Report Industry Investment Rating - There is no information about the industry investment rating in the report. Core Viewpoints - For PTA, the low processing fee of TA has persisted for a long time, and the improvement in terminal data supports the continuity of polyester operation. With limited future production, the processing fee center may gradually recover [2]. - For MEG, the industry has entered a continuous inventory accumulation phase, but there may be some negative feedback on the supply side after the weakening of coal - based efficiency and price ratio. Attention should be paid to the opportunity of selling put options near the coal - based cost [3]. - For polyester staple fiber, the overall efficiency and operation of polyester yarn have not improved significantly. With high exports and good spot efficiency, the inventory pressure is limited. Attention should be paid to the opportunity of expanding the spread at low prices and the situation of warehouse receipts [3]. - For natural rubber and 20 - numbered rubber, the national explicit inventory is stable at a non - high level, and the price of Thai cup rubber is stable with rainfall affecting tapping. The strategy is to wait and see [3]. Summary by Product PTA - **Data Changes**: From October 21 to 27, 2025, the price of PTA increased by 55 to 4505, the PX price increased by 9 to 824, and the PXN spread decreased. The spot processing fee decreased, and the inventory increased slightly [2]. - **Device Changes**: The 3 - million - ton unit of Dushan Energy was put into operation [2]. - **Outlook**: TA low processing fee persists, terminal data improves, and the processing fee center may recover [2]. MEG - **Data Changes**: From October 21 to 27, 2025, the MEG price increased slightly, and the coal - based profit decreased by 4. The total load remained unchanged, and the port inventory continued to accumulate slightly [3]. - **Device Changes**: The 400,000 - ton unit of Fulian was under maintenance [3]. - **Outlook**: The industry is in the inventory accumulation phase, but there may be supply - side negative feedback, and attention should be paid to the put - selling opportunity near the coal - based cost [3]. Polyester Staple Fiber - **Data Changes**: From October 21 to 27, 2025, the price of 1.4D cotton - type staple fiber increased by 5 to 6405, and the profit decreased by 5. The operation rate remained at 94%, and the inventory decreased [3]. - **Device Changes**: No device maintenance information was reported [3]. - **Outlook**: The overall situation of polyester yarn is not significantly improved, and attention should be paid to the opportunity of expanding the spread at low prices and the warehouse receipt situation [3]. Natural Rubber & 20 - numbered Rubber - **Data Changes**: From October 21 to 27, 2025, the price of Shanghai full - latex increased by 525 to 14635, and the price of Thai cup rubber increased by 2 to 52.4. The national explicit inventory was stable, and the price of Thai cup rubber was stable [3]. - **Device Changes**: No device - related information was reported [3]. - **Outlook**: The main contradiction lies in stable inventory and rainfall - affected tapping, and the strategy is to wait and see [3]. Styrene - **Data Changes**: From October 21 to 27, 2025, the price of styrene decreased by 5 to 795, and the profit of EPS increased by 10 to 345 [6]. - **Device Changes**: No device - related information was reported [6]. - **Outlook**: There is no outlook information provided in the report [6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **PTA**: Near - term TA partial units increased load,开工 slightly increased, polyester load remained stable, inventory slightly accumulated, basis weakened, and spot processing fees remained low. PX domestic operation rate declined, overseas partial maintenance took place, PXN widened, disproportionation and isomerization benefits were stable, and the US - Asia aromatics spread widened. Later, polyester showed no unexpected performance, TA gradually entered the inventory accumulation stage, but considering the long - term low processing fees, additional maintenance should be noted. With limited far - month production capacity expansion, the processing fee center may gradually recover [2]. - **MEG**: Near - term domestic maintenance and restart coexisted, the load still slightly increased, overseas maintenance took place, arrivals were stable but shipments were weak, and port inventory continued to slightly accumulate at the beginning of next week. The basis was stable, and coal - based benefits and ratios further shrank. Later, EG's existing operation rate returned to a relatively high level, and with new