Report Industry Investment Rating - Not provided Core View of the Report - On December 19, 2025, PX/PTA showed a significant increase in positions and prices, leading to a rally across the polyester chain, with the main contract rising by over 3%. The market has a consistent expectation of a shortage of PX raw materials next year. In 2026, PI - PTA will enter a production vacuum period, and the peak maintenance period of PA in the second quarter will further intensify the market's expectation of raw material shortage in the first half of the year. The futures price has also given a positive feedback to the capital. In the medium - to - long - term, PX may remain in a strong position at least in the first half of next year, but in the short - term, it is gradually under pressure, so it is recommended to be cautious about chasing up [2][3][5] Summary According to Relevant Catalogs 1. Reasons for the Rise - Expectations precede reality. The market has a consistent view on the shortage of PX raw materials next year. In 2026, PI - PTA will enter a production vacuum period, and the peak maintenance period of PA in the second quarter will further intensify the market's expectation of raw material shortage in the first half of the year, and the futures price has given a positive feedback to the capital [3] - The real - world fundamentals remain in a tight pattern. PX load is generally stable, the loads of downstream PTA and polyester remain at relatively high levels, which provides some support for the direct demand of the upstream. The overall spot liquidity of PTA is tight, and it is still in the de - stocking period in December. There is an expectation of a reduction in PX supply. A 390,000 - ton PX unit in the Northeast is planned to shut down early next week (unplanned), and the restart time is to be determined [12] 2. Basic Information - As of December 19, the PX operating rate was 88.1%. The PTA load was 73.2%, a 0.5% decrease compared to the previous period, and the polyester load remained around 91.1% [4] 3. Outlook for the Future Market - Currently, due to the profit - siphoning effect of PX on the polyester industry chain, PTA and filament have both suffered losses for the first time. In this context, there are again rumors in the market this morning about polyester filament production cuts to maintain prices. If PX continues to rise in the future, it may lead to increased losses for downstream filament factories, and polyester will face double pressures of efficiency and sales. In the medium - to - long - term, PX may still be in a strong position at least in the first half of next year, but in the short - term, it is gradually under pressure, so it is recommended to be cautious about chasing up [5]