long - term pattern is bearish, but there may be negative feedback on the supply side, and attention should be paid to coal - based cost support [3]. - For polyester staple fiber, the restart of Fujian Shanli increases the start - up rate, sales decline, and inventory remains stable. The overall inventory pressure is limited, and attention should be paid to opportunities to expand spreads and warehouse receipt situations [3]. - For natural rubber and 20 - number rubber, the national explicit inventory is stable, the price of Thai cup rubber is stable, and the rain affects tapping. The recommended strategy is to wait and see [3]. 3. Summary by Related Catalogs PTA - **Data Changes**: From Oct 28 to Nov 03, crude oil changed by - 0.2, PTA spot price increased by 25, and polyester price increased by 100. The inventory increased by 5802, and the basis remained unchanged. PTA spot average daily transaction basis is 2601(-73), and Shandong Weilian's 2.5 million - ton device reduced its load [2]. - **Outlook**: TA low processing fees have lasted long, and terminal data improvement supports polyester start - up. With limited far - month production, the processing fee center may recover [2]. MEG - **Data Changes**: From Oct 28 to Nov 03, Northeast Asia ethylene remained unchanged, MEG prices decreased, and MEG coal - based profit decreased by 38. The Tongliao 300,000 - ton device restarted [3]. - **Outlook**: The EG inventory is in a continuous accumulation stage, and the long - term pattern is bearish. But there may be negative feedback on the supply side after the decline of coal - based benefits, and attention should be paid to coal - based cost support [3]. Polyester Staple Fiber - **Data Changes**: From Oct 28 to Nov 03, the price of 1.4D cotton - type staple fiber decreased by 15, and short - fiber profit decreased by 24. The start - up rate of Fujian Shanli increased to 96.8% [3]. - **Outlook**: The overall inventory pressure is limited, the disk processing fee is not high, and attention should be paid to opportunities to expand spreads and warehouse receipt situations [3]. Natural Rubber & 20 - number Rubber - **Data Changes**: From Oct 28 to Nov 03, the price of US - dollar Thai standard decreased by 45, and the price of Shanghai full - latex decreased by 285. The national explicit inventory is stable, and the price of Thai cup rubber is stable [3]. - **Outlook**: The recommended strategy is to wait and see due to stable inventory and rain - affected tapping [3]. Styrene - **Data Changes**: From Oct 28 to Nov 03, ethylene remained unchanged, pure benzene in East China increased by 70, and styrene CFR China decreased by 5. EPS domestic profit increased by 30, and PS domestic profit increased by 29 [6].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - **PTA**: The low processing fee for TA has persisted for a long time, and the improvement in terminal data supports the continuation of polyester operation. With limited new capacity coming online in the far - month, the processing fee center may gradually recover [3]. - **MEG**: EG has entered a continuous inventory accumulation phase due to high existing capacity and new plant commissioning. However, there may be some negative feedback on the supply side after the weakening of coal - based efficiency and price ratio. Attention should be paid to the opportunity of selling put options near the coal - based cost [9]. - **Polyester Staple Fiber**: The operation of staple fiber plants is stable, and inventory is decreasing. Given the limited overall inventory pressure, low processing fees on the futures market, high export volume, and good spot efficiency, attention should be paid to the opportunity of expanding spreads on dips and the situation of warehouse receipts [9]. - **Natural Rubber & 20 - grade Rubber**: The national explicit inventory is stable at a relatively low level, and the price of Thai cup lump rubber is stable. The current strategy is to wait and see [9]. 3. Summary by Product PTA - **Price and Index Changes**: From October 24 to October 30, 2025, the price of crude oil increased by $0.1, PTA spot price increased by 85 yuan/ton, PX processing margin increased by $3/ton, and PTA processing margin increased by 87 yuan/ton. The number of warehouse receipts and valid forecasts increased by 6,246, and the basis increased by 6 yuan/ton [2]. - **Device Changes**: Dushan Energy's 3 - million - ton plant started production. Near - term, some TA plants restarted, and the operating rate continued to rise [3]. MEG - **Price and Index Changes**: From October 24 to October 30, 2025, the MEG outer - market price decreased by $1/ton, the inner - market price decreased by 40 yuan/ton, and the coal - based profit decreased by $5/ton [9]. - **Device Changes**: Fujian Refining's 400,000 - ton plant restarted. Near - term, domestic oil - based plants had planned maintenance and some unexpected situations, resulting in a decline in the operating rate [9]. Polyester Staple Fiber - **Price and Index Changes**: From