Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Report's Core View - Commodity sentiment has weakened, PTA basis has weakened and trading volume has declined. Domestic PTA production capacity supply has contracted, and PTA port inventory has decreased. The spread between PX and naphtha has expanded to around $250, while alkyl transfer and TDP profit margins are not optimistic. The spread between PX and MX remains at around $90. In July, bottle chips and staple fibers are about to enter the maintenance period. The market port inventory has decreased, and polyester replenishment has improved under the weakening basis. The overall polyester inventory is not high, and the polyester load has dropped to 88% [2] Group 3: Summary by Relevant Catalog 1. Price and Index Changes - PTA spot price decreased from 4690 to 4660, a change of -30.00 [2] - MEG inner - market price increased from 4455 to 4463, a change of 8.00 [2] - PTA closing price decreased from 4698 to 4682, a change of -16.00 [2] - MEG closing price increased from 4389 to 4399, a change of 10.00 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6575 to 6550, a change of -25.00 [2] - Fiber basis increased from 151 to 161, a change of 10.00 [2] - 8 - 9 spread decreased from 35 to 48, a change of -13.00 [2] - Polyester staple fiber cash flow increased from 240 to 246, a change of 6.00 [2] - 1.4D imitation large - chemical fiber price decreased from 5750 to 5700, a change of -50.00 [2] - The spread between 1.4D direct - spun and imitation large - chemical fiber increased from 825 to 850, a change of 25.00 [2] - East China water bottle chip price decreased from 5935 to 5921, a change of -14.00 [2] - Hot - filled polyester bottle chip price decreased from 5935 to 5921, a change of -14.00 [2] - Carbonated - grade polyester bottle chip price decreased from 6035 to 6021, a change of -14.00 [2] - Outer - market water bottle chip price decreased from 780 to 770, a change of -10.00 [2] - Bottle chip spot processing fee increased from 433 to 442, a change of 8.97 [2] - T32S pure polyester yarn price remained unchanged at 10300, a change of 0.00 [2] - T32S pure polyester yarn processing fee increased from 3725 to 3750, a change of 25.00 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300, a change of 0.00 [2] - Cotton 328 price increased from 14845 to 14860, a change of 15.00 [2] - Polyester - cotton yarn profit increased from 1329 to 1340, a change of 10.91 [2] - Virgin three - dimensional hollow (with silicon) price remained unchanged at 7060, a change of 0.00 [2] - Hollow staple fiber 6 - 15D cash flow increased from 358 to 381, a change of 22.97 [2] - Virgin low - melting - point staple fiber price remained unchanged at 7330, a change of 0.00 [2] 2. Market Conditions - Polyester staple fiber: The price of polyester staple fiber production plants and traders has decreased, downstream purchases on demand, and on - site trading is scarce. The price range of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market is 6290 - 6670, in the North China market is 6410 - 6790, and in the Fujian market is 6290 - 6550 [2] - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets is 5860 - 5980 yuan/ton, with the average price down 10 yuan/ton from the previous working day. Polyester raw materials and bottle chip futures fluctuated weakly, supply - side quotations were a mix of stable and falling, downstream end - users restocked on a just - in - time basis, and the market negotiation atmosphere was okay, with the price center of bottle chips dropping today [2] 3. Industry Load and Sales - Direct - spun staple fiber load (weekly) decreased from 93.00% to 92.30%, a change of -0.01 [3] - Polyester staple fiber sales decreased from 52.00% to 47.00%, a change of -5.00% [3] - Polyester yarn startup rate (weekly) decreased from 66.00% to 65.00%, a change of -0.01 [3] - Regenerated cotton - type load index (weekly) increased from 46.00% to 51.50%, a change of 0.06 [3]

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - PTA: Commodity sentiment has weakened, domestic PTA production capacity supply has contracted, and port inventories have declined. The spread between PX and naphtha has expanded to around $250, but the profit margins of alkyl transfer and TDP are not optimistic. The spread between PX and MX remains at around $90. Market port inventories have decreased, and polyester replenishment has improved under the weakening basis. The basis of PTA has weakened, and market replenishment willingness has declined [2]. - Ethylene glycol: Coal prices have rebounded, leading to a rise in ethylene glycol prices. Macro - sentiment has slightly weakened, and the chemical industry has followed the weakening sentiment of bulk commodities. Overseas ethylene glycol plant maintenance, especially in Saudi Arabia, has been continuously postponed, which may have a significant impact on the market outlook. The future arrival volume of ethylene glycol has decreased. Polyester sales have weakened, downstream weaving profits have shrunk, and terminal loads have significantly declined, posing a certain negative impact on the market [2]. Group 3: Summary by Relevant Catalogs Market Data - INE crude oil price dropped from 514.3 yuan/barrel on August 4, 2025, to 508.8 yuan/barrel on August 5, 2025, a decrease of 5.5 yuan/barrel [2]. - PTA - SC spread increased from 960.5 yuan/ton to 984.5 yuan/ton, up 23.97 yuan/ton; PTA/SC ratio rose from 1.2570 to 1.2663, an increase of 