Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints - PTA: With the easing of the war between Iran and Israel, the crude oil market dropped significantly, and the chemical industry followed the decline. Despite the expectation of reduced downstream polyester load, the actual polyester output reached a new high. PTA will likely go through inventory reduction in the coming period, and the actions of major factories to increase the basis for sales have a significant impact on the market, making PTA spot supply tight. Polyester has recently achieved rapid inventory reduction [2]. - Ethylene Glycol (MEG): The conflict between Iran and Israel has eased, leading to a sharp decline in crude oil prices, and the chemical industry as a whole will follow suit. The rise in ethylene prices has strengthened the cost side, and the export of Iranian petrochemicals is expected to be affected. However, the overall import volume of MEG from Iran is limited. The profit of coal - based MEG has expanded, and the recent blockage of US ethane imports has affected domestic MEG plants. MEG will continue the inventory reduction trend, and the arrival volume will decrease. Polyester production cuts will have a certain impact on the market, and the inventory at ports has changed little. The recovery of the load of coal - based MEG plants will put pressure on the market, and MEG will enter the inventory reduction stage later [2]. 3) Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil price dropped from 498.5 yuan/barrel on June 27, 2025, to 496.7 yuan/barrel on June 30, 2025, a decrease of 1.8 yuan/barrel [2]. - **PX**: CFR China PX price increased from 868 to 874, and the PX - naphtha spread rose from 298 to 304. The PX operating rate decreased from 80.43% to 78.98%, a decline of 1.45 percentage points [2]. - **PTA**: The PTA主力期价 increased from 4778 yuan/ton to 4798 yuan/ton, and the spot price rose from 5025 to 5030 yuan/ton. The spot processing fee decreased from 341.3 yuan/ton to 316.5 yuan/ton, and the disk processing fee dropped from 84.3 yuan/ton to 74.5 yuan/ton. The PTA operating rate decreased from 78.56% to 77.34%, a decline of 1.22 percentage points. The PTA - SC spread increased from 1155.4 to 1188.4, and the PTA/SC ratio rose from 1.3189 to 1.3292. The PTA warehouse receipt quantity decreased from 35022 to 34434, a reduction of 588 [2]. - **MEG**: The MEG主力期价 decreased from 4271 yuan/ton to 4267 yuan/ton. The MEG - naphtha spread changed from (102.50) to (101.69). The MEG domestic price decreased from 4346 to 4334 yuan/ton. The MEG operating rate increased slightly from 55.77% to 55.85%, an increase of 0.08 percentage points [2]. - **Polyester Products**: The polyester load decreased slightly from 89.35% to 89.29%, a decline of 0.06 percentage points. Among polyester filament products, the prices of POY150D/48F, FDY150D/96F, and DTY150D/48F all decreased, and their cash flows also declined. The long - filament sales rate decreased from 49% to 31%, a decline of 18 percentage points. The price of 1.4D direct - spun polyester staple fiber remained unchanged, and its cash flow decreased slightly. The short - fiber sales rate decreased from 53% to 40%, a decline of 13 percentage points. The price of semi - bright chips increased from 5905 to 5915 yuan/ton, and the chip cash flow increased from (197) to (188). The chip sales rate decreased from 70% to 62%, a decline of 8 percentage points [2]. Device Maintenance - A 1.5 - million - ton PTA plant in East China has restarted after being shut down for maintenance around May 6. A 3 - million - ton PTA plant in East China has recently shut down for maintenance, with an expected maintenance period of about 10 days [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The war between Iran and Israel has eased, causing a significant decline in the crude oil market, and the chemical industry has followed suit. The downstream polyester load remains at 91.3% despite the expectation of a reduction, but the actual polyester output has reached a new high. Recent promotions have led to inventory reduction. PTA will likely see inventory reduction in the coming period, and the actions of major factories to increase basis sales have had a significant impact on the market, making PTA spot supplies tight. Polyester has recently experienced rapid inventory