October 24 to October 30, 2025, the price of 1.4D cotton - type staple fiber increased by 30 yuan/ton, and the profit of staple fiber decreased by 8 yuan/ton [9]. - **Device and Operation Changes**: The operating rate of staple fiber plants remained at 94%, and the operating rate of recycled cotton - type plants remained at 51%. The sales - to - production ratio improved, and inventory continued to decrease [9]. Natural Rubber & 20 - grade Rubber - **Price and Index Changes**: From October 24 to October 30, 2025, the price of US - dollar - denominated Thai standard rubber decreased by $20/ton, the price of Shanghai full - latex decreased by 225 yuan/ton, and the price of RU main contract decreased by 225 yuan/ton [9]. - **Related Index Changes**: The difference between mixed rubber and RU main contract increased by 145 yuan/ton, and the difference between US - dollar - denominated Thai standard rubber and NR main contract remained unchanged [9]. Styrene - **Price and Index Changes**: From October 24 to October 30, 2025, the price of ethylene remained unchanged, the price of pure benzene decreased by $14/ton, and the price of styrene decreased by $10/ton. The domestic profit of styrene increased by 108 yuan/ton, and the domestic profit of EPS increased by 80 yuan/ton [12].

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Report's Core View - For PTA, the low processing fee has persisted for a long time, and the improvement in terminal data supports the continuation of polyester operation. With limited future production capacity, the processing fee center may gradually recover [3][4]. - For MEG, the inventory is accumulating, but there may be negative feedback on the supply side due to the weakening of coal - based efficiency and comparison. Attention should be paid to the opportunity of selling put options near the coal - based cost [8]. - For polyester staple fiber, the overall efficiency and operation of polyester yarn have not improved significantly. With high exports and good spot efficiency, the inventory pressure is limited. Attention should be paid to the opportunity of expanding the spread at low prices and the situation of warehouse receipts [8]. - For natural rubber and 20 - number rubber, the national explicit inventory is stable at a relatively low level, and the price of Thai cup - lump rubber is stable. The current strategy is to wait and see [8]. 3. Summary by Product PTA - **Price and Data Changes**: From October 23 - 29, 2025, the price of crude oil decreased by $0.5, PTA internal - market spot price increased by $110, and the PTA processing fee increased by $117. The PTA balance load and PTA load remained stable at 80.6% and 78.8% respectively, and the inventory (warehouse receipts + valid forecasts) increased by 5,666 [2]. - **Device and Market Situation**: Dushan Energy's 3 million - ton device was put into production. The operation of proximal TA devices restarted, and the polyester load remained stable. The basis was weak, and the spot processing fee decreased again. The domestic operation of PX increased, and the PXN spread decreased [3]. MEG - **Price and Data Changes**: From October 23 - 29, 2025, the MEG internal - market price decreased by $21, and the coal - based MEG profit decreased by $170. The total MEG load and coal - based MEG load remained stable at 73.3% and 82.2% respectively, and the port inventory remained at 523,000 tons [8]. - **Device and Market Situation**: Fulian's 400,000 - ton device restarted. The domestic oil - based maintenance was implemented, and the load decreased. The overseas operation was stable, and the port inventory increased slightly. The basis strengthened, and the coal - based efficiency and comparison rebounded [8]. Polyester Staple Fiber - **Price and Data Changes**: From October 23 - 29, 2025, the price of 1.4D cotton - type staple fiber remained stable at $6,440, and the short - fiber profit remained at $154. The production and sales ratio improved, and the inventory continued to decline [8]. - **Device and Market Situation**: The proximal device operation was stable, and the operation rate remained at 94.3%. The operation of polyester yarn remained stable, the raw material inventory increased, and the finished - product inventory decreased, with slightly weakened efficiency [8]. Natural Rubber & 20 - number Rubber - **Price and Data Changes**: From October 23 - 29, 2025, the price of Shanghai full - latex rubber increased by $115, and the price of RU main contract increased by $380. The price of Thai cup - lump rubber increased by $2.9, and the price of Yunnan glue increased by $500 [8]. - **Market Situation**: The national explicit inventory remained stable at a relatively low level, and the price of Thai cup - lump rubber remained stable. Rain affected rubber tapping [8]. Styrene - **Price and Data Changes**: From October 23 - 29, 2025, the price of ethylene decreased by $30, the price of pure benzene decreased by $87, and the price of styrene increased by $5. The domestic profit of styrene increased by $46, and the domestic profit of EPS decreased by $15 [11].

