1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - For PTA, in the short - term, the upward space is limited, but before the new device is put into production, the overall pattern remains unchanged. After the valuation callback, pay attention to the opportunity of buying at low prices [1]. - For MEG, the pattern is expected to remain weak under the continuous new production, and pay attention to the opportunity of short - selling on rebounds [1]. - For polyester staple fiber, the downstream seasonality is expected to continue to weaken, with limited inventory pressure and relatively high start - up. It has a low - to - medium valuation and weak driving force, and pay attention to the warehouse receipt situation [1]. 3. Summaries According to Related Catalogs PTA - **Market situation**: The spot transaction average daily basis is 2605(-69). Yisheng New Materials' 3.6 million - ton device and Ineos' 1.25 million - ton device are under maintenance. The start - up of the device has decreased month - on - month, the polyester load has decreased at an accelerated rate, the inventory has increased, the basis has weakened, and the spot processing fee has remained stable [1]. - **PX situation**: Domestic PX is under maintenance and the load has decreased, while the overseas load continues to increase. The PXN has decreased month - on - month, the disproportionation benefit has weakened, and the isomerization benefit remains high. The aromatics price difference between the US and Asia is weak [1]. - **Outlook**: PX has high profits, domestic production remains high, and overseas start - up has rebounded. The de - stocking amplitude of the far - month contract has been revised down. TA's own processing fee is acceptable, and the inventory has increased during the pre - holiday polyester maintenance period [1]. MEG - **Market situation**: The basis is around 05(-109). Inner Mongolia Yankuang's 400,000 - ton device has increased its load. The domestic oil - based operation is stable, and the overall load has increased slightly driven by the increase in coal - based load. The port inventory has increased significantly at the beginning of the week, and the arrival forecast during the week remains high. The basis has strengthened month - on - month, and the coal - based benefit has remained stable [1]. - **Outlook**: Recently, the reduction in MEG mainly comes from the MTO part under the stable benefit of the mainstream process. The absolute amount and sustainability need further observation. The inventory is expected to continue to increase, and the absolute inventory is not low. The pattern is expected to remain weak [1]. Polyester Staple Fiber - **Market situation**: The spot price is around 6481, and the market basis is around 02 - 90. The device operation is stable, the start - up rate is maintained at 97.6%, the production and sales have improved month - on - month, the inventory has increased slightly, and the spot processing fee has weakened month - on - month. On the demand side, the start - up of the polyester yarn end has decreased, the raw material inventory has increased, the finished product inventory has decreased, and the benefit has improved month - on - month [1]. - **Outlook**: The downstream seasonality of staple fiber is expected to continue to weaken. With limited inventory pressure, the start - up will remain relatively high. It has a low - to - medium valuation and weak driving force, and the overall contradiction is limited [1]. Natural Rubber and 20 - grade Rubber - **Market situation**: The prices of various rubber products have changed to different degrees. For example, the daily change of the price of mixed rubber is 10, and the weekly change is - 30. The price differences and processing profits between different types of rubber also show certain changes [1]. Styrene and Related Products - **Market situation**: The prices of styrene and related products such as ethylene, pure benzene, and EPS have changed. For example, the price of styrene in East China has increased by 180 on a daily basis. The production profits of ABS, EPS, and PS have also changed [1].

