Report Industry Investment Rating - No information provided Core View of the Report - It is expected that PX, PTA, and PR will experience narrow - range fluctuations. The view scores for PX, PTA, and PR are all 0 [2] Summary by Related Catalogs Price Information - On November 3, 2025, the futures settlement price of WTI crude oil was $61.05 per barrel, up 0.11% from the previous value; the futures settlement price of Brent crude oil was $64.89 per barrel, down 0.28% [1] - The spot price of naphtha (CFR Japan) was $582.38 per ton, up 0.32%; the spot price of xylene (isomeric grade, FOB Korea) was $685 per ton, up 0.96% [1] - The spot price of PX (CFR China Main Port) was $819 per ton, down 0.16%; the closing price of CZCE TA main contract was 4596 yuan per ton, up 0.22% [1] - The settlement price of CZCE TA main contract was 4606 yuan per ton, up 0.52%; the closing price of CZCE TA near - month contract was 4542 yuan per ton, up 0.13% [1] - The settlement price of CZCE TA near - month contract was 4552 yuan per ton, up 0.26%; the domestic spot price of PTA was 4532 yuan per ton, up 0.44% [1] - The CCFEI price index of domestic PTA was 4535 yuan per ton, up 0.55%; the CCFEI price index of PTA outer market was $616 per ton, up 0.65% [1] - The closing price of CZCE PX main contract was 6640 yuan per ton, up 0.33%; the settlement price of CZCE PX main contract was 6662 yuan per ton, up 0.85% [1] - The closing price of CZCE PX near - month contract was 6678 yuan per ton, up 0.85%; the settlement price of CZCE PX near - month contract was 6690 yuan per ton, up 1.55% [1] - The domestic spot price of PX was 6480 yuan per ton, down 0.11%; the spot price of PX (CFR China Taiwan) was $821 per ton, unchanged [1] - The spot price of PX (FOB Korea) was $796 per ton, unchanged; the PXN spread was $236.63 per ton, down 1.34% [1] - The PX - MX spread was $134 per ton, down 5.52%; the closing price of CZCE PR main contract was 5674 yuan per ton, up 0.04% [1] - The settlement price of CZCE PR main contract was 5686 yuan per ton, up 0.39%; the closing price of CZCE PR near - month contract was 5730 yuan per ton, up 0.63% [1] - The settlement price of CZCE PR near - month contract was 5730 yuan per ton, up 0.63%; the market price of polyester bottle chips in East China was 5730 yuan per ton, up 0.35% [1] - The market price of polyester bottle chips in South China was 5770 yuan per ton, up 0.35%; the CCFEI price index of polyester DTY was 8500 yuan per ton, up 0.59% [1][2] - The CCFEI price index of polyester POY was 6825 yuan per ton, up 0.74%; the CCFEI price index of polyester FDY68D was 6950 yuan per ton, unchanged [2] - The CCFEI price index of polyester FDY150D was 6700 yuan per ton, unchanged; the CCFEI price index of polyester staple fiber was 6345 yuan per ton, down 0.16% [2] - The CCFEI price index of polyester chips was 5600 yuan per ton, up 0.09%; the CCFEI price index of bottle - grade chips was 5730 yuan per ton, up 0.35% [2] Operating Conditions - On November 3, 2025, the operating rate of PX in the polyester industry chain was 86.21%, unchanged; the PTA industrial chain load rate of PTA factories was 79.66%, unchanged [1] - The PTA industrial chain load rate of polyester factories was 89.56%, up 0.22%; the PTA industrial chain load rate of bottle chip factories was 75.63%, up 2.32% [1] - The PTA industrial chain load rate of Jiangsu and Zhejiang looms was 72.28%, unchanged; the sales rate of polyester filament was 53.04%, up 9.07% [1] - The sales rate of polyester staple fiber was 48.41%, down 1.11%; the sales rate of polyester chips was 68.12%, up 22.49% [1] Device Information - The 2.7 - million - ton (designed capacity) PTA device No. 4 of Dushan Energy was tested on October 25, and after the new device runs stably, the new one will be put into operation and the old one will be shut down [2] Important News - The market remained cautious about the US attack on Venezuela, and oil prices maintained a certain risk premium. However, OPEC+ decided to increase production in December, which put pressure on oil prices. On November 3, the PX CFR China price was $819 per ton, and the international oil price fluctuated within a range, resulting in limited cost momentum. An expanded device in the Northeast restarted and was in stable production, and the overall demand performance was good [2] - The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang market was 5680 - 5820 yuan per ton, remaining stable compared with the previous trading day. The positive news was less than expected, the PTA and bottle chip futures fluctuated weakly in a narrow range, the overall market atmosphere was weak, and the downstream purchasing willingness was low [2] Long - Short Logic - PX followed the cost and slightly increased. The PX2601 contract closed at 6640 yuan per ton (up 0.51%), with an intraday trading volume of 174,200 lots. Some PX factories' reforming devices were under maintenance or about to be maintained, but with the supplement of toluene and xylene, the market PX supply remained stable. Overseas devices also operated stably, and there were no unexpected new changes. The call for anti - involution in the industry increased, but in the short term, without actual actions, it had limited impact on PX supply and demand. The PX export volume from South Korea to China in October increased compared with