unit commissioning, it entered a continuous inventory accumulation stage. However, after the weakening of coal - based benefits and ratios, there may be some negative feedback on the supply side. Considering the recent strengthening of coal prices, short - put opportunities near the coal - based cost should be noted [2]. - **Polyester Staple Fiber**: Near - term units operated stably, the operation rate remained at 94.3%, sales improved month - on - month, and inventory slightly decreased. On the demand side, the operation rate of polyester yarn slightly increased, both raw material and finished product inventories decreased, and benefits slightly improved. Later, the operation rate and finished product inventory of polyester yarn did not significantly increase. Staple fiber's exports maintained high growth, the operation rate remained high due to good spot benefits, the overall inventory pressure was limited, and the processing fee on the futures market was not high. Attention should be paid to the situation of warehouse receipts [2]. - **Natural Rubber & 20 - number Rubber**: The main contradiction was that the national explicit inventory remained stable at a relatively low level, and the price of Thai cup lump rubber remained stable while rainfall affected tapping. The strategy was to wait and see [2]. 3. Summary by Product PTA - **Price and Margin Changes**: From October 15 to 21, crude oil increased by 0.3, PTA spot increased by 5, POY 150D/48F decreased by 50, naphtha cracking spread increased by 0.00, PX processing margin increased by 0.0, PTA processing margin remained unchanged, polyester gross margin decreased by 46, PTA balance load and PTA load remained unchanged, and the basis decreased by 2 [2]. - **Market Situation**: Near - term TA partial units increased load, polyester load was stable, inventory slightly accumulated, basis weakened, and spot processing fees were low. PX domestic operation rate declined, overseas partial maintenance took place, PXN widened, and the US - Asia aromatics spread widened [2]. MEG - **Price and Margin Changes**: From October 15 to 21, Northeast Asian ethylene remained unchanged, MEG outer - market price decreased by 1, MEG inner - market price decreased by 25, MEG coal - based profit decreased by 25, and other indicators remained unchanged [2]. - **Market Situation**: Near - term domestic maintenance and restart coexisted, the load slightly increased, overseas maintenance took place, port inventory slightly accumulated, basis was stable, and coal - based benefits and ratios further shrank [2]. Polyester Staple Fiber - **Price and Margin Changes**: From October 15 to 21, 1.4D cotton - type staple fiber decreased by 15, low - melting - point staple fiber remained unchanged, and other prices and margins had corresponding changes. The operation rate remained at 94.3%, and the short - fiber profit remained unchanged while the pure - polyester yarn profit increased by 15 [2]. - **Market Situation**: Near - term units operated stably, sales improved, inventory slightly decreased. On the demand side, the operation rate of polyester yarn slightly increased, both raw material and finished product inventories decreased, and benefits slightly improved [2]. Natural Rubber & 20 - number Rubber - **Price Changes**: From October 15 to 21, the price of US - dollar Thai standard rubber increased by 40, the price of US - dollar Thai mixed rubber increased by 30, and other prices also had different degrees of increase. The difference between rubber types and various margins also had corresponding changes [2]. - **Market Situation**: The main contradiction was the stable and relatively low national explicit inventory and the impact of rainfall on tapping while the Thai cup lump rubber price remained stable. The strategy was to wait and see [2]. Styrene - **Price and Margin Changes**: From October 15 to 21, ethylene remained unchanged, pure benzene (CFR China) remained unchanged, pure benzene (East China) decreased by 100, styrene (CFR China) increased by 10, and other prices and margins had corresponding changes. The domestic profit of EPS decreased by 75, and the domestic profit of PS decreased by 75 [5].