Report Industry Investment Rating The report does not mention the industry investment rating. Core Viewpoints - The recent rebound in crude oil is mainly driven by passive buying of crude oil due to commodity index rebalancing, with geopolitical sentiment premiums also contributing. Attention should be paid to the situation in Iran [1]. - In the PX market, after a significant improvement in PX profitability, domestic and foreign PX plants have increased production. PXN has retreated due to a weakening fundamental outlook, but the medium - term outlook remains positive and is currently difficult to disprove [1]. - For TA, the inventory build - up pressure in January is not significant. In the long - term, as the cycle of concentrated capacity expansion ends, PTA processing fees are expected to further improve [1]. - In terms of demand, the polyester operating rate is 90.8% (a 0.9% month - on - month increase), while the weaving load continues to decline. The polyester load will decrease around the Spring Festival, and the average load in January is expected to drop to around 88% [2]. - For PF, production profit is weak, and the processing margin fluctuates weakly under weakening demand [2][3]. - For PR, bottle - chip processing fees are expected to maintain range - bound fluctuations [2][3]. Summary by Directory I. Price and Basis - The report presents figures on TA and PX main contract trends, basis, and inter - period spreads, as well as PTA East China spot basis and short - fiber basis [9][10][12]. II. Upstream Profits and Spreads - Figures show PX processing fees (PXN), PTA spot processing fees, South Korean xylene isomerization profits, and South Korean STDP selective disproportionation profits [17][21]. III. International Spreads and Import - Export Profits - The report includes figures on toluene spreads between the US and Asia, toluene spreads in South Korea and Japan, and PTA export profits [23][25]. IV. Upstream PX and PTA Operation - Figures display the operating rates of PTA and PX plants in China, South Korea, and Taiwan [26][29][31]. V. Social Inventory and Warehouse Receipts - Data on PTA weekly social inventory, PX monthly social inventory, and various types of warehouse receipts are provided [36][39][40]. VI. Downstream Polyester Load - Information on filament and short - fiber sales, polyester load, and related factory profits and inventory days is presented [47][49][57]. VII. PF Detailed Data - Figures cover 1.4D physical and equity inventories, polyester staple fiber load, and related production data and spreads [71][72][77]. VIII. PR Fundamental Detailed Data - Data on polyester bottle - chip load, inventory days, processing fees, export profits, and inter - period spreads are provided [87][89][94].

1. Report Industry Investment Rating - High - sulfur fuel oil: Neutral, short - term wait - and - see [2] - Low - sulfur fuel oil: Neutral, short - term wait - and - see [2] - Cross - product: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - The night session of the main contract of SHFE fuel oil futures closed up 0.08%, at 2476 yuan/ton; the night session of the main contract of INE low - sulfur fuel oil futures closed up 0.7%, at 3037 yuan/ton. Crude oil prices rebounded slightly from recent lows, but the medium - term expectation of oversupply in the oil market is gradually being realized. If the Russia - Ukraine peace agreement is successfully reached, the geopolitical premium may further fade, and the cost side exerts some pressure on the unilateral price of fuel oil. The current overall market contradictions of fuel oil are limited. The market structure of high - sulfur fuel oil is in the adjustment stage, and the support below comes from the incremental demand of refineries. For low - sulfur fuel oil, the overall market supply remains relatively abundant, but the shutdown of Azul Refinery has alleviated local pressure. According to IIR, the maintenance time of two CDU units at Azul Refinery has been extended, with the restart postponed from November 29 and December 9 to December 6 and December 25. The tightening of Kuwaiti supply provides short - term support for the low - sulfur fuel oil market [1] 3. Summary by Relevant Contents Market Analysis - The night session of the main contract of SHFE fuel oil futures closed up 0.08% at 2476 yuan/ton, and the night session of the main contract of INE low - sulfur fuel oil futures closed up 0.7% at 3037 yuan/ton [1] - Crude oil prices rebounded slightly from recent lows. If the Russia - Ukraine peace agreement is reached, the geopolitical premium may fade, and the cost side may suppress the unilateral price of fuel oil [1] - The overall market contradictions of fuel oil are limited. High - sulfur fuel oil's market structure is adjusting, with support from refinery demand. Low - sulfur fuel oil supply is abundant, but Azul Refinery's shutdown eases local pressure. The refinery's restart is postponed, and Kuwait's supply tightening supports the low - sulfur fuel oil market [1] Strategy - High - sulfur fuel oil: Neutral, short - term wait - and - see [2] - Low - sulfur fuel oil: Neutral, short - term wait - and - see [2] - Cross - product, cross - period, spot - futures, and options: No strategies provided [2] Figures - There are multiple figures showing prices, spreads, and trading volumes of Singapore high - sulfur and low - sulfur fuel oils, as well as fuel oil futures in China, with their respective units and data sources from Flush, Steel Union, and Huatai Futures Research Institute [3][4]