Report Industry Investment Rating No relevant information provided. Core View of the Report - The fundamentals of styrene are weak and it fluctuates following the cost of crude oil. Although the prices of styrene and pure benzene are at historical lows with low valuations, the contradiction between high inventory pressure and general terminal提货 persists, and the fundamentals remain weak considering the future supply increase expectation [2]. Summary by Related Catalogs 1. Daily Market Summary (1) Fundamentals - **Price**: On September 25, the main contract of styrene closed up 0.43% at 6,958 yuan/ton with a basis of -18 (-15 tons); the main contract of pure benzene closed up 0.25% at 5,922 yuan/ton [2]. - **Cost**: On September 25, the main contract of Brent crude oil closed at $65.0 per barrel (+$1.6 per barrel), the main contract of WTI crude oil closed at $68.5 per barrel (+$1.5 per barrel), and the spot price of pure benzene in East China was 5,885 yuan/ton (+0 yuan/ton) [2]. - **Inventory**: Styrene inventory was 18.7 tons (+2.8 tons), a 17.3% increase in inventory compared to the previous period, indicating a shift to inventory accumulation. The port inventory of pure benzene was 10.7 tons (-2.7 tons), a 20.1% decrease in inventory compared to the previous period [2]. - **Supply**: Some styrene plants have started maintenance, and the production rate and supply have decreased as expected. Currently, the weekly output of styrene is 34.6 tons (-0.1 tons), and the plant capacity utilization rate is 73.2% (-0.2%) [2]. - **Demand**: The capacity utilization rates of downstream 3S vary. The capacity utilization rate of EPS is 55.2% (-6.49%), ABS is 70% (+0.2%), and PS is 59.1% (-2.1%) [2]. (2) Views - **Pure Benzene**: On the supply side, the overall fluctuation of petroleum benzene this week was not significant. One reform disproportionation unit of Fujia Dahua was shut down as planned, and one cracking unit of CNOOC Shell was shut down due to unplanned factors. For hydrobenzene, some previously shut - down units restarted, and the overall supply level was basically the same as last week. Market news shows that the maintenance plans of two factories in East China have been postponed, two small - scale pure benzene units in Shandong that have been shut down for a long time are expected to restart in mid - October, and there are also reports of European cargo transactions from November to December. The supply is expected to increase both at home and abroad in the fourth quarter. On the demand side, the loads of styrene and adipic acid decreased, while the loads of some units of caprolactam, aniline, and phenol increased after restarting. Overall, the actual demand for pure benzene has recovered compared to the previous period. Although the demand side has slightly improved, the terminal consumption has not shown peak - season characteristics, the downstream profits are under pressure, and the overall recovery is limited. In terms of inventory, the pure benzene inventory at East China ports decreased to 10.7 tons this week, a decrease of 2.7 tons compared to the previous period, with a de - stocking rate of 20.1%. However, considering the increased domestic supply in the fourth quarter and weak terminal demand, the pattern of inventory accumulation is difficult to reverse [2]. - **Styrene**: On the supply side, recently, two 600,000 - ton units of Zhejiang Petrochemical were shut down due to malfunctions and are expected to resume operation by early October, which has tightened the styrene supply in September. However, after September, new units of Jilin Petrochemical and Guangxi Petrochemical will be gradually put into production, and some maintenance units will also return, so the overall supply is expected to increase month by month. Recently, the external sales of styrene by Jingbo still put pressure on the market. After a phased de - stocking, the port inventory has quickly rebounded. This week, the styrene port inventory increased by 2.8 tons to 18.7 tons, a 17.3% increase in inventory compared to the previous period. On the demand side, the start - up of the 3S sector is differentiated. The start - up rate of EPS dropped to 55.2%, a decrease of 6.5 percentage points compared to the previous period; ABS remained at around 70%, with a slight increase of 0.2 percentage points; PS dropped to 59.1%, a decrease of 2.1 percentage points compared to the previous period, and the overall demand has shrunk [2]. 2. Industrial Chain Data Monitoring (1) Styrene & Pure Benzene Prices - The main contract of styrene futures increased by 0.43% from 6,928 yuan/ton on September 24 to 6,958 yuan/ton on September 25. The spot price of styrene decreased by 0.14% from 7,130 yuan/ton to 7,120 yuan/ton. The basis of styrene decreased by 500% from - 3 yuan/ton to - 18 yuan/ton [4]. - The main contract of pure benzene futures increased by 0.25% from 5,907 yuan/ton on September 24 to 5,922 yuan/ton on September 25. The spot price of pure benzene in East China remained unchanged at 5,885 yuan/ton. The FOB price of pure benzene in South Korea increased by 0.14% from $708.5 per ton to $709.5 per ton, the FOB price in the US increased by 0.41% from $739.5 per ton to $742.5 per ton, and the CFR price in China remained unchanged at $725.5 per ton [4]. - The difference between the domestic pure benzene price and the CFR price decreased by 1.05% from - 338.9 