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - For PTA, the near - end TA maintenance has been implemented, the start - up has slightly declined, the polyester load has increased month - on - month, the inventory has slightly accumulated, and the basis has remained weak. The domestic PX start - up has increased, overseas plants have also restarted, and the PXN has widened month - on - month. There may be additional load reduction and production plans for TA, but considering the lack of more - than - expected performance of polyester, the far - month inventory accumulation is expected, and the far - month processing fee is relatively reasonable after the valuation repair month - on - month. Attention should be paid to additional maintenance situations [1]. - For MEG, the near - end domestic oil - based start - up has remained stable, the coal - based has restarted, and the overall load has increased to a high level. There is some maintenance overseas. The port inventory has significantly accumulated at the beginning of next week due to the increase in arrivals during the holiday and the dull shipment. The basis has slightly strengthened, and the benefit ratio has further shrunk. The industry has entered a continuous inventory accumulation stage, but there may be some negative feedback on the supply side after the coal - based benefit and ratio weaken. Attention should be paid to the support of coal - based costs [4]. - For polyester staple fiber, the short - term Xinjiang Jianshanli has been under maintenance, Zhejiang Huaxing has increased its load, the start - up has decreased to 94.3%, the production and sales have weakened month - on - month, and the inventory has accumulated month - on - month. On the demand side, the start - up of the polyester yarn end has remained stable, the raw material inventory has decreased, the finished product inventory has remained stable month - on - month, and the benefit has been weak. The load - increasing speed of the polyester yarn end may slow down due to the high - level finished product inventory, but the start - up of short - fiber spot remains high due to good benefits, and the inventory pressure is limited. The processing fee is expected to fluctuate [4]. - For natural rubber, the national explicit inventory has remained stable, and the price of Thai cup rubber has remained stable. The strategy is to wait and see [4]. - For styrene and its downstream products, the prices of related products have changed to different degrees, and the production profits of some products have also changed. The start - up rates of EPS, ABS, and PS have also shown different trends [4]. 3. Summary by Related Catalogs PTA - **Price and Spread Changes**: From September 30, 2025, to October 14, 2025, the price of PTA has changed, such as the domestic PTA spot price has decreased from 6650 to 6520, and the PX - naphtha spread has also changed [1]. - **Load and Inventory Situation**: The near - end TA maintenance has been implemented, the start - up has slightly declined, the polyester load has increased month - on - month, and the inventory has slightly accumulated [1]. MEG - **Price and Profit Changes**: From September 30, 2025, to October 14, 2025, the price of MEG has decreased, and the profit has also changed. For example, the MEG domestic price has decreased from 4275 to 4145, and the profit has decreased from 128 to 54 [4]. - **Load and Inventory Situation**: The near - end domestic oil - based start - up has remained stable, the coal - based has restarted, and the overall load has increased to a high level. The port inventory has significantly accumulated at the beginning of next week [4]. Polyester Staple Fiber - **Price and Inventory Changes**: The spot price of polyester staple fiber has decreased, the production and sales have weakened month - on - month, and the inventory has accumulated month - on - month. The demand - side finished product inventory has remained stable month - on - month, and the benefit has been weak [4]. - **Start - up Situation**: The start - up has decreased to 94.3% due to short - term maintenance and load - increasing of some plants [4]. Natural Rubber - **Price and Inventory Changes**: The prices of various types of natural rubber have changed, and the national explicit inventory has remained stable. The price of Thai cup rubber has remained stable [4]. - **Strategy**: The strategy is to wait and see [4]. Styrene and Its Downstream Products - **Price and Profit Changes**: The prices of styrene and its downstream products such as pure benzene, EPS, ABS, and PS have changed, and the production profits of domestic products have also changed [4]. - **Start - up Situation**: The start - up rates of EPS, ABS, and PS have shown different trends [4].