Report Industry Investment Rating - Not mentioned in the provided content. Report's Core View - Gasoline cracking margins have declined, and gasoline blending performance has weakened. The PX market has remained strong amidst multiple factors. The increase in PX prices is mainly supported by the value of gasoline blending and the stabilization and recovery of the by - product benzene price. The PX - naphtha spread has further widened to $256, while the spread between PX and mixed xylene remains under pressure, just slightly above $100, limiting the space to increase efficiency by increasing PX production. Domestic rumors of unit overhauls are positive for PX, and some South Korean producers are even considering taking offline toluene - route PX units in December. Domestic PTA manufacturers benefit from India's cancellation of the BIS certification restriction on PTA imports, improving export prospects and boosting PX procurement sentiment. The strong PX price significantly benefits the PTA market. Currently, the PTA supply has tightened slightly, while the polyester industry's operating rate has remained stable, with the overall load maintained above 90%. Thanks to the positive adjustments of trade policies in some overseas countries, the export inquiries for polyester products have increased significantly, and the domestic polyester export outlook is optimistic. The costs of bottle chips and staple fibers follow suit [2]. Summary by Related Catalog Price Changes - PTA spot price increased from 4610 to 4635, a change of 25; MEG inner - market price decreased from 3900 to 3882, a change of - 18; PTA closing price increased from 4632 to 4700, a change of 68; MEG closing price increased from 3873 to 3885, a change of 12; 1.4D direct - spun polyester staple fiber price increased from 6365 to 6390, a change of 25; short - fiber basis decreased from 140 to 134, a change of - 6; 12 - 1 spread decreased from 80 to 110, a change of - 30; polyester staple fiber cash flow increased from 240 to 246, a change of 6; 1.4D imitation large - chemical fiber price remained unchanged at 5400; the spread between 1.4D direct - spun and imitation large - chemical fiber increased from 965 to 990, a change of 25; East China water bottle chip price increased from 5707 to 5731, a change of 24; hot - filled polyester bottle chip price increased from 5707 to 5731, a change of 24; carbonated - grade polyester bottle chip price increased from 5807 to 5831, a change of 24; outer - market water bottle chip price increased from 755 to 760, a change of 5; bottle - chip spot processing fee increased from 459 to 468, a change of 9; T32S pure polyester yarn price remained unchanged at 10300; T32S pure polyester yarn processing fee decreased from 3935 to 3910, a change of - 25; polyester - cotton yarn 65/35 45S price remained unchanged at 16300; cotton 328 price increased from 14480 to 14495, a change of 15; polyester - cotton yarn profit decreased from 1607 to 1584, a change of - 22; primary three - dimensional hollow (with silicon) price remained unchanged at 7080; hollow staple fiber 6 - 15D cash flow decreased from 632 to 617, a change of - 15; primary low - melting - point staple fiber price remained unchanged at 7580 [2]. Market Conditions - Polyester staple fiber: The main futures of polyester staple fiber rose 60 to 6250. In the spot market, the prices of polyester staple fiber production factories were stable, and the prices of traders increased slightly. Downstream buyers made rigid - demand purchases, and the factory sales volume was limited. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6140 - 6460 yuan for cash - on - delivery, tax - included self - pick - up; in the North China market, it was 6260 - 6580 yuan for cash - on - delivery, tax - included delivery; in the Fujian market, it was 6190 - 6350 yuan for cash - on - delivery, tax - included delivery. Polyester bottle chip: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5710 - 5800 yuan/ton, with the average price increasing by 35 yuan/ton compared to the previous working day. PTA and bottle - chip futures rose, and the supply - side offers followed the increase, with the market negotiation focus rising [2]. Industry Operating Rates - The direct - spun staple fiber load (weekly) increased from 88.37% to 89.32%, a change of 0.95%; polyester staple fiber sales volume increased from 46.00% to 53.00%, a change of 7.00%; polyester yarn startup rate (weekly) remained unchanged at 66.00%; recycled cotton - type load index (weekly) remained unchanged at 51.10% [3].