September, and the PX profitability fluctuated and remained stable in the short term, and the industry conference had no substantial impact [2] - The production reduction expectation of PTA was not fulfilled. The TA2601 contract closed at 4596 yuan per ton (up 0.31%), with an intraday trading volume of 638,900 lots. The crude oil market fluctuated strongly, providing cost support for PTA, and the PTA market increased slightly. The spot supply was sufficient, and there were no unexpected device overhauls, and the spot basis slightly decreased. A new 2.7 - million - ton PTA device in East China was tested and produced. It was expected that enterprises would start the new device and shut down the old one later. The production reduction expectation on the supply side failed, and it might be difficult to coordinate a new production reduction plan due to the large amount of shutdown capacity of some major suppliers before. Although domestic demand was good and foreign trade orders improved recently, the overall downstream demand was still weak. Terminal customers were waiting and seeing or required a discount on the polyester product price, and the actual trading volume was small, indicating that the market had poor confidence in the subsequent market. Overall, the supply side could not relieve the pressure only through overhauls or shutdowns [2] - PR followed the cost. The PR2601 contract closed at 5674 yuan per ton (up 0.18%), with an intraday trading volume of 31,900 lots. Some devices on the supply side increased their loads, and the overall market supply was loose. The downstream terminal purchasing sentiment was cautious, and the market demand was weak [2] Trading Strategy - It is expected that PX, PTA, and PR will experience narrow - range fluctuations [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The geopolitical risk in the international crude oil market is basically eliminated, and the oil price has given back all the geopolitical premium. The PX price has returned to near the pre - rally level. PX has a tight - balance expectation due to some upcoming device maintenance, and its bottom support is relatively stable. PTA is facing new device commissioning in the third quarter, resulting in a mismatch with PX. PTA inventory's absolute value is decreasing, but the relative value is at a five - year high, and the situation of strong near - term and weak far - term is hard to change. The polyester industry chain follows cost fluctuations, and it is expected that PX, PTA, and PR will all operate in a volatile manner [2] 3. Summary According to Relevant Catalogs 3.1 Price Information - **Upstream**: On June 25, 2025, the futures settlement price of WTI crude oil was $64.92 per barrel, up 0.85%; Brent crude oil was $67.68 per barrel, up 0.80%. The spot price of naphtha (CFR Japan) was $579.25 per ton, down 1.19%. The spot price of xylene (isomeric grade, FOB South Korea) was $726 per ton, down 0.34% [1] - **PTA Futures and Spot**: The closing price of CZCE TA's main contract was 4,790 yuan per ton, up 0.29%; the settlement price was 4,780 yuan per ton, down 1.12%. The spot price of PTA in the domestic market was 5,050 yuan per ton, down 0.94% [1] - **PX Futures and Spot**: The closing price of CZCE PX's main contract was 6,758 yuan per ton, down 0.03%; the settlement price was 6,752 yuan per ton, down 1.69%. The domestic spot price of p - xylene was 7,218 yuan per ton, unchanged [1] - **PR Futures and Spot**: The closing price of CZCE PR's main contract was 5,960 yuan per ton, up 0.03%; the settlement price was 5,954 yuan per ton, down 1.39%. The market price of polyester bottle chips in the East China market was 6,060 yuan per ton, unchanged [1] - **Downstream Products**: The CCFEI price index of polyester staple fiber was 6,785 yuan per ton, down 0.51%; the CCFEI price index of polyester chips was 5,935 yuan per ton, down 0.25% [2] 3.2 Spread Information - The near - far month spread of PTA was 234 yuan per ton, an increase of 8 yuan; the basis was 258 yuan per ton, a decrease of 61 yuan. The PXN spread was $269.75 per ton, down 0.98%; the PX - MX spread was $123 per ton, down 5.51% [1] 3.3 Operating Rate Information - On June 25, 2025, the operating rate of the PX in the polyester industry chain was 82.7%, unchanged; the PTA industry chain load rate of PTA factories was 78.56%, unchanged; the load rate of polyester factories was 90.01%, unchanged [1] 3.4 Production and Sales Information - The sales rate of polyester filament was 22%, down 4 percentage points; the sales rate of polyester staple fiber was 55%, up 10 percentage points; the sales rate of polyester chips was 46%, up 11 percentage points [1] 3.5 Device Information - A 1.2 - million - ton PTA device in the northwest is planned to restart between May 15 and 20 [2] 3.6 Trading Strategy - PTA started to correct, with the TA2509 contract closing at 4,790 yuan per ton (- 0.91%), and the intraday trading volume was 902,000 lots. PX was greatly affected by crude oil and followed the decline, with the PX2509 contract closing at 6,736 yuan per ton (- 0.24%), and the intraday trading volume was 225,200 lots. PR followed the cost operation, with the 2509 contract closing at 5,960 yuan per ton (- 1.29%), and the intraday trading volume was 46,000 lots. It is expected that PX, PTA, and PR will all operate in a volatile manner [2]