Group 1: PTA - The price of PTA spot decreased from 4440 on October 13, 2025, to 4340 on October 17, 2025, with a change of -15. The average daily trading basis was 2601(-85). Yisheng New Materials increased the load of its 3.6 million - ton PTA plant. Near - term, some PTA plants increased their loads, and the start - up rate increased slightly. The polyester load remained stable, inventory slightly accumulated, the basis weakened, and the spot processing fee remained low. PX domestic start - up rate declined, some overseas maintenance was implemented, PXN widened, disproportionation and isomerization benefits were stable, and the US - Asia aromatics price difference widened. In the future, polyester has no unexpected performance, TA will gradually enter the inventory accumulation stage, but the current low processing fee has lasted for a long time. Pay attention to additional maintenance. With limited far - month production capacity expansion, the processing fee center may gradually recover [2]. Group 2: MEG - The price of MEG domestic market decreased from 4171 on October 13, 2025, to 4115 on October 17, 2025. Shell's 400,000 - ton MEG plant was under maintenance. Near - term, domestic MEG plants had a mix of maintenance restarts, and the load still increased slightly. Overseas maintenance was implemented, arrivals were stable but shipments were weak. Port inventory continued to accumulate slightly at the beginning of next week, the basis was stable, and coal - based MEG profits and price ratios further shrank. In the future, EG's existing start - up rate has returned to a relatively high level, and with the commissioning of new plants, it will enter a continuous inventory accumulation stage. However, after the weakening of coal - based profits and price ratios, there may be some negative feedback on the supply side. Also, the coal price has strengthened recently. Pay attention to the selling put options near the coal - based cost [2]. Group 3: Polyester Staple Fiber - The price of 1.4D cotton - type polyester staple fiber decreased from 6410 on October 13, 2025, to 6370 on October 17, 2025. The spot price was around 6301, and the market basis was around 11 + 40. Near - term, the plant operation was stable, the start - up rate remained at 94.3%, sales improved month - on - month, and inventory decreased slightly. On the demand side, the start - up rate of polyester yarn increased slightly, both raw material and finished product inventories decreased, and the efficiency improved slightly. In the future, the start - up rate and finished product inventory of polyester yarn have not increased significantly overall. The export of staple fiber itself has maintained high growth. With acceptable spot efficiency, the high start - up rate will be maintained, and the overall inventory pressure is limited. The processing fee on the futures market is not high. Pay attention to the situation of warehouse receipts [2]. Group 4: Natural Rubber & 20 - grade Rubber - The price of US - dollar - denominated Thai standard rubber decreased from 1805 on October 13, 2025, to 1815 on October 17, 2025. The main contradiction is that the national explicit inventory remains stable at a relatively low absolute level, and the price of Thai cup lump rubber remains stable, while rainfall affects rubber tapping. The strategy is to wait and see [2]. Group 5: Styrene - The price of styrene in the domestic market decreased from 6705 on October 13, 2025, to 6495 on October 17, 2025. The price of ethylene (CFR Northeast Asia) remained stable at 785 during this period. The domestic profit of styrene remained at - 453 [2][7].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report PTA - PTA device maintenance led to a slight decline in starting - up, polyester load increased month - on - month, inventory slightly accumulated, and basis remained weak with low - level spot processing fees. PX domestic start - up increased, overseas devices restarted, PXN widened month - on - month, disproportionation efficiency remained stable while isomerization efficiency weakened, and the aromatics price difference between the US and Asia widened. TA may have additional production cuts and production plans, but considering no unexpected performance of polyester, the far - month is expected to accumulate inventory. After the valuation is repaired month - on - month, the far - month processing fee is relatively reasonable. Attention should be paid to additional maintenance situations [1]. MEG - Near - end domestic oil - based start - up remained stable, coal - based restarted, overall load increased to a high level, there was some maintenance overseas, port inventory accumulated significantly at the beginning of next week due to increased arrivals during the holiday and dull shipments, basis strengthened slightly, and the efficiency ratio further shrank. With the existing start - up reaching a relatively high level and new device