yuan/ton to - 342.5 yuan/ton. The difference between the pure benzene price in East China and Shandong increased by 30.30% from - 165 yuan/ton to - 115 yuan/ton [4]. - The price of Brent crude oil increased by 2.49% from $63.4 per barrel to $65.0 per barrel, the price of WTI crude oil increased by 2.22% from $67.0 per barrel to $68.5 per barrel, and the price of naphtha increased by 0.07% from 7,594 yuan/ton to 7,599 yuan/ton [4]. (2) Styrene & Pure Benzene Production and Inventory - The production of styrene in China decreased by 0.27% from 34.7 tons on September 19 to 34.6 tons on September 26, while the production of pure benzene increased by 1.18% from 45.0 tons to 45.5 tons [5]. - The port inventory of styrene in Jiangsu increased by 17.30% from 15.9 tons on September 19 to 18.7 tons on September 26, and the domestic factory inventory of styrene decreased by 6.01% from 21.6 tons to 20.3 tons. The national port inventory of pure benzene decreased by 20.15% from 13.4 tons to 10.7 tons [5]. (3) Capacity Utilization - Among the downstream of pure benzene, the capacity utilization rate of styrene decreased by 0.20% from 73.4% on September 19 to 73.2% on September 26, caprolactam increased by 4.97% from 88.7% to 93.7%, phenol increased by 7.30% from 70.7% to 78.0%, and aniline increased by 2.97% from 72.0% to 74.9% [6]. - Among the downstream of styrene, the capacity utilization rate of EPS decreased by 6.49% from 61.7% on September 19 to 55.2% on September 26, ABS increased by 0.20% from 69.8% to 70.0%, and PS decreased by 2.10% from 61.2% to 59.1% [6]. 3. Industry News - The US imposed high tariffs on some Asian (especially South Korean) chemical products, triggering a global adjustment of the petrochemical industry structure. South Korea was forced to cut its ethylene cracking capacity, and some factories in parts of Europe were shut down due to high energy costs [7]. - In the first half of 2025, the overall losses of China's refining and chemical industry continued to intensify, with the total loss amount increasing by about 8.3% compared to the same period last year. The losses in the refining and chemical sector alone exceeded 9 billion yuan, highlighting the fierce competition within the industry and the severe situation of profit contraction [7]. - With the accelerated implementation of private refining and chemical integration projects, China's pure benzene production capacity has formed a pattern with East China as the core, coordinated development in South China and Northeast China [7]. 4. Industrial Chain Data Charts The report provides charts on pure benzene price, styrene price, styrene - pure benzene price difference, SM import pure benzene cost vs. domestic pure benzene cost, styrene port inventory, styrene factory inventory, pure benzene port inventory, ABS inventory, PS inventory, EPS inventory, caprolactam weekly capacity utilization, phenol weekly capacity utilization, and aniline weekly capacity utilization, with data sources including iFinD and Steel Union Data [8][13][18][21][22][24][25][26][29][30][31].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - For PTA, with the restart of devices, the de - stocking slows down. Considering the lack of unexpected performance in polyester and future new production, the long - term inventory accumulation is expected. But the processing fee has reached a very low level for a long time, and with the gradual return of PX supply, attention should be paid to the opportunity of expanding processing fees under potential additional maintenance [1]. - For MEG, the near - term domestic oil - based production has a slight reduction in load, coal - based production remains stable, and overseas devices have both maintenance and restart. With the increase in arrivals and high - supply expectations in the long - term, the port may gradually accumulate inventory, but the current inventory is not high, and the valuation may be slowly compressed. Attention should be paid to the cost support of coal - based production [1]. - For polyester staple fiber, the device start - up rate has increased, production and sales have improved, and inventory has decreased. In the future, the speed of increasing the load at the yarn end may slow down, but the start - up rate remains high due to good spot benefits, and the processing fee is expected to fluctuate [1]. - For natural rubber, the national explicit inventory is stable, and the price of Thai cup rubber is stable. The strategy is to wait and see [1]. - For styrene and its related products, the prices and production profits of relevant products have changed, and the start - up rates of some products such as EPS and ABS also show certain trends [1]. Group 3: Summary According to Relevant Catalogs PTA - **Device Changes**: Hengli Huizhou's 5 million - ton device reduced load, Fuhai Chuang's 4.5 million - ton device restarted, and Ineos' 1.25 million - ton device stopped [1]. - **Market Situation**: Near - term TA maintenance was implemented, the start - up rate decreased slightly, polyester load was basically stable, inventory increased slightly, the basis weakened, and spot processing fees were slightly repaired. PX domestic start - up rate decreased, overseas devices operated stably, PXN decreased month - on - month, disproportionation and isomerization benefits were basically stable, and the aromatics price difference between the US and Asia