Report Summary 1. Report's Industry Investment Rating - Not mentioned in the report. 2. Core Viewpoints - PTA: The sentiment in the commodity market has declined. PX maintains fundamental resilience during its high - level correction. The PTA industry remains strong, with expected record - high production in January 2024 in China, no Spring Festival production cut plans, and no new capacity throughout the year. PX supply is still tight, and the domestic PTA high - operation rate and the limited negative feedback from polyester factory production cuts support the market [3]. - MEG: After a long - term slump overseas, the reduction of ethylene glycol exports from the Middle East has boosted market confidence. The supply contraction due to production line conversion provides room for price increases [3]. 3. Summary by Relevant Catalogs 3.1 Market Data Changes - **Crude Oil and PTA - related**: INE crude oil price increased from 464.2 yuan/barrel on February 9, 2026, to 476.1 yuan/barrel on February 10, 2026, a rise of 11.9 yuan/barrel. PTA - SC decreased by 48.48 yuan/ton, and PTA/SC ratio decreased by 0.0275 [3]. - **PX**: CFR China PX price rose from 900 to 909, and the PX - naphtha spread increased from 297 to 311 [3]. - **PTA**: The PTA主力期价 increased from 5192 yuan/ton to 5230 yuan/ton, and the spot price rose from 5115 yuan/ton to 5140 yuan/ton. The spot processing fee decreased by 2.8 yuan/ton, and the disk processing fee decreased by 4.8 yuan/ton. The PTA仓单数量 increased by 2004 [3]. - **MEG**: The MEG主力期价 decreased from 3739 yuan/ton to 3733 yuan/ton, and MEG - naphtha remained unchanged. The MEG内盘 decreased from 3635 yuan/ton to 3623 yuan/ton, and the主力 basis decreased by 3 [3]. - **Polyester Products**: POY150D/48F price decreased by 25 yuan/ton, FDY150D/96F decreased by 10 yuan/ton, DTY150D/48F remained unchanged. The cash - flow of POY, FDY, DTY, polyester staple fiber, and polyester chips all decreased to varying degrees [3]. 3.2 Industry Chain Start - up Situation - PX start - up rate remained at 85.92%, PTA start - up rate remained at 76.73%, MEG start - up rate increased from 61.67% to 62.36%, and polyester load decreased from 77.49% to 77.26% [3]. 3.3 Production and Sales Situation - The long - filament production and sales rate increased from 12% to 13%, the short - fiber production and sales rate decreased from 41% to 39%, and the polyester chip production and sales rate increased from 22% to 23% [3]. 3.4 Device Maintenance Dynamics - A 250 - million - ton PTA device in East China is expected to stop production on February 10, 2026, and the specific restart time is undetermined [4].