Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - PTA market experiences a tug - of - war between cost support and falling demand, with a slight price increase; PX market is at a critical juncture where speculative sentiment intersects with fundamental tension; MEG price is under supply pressure, but may be supported by policies [2] Group 3: Summary by Related Catalogs 1. Market Data Comparison - INE crude oil price dropped from 445.6 yuan/barrel on January 13th to 445.5 yuan/barrel on January 14th [2] - PTA - SC decreased from 1901.8 yuan/ton to 1878.5 yuan/ton, and PTA/SC ratio dropped from 1.5873 to 1.5802 [2] - CFR China PX decreased from 899 to 897, and PX - naphtha spread decreased from 341 to 336 [2] - PTA main futures price decreased from 5140 yuan/ton to 5116 yuan/ton, while the spot price increased from 5060 to 5075 yuan/ton [2] - PTA spot processing fee increased from 302.1 yuan/ton to 311.5 yuan/ton, and the disk processing fee decreased from 382.1 to 367.5 yuan/ton [2] - MEG main futures price increased from 3815 yuan/ton to 3867 yuan/ton; the domestic price increased from 3686 to 3711 yuan/ton [2] 2. Industry Chain Start - up Situation - PX start - up rate remained at 87.87%, PTA start - up rate at 77.40%, MEG start - up rate increased slightly from 61.12% to 61.15%, and polyester load remained at 87.80% [2] 3. Product Price and Cash - Flow Changes - POY150D/48F price increased from 6650 to 6715, and its cash - flow improved from - 161 to - 117 [2] - FDY150D/96F price increased from 6870 to 6920, and its cash - flow improved from - 441 to - 412 [2] - DTY150D/48F price increased from 7795 to 7830, and its cash - flow improved from - 216 to - 202 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6520 to 6510, and its cash - flow decreased from 59 to 28 [2] - Semi - bright chip price decreased from 5780 to 5770, and its cash - flow decreased from - 131 to - 162 [2] 4. Product Sales Situation - Long - filament sales remained at 46%, short - fiber sales decreased from 93% to 68%, and chip sales increased from 50% to 79% [2] 5. Device Maintenance Dynamics - Sanfangxiang's 500,000 - ton device is restarting, and a 750,000 - ton device is under maintenance; some devices of Xinjiang Yipu, Jinyu, Tiansheng, and Guxiandao are either under maintenance or have reduced loads [2]

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The PTA market is caught in a tug - of - war between cost support and falling demand. The MEG price lacks effective support, but may be bolstered by domestic policies in the context of carbon neutrality. The PX market is at a critical juncture where speculative sentiment intersects with fundamental factors [2] 3. Summary by Relevant Catalogs 3.1 Market Data - **Crude Oil**: INE crude oil price dropped from 436.1 yuan/barrel on December 30, 2025, to 432.2 yuan/barrel on December 31, 2025, a decrease of 3.90 yuan/barrel [2] - **PTA**: PTA - SC decreased by 5.66 yuan/ton; PTA/SC increased by 0.0038; PTA主力期价 dropped by 34.0 yuan/ton; PTA现货价格 decreased by 5.0 yuan/ton; 现货加工费 decreased by 7.1 yuan/ton; 盘面加工费 decreased by 21.1 yuan/ton; 主力基差 increased by 4.0; PTA仓单数量 decreased by 726 [2] - **MEG**: MEG主力期价 dropped by 44.0 yuan/ton; MEG -石脑油 decreased by 3.2 yuan/ton; MEG内盘 decreased by 13.0 yuan/ton; 主力基差 remained unchanged [2] - **PX**: CFR中国PX remained at 894; PX -石脑油价差 increased by 5 [2] 3.2 Industry Chain Start - up Situation - **PX**: The start - up rate remained at 86.28% [2] - **PTA**: The start - up rate decreased from 77.40% to 74.63%, a decrease of 2.77% [2] - **MEG**: The start - up rate increased from 60.58% to 61.76%, an increase of 1.18% [2] - **Polyester**: The load decreased from 88.10% to 88.81%, a decrease of 0.71% [2] 3.3 Product Price and Cash Flow - **Polyester Filament**: POY150D/48F decreased by 40.0; POY现金流 decreased by 31.0; FDY150D/96F decreased by 5.0; FDY现金流 increased by 4.0; DTY150D/48F remained unchanged; DTY现金流 increased by 9.0; 长丝产销 decreased by 10% [2] - **Polyester Staple Fiber**: 1.4D直纺涤短 decreased by 95; 涤短现金流 decreased by 86.0; 短纤产销 decreased by 5% [2] - **Polyester Chip**: 半光切片 decreased by 5.0; 切片现金流 increased by 4.0; 切片产销 decreased by 14% [2] 3.4 Device Maintenance - A 1.2 - million - ton PTA device in the northwest was restarted after shutting down early last week [2]