widened [1]. MEG - **Device Changes**: Xinjiang Tianye's 600,000 - ton device stopped again [1]. - **Market Situation**: Near - term domestic oil - based EG slightly reduced load, coal - based start - up remained stable, overseas devices had both maintenance and restart. Arrivals remained stable while shipments were dull, and port inventory increased slightly at the beginning of next week. Downstream stocking levels increased, the basis weakened month - on - month, and the benefit ratio decreased [1]. Polyester Staple Fiber - **Device Changes**: Zhongtai and Xianglu increased their device loads, and the start - up rate increased to 95.4% [1]. - **Market Situation**: Production and sales improved month - on - month, inventory continued to decrease. At the demand end, the start - up rate of the yarn end remained stable, raw material stocking increased, and finished product inventory decreased month - on - month, but the benefits were weak [1]. Natural Rubber - **Price Changes**: The prices of various types of natural rubber, such as US - dollar - denominated Thai mixed rubber and Thai standard rubber, showed certain fluctuations, and the price of Thai cup rubber was relatively stable [1]. - **Inventory Situation**: The national explicit inventory was stable [1]. Styrene and Related Products - **Price Changes**: The prices of ethylene, pure benzene, styrene and other products changed daily, and the production profits of products such as ABS, EPS, and PS also showed corresponding changes [1]. - **Start - up Rate**: The start - up rates of EPS, ABS, and PS showed different trends [1].

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - For PTA, the restart of international TA plants has led to a rise in production, a slight increase in polyester load, stable inventory, weak basis, and low spot processing fees. With the restart of plants, TA de - stocking slows down. Considering the lack of unexpected performance in polyester and future new production, far - month inventory accumulation is expected. However, processing fees are at a very low level for a long time, and with the gradual return of PX supply, potential additional maintenance may offer opportunities to expand processing fees [1]. - Regarding MEG, domestic oil - based production is stable, coal - based production has a slight increase in load, overall load rises, overseas plants have a mix of maintenance and restart. With the increase in arrivals this week, port inventory accumulates slightly. Downstream stocking levels rise, and the basis weakens. New MEG plants start production earlier than expected, and valuations are significantly compressed. Future arrivals are expected to increase, and port inventory may gradually accumulate, but current inventory is not high, and valuations may be slowly compressed. Attention should be paid to the cost support of coal - based production [1]. - For polyester staple fiber, the production of some plants increases, leading to a rise in overall production. Sales improve, and inventory decreases slightly. On the demand side, the start - up rate of polyester yarn remains stable, raw material stocking decreases, and finished product inventory decreases. Given the high inventory of polyester yarn finished products, the speed of increasing production may slow down. Although the spot profit of staple fiber is good and production remains high, inventory pressure is limited, and processing fees are expected to fluctuate [1]. - In the natural rubber market, the national inventory remains stable, and the price of Thai cup rubber is stable. The strategy is to wait and see [1]. 3. Summary by Related Catalogs PTA - **Market data**: From September 12 - 18, 2025, crude oil prices fluctuated slightly, PX prices and processing spreads changed, PTA prices increased slightly, spot processing fees were at a low level, and the average daily trading basis was 2601(-77). The PTA device of Zhongtai Chemical with a capacity of 1.2 million tons was under maintenance [1]. - **Market situation**: International TA plants restarted, production increased, polyester load rose slightly, inventory was stable, basis was weak, and spot processing fees were low. PX domestic production increased, overseas plants restarted, PXN remained stable, disproportionation benefits remained, and isomerization benefits weakened. The price difference between American and Asian aromatics was stable [1]. - **Future outlook**: TA de - stocking slows down. Given the lack of unexpected performance in polyester and future new production, far - month inventory accumulation is expected. However, processing fees are at a very low level for a long time, and with the gradual return of PX supply, potential additional maintenance may offer opportunities to expand processing fees [1]. MEG - **Market data**: From September 12 - 18, 2025, MEG prices were relatively stable, the basis for 01 was around (+78), and the Xinjiang Tianye plant with a capacity of 600,000 tons restarted [1]. - **Market situation**: Domestic oil - based production was stable, coal - based production had a slight increase in load, overall load rose, overseas plants had a mix of maintenance and restart. With the increase in arrivals this week, port inventory accumulated slightly, downstream stocking levels rose, and the basis weakened [1]. - **Future outlook**: New MEG plants start production earlier than expected, and valuations