Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - The polyester industry is facing a situation where raw material production is imminent, leading to a pattern of loose supply and demand. In Q4 2025, prices of PX, PTA, and MEG are expected to be under pressure due to factors such as cost - end crude oil price fluctuations, new device productions, and changes in supply - demand relationships [2][135][136][137]. Summary According to the Table of Contents 1. PX&PTA&MEG Price: Cost - end Crude Oil Price is Under Pressure - From June 30 to September 23, 2025, prices of various products in the polyester industry chain showed different trends. For example, the price of Brent crude oil increased slightly by $0.2 per barrel, while the price of PTA decreased by 579 yuan/ton [4]. - The futures prices of PX, PTA, and MEG also declined from June 30 to September 24, 2025, with PTA down 3.6%, MEG down 0.8%, and PX down 2.9% [7]. 2. PX: Newly Added Device Capacity is Limited - In 2025, the average operating load of Asian PX was 74.29% from January to September, a year - on - year decrease of 1.07 percentage points, while that of China was 82.37%, a year - on - year increase of 0.16 percentage points. The new PX device of Yulong Petrochemical has a capacity of 300 tons/year but only produces MX currently [14]. - From January to August 2025, the cumulative import volume of PX was 615.83 million tons, a year - on - year increase of 6.5%. However, the import volume is expected to shrink in Q4 due to more TA maintenance and weakened market demand [21]. 3. PTA: New Devices are Put into Production, and Supply - demand is Loose - From January to September 2025, the average operating load of domestic PTA was 77.54%, a year - on - year decrease of 1.84 percentage points, and the average processing fee was 241 yuan/ton, a year - on - year decrease of 40 yuan/ton. In Q3, Sanfangxiang's 320 - million - ton new capacity was put into production, and in Q4, Dushan Energy's 300 - million - ton capacity is planned to be put into production [24]. - From January to August 2025, PTA production was 48.45 billion tons, a year - on - year increase of 3.4%. The cumulative export volume from January to August was 2.5302 billion tons, a year - on - year decrease of 16.86%. Overall, PTA is expected to accumulate inventory in Q4 [27][33][34]. 4. MEG: Coal - based Profit is Good, Device Restart is Active, and Inventory Accumulation Expectation is Strengthened - From January to August 2025, the domestic production of ethylene glycol was 13.398 billion tons, a year - on - year increase of 7.8%. The average operating load of ethylene glycol in the Chinese mainland was 69.71%, a year - on - year increase of 5.24 percentage points, and that of coal - based ethylene glycol was 70.18%, a year - on - year increase of 7.32 percentage points [42][43]. - In 2025, the planned production capacity of MEG devices is 1.6 billion tons, and from January to August, the cumulative import volume was 5.0284 billion tons, a year - on - year increase of 16%. There is a strong expectation of inventory accumulation in Q4 [45][48][49]. 5. Polyester Demand Situation: Demand is Advanced, and Q4 Demand is Weak - In 2025, many domestic polyester devices are being put into production, and the planned production capacity in Q4 is mainly for filament. However, the current terminal performance is lower than expected, showing a situation of "Golden September and Silver October" not being prosperous [56][57]. - From January to August 2025, the total export volume of Chinese polyester products was 96.196 billion tons, a year - on - year increase of 15.8%. However, India has launched an anti - dumping sunset review investigation on Chinese polyesters, which may affect future exports [65]. 6. PX&PTA&MEG Position Situation - On September 25, 2025, compared with June 30, 2025, the total position volume of PTA decreased by 260,054 hands, that of MEG decreased by 5,251 hands, and that of PX increased by 46,758 hands [104].