1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The Asian PTA market is affected by the sharp fluctuations in crude oil and the tightening of PX supply. The price increase of naphtha is much higher than that of PX, and the profit is significantly shrunk. The supply - side risks are significantly intensified, and the polyester may face production decline risks in April due to shortages of PX and MEG. The MEG market is also in chaos due to the tense Middle - East situation, with Northeast Asian refineries facing supply shortages and domestic MEG prices rising due to raw material reduction [2] 3. Summary According to Relevant Catalogs 3.1 Market Quotes - INE crude oil price dropped from 763.5 yuan/barrel on March 30, 2026, to 740.6 yuan/barrel on March 31, 2026, a decrease of 22.90 yuan/barrel. PTA - SC increased from 1219.6 yuan/ton to 1302.0 yuan/ton, an increase of 82.42 yuan/ton. PTA/SC ratio increased from 1.2198 to 1.2419, an increase of 0.0221. CFR China PX decreased from 1276 to 1252, a decrease of 24. PX - naphtha spread decreased from 133 to 46, a decrease of 88 [2] - PTA main contract futures price decreased from 6768 yuan/ton to 6684 yuan/ton, a decrease of 84.0 yuan/ton. PTA spot price decreased from 6810 yuan/ton to 6690 yuan/ton, a decrease of 120.0 yuan/ton. Spot processing fee decreased from 141.6 yuan/ton to 99.8 yuan/ton, a decrease of 41.8 yuan/ton. Disk processing fee increased from 99.6 yuan/ton to 143.8 yuan/ton, an increase of 44.2 yuan/ton. The main contract basis remained unchanged at (59). PTA warehouse receipt quantity remained unchanged at 159653 [2] - MEG main contract futures price decreased from 5359 yuan/ton to 5218 yuan/ton, a decrease of 141.0 yuan/ton. MEG - naphtha decreased from (474.27) yuan/ton to (474.46) yuan/ton, a decrease of 0.2 yuan/ton. MEG domestic price decreased from 5443 yuan/ton to 5339 yuan/ton, a decrease of 104.0 yuan/ton. The main contract basis remained unchanged at 5 [2] 3.2 Industrial Chain Start - up Situation - PX start - up rate decreased from 83.53% to 80.57%, a decrease of 2.96%. PTA start - up rate decreased from 80.01% to 79.31%, a decrease of 0.70%. MEG start - up rate increased from 52.27% to 53.80%, an increase of 1.53%. Polyester load decreased from 84.87% to 84.69%, a decrease of 0.18% [2] 3.3 Product Situation - For polyester filament, POY150D/48F increased from 9245 yuan/ton to 9295 yuan/ton, an increase of 50.0 yuan/ton. POY cash flow increased from 349 yuan/ton to 536 yuan/ton, an increase of 187.0 yuan/ton. FDY150D/96F increased from 9435 yuan/ton to 9495 yuan/ton, an increase of 60.0 yuan/ton. FDY cash flow increased from 39 yuan/ton to 236 yuan/ton, an increase of 197.0 yuan/ton. DTY150D/48F remained unchanged at 10465 yuan/ton. DTY cash flow increased from 369 yuan/ton to 506 yuan/ton, an increase of 137.0 yuan/ton. Filament sales rate decreased from 27% to 20%, a decrease of 7% [2] - For polyester staple fiber, 1.4D direct - spun polyester staple fiber decreased from 8460 yuan/ton to 8320 yuan/ton, a decrease of 140 yuan/ton. Polyester staple fiber cash flow decreased from (86) yuan/ton to (89) yuan/ton, a decrease of 3.0 yuan/ton. Staple fiber sales rate decreased from 38% to 37%, a decrease of 1% [2] - For polyester chips, semi - bright chips decreased from 7870 yuan/ton to 7680 yuan/ton, a decrease of 190.0 yuan/ton. Chip cash flow decreased from (126) yuan/ton to (179) yuan/ton, a decrease of 53.0 yuan/ton. Chip sales rate decreased from 42% to 31%, a decrease of 11% [2] 3.4 Device Maintenance - A 600,000 - ton/year unit of an 1.8 - million - ton/year syngas - to - ethylene glycol plant in Shaanxi has restarted and produced normally recently. The second 600,000 - ton/year unit is planned to be shut down for maintenance on April 15, with an expected duration of about 20 days [4]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The Asian PTA market is affected by the dual impacts of sharp fluctuations in crude oil and tight PX supply. The increase in naphtha prices is much higher than that of PX, leading to a significant contraction in profits. Although the demand side recovers with the resumption of polyester plants after the Spring Festival, the supply - side risks have significantly intensified. The uncertainty of PX supply has raised more concerns about production halts. Due to supply - chain chaos and raw material bottlenecks, the further increase in polyester production is restricted, and there may even be temporary production cuts. The extreme tightness on the supply side has led to concentrated force majeure in PTA plants. Asian countries' restrictions on exports to prioritize fuel safety have further exacerbated the raw material shortage. If Middle - East exports cannot resume in the near future, the Asian polyester industry chain is expected to face a severe risk of production decline in April due to the dual shortages of PX and MEG, and the physical supply in the Asian PX market is tight. The market shows obvious chaos, and the downstream acceptance