1. Report Industry Investment Rating - No relevant information provided in the report 2. Core Viewpoints of the Report - **PTA**: Near - term TA device slightly reduces load, polyester load remains stable, inventory continues to decline, but polyester maintenance plans are intensively released, basis weakens, and spot processing fees shrink. PX domestic operation is at a high level, and overseas load increases. In the future, with high PX profits, domestic supply will remain high and overseas operation will recover, reducing the de - stocking amplitude in the far - month. TA's own processing fees have also improved, and short - term upward space is limited before the Spring Festival due to polyester maintenance plans. However, the overall pattern has not changed before new device production. Attention should be paid to the progress of overseas operation improvement [1] - **MEG**: Near - term domestic oil - based production has some load reduction, overseas maintenance increases month - on - month. Port inventory decreases at the beginning of the week due to low arrivals, and the arrival forecast rebounds during the week. The basis remains weak, and coal - based efficiency improves month - on - month. Recently, domestic supply is stable with a slight increase, overseas maintenance increases, overall inventory accumulation continues, and the absolute inventory is not low. The pattern is expected to remain weak under new production, and attention should be paid to short - selling opportunities on rebounds [1] - **Polyester Staple Fiber**: The front - end device operates stably, with an operation rate of 97.6%. Production and sales improve month - on - month, and inventory slightly decreases. On the demand side, the operation rate of the polyester yarn end remains stable, raw material inventory decreases, and finished product inventory accumulates, with stable efficiency. After raw material price adjustments, the spot processing fee of staple fiber has improved, but the futures price remains low. Downstream demand is expected to continue to weaken seasonally. With limited inventory pressure, the operation rate remains high. It has a medium - low valuation and weak driving force, with limited overall contradictions. Attention should be paid to the situation of warehouse receipts [1] - **Natural Rubber and 20 - grade Rubber**: No specific overall view on the trend is provided in the report, only price data and changes are presented - **Styrene and Related Products**: No specific overall view on the trend is provided in the report, only price and profit data and their changes are presented 3. Summary by Related Content PTA - **Price and Spread Data**: From January 8 - 14, 2026, crude oil prices rose from $62.0 to $65.0, PX processing fees decreased from $345.0 to $337.0, PTA spot prices fluctuated, and the basis was 2605(- 70) [1] - **Device and Operation Conditions**: Yisheng New Materials' 3.6 million - ton device and Ineos' 1.25 million - ton device are under maintenance. Near - term TA device slightly reduces load, and polyester load remains at 78.2% [1] - **Market Outlook**: PX high - profit situation leads to high domestic supply and overseas operation recovery, reducing the far - month de - stocking amplitude. TA processing fees improve, and short - term upward space is limited [1] MEG - **Price and Spread Data**: From January 8 - 14, 2026, MEG prices fluctuated slightly, and the basis was around 05(- 148) [1] - **Device and Operation Conditions**: Inner Mongolia Yankuang's 400,000 - ton device increases load. Near - term domestic oil - based production has some load reduction, and overseas maintenance increases month - on - month [1] - **Market Outlook**: Domestic supply is stable with a slight increase, overseas maintenance increases, overall inventory accumulates, and the pattern is expected to remain weak [1] Polyester Staple Fiber - **Price and Spread Data**: The spot price is around 6529, and the market basis is around 02 - 80 [1] - **Device and Operation Conditions**: The front - end device operates stably at an operation rate of 97.6%, production and sales improve, and inventory slightly decreases. The operation rate of the polyester yarn end remains stable [1] - **Market Outlook**: After raw material price adjustments, the spot processing fee improves, but the futures price remains low. Downstream demand weakens seasonally, and with limited inventory pressure, the operation rate remains high [1] Natural Rubber and 20 - grade Rubber - **Price Data**: From January 8 - 14, 2026, prices of various types of rubber, such as Shanghai whole - milk rubber and Thai cup - lump rubber, fluctuated, with some showing daily and weekly increases or decreases [1] Styrene and Related Products - **Price and Profit Data**: From January 8 - 14, 2026, prices of styrene and related products, such as ethylene and pure benzene, changed, and the production profits of PS, EPS, and ABS also fluctuated [1]

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, the near - term TA device runs stably, polyester load may reach an inflection point and TA inventory will gradually accumulate, with overall low pressure and valuation. Short - term outlook is to wait and see, while long - term attention should be paid to buying opportunities on dips due to the good PX pattern and raw material support [2] - For MEG, after the valuation is compressed, production cuts increase, the inventory accumulation rate narrows, and the profit compression space is limited. However, considering new production capacity, it is expected to fluctuate weakly [2] - For polyester staple fiber, the short - term inventory pressure is limited, but new production capacity is accelerating, and the downstream is entering the off - season. The pattern is weakening, and attention should be paid to the warehouse receipt situation [2] - For natural