Report Industry Investment Rating - PX/PTA/PF/PR are rated neutral. [4] Core Viewpoints - The macro - atmosphere is favorable, and attention should be paid to cost - side changes. The tense situation in Iran is supporting the rebound of oil prices. In the PX market, short - term supply is expected to increase, but the outlook for the second quarter of next year is good. For PTA, the short - term inventory situation is acceptable, and the processing fee is expected to improve in the long - term. The demand side of polyester is weakening, and different products in the polyester industry have different performance in terms of profit and inventory. [1][2][4] Summary by Directory Price and Basis - Figures show TA and PX's main contract trends, basis, and inter - period spreads, as well as PTA's East China spot basis and short - fiber basis. [10][13][15] Upstream Profits and Spreads - Include PX processing fee (PXN), PTA spot processing fee, South Korea's xylene isomerization profit, and South Korea's STDP selective disproportionation profit. [20][24] International Spreads and Import - Export Profits - Cover toluene's US - Asia spread, toluene's South Korea FOB - Japan naphtha CFR spread, and PTA export profit. [26][28] Upstream PX and PTA Startup - Display the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia. [29][32][34] Social Inventory and Warehouse Receipts - Present PTA's weekly social inventory, PX's monthly social inventory, and various warehouse receipt data of PTA, PX, and PF. [39][41][42] Downstream Polyester Load - Involve the production and sales of filament and short - fiber, polyester load, and the inventory days and profits of different types of filaments, as well as the operating rates of weaving, texturing, and dyeing in Jiangsu and Zhejiang. [49][51][59] PF Detailed Data - Include polyester staple fiber's operating rate, factory equity inventory days, production profit, and the operating rates and profits of related products such as pure polyester yarn and polyester - cotton yarn. [76][80][90] PR Fundamental Detailed Data - Show polyester bottle - chip's operating rate, factory inventory days, processing fees (spot and export), export profit, and price spreads. [93][98][100]

Report Industry Investment Rating Not provided in the given content Core View of the Report The supply of the propylene market may be temporarily tight in the short term, while the demand recovery is limited. The cost side has strengthened recently, and the subsequent focus is on cost changes and PDH device shutdowns. It is recommended to cautiously go long on hedging at low prices [3][4] Summary by Directory 1. Propylene Basis Structure - Propylene's main contract closing price is 5793 yuan/ton (+12), the East China spot price is 5900 yuan/ton (+50), the North China spot price is 5725 yuan/ton (+0), the East China basis is 107 yuan/ton (+38), and the North China basis is -285 yuan/ton (-127) [2] 2. Propylene Production Profit and Operating Rate - Propylene's operating rate is 75% (+1%), China's propylene CFR - Japan's naphtha CFR is 207 US dollars/ton (+8), propylene CFR - 1.2 propane CFR is 38 US dollars/ton (+7), and the import profit is -368 yuan/ton (+0) [2] 3. Propylene Downstream Profit and Operating Rate - PP powder operating rate is 38% (+0.69%), production profit is -25 yuan/ton (+0); propylene oxide operating rate is 74% (-2%), production profit is 372 yuan/ton (+230); n-butanol operating rate is 80% (+2%), production profit is 489 yuan/ton (+50); octanol operating rate is 85% (+3%), production profit is 806 yuan/ton (+0); acrylic acid operating rate is 80% (+0%), production profit is 286 yuan/ton (-36); acrylonitrile operating rate is 80% (+0%), production profit is -565 yuan/ton (-96); phenol - acetone operating rate is 79% (+3%), production profit is -902 yuan/ton (+0) [2] 4. Propylene Inventory - The in - factory inventory is 46010 tons (-550) [2]