and purchasing willingness are increasing [2] Group 3: Summary According to the Directory Price and Index Changes - PTA spot price increased from 6735 to 6810, with a change of 75 [2] - MEG inner - market price increased from 5134 to 5443, with a change of 309 [2] - PTA closing price decreased from 6876 to 6768, with a change of - 108 [2] - MEG closing price decreased from 5279 to 52356 (presumably a data error, but based on the text), with a change of 80 [2] - 1.4D direct - spun polyester staple fiber price increased from 8245 to 8460, with a change of 215 [2] - Short - fiber basis decreased from 63 to - 54, with a change of - 117 [2] - 4 - 5 spread decreased from - 66 to - 80, with a change of - 14 [2] - Polyester staple fiber cash flow increased from 240 to 246, with a change of 6 [2] - 1.4D imitation large - chemical fiber price increased from 6190 to 6220, with a change of 30 [2] - The price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 2055 to 2240, with a change of 185 [2] - East China water bottle chip price increased from 8433 to 8554, with a change of 121 [2] - Hot - filling polyester bottle chip price increased from 8433 to 8554, with a change of 121 [2] - Carbonated - grade polyester bottle chip price increased from 8533 to 8654, with a change of 121 [2] - Outer - market water bottle chip price increased from 1155 to 1180, with a change of 25 [2] - Bottle chip spot processing fee decreased from 955 to 908, with a change of - 47 [2] - T32S pure polyester yarn price increased from 12200 to 12500, with a change of 300 [2] - T32S pure polyester yarn processing fee increased from 3955 to 4040, with a change of 85 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 18500 [2] - Cotton 328 price increased from 16560 to 16580, with a change of 20 [2] - Polyester - cotton yarn profit decreased from 1774 to 1624, with a change of - 150 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 8945 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 267 to (presumably a data error, but based on the text), with a change of - 168 [2] - Primary low - melting - point staple fiber price remained unchanged at 9350 [2] Market Conditions - Short - fiber: The short - fiber main futures rose 38 to 8342. In the spot market, the prices of polyester staple fiber production plants and traders increased, but the downstream purchasing willingness was low, and the on - site transactions were scarce. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 8250 - 8700 yuan for cash on delivery, tax - included self - pick - up; in the North China market, it was 8370 - 8820 yuan for cash on delivery, tax - included delivery; in the Fujian market, it was 8350 - 8650 yuan for cash on delivery, tax - included delivery [2] - Bottle chip: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 8550 - 8950 yuan/ton, with the average price increasing by 150 yuan/ton compared with the previous working day. The bottle chip futures fluctuated warmly, the suppliers' quotes were raised, the local spot liquidity was tight, the downstream terminal demand was cautious, the purchasing enthusiasm was low, and the negotiation focus moved up [2] Operating Rate and Production and Sales - Direct - spun short - fiber load (weekly) decreased from 84.13% to 76.98%, with a change of - 7.15% [3] - Polyester staple fiber production and sales decreased from 49.00% to 43.00%, with a change of - 6.00% [3] - Polyester yarn starting rate (weekly) increased from 70.00% to 70.32%, with a change of 0.32% [3] - Regenerated cotton - type load index (weekly) decreased from 55.44% to 54.81%, with a change of - 0.63% [3]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Geopolitical disturbances remain the main theme, and the export competitiveness of polyester products may increase [2] - In the first two months of 2026, textile and clothing exports performed well, with cumulative export value reaching $50.446 billion, a year-on-year increase of 17.6% [123] - Due to the escalation of geopolitical conflicts, the high cost is transmitted from top to bottom, and the demand at the polyester end fails to follow up, leading to a decline in polyester start - up. Controlling inventory and reducing load may become the main theme [123] - In the first three months of 2026, the average PX operating load in Asia was 80.28%, up 3.35 percentage points year - on - year; in China, it was 89.15%, up 4.08 percentage points year - on - year. Domestic PX supply may shrink [123] - In the first three months of 2026, the average PTA operating load was 77.98%, down 0.8 percentage points year - on - year. The downstream polyester end may have weak - then - strong procurement [124] - In the first three months of 2026, the average operating load of ethylene glycol in mainland China was 73.10%, up 0.05 percentage points year - on - year. The coal - based ethylene glycol operating load increased significantly. Ethylene glycol inventory may change from accumulation to depletion [124] 3. Summary According to the Directory 3.1 