rubber and 20 - number rubber, with stable national explicit inventory and stable Thai cup - lump price affected by rainfall, the strategy is to wait and see [2] PTA - **Price Changes**: From December 10 to 16, 2025, crude oil dropped from $62.2 to $58.9, PTA internal - market spot price decreased from 4605 to 4590, and the polyester gross profit decreased from 27 to 8 [2] - **Device and Market Conditions**: Near - term TA device runs stably with stable start - up, polyester load drops slightly, inventory is destocked, basis strengthens slightly, and spot processing fee weakens. PX domestic start - up is stable, overseas load rises, PXN strengthens, disproportionation benefit is stable while isomerization benefit increases, and the US - Asia aromatics spread contracts [2] MEG - **Price Changes**: From December 10 to 16, 2025, MEG internal - market price dropped from 3674 to 3634, and MEG coal - to - MEG profit decreased from - 617 to - 615 [2] - **Device and Market Conditions**: Near - term domestic oil - based MEG reduces load, start - up decreases, some overseas devices reduce load, port inventory accumulates at the beginning of next week, basis weakens, and coal - to - MEG benefit continues to weaken [2] Polyester Staple Fiber - **Price Changes**: From December 10 to 16, 2025, the price of 1.4D cotton - type staple fiber remained at 6310 - 6325, and the short - fiber profit remained at 123 - 152 [2] - **Device and Market Conditions**: Near - term Hengyi Gaoxin has maintenance, start - up drops to 95.5%, production and sales are basically stable, and inventory is stable. On the demand side, the start - up of polyester yarn is stable, raw material inventory increases, and finished - product inventory accumulates, with improved benefit [2] Natural Rubber & 20 - Number Rubber - **Price Changes**: From December 10 to 16, 2025, the US - dollar Thai standard spot price increased from 1820 to 1825, and the RU main contract price decreased from 15215 to 15170 [2] - **Market Conditions**: The national explicit inventory is stable, and the Thai cup - lump price is stable affected by rainfall [2] Styrene - **Price Changes**: From December 10 to 16, 2025, the styrene (CFR China) price remained at 815 - 818, and the EPS (East - China common material) price remained at 7550 [5] - **Profit Changes**: The styrene domestic profit remained at - 94 to - 98, and the EPS domestic profit increased from 210 to 235 [5]

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, the short - term is to wait and see, and in the long - term, considering the good PX pattern, pay attention to the opportunity of buying on dips under the support of raw materials [2]. - For MEG, the short - term valuation is low but the driving force is limited, and the long - term pattern is expected to be weak [3]. - For polyester staple fiber, the short - term inventory pressure is limited, but the long - term pattern may turn weaker, and pay attention to the warehouse receipt situation [3]. - For natural rubber and 20 - number rubber, the main contradiction is that the national explicit inventory is stable and the absolute level is not high, and the Thai cup rubber price is stable with rainfall affecting tapping. The strategy is to wait and see [3]. Summaries by Related Catalogs PTA - Proximal TA device runs stably, with the start - up rate unchanged from the previous week. The polyester load increases slightly, the inventory remains stable, the basis is stable, and the spot processing fee improves compared with the previous week. PX domestic start - up rate remains stable, some overseas devices are stable, PXN strengthens, disproportionation and isomerization benefits improve, and the aromatics price difference between the US and Asia remains [2]. - The terminal weakens faster, the inflection point of polyester load is approaching, TA inventory will gradually accumulate again, but the overall pressure is not large and the valuation is not high [2]. MEG - Proximal domestic devices have both maintenance and restart, the start - up rate decreases slightly. Some overseas devices reduce the load, the arrival at the port is stable, the port inventory accumulates at the beginning of next week, and the arrival forecast within the week rebounds. The basis weakens, and the coal - to - MEG profit weakens again [3]. - After the EG price drops again, the coal - to - MEG loss intensifies, and the price ratio with other olefins continues to weaken. There is some production reduction on the supply side but the inventory accumulation trend has not been reversed [3]. Polyester Staple Fiber - Proximal devices run stably, the start - up rate maintains at 97.5%, production and sales are basically stable, and the inventory decreases compared with the previous week. On the demand side, the start - up rate of polyester yarn remains stable, raw material stockpiling decreases, and finished product inventory accumulates, and the profit remains stable [3]. - The demand for staple fiber basically maintains the previous state, the export of staple fiber itself maintains high growth, the short - term inventory pressure is limited, but in the long - term, the downstream enters the off - season and new devices are about to be put into production on the supply side, so the pattern may turn weaker [3]. Natural Rubber & 20 - number Rubber - The national explicit inventory is stable and the absolute level is not high, the Thai cup rubber price is stable, and rainfall affects tapping. The strategy is to wait and see [3]. Styrene - From December 2 - 8, 2025, the prices of ethylene, pure benzene, and benzene - related products in some regions change to different degrees. For example, the price of pure benzene (East China) increases by 50, and the price of benzene - ethylene (Jiangsu) increases by 75. The domestic profits of some products such as EPS and PS also change [6].

