1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The conflict between Iran and Israel has further escalated, with Israel attacking Iranian oil - field facilities and Iran responding. It is expected that crude oil prices will continue to rise, and the chemical industry as a whole will follow [2]. - PTA will go into a de - stocking phase. The actions of mainstream factories to increase the basis for sales have had a significant impact on the market, and PTA spot is becoming tight. Polyester has recently de - stocked rapidly, and inventory has increased significantly. The market's purchasing willingness has increased due to rising crude oil prices [2]. - For ethylene glycol, although the overall import volume from Iran is limited, the conflict may affect Iranian petrochemical exports. Coal - based ethylene glycol profits have expanded, and the recent blockage of US ethane imports has affected domestic ethylene glycol plants. Ethylene glycol will continue to de - stock, and the arrival volume will decrease [2]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Crude Oil**: INE crude oil price dropped from 541.6 yuan/barrel on June 16, 2025, to 529.8 yuan/barrel on June 17, 2025, a decrease of 11.8 yuan/barrel [2]. - **PX**: CFR China PX price increased from 866 to 884, and the PX - naphtha spread rose from 246 to 260. The PX operating rate remained at 83.07% [2]. - **PTA**: The PTA主力期价 rose from 4766 yuan/ton to 4782 yuan/ton, and the spot price increased from 5005 yuan/ton to 5020 yuan/ton. The spot processing fee decreased from 311.5 yuan/ton to 241.8 yuan/ton, and the disk processing fee dropped from 72.5 yuan/ton to - 6.2 yuan/ton. The PTA operating rate increased from 81.57% to 83.80%, and the number of PTA warehouse receipts decreased from 84853 to 80591 [2]. - **MEG**: The MEG主力期价 rose from 4374 yuan/ton to 4400 yuan/ton. The MEG - naphtha spread increased from - 135.55 yuan/ton to - 131.74 yuan/ton. The MEG domestic price increased from 4426 to 4446. The MEG operating rate remained at 56.16%, and the main - contract basis remained at 82 [2]. - **Polyester Products**: The polyester load increased from 89.74% to 89.99%. Among polyester filaments, the POY, FDY, and DTY prices remained unchanged, but their cash flows decreased by 20. The long - filament sales rate increased from 30% to 31%. For polyester staple fibers, the price of 1.4D direct - spinning polyester staple increased by 20, and the sales rate increased from 52% to 53%. For polyester chips, the semi - bright chip price decreased by 30, the chip cash flow decreased by 50, and the chip sales rate increased from 40% to 47% [2]. 3.2 Device Maintenance Dynamics - A 1.5 - million - ton PTA device in East China has been restarted after being shut down for maintenance around May 6. A 3 - million - ton PTA device in East China has been shut down for maintenance recently, with an expected maintenance period of about 10 days [4]