PX&PTA&MEG Price - The prices of various varieties in the polyester industry chain have changed significantly. For example, from December 31, 2025, to March 26, 2026, the price of Brent crude oil increased by $41.0 per barrel, and the price of PTA increased by 34.6% [4][7] - The price difference between domestic and foreign ethylene glycol has also changed. From December 31, 2025, to March 26, 2026, the ethylene glycol price difference between Europe and China increased by 77.7% [10] 3.2 PX&PTA&MEG Supply Situation - In 2026, many PX plants in Asia entered the maintenance season, including those in China, South Korea, Japan, etc., which may lead to a reduction in PX supply [18] - In the first three months of 2026, the average PTA operating load was 77.98%, down 0.8 percentage points year - on - year. Some PTA plants had load adjustments or maintenance [24][27] - In the first three months of 2026, the average operating load of ethylene glycol in mainland China was 73.10%, with a slight increase year - on - year. The coal - based ethylene glycol operating load increased by 5.68 percentage points year - on - year [42] 3.3 PX&PTA&MEG Import and Export Situation - In February 2026, the PX import volume in mainland China was about 955,200 tons, a month - on - month increase of 12.6% and a year - on - year increase of 39.3% [22] - In February 2026, the PTA export volume was 205,600 tons, a year - on - year decrease of 46.3%. The cumulative export volume from January to February decreased by 7.7% year - on - year [33] - In February 2026, the ethylene glycol import volume was 653,900 tons, a month - on - month decrease of 5.3% and a year - on - year increase of 10.1%. The cumulative import volume from January to February increased by 5.8% year - on - year [48] 3.4 PX&PTA&MEG Inventory Situation - PTA total inventory increased. As of March 23, 2026, the ethylene glycol port inventory in the main East China ports was about 1.039 million tons, an increase of 314,000 tons compared with January 5 [54] 3.5 Polyester Demand Situation - Domestic polyester - related data showed that the polyester load decreased slightly, and the inventory days and cash flow of some products changed significantly [57] - The recovery of polyester demand was slow, and the prices of downstream polyester yarns increased significantly, but the sales of downstream products were not smooth, and the inventory of filament and staple fiber increased [58][61] - The terminal digestion ability of the weaving industry was weak, but textile and clothing exports in the first two months of 2026 were strong, with a cumulative export value of $50.446 billion, a year - on - year increase of 17.6% [64][77] 3.6 PX&PTA&MEG Position Situation - As of March 27, 2026, the PTA total position was 1,751,051 lots, with a year - on - year increase of 50,332 lots; the MEG total position was 471,118 lots, with a year - on - year increase of 34,381 lots; the PX total position was 411,005 lots, with a year - on - year increase of 153,598 lots [101]

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core Viewpoint of the Report - The Asian PTA market is affected by the dual impacts of sharp fluctuations in crude oil and tight PX supply. The increase in naphtha prices is much higher than that of PX, and profits have significantly shrunk. Although the demand side recovers with the resumption of polyester plants after the Spring Festival, the supply - side risks have significantly increased. The uncertainty of PX supply has led to more concerns about plant shutdowns. Due to supply - chain chaos and raw material bottlenecks, polyester production increase is restricted and may even face temporary production cuts. The extreme tightness on the supply side has led to concentrated force majeure at PTA plants. Asian countries' export restrictions have further exacerbated the raw material shortage. If Middle - East exports cannot resume in the near future, the Asian polyester industry chain is expected to face a severe production decline risk in April due to the dual shortage of PX and MEG, and the physical supply in the Asian PX market is tight. The downstream's acceptance and purchasing willingness are increasing, but the market shows obvious chaos due to large price fluctuations and lower - than - expected downstream operating loads [2] Group 3: Summary of Key Data PTA and MEG - PTA spot price increased from 6570 to 6735, with a change of 165; MEG inner - market price increased from 4982 to 5134, with a change of 152. PTA closing price increased from 6778 to 6876, with a change of 98; MEG closing price increased from 5058 to 5279, with a change of 221 [2] Short - fiber - The main short - fiber futures rose 278 to 8392. The price of polyester short - fiber production plants was strong, and the price of traders increased. The downstream had a strong cautious and wait - and - see attitude, and the on - site trading was light. The price of 1.4D direct - spinning polyester short - fiber remained unchanged at 8245. The short - fiber basis changed from 71 to - 54, a decrease of 125. The 4 - 5 spread changed from - 62 to - 66, a decrease of 4. The polyester short - fiber cash flow increased from 240 to 246, an increase of 6. The price of 1.4D imitation large - chemical fiber remained unchanged at 6190. The price difference between 1.4D direct - spinning and imitation large - chemical fiber remained unchanged at 2055 [2] Bottle - chip - The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets was 8400 - 8800 yuan/ton, with the average price rising 75 yuan/ton compared to the previous working day. The bottle - chip futures fluctuated warmly, suppliers' quotes were mixed between stability and increase, the local spot liquidity was tight, the downstream terminal demand was weak, the purchasing enthusiasm was not high, and the negotiation focus moved slightly upward. The price of East - China water bottle - chips increased from 8317 to 8433, an increase of 116; the price of hot - filling polyester bottle - chips increased from 8317 to 8433, an increase of 116; the price of carbonated - grade polyester bottle - chips increased from 8417 to 8533, an increase of 116; the price of foreign - market water bottle - chips increased from 1150 to 1155, an increase of 5. The bottle - chip spot processing fee decreased from 1031 to 955, a decrease of 76 [2] Other Products - The price of T32S pure polyester yarn decreased from 12250 to 12200, a decrease of 50; the processing fee of T32S pure polyester yarn decreased from 4005 to 3955, a decrease of 50. The price of polyester - cotton yarn 65/35 45S remained unchanged at 18500, and the profit of polyester - cotton yarn remained unchanged at 1774. The price of cotton 328 remained unchanged at 16560. The price of primary three - dimensional hollow (with silicon) remained unchanged at 8945. The cash flow of hollow short - fiber 6 - 15D decreased from 459 to 267, a decrease of 192. The price of primary low - melting - point short - fiber remained unchanged at 9350 [2] Operating Load and Production and Sales - The direct - spinning short - fiber operating load (weekly) decreased from 84.13% to 76.98%, a decrease of 7.15%. The polyester short - fiber production and sales decreased from 49.00% to 53.00%, a decrease of 4.00%. The polyester yarn starting rate (weekly) increased from 70.00% to 70.32%, an increase of 0.32%. The recycled cotton - type load index (weekly) decreased from 55.44% to 54.81%, a decrease of 0.63% [3]

Group 1: Report's Investment Rating - No relevant information provided Group 2: Core Viewpoints - The Asian PTA market is affected by the sharp fluctuations in crude oil and the tightening supply of PX. The price increase of naphtha is much higher than that of PX, and the profit is significantly shrunk. The polyester industry is restricted from further increasing production and may even temporarily reduce production due to supply - chain chaos and raw - material bottlenecks. If Middle - East exports cannot recover in the near future, the Asian polyester industry chain will face a serious production decline risk due to the shortage of PX and MEG in April. The Middle - East situation is tense, and the market is in chaos. Northeast Asian refineries are facing crude - oil supply shortages and have to reduce their loads, and the domestic ethylene glycol market is affected by raw - material shortages [2] Group 3: Summary by Directory Market Data - INE crude oil rose from 733.1 yuan/barrel on March 26, 2026, to 740.8 yuan/barrel on March 27, 2026, an increase of 7.7 yuan/barrel. PTA - SC increased from 1450.5 yuan/ton to 1492.5 yuan/ton, an increase of 42.04 yuan/ton. PTA/SC increased from 1.2723 to 1.2772, an increase of 0.0050. CFR China PX increased from 1233 to 1263, an increase of 30. PX - naphtha spread decreased from 235 to 120, a decrease of 115 [2] - PTA's main futures price increased from 6778 yuan/ton to 6876 yuan/ton, an increase of 98 yuan/ton. PTA's spot price increased from 6570 to 6735, an increase of 165 yuan/ton. The spot processing fee increased from 141.9 yuan/ton to 167.4 yuan/ton, an increase of 25.5 yuan/ton. The disk processing fee decreased from 349.9 yuan/ton to 283.4 yuan/ton, a decrease of 66.5 yuan/ton [2] - MEG's main futures price increased from 5058 yuan/ton to 5279 yuan/ton, an increase of 221 yuan/ton. MEG - naphtha increased from - 338.37 yuan/ton to - 323.56 yuan/ton, an increase of 14.8 yuan/ton. MEG's domestic price increased from 4982 to 5134, an increase of 152 yuan/ton [2] Industry Chain and Production - PX, PTA, and MEG's operating rates remained unchanged at 83.53%, 80.01%, and 52.27% respectively. The polyester load decreased from 85.41% to 84.87%, a decrease of 0.54% [2] - POY150D/48F decreased from 9050 to 9025, a decrease of 25 yuan/ton. POY cash flow decreased from 514 to 297, a decrease of 217 yuan/ton. FDY150D/96F decreased from 9330 to 9295, a decrease of 35 yuan/ton. FDY cash flow decreased from 294 to 67, a decrease of 227 yuan/ton. DTY150D/48F remained unchanged at 10390. DTY