Group 1: Report Industry Investment Ratings - No information provided Group 2: Core Views PTA - Near - term TA device maintenance leads to lower start - up, polyester load increases, inventory decreases, basis strengthens slightly, and spot processing fees improve. PX domestic start - up rises, overseas devices reduce load, PXN strengthens. In the future, TA will maintain high maintenance, downstream has no obvious pressure, India revokes BIS certification, inventory accumulation slope is low, far - month production is limited, and PX cost pattern is good. Pay attention to opportunities for positive spreads at low prices and expanding processing fees [2]. MEG - Near - term domestic oil - based production increases, coal - based has some maintenance and load reduction, overall start - up decreases, overseas device restart is postponed, port inventory accumulates, basis weakens, and coal - based benefits are low. In the future, the inventory accumulation speed is expected to slow down, the coal - based benefit is at a low level, and the valuation compression space is limited. Pay attention to short - term selling put opportunities, and the long - term pattern is expected to be weak [3]. Polyester Staple Fiber - Near - term device operation is stable, start - up remains at 97.5%, sales improve slightly, and inventory is basically flat. Demand remains stable. In the future, short - term inventory pressure is limited due to high export, but the pattern may weaken in the far - month as downstream enters the off - season and new devices are about to be put into production. The current processing fee is relatively neutral, and pay attention to the warehouse receipt situation [3]. Natural Rubber - The national explicit inventory is stable at a relatively low level, Thai cup - lump prices are stable, and rainfall affects tapping. The strategy is to wait and see [6]. Styrene - No overall view is provided in the text, only price data changes are presented [10]. Group 3: Summary by Related Catalogs PTA - **Price Changes**: From November 18 - 24, crude oil price changed by 0.8, PTA spot price increased by 15, and POY 150D/48F price decreased by 35. Naphtha cracking spread, PX processing spread, and PTA processing spread all changed to varying degrees [2]. - **Device Changes**: Honggang's 2.5 - million - ton device restarted [2]. MEG - **Price Changes**: From November 18 - 24, MEG outer - disk price increased by 7, inner - disk price increased by 38, and coal - based profit increased by 38 [3]. - **Device Changes**: Hongsifang's 300,000 - ton device and Huayi's 200,000 - ton device were under maintenance, and Zhenhai's 800,000 - ton device restarted [3]. Polyester Staple Fiber - **Price Changes**: From November 18 - 24, the price of 1.4D cotton - type staple fiber remained stable, and the profit of short - fiber and pure - polyester yarn changed [3]. - **Device Changes**: No device changes were reported [3]. Natural Rubber - **Price Changes**: From November 18 - 24, the price of US - dollar Thai standard rubber remained stable, the price of Shanghai full - latex decreased by 75, and the price of Thai cup - lump remained stable. Weekly changes also showed different trends [6]. - **Spreads and Profits**: The spread between mixed rubber and RU main contract, the processing profit of Thai standard rubber, etc., all had corresponding changes [6]. Styrene - **Price Changes**: From November 18 - 24, the price of ethylene (CFR Northeast Asia) remained stable, the price of pure benzene (CFR China) changed, and the price of styrene (CFR China) decreased by 5 [10]. - **Profits**: The domestic profit of styrene, EPS, PS, and ABS changed to different extents [10].