0.0093 [2]. - CFR China PX price increased from 838 to 839, up 1; PX - naphtha spread expanded from 234 to 254, an increase of 20 [2]. - PTA主力期价 dropped from 4698 yuan/ton to 4682 yuan/ton, a decrease of 16 yuan/ton; PTA spot price fell from 4690 yuan/ton to 4660 yuan/ton, a decrease of 30 yuan/ton [2]. - PTA现货加工费 decreased from 173.2 yuan/ton to 144.6 yuan/ton, a decrease of 28.6 yuan/ton; 盘面加工费 dropped from 181.2 yuan/ton to 161.6 yuan/ton, a decrease of 19.6 yuan/ton [2]. - MEG主力期价 rose from 4389 yuan/ton to 4399 yuan/ton, an increase of 10 yuan/ton; MEG - naphtha spread increased from (101.55) yuan/ton to (100.74) yuan/ton, an increase of 0.8 yuan/ton [2]. - MEG内盘 price increased from 4455 yuan/ton to 4463 yuan/ton, an increase of 8 yuan/ton [2]. Industry Chain Operating Conditions - PX开工率 remained unchanged at 78.11%; PTA开工率 increased from 76.81% to 78.04%, an increase of 1.23%; MEG开工率 remained unchanged at 58.81%; polyester load increased from 86.15% to 87.09%, an increase of 0.94% [2]. Product Prices and Cash Flows - POY150D/48F price dropped from 6735 to 6715, a decrease of 20; POY现金流 increased from (17) to (14), an increase of 3 [2]. - FDY150D/96F price remained unchanged at 6995; FDY现金流 increased from (257) to (234), an increase of 23 [2]. - DTY150D/48F price dropped from 7960 to 7935, a decrease of 25; DTY现金流 decreased from 8 to 6, a decrease of 2 [2]. - 1.4D直纺涤短 price dropped from 6575 to 6550, a decrease of 25; 涤短现金流 decreased from 173 to 171, a decrease of 2 [2]. - 半光切片 price dropped from 5800 to 5780, a decrease of 20; 切片现金流 increased from (52) to (49), an increase of 3 [2]. Sales Volume - 长丝产销 increased from 32% to 37%, an increase of 5%; 短纤产销 decreased from 49% to 47%, a decrease of 2%; 切片产销 increased from 63% to 72%, an increase of 9% [2]. Device Maintenance - A 7.2 - million - ton PTA device of a supplier in East China reduced its load to 80 - 90% last night, and the recovery time depends on raw material logistics [2]

Industry Investment Rating - Not provided Core Views - The commodity sentiment has weakened, the domestic PTA production capacity supply has shrunk, and the port inventory has declined. The spread between PX and naphtha has expanded to around $250, while the alkyl transfer and TDP profit margins are not optimistic. The spread between PX and MX remains at around $90. The market port inventory has decreased, and polyester replenishment has improved under the weakening basis. However, the PTA basis has weakened, and the market replenishment willingness has declined [2]. - Coal prices have rebounded, leading to an increase in ethylene glycol prices. The macro - sentiment has slightly weakened, and the chemical industry has followed the weakening sentiment of bulk commodities. Overseas ethylene glycol plant maintenance, especially in Saudi Arabia, has been continuously postponed, which may have a significant impact on the market outlook. The future arrival volume of ethylene glycol has decreased. Polyester production and sales have weakened, downstream weaving profits have shrunk, and the terminal load has significantly declined, which has a certain negative impact on the market [2]. Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil price dropped from 531.3 yuan/barrel on July 31, 2025, to 527.9 yuan/barrel on August 1, 2025, a decrease of 3.40 yuan/barrel [2]. - **PTA - SC**: The PTA - SC price dropped from 947.0 yuan/ton to 907.7 yuan/ton, a decrease of 39.29 yuan/ton; the PTA/SC ratio decreased from 1.2453 to 1.2366, a decrease of 0.0087 [2]. - **PX**: CFR China PX price dropped from 858 to 846, a decrease of 12; the PX - naphtha spread decreased from 250 to 242, a decrease of 8 [2]. - **PTA**: The PTA主力期价 dropped from 4808 yuan/ton to 4744 yuan/ton, a decrease of 64.0 yuan/ton; the PTA现货价格 dropped from 4825 yuan/ton to 4750 yuan/ton, a decrease of 75.0 yuan/ton; the spot processing fee decreased from 189.0 yuan/ton to 173.6 yuan/ton, a decrease of 15.4 yuan/ton; the PTA仓单数量 decreased from 29738 to 27731, a decrease of 2007 [2]. - **MEG**: The MEG主力期价 dropped from 4414 yuan/ton to 4405 yuan/ton, a decrease of 9.0 yuan/ton; the MEG - naphtha spread decreased from (119.91) yuan/ton to (122.10) yuan/ton, a decrease of 2.2 yuan/ton; the MEG内盘 price dropped from 4503 yuan/ton to 4480 yuan/ton, a decrease of 23.0 yuan/ton [2]. Industry Chain - **PX**: The PX开工率 remained unchanged at 77.29% [2]. - **PTA**: The PTA开工率 decreased from 76.64% to 74.06%, a decrease of 2.58% [2]. - **MEG**: The MEG开工率 increased from 58.13% to 58.81%, an increase of 0.68% [2]. - **Polyester**: The polyester负荷 decreased from 86.28% to 86.15%, a decrease of 0.13% [2]. Product Prices and Cash Flows - **Polyester Filament**: POY150D/48F, FDY150D/96F, and DTY150D/48F prices remained unchanged; POY现金流, FDY现金流, and DTY现金流 increased by 72.0, and the long丝产销 decreased from 27% to 25%, a decrease of 2% [2]. - **Polyester Staple Fiber**: The 1.4D直纺涤短 price dropped from 6650 to 6600, a decrease of 50; the 涤短现金流 decreased from 116 to 138, an increase of 22.0; the 短纤产销 increased from 49% to 56%, an increase of 7% [2]. - **Polyester Chips**: The semi光切片 price dropped from 5905 to 5845, a decrease of 60.0; the 切片现金流 increased from (79) to (67), an increase of 12.0; the 切片产销 decreased from 72% to 59%, a decrease of 13% [2]. Device Maintenance - An East - China supplier's 7.2 - million - ton PTA device reduced its load to 80 - 90% last night, and the recovery time depends on raw material logistics [3].