cash flow decreased from 654 to 462, a decrease of 192 yuan/ton. The long - filament sales rate remained unchanged at 19% [2] - 1.4D direct - spun polyester staple fiber remained unchanged at 8245. Polyester staple fiber cash flow decreased from 59 to - 133, a decrease of 192 yuan/ton. The short - fiber sales rate decreased from 55% to 51%, a decrease of 4% [2] - Semi - bright chips increased from 7550 to 7620, an increase of 70 yuan/ton. Chip cash flow decreased from - 86 to - 208, a decrease of 122 yuan/ton. The chip sales rate increased from 30% to 67%, an increase of 37% [2] Device Maintenance - A 2.5 - million - ton PTA device in East China that stopped for maintenance around February 10 has returned to normal. A 3.6 - million - ton PTA device in East China that was operating at 50% capacity has returned to normal. A 1.25 - million - ton PTA device in South China that was under maintenance in mid - January has returned to normal [4]

Group 1: Report Industry Investment Rating - No relevant information found Group 2: Core View of the Report - The Asian PTA market is affected by the dual impacts of sharp crude oil fluctuations and tightened PX supply. The increase in naphtha prices is much higher than that of PX, leading to a significant contraction in profits. Although demand recovers after the Spring Festival with the resumption of polyester plants, supply - side risks have intensified significantly. Uncertainties in PX supply have raised more concerns about plant shutdowns. Due to supply - chain disruptions and raw material bottlenecks, further production increases in polyester are limited, and there may even be temporary production cuts. The extreme tightness on the supply side has led to concentrated force majeure events at PTA plants. Asian countries' export restrictions have further exacerbated raw material shortages. If Middle - East exports cannot resume in the near future, the Asian polyester industry chain is expected to face a severe risk of production decline in April due to the dual shortages of PX and MEG, and the physical supply in the Asian PX market is tight. The market is in obvious chaos with downstream operating loads lower than expected, but downstream acceptance and purchasing intentions are increasing [2]. Group 3: Summary by Related Indicators Price Indicators - PTA spot price increased from 6470 to 6570, a change of 100; MEG domestic price rose from 4946 to 4982, a change of 36; PTA closing price increased from 6592 to 6778, a change of 186; MEG closing price rose from 5036 to 5058, a change of 22; 1.4D direct - spun polyester staple fiber price increased from 8060 to 8245, a change of 185; short - fiber basis decreased from 58 to - 54, a change of - 112; 4 - 5 spread increased from - 71 to - 62, a change of 0; polyester staple - fiber cash flow increased from 240 to 246, a change of 6; 1.4D imitation large - chemical fiber price remained unchanged at 6190; the price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 1870 to 2055, a change of 185; East - China water bottle chip price increased from 8174 to 8317, a change of 143; hot - filling polyester bottle chip price increased from 8174 to 8317, a change of 143; carbonated - grade polyester bottle chip price increased from 8274 to 8417, a change of 143; outer - market water bottle chip price increased from 1135 to 1150, a change of 15; bottle - chip spot processing fee increased from 985 to 1031, a change of 45; T32S pure - polyester yarn price remained unchanged at 12250; T32S pure - polyester yarn processing fee decreased from 4190 to 4005, a change of - 185; polyester - cotton yarn 65/35 45S price remained unchanged at 18500; cotton 328 price increased from 16490 to 16560, a change of 70; polyester - cotton yarn profit decreased from 1923 to 1774, a change of - 149; primary three - dimensional hollow (with silicon) price remained unchanged at 8945; hollow staple - fiber 6 - 15D cash flow decreased from 556 to 459, a change of - 98; primary low - melting - point staple - fiber price remained unchanged at 9350 [2]. Market Conditions - Short - fiber: The main short - fiber futures rose 200 to 8260. In the spot market, polyester staple - fiber manufacturers' prices were firm, and traders' prices increased. However, downstream purchasing willingness decreased, and on - site transactions were limited. The price of 1.56dtex*38mm semi - bright natural - white (1.4D) polyester staple fiber in the East - China market was 7900 - 8480 yuan for cash - on - delivery, tax - included self - pick - up; in the North - China market, it was 8020 - 8600 yuan for cash - on - delivery, tax - included delivery; in the Fujian market, it was 8100 - 8300 yuan for cash - on - delivery, tax - included delivery. - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 8350 - 8700 yuan/ton, with the average price increasing by 125 yuan/ton compared to the previous working day. Bottle - chip futures were running warmly, suppliers' quotes remained high, local spot liquidity was tight, downstream terminal demand was weak, purchasing enthusiasm was low, the market trading atmosphere was cautious, and the negotiation center shifted upward [2]. Operating Load and Production and Sales Indicators - Direct - spun short - fiber load (weekly) decreased from 76.98% to 84.13%, a change of - 7.15%; polyester staple - fiber production and sales increased from 68.00% to 52.00%, a change of 16.00%; polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, a change of 0.32%; recycled cotton - type load index (weekly) decreased from 55.44% to 54.81%, a change of - 0.63% [2][3].