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, near - term TA partial device load increases, polyester load stabilizes, inventory slightly accumulates, and basis weakens. PX domestic operation rate drops. TA will gradually enter the inventory accumulation stage, but with long - term low processing fees, additional maintenance should be monitored, and the processing fee center may gradually recover [2]. - For MEG, near - term domestic maintenance and restarts coexist, load slightly rises, and port inventory accumulates. EG will enter a continuous inventory accumulation stage, but there may be negative feedback on the supply side, and attention should be paid to the selling put opportunity near the coal - based cost [2]. - For polyester staple fiber, near - term device operation is stable, production and sales improve, and inventory slightly decreases. The overall inventory pressure is limited, and attention should be paid to the warehouse receipt situation [2]. - For natural rubber and 20 - number rubber, the national explicit inventory is stable, and the Thai cup - lump price is stable with rainfall affecting tapping. The strategy is to wait and see [2]. Summary by Related Catalogs PTA - **Data Changes**: From October 17 to October 23, crude oil prices remained unchanged, PTA spot price increased by 55 to 4425, polyester profit decreased by 89 to 29, and inventory (warehouses + valid forecasts) increased by 2203 to 50945 [2]. - **Market Situation (Weekly)**: Near - term TA partial device load increases, polyester load is stable, inventory slightly accumulates, basis weakens, and spot processing fee remains low. PX domestic operation rate drops, overseas partial maintenance occurs, PXN expands, and the aromatics spread between the US and Asia expands [2]. - **Outlook**: Polyester shows no unexpected performance, TA will gradually enter the inventory accumulation stage. With long - term low processing fees, additional maintenance should be monitored, and the processing fee center may gradually recover [2]. MEG - **Data Changes**: From October 17 to October 23, the price of Northeast Asian ethylene remained unchanged, MEG external price increased by 7 to 491, MEG domestic price increased by 66 to 4173, and coal - based MEG profit increased by 66 to 1 [2]. - **Market Situation (Weekly)**: Near - term domestic maintenance and restarts coexist, load slightly rises, overseas maintenance occurs, port inventory accumulates slightly, basis is stable, and coal - based efficiency and price ratio contract further [2]. - **Outlook**: EG stock operation returns to a high level, and with new device production, it enters a continuous inventory accumulation stage. However, there may be negative feedback on the supply side, and attention should be paid to the selling put opportunity near the coal - based cost [2]. Polyester Staple Fiber - **Data Changes**: From October 17 to October 23, the price of 1.4D cotton - type staple fiber increased by 25 to 6390, short - fiber profit remained unchanged at 235, and the difference between cotton and polyester staple fiber decreased by 10 to 8185 [2]. - **Market Situation (Weekly)**: Near - term device operation is stable, operation rate remains at 94.3%, production and sales improve, and inventory slightly decreases. On the demand side, the operation rate of polyester yarn slightly increases, and both raw material and finished - product inventory decrease, with efficiency slightly improving [2]. - **Outlook**: The overall operation rate and finished - product inventory of polyester yarn do not significantly increase, short - fiber exports maintain high growth, operation rate remains high with good spot efficiency, overall inventory pressure is limited, and attention should be paid to the warehouse receipt situation [2]. Natural Rubber & 20 - number Rubber - **Data Changes**: From October 17 to October 23, the price of US - dollar Thai standard rubber remained unchanged at 1825, the price of Shanghai full - latex increased by 750 to 14450, and the price of Thai cup - lump increased by 1 to 50.5. The weekly change of RU main contract price increased by 345 to 15245, and NR main contract price increased by 115 to 12430 [2]. - **Market Situation (Daily)**: The national explicit inventory is stable, and the Thai cup - lump price is stable with rainfall affecting tapping [2]. - **Strategy**: Wait and see [2] Styrene - **Data Changes**: From October 17 to October 23, the price of ethylene (CFR Northeast Asia) remained unchanged, the price of pure benzene (CFR China) remained unchanged, the price of styrene (CFR China) remained unchanged, and the price of PS (East China transparent benzene) increased by 100 to 6950 [5]. - **Market Situation**: The price of raw materials and some products shows certain fluctuations, and the domestic profit of some products remains stable or changes slightly [5]