reduction, and inventory levels have increased significantly. The market's purchasing willingness has strengthened due to rising crude oil prices. The maintenance of a Northeast PX factory and a Zhejiang reforming unit has been postponed [2]. - For ethylene glycol, the conflict between Iran and Israel has eased, and the chemical industry as a whole will follow the trend of the crude oil decline. The rising ethylene price has pushed up the cost, and Iran's petrochemical exports are expected to be affected, but the overall import volume of ethylene glycol from Iran is limited. The profit of coal - based ethylene glycol has expanded, and the recent obstruction of ethane imports from the United States has affected domestic ethylene glycol plants. Ethylene glycol will continue to reduce inventory, with a decrease in arrivals. Polyester production cuts will have a certain impact on the market, and a large - scale Northeast plant has restarted. The port inventory of ethylene glycol has changed little, and the recovery of the load of coal - based ethylene glycol plants will put pressure on the market, and ethylene glycol will enter the inventory reduction stage [2]. Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil price dropped from 502.9 yuan/barrel on June 26, 2025, to 498.5 yuan/barrel on June 27, 2025, a decrease of 4.40 yuan/barrel [2]. - **PTA**: PTA - SC spread increased from 1115.4 yuan/ton to 1155.4 yuan/ton; PTA/SC ratio rose from 1.3052 to 1.3189; CFR China PX price increased from 853 to 868; PX - naphtha spread increased from 274 to 298; PTA main contract futures price rose from 4770 yuan/ton to 4778 yuan/ton; PTA spot price increased from 5020 yuan/ton to 5025 yuan/ton; spot processing fee decreased from 417.9 yuan/ton to 341.3 yuan/ton; disk processing fee decreased from 157.9 yuan/ton to 84.3 yuan/ton; main contract basis decreased from 259 to 255; PTA warehouse receipt quantity decreased from 35952 to 35022 [2]. - **MEG**: MEG main contract futures price dropped from 4293 yuan/ton to 4271 yuan/ton; MEG - naphtha spread decreased from (100.69) yuan/ton to (100.88) yuan/ton; MEG domestic price decreased from 4379 yuan/ton to 4346 yuan/ton; main contract basis increased from 67 to 69 [2]. - **Industry Chain开工率**: PX operating rate remained at 80.43%; PTA operating rate remained at 78.56%; MEG operating rate remained at 55.77%; polyester load decreased from 90.01% to 89.35% [2]. - **Polyester Filament**: POY150D/48F price decreased from 7165 yuan/ton to 7075 yuan/ton; POY cash flow decreased from 156 to 73; FDY150D/96F price decreased from 7475 yuan/ton to 7360 yuan/ton; FDY cash flow decreased from (34) to (142); DTY150D/48F price decreased from 8410 yuan/ton to 8330 yuan/ton; DTY cash flow decreased from 201 to 128; filament sales increased from 28% to 49% [2]. - **Polyester Staple Fiber**: 1.4D direct - spun polyester staple fiber price decreased from 6855 yuan/ton to 6805 yuan/ton; staple fiber cash flow decreased from 196 to 153; staple fiber sales increased from 43% to 53% [2]. - **Polyester Chip**: Semi - bright chip price remained at 5905 yuan/ton; chip cash flow increased from (204) to (197); chip sales increased from 40% to 62% [2]. Device Maintenance - A 1.5 - million - ton PTA device in East China has restarted after being shut down for maintenance around May 6, and a 3 - million - ton PTA device in East China has recently shut down for maintenance, expected to last about 10 days [2]

直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 涤纶短纤产销 53.00% 27.00% -26. 00% 涤纱开机率(周) 67.00% 67.00% 0. 00 再生棉型负荷指数(周) 50. 40% 50. 40% 0. 00 涤纶短纤与纯涤纱价格 涤纶短纤现金流 14000 10000 10000 1800 (探偵) 太原始欲德 t T325年演出 (群炉) 图片员22日 短规金流 ·1.4D直线条短 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 10000 200 5000 4000 -200 9000 + 3000 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01 涤棉纱65/35 45S价格与利润 中空短纤价格与现金流 2500 10000 22500 4000 泽梯少利润 泽棉纱65/35 45S 中空短 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The conflict between the US and Iran and the conflict between Israel and other factors have led to concerns in the market, with expectations of continued oil price increases and the chemical industry as a whole following suit [2]. - PTA is expected to see inventory reduction in the future, and the actions of mainstream factories to increase basis sales have had a significant impact on the market, making PTA spot supplies tight. The polyester industry has rapidly reduced inventory recently, and the market's purchasing willingness has increased due to rising oil prices [2]. - For ethylene glycol, although the overall import volume from Iran is limited, the conflict has led to rising ethylene prices, strengthening the cost - side. Ethylene glycol continues the inventory reduction rhythm, but the recovery of coal - based ethylene glycol device loads exerts pressure on the market [2]. 3) Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil rose from 566.6 yuan/barrel on June 20, 2025, to 574.5 yuan/barrel on June 23, 2025, an increase of 7.9 yuan/barrel [2]. - **PX**: CFR China PX increased from 896 to 899, and the PX - naphtha spread rose from 250 to 253 [2]. - **PTA**: The PTA主力期价 increased from 4978 yuan/ton to 5012 yuan/ton, the spot price decreased from 5275 yuan/ton to 5260 yuan/ton, the spot processing fee increased from 390.3 yuan/ton to 393.0 yuan/ton, and the disk processing fee increased from 128.3 yuan/ton to 145.0 yuan/ton [2]. - **MEG**: The MEG主力期价 remained unchanged at 4501 yuan/ton, the MEG - naphtha spread decreased slightly from (138.46) to (138.65), and the MEG internal price increased from 4594 to 4597 [2]. - **Polyester Products**: The prices of POY, FDY, DTY, 1.4D direct - spun polyester staple fiber, and semi - bright chips all increased to varying degrees, and the cash flows of most products improved [2]. Industry Chain Operating Conditions - **PX**: The operating rate remained at 82.70% [2]. - **PTA**: The operating rate remained at 78.56% [2]. - **MEG**: The operating rate increased from 57.91% to 58.33%, an increase of 0.42 percentage points [2]. - **Polyester Load**: It decreased slightly from 90.16% to 90.10% [2]. Device Maintenance Dynamics - A 1.5 - million - ton PTA device in East China has restarted after being shut down for maintenance around May 6, and a 3 - million - ton PTA device has recently shut down for maintenance, with an expected maintenance period of about 10 days [2].

投资咨询业务资格:证监许可【2012】 31号 【 一 国贸 期货 得资讯。 直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 涤纶短纤产销 -3.00% 54. 00% 51.00% 涤纱开机率(周) 67.00% 67.00% 0. 00 再生棉型负荷指数(周) 50. 40% 50. 40% 0. 00 涤纶短纤与纯涤纱价格 涤纶短纤观金流 14000 10000 10000 1800 t T325年演出 (探偵) 太原始術 (群贝) 解日示52E= 器短现金流 ·1.4D直纺条短 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 10000 200 5000 4000 -200 9000 + 3000 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01 2021-01-01 2022-01-01 2024-01-01 2025-01-01 2023-01-01 涤棉纱65/35 45S价格与利润 中空短纤价格与现金流 2500 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The conflict between Iran and Israel has further escalated, with Israel attacking Iranian oil - field facilities and Iran responding. It is expected that crude oil prices will continue to rise, and the chemical industry as a whole will follow [2]. - PTA will go into a de - stocking phase. The actions of mainstream factories to increase the basis for sales have had a significant impact on the market, and PTA spot is becoming tight. Polyester has recently de - stocked rapidly, and inventory has increased significantly. The market's purchasing willingness has increased due to rising crude oil prices [2]. - For ethylene glycol, although the overall import volume from Iran is limited, the conflict may affect Iranian petrochemical exports. Coal - based ethylene glycol profits have expanded, and the recent blockage of US ethane imports has affected domestic ethylene glycol plants. Ethylene glycol will continue to de - stock, and the arrival volume will decrease [2]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Crude Oil**: INE crude oil price dropped from 541.6 yuan/barrel on June 16, 2025, to 529.8 yuan/barrel on June 17, 2025, a decrease of 11.8 yuan/barrel [2]. - **PX**: CFR China PX price increased from 866 to 884, and the PX - naphtha spread rose from 246 to 260. The PX operating rate remained at 83.07% [2]. - **PTA**: The PTA主力期价 rose from 4766 yuan/ton to 4782 yuan/ton, and the spot price increased from 5005 yuan/ton to 5020 yuan/ton. The spot processing fee decreased from 311.5 yuan/ton to 241.8 yuan/ton, and the disk processing fee dropped from 72.5 yuan/ton to - 6.2 yuan/ton. The PTA operating rate increased from 81.57% to 83.80%, and the number of PTA warehouse receipts