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The PTA market is affected by geopolitical issues, with rising crude oil prices providing cost support and driving up the PTA market. However, the supply - chain chaos and raw material bottlenecks limit the further production increase of polyester and may even lead to temporary production cuts. The Asian polyester industry chain may face a severe production decline risk in April due to the shortage of PX and MEG. The MEG market is also in a state of chaos due to the tense situation in the Middle East, with Northeast Asian refineries facing crude oil supply shortages and domestic refineries' ethylene glycol production being affected by raw material reduction [2] Group 3: Summary by Relevant Catalogs 1. Market Data - **Crude Oil and PTA - SC**: INE crude oil price rose from 723.9 yuan/barrel on March 25, 2026, to 733.1 yuan/barrel on March 26, 2026, with a change of 9.20 yuan/barrel. PTA - SC increased from 1331.3 yuan/ton to 1450.5 yuan/ton, a change of 119.14 yuan/ton. The PTA/SC ratio increased from 1.2531 to 1.2723, a change of 0.0192 [2] - **PX**: CFR China PX increased from 1208 to 1233, with a change of 25. The PX - naphtha spread increased from 120 to 235, a change of 116 [2] - **PTA**: The PTA main contract futures price increased from 6592 yuan/ton to 6778 yuan/ton, a change of 186.0 yuan/ton. The PTA spot price increased from 6470 to 6570, a change of 100.0 yuan/ton. The spot processing fee decreased from 205.4 yuan/ton to 141.9 yuan/ton, a change of - 63.6 yuan/ton. The disk processing fee increased from 307.4 yuan/ton to 349.9 yuan/ton, a change of 42.4 yuan/ton. The main contract basis decreased from (68) to (70), a change of - 2.0. The PTA warehouse receipt quantity increased from 148915 to 149479, a change of 564 [2] - **MEG**: The MEG main contract futures price increased from 5036 yuan/ton to 5058 yuan/ton, a change of 22.0 yuan/ton. MEG - naphtha changed from (353.18) to (353.37), a change of - 0.2. The MEG domestic price increased from 4946 to 4982, a change of 36.0. The main contract basis increased from - 60 to - 35, a change of 25.0 [2] 2. Industry Chain Start - up Situation - PX start - up rate remained at 83.53%, PTA start - up rate remained at 80.01%, MEG start - up rate remained at 52.27%, and polyester load remained at 85.41% [2] 3. Product Price and Cash Flow - **Polyester Filament**: POY150D/48F decreased from 9075 to 9050, a change of - 25.0. POY cash flow decreased from 636 to 514, a change of - 122.0. FDY150D/96F remained at 9330. FDY cash flow decreased from 391 to 294, a change of - 97.0. DTY150D/48F decreased from 10455 to 10390, a change of - 65.0. DTY cash flow decreased from 816 to 654, a change of - 162.0. The long - filament production and sales rate decreased from 30% to 19%, a change of - 11% [2] - **Polyester Staple Fiber**: 1.4D direct - spun polyester staple fiber increased from 8060 to 8245, a change of 185. The polyester staple fiber cash flow increased from (29) to 59, a change of 88.0. The staple fiber production and sales rate decreased from 78% to 55%, a change of - 23% [2] - **Polyester Chip**: The semi - bright chip increased from 7410 to 7550, a change of 140.0. The chip cash flow increased from (129) to (86), a change of 43.0. The chip production and sales rate increased from 26% to 30%, a change of 4% [2] 4. Device Maintenance - A 2.5 - million - ton PTA device in East China that was shut down for maintenance around February 10 has returned to normal. A 3.6 - million - ton PTA device in East China that was operating at 50% capacity has returned to normal. A 1.25 - million - ton PTA device in South China that was under maintenance in mid - January has returned to normal [4]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The Asian PTA market is affected by the dual impacts of sharp crude oil fluctuations and tight PX supply. The increase in naphtha prices is much higher than that of PX, leading to a significant contraction in profits. Although the demand side recovers after the Spring Festival with the resumption of polyester plants, the supply - side risks have significantly increased. Uncertainties in PX supply have raised more concerns about production halts. Due to supply - chain chaos and raw material bottlenecks, polyester production is restricted from further increasing and may even face temporary production cuts. The extreme tightness on the supply side