Group 1: Report Summary - The report provides a weekly analysis of the aromatics and rubber markets, including PTA, MEG, polyester staple fiber, natural rubber, 20 - number rubber, and styrene [2][6][9] Group 2: PTA Market Current Situation - PTA spot had an average daily trading basis of 2509(-18). Proximal开工 increased, polyester load rose slightly, inventory continued to accumulate, basis was weak, and spot processing fees were low. PX domestic开工 rose slightly, overseas had both maintenance and restarts,开工 decreased slightly, PXN strengthened, disproportionation and isomerization benefits remained stable, and the US - Asia aromatics spread rose slightly [2] Device Changes - Tainan Chemical had a 1.5 - million - ton unit under maintenance and a 1.2 - million - ton unit restarted; Ineos' 2.35 - million - ton unit reduced production by 20%; Jiaxing Petrochemical's 2.2 - million - ton unit was under maintenance [2] Weekly Outlook - With low TA processing fees, additional maintenance increased. Demand - side filament sales were weak, but further production cuts were difficult in the short term. Bottle - grade PET continued to destock at low开工. Overall, polyester开工 is expected to gradually stabilize and have upward elasticity, and supply - demand is expected to improve periodically. Attention should be paid to opportunities to expand processing fees on dips [2] Group 3: MEG Market Current Situation - MEG spot had a basis of around +77 for 09. Proximal domestic device restarts were postponed,开工 was stable, there were some unexpected overseas maintenance. With increased arrivals and stable shipments, port inventory was expected to accumulate. Downstream inventory levels increased, basis was stable, and oil - based profitability recovered [6] Device Changes - Inner Mongolia Tongliao's 300,000 - ton unit restarted; Shanxi Wonen's 300,000 - ton unit was under maintenance [6] Weekly Outlook - EG supply has postponed restarts and overseas unexpected maintenance. With low short - term inventory accumulation pressure, port inventory is expected to remain low. The situation is good and profitability is not low. In the far - month, with the return of maintenance and new device commissioning, inventory accumulation is expected. However, valuation is greatly affected by the subsequent evolution of the cost side, and it is expected to fluctuate widely. Attention should be paid to the restart progress of satellite plants [6] Group 4: Polyester Staple Fiber Market Current Situation - Spot price was around 6497, and the market basis was around - 20 for 09. Proximal Huaxi increased production,开工 rose slightly to 90.6%, sales were stable, and inventory continued to accumulate. Downstream yarn production was stable, raw material inventory increased, finished - product inventory decreased, and profitability improved slightly [6] Weekly Outlook - As downstream yarn finished - product inventory continues to decline, downstream开工 may increase. Although staple fiber supply may also increase, considering that the processing fee on the futures market is still in a low range, attention can be paid to opportunities to expand processing fees on dips [6] Group 5: Natural Rubber and 20 - Number Rubber Market Current Situation - There were price increases in various rubber products. The national explicit inventory was stable at a relatively low level but did not show seasonal destocking. The price of Thai cup - lump rubber rebounded due to rainfall affecting tapping [6] Today's Outlook - The main contradiction is the stable national explicit inventory without seasonal destocking and the rebound of Thai cup - lump rubber price due to rainfall. The strategy is to wait and see [6] Group 6: Styrene Market Current Situation - There were price changes in raw materials and products. Styrene domestic profitability decreased, while EPS and PS domestic profitability increased [9]