commissioning, it will enter a continuous inventory - accumulation stage, but after the coal - based efficiency and ratio weaken, there may be some negative feedback on the supply side. Attention should be paid to the support of coal - based cost at the lower end [7]. Polyester Staple Fiber - Some devices were under maintenance, some increased load, start - up decreased to 94.3%, sales volume decreased month - on - month, and inventory increased month - on - month. On the demand side, the start - up of polyester yarn remained stable, raw material stocking increased, finished product inventory remained stable month - on - month, and efficiency was weak. Considering the high - level finished product inventory of polyester yarn, the speed of increasing load may slow down. Although the spot efficiency of staple fiber is good and start - up remains high, inventory pressure is limited, and processing fees are expected to fluctuate [7]. Natural Rubber - National warehouse inventory remained stable at an absolute level, Thai cup - lump rubber price remained stable, and there was rainfall. The strategy is to wait and see [7]. Group 3: Summary According to Related Catalogs PTA - From January to October 2025, data such as PTA spot price, PX price, PTA processing fee, polyester load, etc. were presented. For example, on January 1st, 2025, the PTA spot price was 4490, and the PX price was 6595. The average daily spot basis was 2601(- 83). Yisheng New Materials increased its load by 3.6 million tons [1]. MEG - From October 10th to 16th, 2025, data on MEG price, profit, load, and inventory were provided. For example, on October 10th, 2025, the MEG domestic price was 4206, and the port inventory was 77.7. The basis was around 01(+ 64). Shell's 400,000 - ton device was under maintenance [7]. Polyester Staple Fiber - From October 1st to 1st (it seems there is a data presentation problem here, presumably multiple days in October), data on staple fiber price, profit, load, etc. were given. The spot price was around 6302, and the market basis was around 11 + 40. Xinjiang Jianshanli was under maintenance, and Zhejiang Huaxing increased its load, with start - up decreasing to 94.3% [7]. Natural Rubber - From October 1st to 16th, 2025, data on natural rubber price, processing profit, and price difference were presented. For example, on October 1st, 2025, the Shanghai full - latex price was 14730. The strategy is to wait and see [7]. Styrene - related Products - From October 10th to 16th, 2025, data on the price of ethylene, pure benzene, styrene, and their production profits and start - up rates were provided. For example, on October 10th, 2025, the pure benzene (CFR China) price was 5740 [7].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For PTA, after the recent TA maintenance, the start - up rate decreased, polyester load remained stable, inventory decreased, basis weakened, and spot processing fees weakened. In the future, TA unexpected maintenance may increase, polyester start - up will continue to rise, and PX supply will gradually return. There is an opportunity to expand processing fees by buying at low prices, and attention should be paid to the restart progress of Hengli Huizhou [2]. - For MEG, the recent domestic oil - based production increased load, coal - based start - up decreased slightly, overall load increased, overseas unexpected maintenance increased, port inventory decreased, and basis strengthened. In the short term, EG port inventory is expected to continue to decrease, but in the long - term, there is an expectation of inventory accumulation. It is expected to fluctuate widely, and attention should be paid to the restart progress of Satellite and Xinrun [2]. - For polyester staple fiber, the start - up rate increased slightly, sales weakened, and inventory remained stable. The demand side has a slowdown in the speed of increasing load after the accumulation of finished product inventory. The start - up rate is expected to remain high, and the processing fee is expected to fluctuate [2]. - For natural rubber and 20 - number rubber, the national explicit inventory remained stable, the Thai cup - lump price remained stable, and rainfall affected rubber tapping. The strategy is to wait and see [2]. 3. Summaries According to Related Catalogs PTA - **Data Changes**: From August 26 to September 1, crude oil price increased by 0.1, PX processing difference decreased by 1.35, PTA load remained unchanged, and TA basis decreased by 12 [2]. - **Device Changes**: Taihua's 1.5 - million - ton device restarted, and a 1.2 - million - ton device planned to be under maintenance [2]. MEG - **Data Changes**: From August 26 to September 1, the Northeast Asian ethylene price remained unchanged, MEG external price decreased by 3, and MEG coal - based profit decreased by 23 [2]. - **Device Changes**: Xinjiang Tianying's 150,000 - ton device restarted; Shaanxi Weihua's 300,000 - ton device was under maintenance [2]. Polyester Staple Fiber - **Data Changes**: From August 26 to