has led to concentrated force majeure among PTA factories. Asian countries' export restrictions have further exacerbated the raw material shortage. If Middle - East exports cannot resume in the near future, the Asian polyester industry chain is expected to face a severe production decline risk in April due to the dual shortage of PX and MEG. The physical supply of the Asian PX market is tight. Due to large price fluctuations, the downstream operating rate is lower than expected, and the market shows obvious chaos, but the downstream acceptance and purchasing willingness are increasing [2]. Group 3: Summary by Related Catalog 1. Price Changes - PTA spot price dropped from 6725 to 6470, a decrease of 255; MEG inner - market price dropped from 5223 to 4946, a decrease of 277; PTA closing price dropped from 6694 to 6592, a decrease of 102; MEG closing price dropped from 5119 to 5036, a decrease of 83; 1.4D direct - spun polyester staple fiber price dropped from 8400 to 8060, a decrease of 340; short - fiber basis decreased by 153; 4 - 5 spread decreased by 27; polyester staple fiber cash flow increased by 6; 1.4D imitation large - chemical fiber price remained unchanged; the price difference between 1.4D direct - spun and imitation large - chemical fiber decreased by 340; various types of bottle - chip prices decreased (e.g., East China water bottle - chip price dropped from 8612 to 8174, a decrease of 438); bottle - chip spot processing fee decreased by 127; T32S pure - polyester yarn price dropped from 12500 to 12250, a decrease of 250; T32S pure - polyester yarn processing fee increased by 90; polyester - cotton yarn 65/35 45S price remained unchanged; cotton 328 price increased by 70; polyester - cotton yarn profit increased by 199; the price of primary three - dimensional hollow (with silicon) dropped from 9000 to 8945, a decrease of 55; the cash flow of hollow staple fiber 6 - 15D increased by 256; the price of primary low - melting - point staple fiber increased by 55 [2]. 2. Market Conditions - **Short - fiber market**: The short - fiber futures main contract dropped 246 to 8110. Polyester staple fiber production factories lowered prices, and traders sold near the monthly settlement price. Downstream point - price and procurement increased, and intermediate - link transactions increased in volume, but factory production and sales were average. The price of 1.56dtex*38mm semi - bright natural - white (1.4D) polyester staple fiber in the East China market was 7820 - 8350 in cash, in the North China market 7940 - 8470 in cash, and in the Fujian market 7950 - 8300 in cash [2]. - **Bottle - chip market**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets was 8300 - 8500 yuan/ton, with the average price dropping 275 yuan/ton compared to the previous working day. The bottle - chip futures were weak, suppliers' offers were generally lowered, local spot liquidity was poor, downstream terminal demand was weak, purchasing enthusiasm was not high, market transactions were cautious, and the negotiation focus continued to move down [2]. 3. Operating Rates and Production - Sales Ratios - The weekly direct - spun short - fiber operating rate decreased from 84.13% to 76.98%, a decrease of 7.15%; the polyester staple fiber production - sales ratio increased from 52.00% to 68.00%, an increase of 16.00%; the weekly polyester yarn operating rate increased from 70.00% to 70.32%, an increase of 0.32%; the weekly recycled cotton - type load index decreased from 55.44% to 54.81%, a decrease of 0.63% [2][3].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - The Asian PTA market is affected by the dual impacts of sharp fluctuations in crude oil and tight PX supply. The increase in naphtha prices is much higher than that of PX, and profits have significantly shrunk. Although the demand side recovers after the Spring Festival with the resumption of polyester plants, the supply - side risks have significantly increased. The uncertainty of PX supply has led to more concerns about production halts. Due to supply - chain chaos and raw material bottlenecks, polyester production increases are restricted and may even experience temporary production cuts. The extreme tightness on the supply side has led to concentrated force majeure at PTA plants. Asian countries' export restrictions have further exacerbated the raw material shortage. If Middle - East exports cannot resume in the near future, the Asian polyester industry chain is expected to face a severe risk of production decline in April due to the dual shortages of PX and MEG, and the physical supply in the Asian PX market is tight. The market shows obvious chaos, and the downstream acceptance and purchasing willingness are increasing [2]. Group 3: Summary of Relevant Indicators Price Indicators - PTA spot price decreased from 7005 to 6725, a decrease of 280 [2]. - MEG domestic price decreased from 5478 to 5223, a decrease of 255 [2]. - PTA closing price decreased from 7134 to 6694, a decrease of 440 [2]. - MEG