decreased from 84853 to 80591 [2]. - **MEG**: The MEG主力期价 rose from 4374 yuan/ton to 4400 yuan/ton. The MEG - naphtha spread increased from - 135.55 yuan/ton to - 131.74 yuan/ton. The MEG domestic price increased from 4426 to 4446. The MEG operating rate remained at 56.16%, and the main - contract basis remained at 82 [2]. - **Polyester Products**: The polyester load increased from 89.74% to 89.99%. Among polyester filaments, the POY, FDY, and DTY prices remained unchanged, but their cash flows decreased by 20. The long - filament sales rate increased from 30% to 31%. For polyester staple fibers, the price of 1.4D direct - spinning polyester staple increased by 20, and the sales rate increased from 52% to 53%. For polyester chips, the semi - bright chip price decreased by 30, the chip cash flow decreased by 50, and the chip sales rate increased from 40% to 47% [2]. 3.2 Device Maintenance Dynamics - A 1.5 - million - ton PTA device in East China has been restarted after being shut down for maintenance around May 6. A 3 - million - ton PTA device in East China has been shut down for maintenance recently, with an expected maintenance period of about 10 days [4]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - PTA prices rose due to the escalation of tensions between the US and a Middle Eastern country, pushing up the Brent crude price. PTA inventory receipts increased, and spot liquidity was temporarily tight, with the spot basis strengthening. The polyester downstream load remained at 91.3% despite the expected reduction, and actual polyester production reached a new high. PTA will go through inventory reduction in the coming period, and the actions of major factories to increase the basis for sales have had a significant impact on the market, making PTA spot supplies tight. Downstream resistance to upstream price increases seems ineffective. Northeast PX plant maintenance and Zhejiang reform device startups have been postponed [2]. - For ethylene glycol, the decline in coal prices has expanded the profit margin of coal - based ethylene glycol. The recent blockage of US ethane imports has affected domestic ethylene glycol plants. Ethylene glycol continues the de - stocking trend, and the arrival volume will decrease. Polyester production cuts have a certain impact on the market, and a large - scale plant in the Northeast has restarted. The port inventory of ethylene glycol has changed little, and the increase in the load of coal - based ethylene glycol plants exerts pressure on the market, and it will enter the de - stocking stage later [2]. 3. Summary According to the Catalog 3.1 Market Quotes - **PTA**: The price of INE crude oil rose from 478.1 yuan/barrel on 2025/6/11 to 495.7 yuan/barrel on 2025/6/12, an increase of 17.6 yuan/barrel. The PTA - SC spread decreased from 1,145.6 yuan/ton to 1,017.7 yuan/ton, a decrease of 127.9 yuan/ton. The PTA/SC ratio decreased from 1.3297 to 1.2825, a decrease of 0.0472. The PTA spot price increased from 4,825 yuan/ton to 4,855 yuan/ton, an increase of 30 yuan/ton. The spot processing fee decreased from 437.6 yuan/ton to 415.8 yuan/ton, a decrease of 21.8 yuan/ton. The PTA inventory receipts increased from 69,117 to 71,853, an increase of 2,736 [2]. - **MEG**: The MEG main - contract futures price decreased from 4,285 yuan/ton to 4,234 yuan/ton, a decrease of 51 yuan/ton. The MEG - naphtha spread decreased from - 100.92 yuan/ton to - 102.11 yuan/ton, a decrease of 1.2 yuan/ton. The MEG domestic price decreased from 4,377 yuan/ton to 4,350 yuan/ton, a decrease of 27 yuan/ton [2]. 3.2 Industrial Chain Start - up Situation - The PX start - up rate remained at 83.07%. The PTA start - up rate remained at 83.56%. The MEG start - up rate increased from 53.46% to 54.40%, an increase of 0.94 percentage points. The polyester load remained at 89.64% [2]. 