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - For PTA, the near - term TA start - up increased slightly, polyester load decreased further, inventory continued to accumulate, basis declined, and spot processing fees weakened significantly. Entering the inventory accumulation stage, pay attention to the opportunity of increasing processing fees by buying at low prices [2]. - For MEG, the near - term domestic coal - based restart drove the start - up to rise month - on - month, and it is gradually entering the inventory accumulation stage. It is expected to be range - bound, and attention should be paid to the change of warehouse receipts [9]. - For polyester staple fiber, the near - term supply decreased due to the production cut of Ningbo Dafa, and the processing fee is expected to run in a range - bound manner [9]. - For natural rubber and 20 - grade rubber, the national explicit inventory remained stable at a relatively low level without seasonal destocking, and the price of Thai cup lump rubber rebounded. The strategy is to wait and see [9]. 3. Summary by Related Catalogs PTA - **Price and Margin Data**: From July 9 to July 15, 2025, the price of crude oil decreased by 0.5, PTA processing margin changed from 107 to 147, and polyester gross profit decreased from 33 to - 68 [2]. - **Market Situation**: Near - term TA start - up increased slightly, polyester load decreased, inventory accumulated, basis declined, and spot processing fees weakened significantly. PX domestic start - up remained stable, overseas had some overhauls, and PXN weakened slightly [2]. - **Outlook**: Entering the inventory accumulation stage, the slope depends on the weakening degree of the polyester off - season. Spot processing fees have been compressed to a very low level, and there may be a reduction in supply at the margin. Pay attention to the opportunity of increasing processing fees by buying at low prices [2]. MEG - **Price and Margin Data**: From July 9 to July 15, 2025, the MEG outer - market price increased from 509 to 516, and MEG coal - based profit increased from 583 to 637 [9]. - **Market Situation**: Near - term domestic coal - based restart drove the start - up to rise month - on - month, Saudi Arabian plants were restarting, port inventory accumulated at the beginning of next week, port shipments were okay during the week, downstream inventory levels increased, basis remained stable, and the profit - to - price ratio remained unchanged [9]. - **Outlook**: Iran and ethane supply have not decreased. With the increase in domestic start - up, it is gradually entering the inventory accumulation stage. The actual inventory is at a low level while the valuation is not low. It is expected to be range - bound, and attention should be paid to the change of warehouse receipts [9]. Polyester Staple Fiber - **Price and Margin Data**: From July 9 to July 15, 2025, the price of 1.4D cotton - type staple fiber decreased from 6730 to 6680, and short - fiber profit changed from 196 to 155 [9]. - **Market Situation**: Near - term supply decreased due to the production cut of Ningbo Dafa, start - up decreased to 92.3%, production and sales remained stable month - on - month, and inventory basically remained unchanged. On the demand side, the start - up of polyester yarn continued to decline, inventory structure maintained raw - material inventory depletion and finished - product inventory accumulation, and the profit remained low [9]. - **Outlook**: Under the condition that the short - fiber profit and inventory pressure are acceptable, there is no obvious reduction or increase in supply. With weak domestic demand and high export growth, the processing fee is expected to run in a range - bound manner [9]. Natural Rubber & 20 - grade Rubber - **Price and Margin Data**: From July 9 to July 15, 2025, the price of US - dollar - denominated Thai standard rubber remained at 1735, and the price of Shanghai full - latex rubber increased from 13645 to 13995 [9]. - **Market Situation**: The national explicit inventory remained stable at a relatively low level without seasonal destocking, and the price of Thai cup lump rubber rebounded due to rainfall affecting rubber tapping [9]. - **Strategy**: Wait and see [9]. Styrene - **Price and Margin Data**: From July 9 to July 15, 2025, the price of styrene (CFR China) decreased from 910 to 905, and EPS domestic profit increased from 60 to 380 [12]. - **Market Trend**: The price of ethylene remained unchanged, while the prices of pure benzene and styrene fluctuated. The domestic profits of styrene - related products also showed different degrees of change [12].