closing price decreased from 5574 to 5119, a decrease of 455 [2]. - 1.4D direct - spun polyester staple fiber price decreased from 8505 to 8400, a decrease of 105 [2]. - Short - fiber basis decreased from 0 to - 54, a decrease of 54 [2]. - The 4 - 5 spread increased from - 52 to - 44, an increase of 8 [2]. - 1.4D imitation large - chemical fiber price remained unchanged at 6190 [2]. - The price difference between 1.4D direct - spun and imitation large - chemical fiber decreased from 2315 to 2210, a decrease of 105 [2]. - East China water bottle chip price decreased from 8814 to 8612, a decrease of 202 [2]. - Hot - filling polyester bottle chip price decreased from 8814 to 8612, a decrease of 202 [2]. - Carbonated - grade polyester bottle chip price decreased from 8914 to 8712, a decrease of 202 [2]. - Outer - market water bottle chip price decreased from 1205 to 1200, a decrease of 5 [2]. - T32S pure polyester yarn price remained unchanged at 12500 [2]. - T32S pure polyester yarn processing fee increased from 3995 to 4100, an increase of 105 [2]. - Polyester - cotton yarn 65/35 45S price remained unchanged at 18500 [2]. - Cotton 328 price decreased from 16450 to 16420, a decrease of 30 [2]. - Polyester - cotton yarn profit increased from 1643 to 1724, an increase of 81 [2]. - Primary three - dimensional hollow (with silicon) price decreased from 9035 to 9000, a decrease of 35 [2]. - Primary low - melting - point staple fiber price decreased from 9385 to 9295, a decrease of 90 [2]. Production and Sales and Operating Rate Indicators - Direct - spun staple fiber load (weekly) decreased from 84.13% to 76.98%, a decrease of 7.15% [3]. - Polyester staple fiber production and sales decreased from 61.00% to 52.00%, a decrease of 9.00% [3]. - Polyester yarn operating rate (weekly) increased from 70.00% to 70.32%, an increase of 0.32% [3]. - Regenerated cotton - type load index (weekly) decreased from 55.44% to 54.81%, a decrease of 0.63% [3]. Cash Flow Indicators - Polyester staple fiber cash flow increased from 240 to 246, an increase of 6 [2]. - Bottle chip spot processing fee increased from 990 to 1112, an increase of 123 [2]. - Hollow staple fiber 6 - 15D cash flow increased from 11 to 300, an increase of 290 [2].

Report Summary 1. Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The PTA market in Asia is affected by the sharp fluctuations in crude oil and the tightening of PX supply. The price increase of naphtha is much higher than that of PX, resulting in a significant contraction of profits. The supply - side risks have increased significantly. If Middle - East exports cannot recover in the near future, the Asian polyester industry chain will face a severe production decline risk in April due to the dual shortage of PX and MEG [2]. - The MEG market is also in chaos due to the tense situation in the Middle East. Northeast Asian refineries are facing a shortage of crude oil supply and have to reduce their loads. The shortage of Asian naphtha has led to large - scale production cuts and shutdowns of naphtha cracking units [2]. 3. Summary by Relevant Catalogs 3.1 Market Data Changes - **Crude Oil**: INE crude oil price dropped from 834.6 yuan/barrel on March 23, 2026, to 739.1 yuan/barrel on March 24, 2026, a decrease of 95.50 yuan/barrel [2]. - **PTA**: PTA - SC increased by 254.01 yuan/ton, PTA/SC ratio increased by 0.0701, PTA主力期价 dropped by 440.0 yuan/ton, PTA现货价格 dropped by 280.0 yuan/ton, spot processing fee and disk processing fee both decreased by 40.0 yuan/ton, and PTA仓单数量 increased by 1785 [2]. - **MEG**: MEG主力期价 dropped by 455.0 yuan/ton, MEG - naphtha decreased by 39.2 yuan/ton, MEG内盘 dropped by 255.0 yuan/ton, and the main base difference decreased by 10.0 [2]. - **PX**: CFR中国PX dropped by 75, and PX - naphtha spread decreased by 124 [2]. - **Polyester Products** - **Polyester Filament**: POY150D/48F increased by 35.0, POY现金流 increased by 359.0; FDY150D/96F increased by 65.0, FDY现金流 increased by 389.0; DTY150D/48F remained unchanged, DTY现金流 increased by 324.0; long - filament production and sales decreased by 41% [2]. - **Polyester Staple Fiber**: 1.4D直纺涤短 dropped by 105,涤短现金流 increased by 219.0, and short - fiber production and sales decreased by 4% [2]. - **Polyester Chips**: 半光切片 dropped by 110.0,切片现金流 increased by 214.0, and slice production and sales decreased by 7% [2]. 3.2 Industry Start - up Situation - PX start - up rate increased by 3.19% to 83.53% [2]. - PTA start - up rate increased by 0.50% to 80.01% [2]. - MEG start - up rate remained unchanged at 51.87% [2]. - Polyester load remained unchanged at 85.44% [2]. 3.3 Device Maintenance Status - A 2.5 million - ton PTA device in East China, which was shut down for maintenance around February 10, has returned to normal operation. A 3.6 million - ton PTA device in East China, which was operating at 50% capacity, has also returned to normal operation. A 1.25 million - ton PTA device in South China, which was under maintenance in mid - January, has resumed normal operation [4].