3.3 Product Prices and Cash Flows - **Polyester Filament**: The price of POY150D/48F increased from 6,880 yuan/ton to 6,925 yuan/ton, an increase of 45 yuan/ton, and the cash - flow increased from 38 yuan/ton to 67 yuan/ton, an increase of 29 yuan/ton. The price of FDY150D/96F increased from 7,160 yuan/ton to 7,210 yuan/ton, an increase of 50 yuan/ton, and the cash - flow increased from - 182 yuan/ton to - 148 yuan/ton, an increase of 34 yuan/ton. The price of DTY150D/48F increased from 8,120 yuan/ton to 8,145 yuan/ton, an increase of 25 yuan/ton, and the cash - flow increased from 78 yuan/ton to 87 yuan/ton, an increase of 9 yuan/ton [2]. - **Polyester Staple Fiber**: The price of 1.4D direct - spinning polyester staple fiber remained at 6,570 yuan/ton, and the cash - flow decreased from 78 yuan/ton to 62 yuan/ton, a decrease of 16 yuan/ton [2]. - **Polyester Chips**: The price of semi - bright chips increased from 5,790 yuan/ton to 5,810 yuan/ton, an increase of 20 yuan/ton, and the cash - flow increased from - 152 yuan/ton to - 148 yuan/ton, an increase of 4 yuan/ton [2]. 3.4 Sales Volume Ratios - The sales volume ratio of polyester filament increased from 29% to 60%, an increase of 31 percentage points. The sales volume ratio of polyester staple fiber decreased from 74% to 70%, a decrease of 4 percentage points. The sales volume ratio of polyester chips increased from 68% to 74%, an increase of 6 percentage points [2]. 3.5 Device Maintenance - A 1.5 - million - ton PTA device in East China has been restarted after being shut down for maintenance around May 6. A 3 - million - ton PTA device in East China has recently been shut down for maintenance, with an expected maintenance period of about 10 days [2].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - Due to the concentrated maintenance of PTA plants and the intensive maintenance of upstream PX plants, the internal - external price difference of PX has been significantly repaired. The load of PX plants has changed with the large - scale maintenance of reforming plants. More domestic PTA and reforming plants are planned for maintenance in May. PTA has weakened significantly, and market sentiment has calmed down [2]. - The profits of polyester downstream products have been compressed, and the polyester load has remained at a high level. Recently, polyester sales have continued to improve, and polyester inventory has been significantly reduced. However, the downstream load is decreasing, and the terminal export demand has weakened significantly. PTA has entered a de - stocking cycle, with an expected de - stocking amplitude of over 400,000 tons, and the de - stocking will stop in June [2]. - PXN has shrunk to 160, and the price difference between PX - MX has shrunk to 65. The load of domestic PX plants has declined. The processing fee of PTA still remains at around 350 yuan and has increased slightly. The downstream of polyester may cut production, including FDY, short - fiber, and bottle, with reduced downstream load and significantly fewer orders [2][3]. 3) Data Summary Price and Price Difference Changes - PTA spot price increased from 4415 to 4585, a change of 170 [2]. - MEG inner - market price increased from 4188 to 4210, a change of 22 [2]. - 1.4D direct - spinning polyester short - fiber price increased from 6375 to 6460, a change of 85 [2]. - Short - fiber basis decreased from 310 to 293, a change of - 17 [2]. - 5 - 6 spread decreased from 62 to 50, a change of - 12 [2]. - The price difference between 1.4D direct - spinning and imitation large - chemical fiber increased from 525 to 610, a change of 85 [2]. - The price of East China water - bottle chips increased from 5710 to 5790, a change of 80 [2]. - The price of outer - market water - bottle chips increased from 750 to 760, a change of 10 [2]. - Bottle - chip spot processing fee decreased from 532 to 459, a change of - 72.72 [2]. - T32S pure polyester yarn price remained unchanged at 10600 [2]. - T32S pure polyester yarn processing fee decreased from 4225 to 4140, a change of - 85 [2]. - Cotton 328 price decreased from 13915 to 13875, a change of - 40 [2]. - Polyester - cotton yarn profit decreased from 2064 to 2022, a change of - 41.23 [2]. - The price of primary three - dimensional hollow (with silicon) increased from 6890 to 6915, a change of 25 [2]. - The cash flow of hollow short - fiber 6 - 15D decreased from 512 to 384, a change of - 127.72 [2]. Load and Production and Sales Changes - The direct - spinning short - fiber load (weekly) increased from 88.90% to 91.30%, a change of 0.02 [3]. - Polyester short - fiber production and sales increased from 70.00% to 74.00%, a change of 4.00% [3]. - The polyester yarn startup rate (weekly) remained unchanged at 67.00% [3]. - The recycled cotton - type load index (weekly) remained unchanged at 50.40% [3]