are significantly compressed. Future arrivals are expected to increase, and port inventory may gradually accumulate, but current inventory is not high, and valuations may be slowly compressed. Attention should be paid to the cost support of coal - based production [1]. Polyester Staple Fiber - **Market data**: From September 1 - 18, 2025, spot prices were around 6462, and the market basis for 10 was around - 40. The production of Sanfangxiang and Yizheng increased, and the overall production rate reached 94.4% [1]. - **Market situation**: Production increased, sales improved, and inventory decreased slightly. On the demand side, the start - up rate of polyester yarn remained stable, raw material stocking decreased, and finished product inventory decreased. The profit of polyester yarn was weak [1]. - **Future outlook**: Given the high inventory of polyester yarn finished products, the speed of increasing production may slow down. Although the spot profit of staple fiber is good and production remains high, inventory pressure is limited, and processing fees are expected to fluctuate [1]. Natural Rubber - **Market data**: From September 1 - 18, 2025, prices of various types of natural rubber fluctuated. For example, the price of Shanghai full - latex rubber decreased, and the price of Thai cup rubber was stable [1]. - **Market situation**: National inventory remained stable, and the price of Thai cup rubber was stable [1]. - **Strategy**: Wait and see [1]. Styrene and Its Derivatives - **Market data**: From September 12 - 18, 2025, prices of ethylene, pure benzene, styrene, and its downstream products such as EPS, ABS, and PS changed. For example, the price of styrene in some regions decreased, and the production profit of some products also changed [1]. - **Market situation**: The production profit of some styrene - related products changed, and the start - up rates of EPS, ABS, and PS also showed certain fluctuations [1].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - For PTA, with low processing fees, additional maintenance has increased. Although the sales of filament are weak, significant further production cuts are unlikely in the short - term. The bottle - chip inventory has been continuously decreasing with low operation. Overall, the polyester operation is expected to stabilize and has upward potential. There is a chance to expand processing fees by buying at low prices [1]. - For MEG, there are some postponed restarts in domestic plants and unexpected overseas maintenance. The port inventory is expected to remain low in the short - term with limited inventory accumulation pressure. The situation is good with decent profits. In the long - term, inventory accumulation is expected due to the return from maintenance and new plant commissioning, and the valuation is greatly affected by the cost side. It should be viewed as a wide - range fluctuation, and attention should be paid to the restart progress of satellite plants [3]. - For polyester staple fiber, as the finished - product inventory of polyester yarn has been continuously decreasing, the downstream operation may continue to rise. Although the supply of staple fiber may also increase, the overall space is limited. Considering the low processing fees on the futures market, there is a chance to expand processing fees by buying at low prices [3]. - For natural rubber and 20 - grade rubber, the national explicit inventory remains stable at a relatively low level but shows no seasonal decline. The price of Thai cup - lump rubber has rebounded due to rainfall affecting tapping. The recommended strategy is to wait and see [4]. 3. Summary by Product PTA - **Price and Margin Changes**: From August 11 - 15, crude oil decreased by 0.9, PTA spot price increased by 10, and the processing fee decreased by 13. The average daily transaction basis was 2509(-13) [1]. - **Device Changes**: Jiaxing Petrochemical's 2.2 million - ton plant restarted, Shandong Weilian's 2.5 million - ton plant restarted, and Yisheng Dalian's 2.25 million - ton plant was under maintenance [1]. MEG - **Price and Margin Changes**: From August 11 - 15, the MEG outer - market price decreased by 1, the inner - market price decreased by 6, and the coal - based profit decreased by 37.68. The basis was around 09(+87) [3]. - **Device Changes**: Zhejiang Petrochemical's 800,000 - ton plant restarted, and Shenghong's 1.9 million - ton plant stopped operating due to an accident [3]. Polyester Staple Fiber - **Price and Margin Changes**: From August 11 - 15, the price of 1.4D cotton - type staple fiber increased by 50, and the profit increased by 43. The spot price was around 6468, and the market basis was around 09 - 0 [3]. - **Device Changes**: Ningbo Dafa's technical - renovation plant resumed operation, and the operation rate slightly increased to 91.1% [3]. Natural Rubber and 20 - grade Rubber - **Price Changes**: From August 11 - 15, the price of US - dollar Thai standard rubber increased by 25, and the price of Shanghai full - latex increased by 410. The weekly changes were 35 and 470 respectively [4]. - **Other Indicators**: The national explicit inventory remained stable, and the price of Thai cup - lump rubber rebounded due to rainfall affecting tapping [4]. Sty，rene - **Price Changes**: From August 11 - 15, the price of styrene (CFR China) decreased by 5, and the domestic profit increased by 28 [6].