September 1, the price of 1.4D cotton - type staple fiber decreased by 5, and the short - fiber profit remained unchanged [2]. - **Device Changes**: Xiamen Xinhongxiang's low - melting - point device restarted, and the start - up rate increased to 92.1% [2]. Natural Rubber and 20 - number Rubber - **Data Changes**: From August 26 to September 1, the US - dollar Thai standard spot price remained unchanged, and the RU main contract price decreased by 15 [2]. - **Key Ratios**: The difference between mixed rubber and RU main contract remained unchanged, and the difference between US - dollar Thai standard and NR main contract increased by 13 [2]. Styrene - **Data Changes**: From August 26 to September 1, the ethylene price remained unchanged, the pure benzene (CFR China) price remained unchanged, and the styrene (CFR China) price decreased by 10 [5]. - **Profit Changes**: The styrene domestic profit remained at - 352, the EPS domestic profit decreased by 30, and the PS domestic profit increased by 19 [5].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - PTA: TA has entered the inventory accumulation stage, but the absolute inventory level is not high, and the slope depends on the weakening degree of the polyester off - season. The spot processing fee has been compressed to a relatively low level. With the low raw material inventory in the filament downstream and continuous destocking of bottle chips, the polyester start - up is expected to gradually stabilize. There is an opportunity to expand the far - month processing fee at low prices. The overall destocking trend of PX has not reversed, and the lower limit of valuation is still guaranteed [2]. - MEG: The unexpected domestic reduction of EG has increased, and overseas Saudi Arabian plants have shut down again. With the decline in phased arrivals, port inventories are expected to continue to decline. The current good situation is expected to be maintained in the short term, and the far - month valuation will rise accordingly. It is expected to be in a volatile state. Attention should be paid to the restart progress of satellite and Saudi plants [4]. - Polyester Staple Fiber: The start - up of staple fiber has decreased, and sales have weakened slightly. Inventory has decreased month - on - month. The demand side is weak, but exports are growing at a high speed. The current processing fee is relatively neutral, and it is expected to be in a volatile state. Attention should be paid to the change of warehouse receipts [4]. - Natural Rubber & 20 - number Rubber: The national explicit inventory remains stable at a relatively low absolute level, but there is no seasonal destocking. The price of Thai cup rubber has rebounded due to rainfall affecting tapping. The recommended strategy is to wait and see [4]. - Styrene: The daily prices of related products such as styrene have changed. The overall situation needs further observation based on price and profit changes [4]. 3. Summaries According to Relevant Catalogs PTA - **Price and Index Changes**: From July 15 - 21, 2025, the price of PTA internal - market spot increased by 5, the PTA processing fee decreased by 8, and the polyester gross profit increased by 3. The PTA balance load and PTA load remained unchanged at 81.3 and 79.7 respectively. The number of warehouse receipts + valid forecasts decreased by 25, and the TA basis decreased by 0.30 [2]. - **Device Changes**: No PTA device changes were reported [2]. - **Weekly Outlook**: Proximal TA's weekly start - up was basically stable, polyester load continued to decline, and inventory increased slightly. The basis rebounded after the weakening of liquidity impact, and the spot processing fee was slightly repaired. In the future, TA is in the inventory - accumulation stage, and attention should be paid to the opportunity of expanding the far - month processing fee at low prices [2]. MEG - **Price and Index Changes**: From July 15 - 21, 2025, the MEG external - market price increased by 3, the MEG internal - market price increased by 37, and the MEG coal - based profit increased by 37. The MEG total load and coal - based MEG load remained unchanged at 66.2 and 70.2 respectively, and the MEG port inventory remained unchanged at 53.3 [4]. - **Device Changes**: The 260,000 - ton plant of Inner Mongolia Jinyuan restarted, and the 400,000 - ton plant of Shaanxi Yueneng increased its load [4]. - **Weekly Outlook**: Proximal EG's domestic unexpected reduction increased, overseas Saudi Arabian plants shut down again, and port inventories are expected to decline. The current good situation is expected to be maintained in the short term, and attention should be paid to the restart progress of satellite and Saudi plants [4]. Polyester Staple Fiber - **Price and Index Changes**: From July 15 - 21, 2025, the price of 1.4D cotton - type staple fiber increased by 40, and the short - fiber profit increased by 24. The pure - polyester yarn profit decreased by 70 [4]. - **Device Maintenance**: No device maintenance was reported [4]. - **Weekly Outlook**: Proximal new production cuts have led to a decline in start - up to 89.5%. Sales have weakened slightly month - on - month, and inventory has decreased month - on - month. The demand side is weak, but exports are growing at a high speed. The current processing fee is relatively neutral, and attention should be paid to the change of warehouse receipts [4]. Natural Rubber & 20 - number Rubber - **Price and Index Changes**: From July 15 - 21, 2025, the price of US - dollar Thai standard rubber increased by 50, and the price of Shanghai full - latex rubber increased by 535. The price difference between mixed rubber and RU main contract decreased by 155 [4]. - **Today's View**: The national explicit inventory remains stable, but there is no seasonal destocking. The price of Thai cup rubber has rebounded due to rainfall affecting tapping. The recommended strategy is to wait and see [4]. Styrene - **Price and Index Changes**: From July 15 - 21, 2025, the price of styrene (CFR China) increased by 10, and the styrene domestic profit decreased by 85 [4]. - **Daily Outlook**: The prices of related products such as styrene have changed, and the overall situation needs further observation based on price and profit changes [4].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report Core Views - **PTA**: The near - term TA start - up has increased slightly, polyester load has declined further, inventory has continued to accumulate, the basis has declined, and spot processing fees have weakened significantly. Entering the inventory accumulation stage, the slope depends on the weakening degree of the polyester off - season. There may be a reduction in supply at the margin as the spot processing fee is extremely low. Pay attention to the opportunity to expand processing fees on dips [2]. - **MEG**: The near - term domestic coal - to - MEG restart has led to an increase in the start - up rate. With Saudi Arabian plants restarting, port inventory will accumulate next week. As Iranian and ethane supplies have not decreased, it will gradually enter the inventory accumulation stage. With low actual inventory and relatively high valuation, it is expected to be range - bound. Pay attention to changes in warehouse receipts [3]. - **Polyester Staple Fiber**: Near - term supply has decreased due to the production cut of Ningbo Dafa. Production and sales have remained stable, and inventory has basically remained unchanged. Demand from the polyester yarn end has continued to decline, with raw material inventory decreasing and finished product inventory increasing. Processing fees are expected to be range - bound as supply has neither decreased significantly nor increased [3]. - **Natural Rubber & 20 - number Rubber**: The national explicit inventory has remained stable at a relatively low level but has not decreased seasonally. The price of Thai cup rubber has rebounded due to rainfall affecting rubber tapping. The strategy is to wait and see [3]. - **Styrene**: No clear forward - looking view is provided in the data, only price changes are presented [6]. 3. Summary by Product PTA - **Price and Margin Changes**: From July 10 to July 16, the price of crude oil decreased by $0.2, PTA spot price decreased by $20, and PTA processing fee increased by $19. The basis of daily average transaction is 2509(+5) [2]. - **Device and Market Situation**: Near - term TA start - up has increased slightly, polyester load has declined, inventory has accumulated, and the basis has declined [2]. MEG - **Price and Margin Changes**: From July 10 to July 16, the MEG outer - market price decreased by $1, and the MEG coal - to - profit decreased by $8. The basis is around 09(+70) [3]. - **Device and Market Situation**: Near - term domestic coal - to - MEG restart has led to an increase in the start - up rate. Saudi Arabian plants are restarting, and port inventory will accumulate next week [3]. Polyester Staple Fiber - **Price and Margin Changes**: From July 10 to July 16, the price of 1.4D cotton - type staple fiber decreased by $35, and the short - fiber profit decreased by $30 [3]. - **Device and Market Situation**: Near - term supply has decreased due to the production cut of Ningbo Dafa. Production and sales have remained stable, and inventory has basically remained unchanged [3]. Natural Rubber & 20 - number Rubber - **Price Changes**: From July 10 to July 16, the price of US - dollar Thai standard rubber increased by $50, and the price of Shanghai full - latex increased by $455 [3]. - **Market Situation**: The national explicit inventory has remained stable, and Thai cup rubber price has rebounded due to rainfall affecting rubber tapping [3]. Styrene - **Price Changes**: From July 10 to July 16, the price of ethylene remained unchanged, the price of pure benzene decreased by $10, and the price of styrene decreased by $25 [6]. - **Profit Changes**: Styrene domestic profit remained at $4 on July 15 and 16, and EPS domestic profit decreased by $110 on July 16 compared to July 15 [6].