1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - PTA futures followed the cost side and opened lower and moved lower. PTA's own device restarts and reduces loads simultaneously, currently having limited impact on the market. The spot basis is running weakly. It is expected that the short - term PTA spot price will fluctuate mainly affected by the cost side. Attention should be paid to the changes in upstream and downstream devices and polyester production and sales [5]. - The ethylene glycol market was weakly sorted on Monday, with general market discussions. The intraday ethylene glycol disk was weakly running. The spot basis weakened slightly in the afternoon. There is an expectation of inventory accumulation for ethylene glycol starting from the fourth quarter, and the disk performance is under pressure. It is expected that the short - term ethylene glycol price center will be adjusted at a low level. Follow - up attention should be paid to device and production and sales changes [7]. - The short - term commodity market is greatly affected by the macro - level. Attention should be paid to the cost side, and the upper resistance level should be noted for the disk rebound [12]. 3. Summary According to the Directory 3.1. Previous Day Review No relevant content provided. 3.2. Daily Hints PTA - **Fundamentals**: The PTA futures opened lower and moved lower, the spot market negotiation atmosphere was general, the spot basis was weak, and individual mainstream suppliers sold goods. The September goods were traded at a discount of 75 - 86 to the 01 contract, and the price negotiation range was around 4490 - 4535. The mainstream spot basis on that day was 01 - 84 [5]. - **Basis**: The spot price was 4515, the basis of the 01 contract was - 71, and the disk was at a premium [6]. - **Inventory**: The PTA factory inventory was 3.8 days, a decrease of 0.04 days compared with the previous period [6]. - **Disk**: The 20 - day moving average was downward, and the closing price was below the 20 - day moving average [6]. - **Main Position**: The net short position increased [6]. - **Expectation**: The PTA futures disk followed the cost side to open lower and move lower. PTA's own device restarts and reduces loads simultaneously, currently having limited impact on the market. The spot basis is running weakly. It is expected that the short - term PTA spot price will fluctuate mainly affected by the cost side. Attention should be paid to the changes in upstream and downstream devices and polyester production and sales [5]. MEG - **Fundamentals**: On Monday, the ethylene glycol market was weakly sorted, with general market discussions. The intraday ethylene glycol disk was weakly running, and the spot negotiation was at a premium of 88 - 97 yuan/ton to the 01 contract. The spot basis weakened slightly in the afternoon, and some traders with contract gaps participated in replenishment. The focus of the ethylene glycol foreign market declined slightly [7]. - **Basis**: The spot price was 4342, the basis of the 01 contract was 102, and the disk was at a discount [8]. - **Inventory**: The total inventory in the East China region was 38.17 tons, an increase of 0.93 tons compared with the previous period [8]. - **Disk**: The 20 - day moving average was downward, and the closing price was below the 20 - day moving average [8]. - **Main Position**: The net short position decreased [7]. - **Expectation**: The port shipments before the festival were general, and the ethylene glycol port inventory increased from a low level. There will be relatively concentrated arrivals of foreign ships during the National Day holiday. Recently, the market sentiment of ethylene glycol has been mainly dragged down by the progress of new devices and the weakness of the terminal market, and the overall intention of traders to hold goods is weak. There is an expectation of inventory accumulation for ethylene glycol starting from the fourth quarter, and the disk performance is under pressure. It is expected that the short - term ethylene glycol price center will be adjusted at a low level. Follow - up attention should be paid to device and production and sales changes [7]. 3.3. Today's Attention No relevant content provided. 3.4. Fundamental Data PTA Supply - Demand Balance Sheet The report provides the PTA supply - demand balance sheet from January 2024 to December 2025, including data on PTA capacity, production, imports, exports, consumption, and inventory [13]. Ethylene Glycol Supply - Demand Balance Sheet The report provides the ethylene glycol supply - demand balance sheet from January 2024 to December (partially incomplete) 2025, including data on ethylene glycol production, imports, consumption, and port inventory [14]. Price - **Spot Price**: The spot price of naphtha CFR Japan increased by 9 to 584.5 dollars/ton; the spot price of paraxylene (PX) CFR China Taiwan decreased by 17 to 824 dollars/ton; the CCFEI price index of PTA domestic market decreased by 20 to 4512.5 yuan/ton; the CCFEI price index of ethylene glycol MEG domestic market decreased by 10 to 4335 yuan/ton, etc. [15]. - **Futures Price**: TA01 decreased by 18 to 4286 yuan/ton, TA05 decreased by 20 to 4628 yuan/ton, etc.; EG01 decreased by 17 to 4240 yuan/ton, EG05 decreased by 23 to 4294 yuan/ton, etc. [15]. - **Basis**: TA01 basis decreased by 22 to - 71 yuan/ton, EG01 basis increased by 7 to 102 yuan/ton [15]. - **Profit**: PTA processing fee decreased by 513.896 to - 74.42 yuan/ton; naphtha MEG domestic market profit decreased by 23.03 to - 1162.89 yuan/ton, etc. [15]. Other Data The report also provides data on bottle - chip spot prices, production gross profit, capacity utilization rate, inventory, as well as various spreads, inventory analysis, and start - up rates of the polyester upstream and downstream industries from multiple years [16 - 66].