Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report predicts that PX, PTA, and PR will experience narrow - range fluctuations. The PX benefit will remain stable in the short - term, and attention should be paid to subsequent industry meetings. For PTA, if demand does not improve sustainably, the upward space will be limited. The PR market has sufficient supply and weak demand [2]. Summary by Related Catalogs Price Information - **Upstream**: As of October 29, 2025, the futures settlement price of WTI crude oil was $60.48 per barrel, up 0.55%; Brent crude oil was $64.92 per barrel, up 0.81%. The spot price of naphtha (CFR Japan) was $571.13 per ton, up 0.44%. The spot price of xylene (isomeric grade, FOB Korea) was $681.00 per ton, up 0.22%. The spot price of PX (CFR China Main Port) was $818.00 per ton, up 0.49% [1]. - **PTA**: The closing price of the CZCE TA main contract was 4,636 yuan per ton, up 0.48%; the settlement price was 4,610 yuan per ton, down 0.09%. The domestic PTA spot price was 4,535 yuan per ton, down 0.04%. The CCFEI price index of PTA (domestic) remained unchanged, while the external price index was $601.00 per ton, down 2.12% [1]. - **PX**: The closing price of the CZCE PX main contract was 6,652 yuan per ton, up 0.51%; the settlement price was 6,614 yuan per ton, up 0.03%. The domestic PX spot price was 6,451 yuan per ton, down 1.13% [1]. - **PR**: The closing price of the CZCE PR main contract was 5,726 yuan per ton, up 0.25%; the settlement price was 5,710 yuan per ton, down 0.17%. The mainstream market price of polyester bottle - chips in the East China market was 5,740 yuan per ton, down 0.35%; in the South China market, it was 5,780 yuan per ton, down 0.34% [1]. - **Downstream**: The CCFEI price index of polyester DTY was 8,450 yuan per ton, up 0.30%; POY was 6,775 yuan per ton, up 0.37%; FDY68D remained unchanged at 6,950 yuan per ton; FDY150D remained unchanged at 6,700 yuan per ton; polyester staple fiber was 6,360 yuan per ton, up 0.08%; polyester chips remained unchanged at 5,605 yuan per ton; bottle - grade chips were 5,740 yuan per ton, down 0.35% [2]. Spread Information - On October 29, 2025, the PXN spread was $246.88 per ton, up 0.61%; the PX - MX spread was $137.00 per ton, up 1.86%. The TA near - far month spread was - 48 yuan per ton, a decrease of 4 yuan; the TA basis was - 101 yuan per ton, a decrease of 22 yuan. The PX basis was - 201 yuan per ton, a decrease of 108 yuan. The PR basis in the East China market was 14 yuan per ton, a decrease of 34 yuan; in the South China market, it was 54 yuan per ton, a decrease of 34 yuan [1]. Operating Conditions - As of October 29, 2025, the operating rate of the PX in the polyester industry chain was 86.21%, unchanged; the PTA factory load rate was 80.09%, up 0.63%; the polyester factory load rate was 89.28%, unchanged; the bottle - chip factory load rate was 73.31%, unchanged; the load rate of Jiangsu and Zhejiang looms was 72.06%, up 0.20% [1]. Production and Sales Rates - On October 29, 2025, the production and sales rate of polyester filament was 48.87%, down 13.63 percentage points; the production and sales rate of polyester staple fiber was 43.57%, up 0.07 percentage points; the production and sales rate of polyester chips was 37.06%, down 20.55 percentage points [1]. Device Information - The 2.7 - million - ton PTA device of Dushan Energy's No. 4 (design capacity) started trial operation on October 25, 2025. After the new device runs stably, the new one will be put into operation and the old one will be shut down [2]. Market Analysis - **PX**: Overnight crude oil was weak, and the oil price cooled down after horizontal adjustment. The domestic PX operating load remained high, and the PTA main suppliers' symposium was about to be held. The PX2601 contract closed at 6,652 yuan per ton. Market rumors about a refinery's shutdown had no follow - up, and overseas devices ran smoothly. The call for anti - involution in the industry had little impact on PX supply and demand in the short - term [2]. - **PTA**: The industry meeting boosted market sentiment. The TA2601 contract closed at 4,636 yuan per ton. The PTA market fluctuated narrowly, and the spot basis strengthened slightly under the expectation of production reduction. The new PTA device in East China started trial production, but the anti - involution expectation offset its impact. It may be difficult to coordinate a new production reduction plan, and the upward space will be limited without continuous demand improvement [2]. - **PR**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets was 5710 - 5830 yuan per ton, down 10 yuan per ton. The PTA and bottle - chip futures fluctuated, the market atmosphere was weak, and downstream purchasing willingness was low. The PR2601 contract closed at 5,726 yuan per ton. The supply of the bottle - chip market was relatively sufficient, and the demand was weak [2].