Group 1: PTA - The PTA spot daily average trading basis is 2509(+103). The Hainan Yisheng 2 million - ton plant increased its load. The near - term TA operation remained stable, polyester operation declined faster, inventory slightly accumulated, the basis weakened significantly, and the spot processing fee decreased. PX domestic maintenance was implemented, overseas plants in Japan and South Korea restarted, PXN weakened month - on - month, and the profits of disproportionation and isomerization shrank. TA has entered the inventory accumulation stage, and the slope depends on the weakening degree of the polyester off - season. The short - term processing fee has limited further weakening space, and attention should be paid to the subsequent load reduction of filament [3]. Group 2: MEG - The MEG spot basis is around 09(+70). The Hainan Yisheng 2 million - ton plant increased its load. Near - term domestic coal - based MEG maintenance led to a slight decline in operation. Saudi plants had some unexpected situations, and port inventory decreased at the beginning of next week but is expected to accumulate again as arrivals increase during the week. The downstream inventory level increased, the basis remained stable, and the profit ratio was maintained. With no reduction in Iranian and ethane supply and the increase in domestic operation, it is gradually entering the inventory accumulation stage. Considering the low actual inventory and relatively high valuation, it is expected to be range - bound, and attention should be paid to the change of warehouse receipts [11]. Group 3: Polyester Staple Fiber - The spot price is around 6702, and the market basis is around 08+50. The Jiangyin Huaxi reduced production, and the operation rate dropped to 93.0%. The sales - to - production ratio remained stable month - on - month, and inventory slightly accumulated. On the demand side, the operation of polyester yarn decreased, raw material inventory decreased, and finished - product inventory continued to accumulate. The profit remained at a low level, and the export of staple fiber maintained a high growth rate. The supply has not significantly decreased due to acceptable profit and inventory pressure, but the valuation has limited further upward space due to weak domestic demand. Attention should be paid to whether there will be further production cuts in the industry [11]. Group 4: Natural Rubber & 20 - Number Rubber - The main contradiction is that the national explicit inventory remains stable at a relatively low absolute level but does not show seasonal decline, and the price of Thai cup rubber rebounded due to rainfall affecting rubber tapping. The strategy is to wait and see [11]. Group 5: Styrene - From July 1 - 7, 2025, the price of ethylene (CFR Northeast Asia) remained at 850, the price of pure benzene (CFR China) fluctuated slightly, and the price of styrene (CFR China) also changed. The domestic profit of styrene remained at 168 on July 7, while the profit of EPS and PS decreased [15].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - For PTA, the near - end TA start - up has rebounded month - on - month, polyester start - up has increased, inventory has continued to decline, and the basis has strengthened overall. Although the spot processing fee has declined month - on - month, it remains at a relatively high level. In the future, considering TA's sufficient maintenance in the first half of the year and still having production plans, attention should be paid to the opportunity of narrowing the far - month TA processing fee [1]. - For MEG, the near - end domestic oil - based production has unexpected shut - downs, and coal - based production has planned maintenance. With less arrivals at ports, port inventory has decreased. Attention should be paid to the phased positive spread opportunity [1]. - For polyester staple fiber, although the inventory has decreased month - on - month, the overall high supply and the downstream's pressured profit make it difficult for the fundamentals to improve significantly. However, the processing fee on the futures market has been compressed to a relatively low level, and it is expected to remain weak [1]. - For natural rubber, the national explicit inventory has slightly decreased, and the Thai cup lump price has rebounded slightly. The recommended strategy is to wait and see [1]. 3. Summaries According to Related Catalogs PTA - Market data: From May 16th to 22nd, 2025, the PTA spot price fluctuated, with the lowest at 4860 and the highest at 4995. The PX processing margin decreased from 274.0 to 258.0, the polyester production - sales ratio fluctuated, and the PTA device had changes such as the restart of Zhongtai's 1.2 million - ton device and the maintenance of Tongkun's 3 million - ton device [1]. MEG - Market data: From May 16th to 22nd, 2025, the MEG price decreased, with the lowest at 4501 and the highest at 4570. The coal - based MEG profit decreased from - 304 to - 366. The Sanjiang's 1 million - ton device stopped due to an accident [1]. Polyester Staple Fiber - Market data: From May 1st to around May 22nd, 2025, the spot price of polyester staple fiber decreased from around 6750 to around 6660. The start - up rate increased to 96.2% due to the load increase of Shanghai Yuanfang and Jiangyin Youcai. The downstream yarn - making start - up rate remained stable, but the profit weakened [1]. Natural Rubber - Market data: From May 1st to around May 22nd, 2025, the price of various types of natural rubber fluctuated. For example, the price of Shanghai full - latex decreased from 15900 to 15750. The national explicit inventory slightly decreased, and the Thai cup lump price rebounded slightly [1]. Styrene and Its Products - Market data: From May 16th to 22nd, 2025, the price of styrene and related products such as pure benzene and EPS fluctuated. The production profit of PS and EPS also changed, and the start - up rate of EPS and ABS remained at a certain level [1].