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - **PTA**: Near - term TA has a mix of maintenance and restart, with a slight increase in operation, a decline in polyester load, a small inventory build - up, stable basis, and continued repair of spot processing fees. PX domestic operation is stable, overseas units are under maintenance, PXN weakens, disproportionation benefits are stable while isomerization benefits weaken, and the US - Asia aromatics spread remains. TA has additional load - reduction and production - cut plans, but with no significant performance in polyester, far - month inventory build - up is expected. After valuation repair, far - month processing fees are relatively reasonable, and attention should be paid to additional maintenance [2]. - **MEG**: Near - term domestic oil - based operation is stable, coal - based maintenance is implemented, there are some overseas maintenance, port inventory builds up slightly at the beginning of next week with flat shipping, downstream stocking level drops, basis weakens, and the benefit ratio further shrinks. EG new units start earlier than expected, with significant valuation compression. With the increase in arrivals and high - supply expectations in the far - month, ports may start to accumulate inventory, but the current inventory is not high, and the valuation may be slowly compressed. Attention should be paid to the coal - based cost support [3]. - **Polyester Staple Fiber**: Near - term unit operation is stable, operation rate remains at 95.4%, sales improve, and inventory is significantly reduced. On the demand side, the operation of polyester yarn is stable, raw material stocking increases, finished - product inventory is reduced, and benefits are weak. In the future, the speed of increasing load may slow down due to high finished - product inventory in polyester yarn. The operation rate of staple fiber remains high due to good spot benefits, with limited inventory pressure, and the processing fee is expected to fluctuate [3]. - **Natural Rubber & 20 - number Rubber**: The main contradiction is that the national visible inventory is stable and at a relatively low level, and the price of Thai cup - lump rubber is stable while rainfall affects tapping. The strategy is to wait and see [4]. - **Styrene**: No overall outlook is provided in the report, but price and profit data for related products are presented. 3. Summary by Product PTA - **Price and Index Changes**: From September 23 to 29, crude oil decreased by 2.1, naphtha decreased by 1, PX CFR Taiwan increased by 3, PTA spot price remained unchanged, POY 150D/48F increased by 20, naphtha cracking spread increased by 15.08, PX processing margin increased by 4, PTA processing margin decreased by 9, and polyester profit increased by 20. The number of warehouse receipts and valid forecasts decreased by 3600, and the basis increased by 7 [2]. - **Operation and Market Situation**: Near - term TA operation slightly increased, polyester load decreased, inventory slightly accumulated, basis was stable, and spot processing fees continued to repair. PX domestic operation was stable, overseas units were under maintenance, PXN weakened, disproportionation benefits were stable while isomerization benefits weakened, and the US - Asia aromatics spread remained [2]. - **Future Outlook**: TA has additional load - reduction and production - cut plans, but with no significant performance in polyester, far - month inventory build - up is expected. After valuation repair, far - month processing fees are relatively reasonable, and attention should be paid to additional maintenance [2]. MEG - **Price and Index Changes**: From September 23 to 29, Northeast Asian ethylene remained unchanged, MEG outer - market price decreased by 1, MEG inner - market price increased by 1, MEG far - month price decreased by 5, MEG coal - based profit increased by 1, and MEG inner - market cash flow (ethylene) increased by 4. Other indicators remained unchanged [3]. - **Operation and Market Situation**: Near - term domestic oil - based operation is stable, coal - based maintenance is implemented, there are some overseas maintenance, port inventory builds up slightly at the beginning of next week with flat shipping, downstream stocking level drops, basis weakens, and the benefit ratio further shrinks [3]. - **Future Outlook**: EG new units start earlier than expected, with significant valuation compression. With the increase in arrivals and high - supply expectations in the far - month, ports may start to accumulate inventory, but the current inventory is not high, and the valuation may be slowly compressed. Attention should be paid to the coal - based cost support [3]. Polyester Staple Fiber - **Price and Index Changes**: From September 23 to 29, the price of 1.4D cotton - type staple fiber increased by 40, the price of low - melting - point staple fiber remained unchanged, and other prices had minor changes. Short - fiber profit decreased by 62, and pure - polyester yarn profit increased by 5 [3]. - **Operation and Market Situation**: Near - term unit operation is stable, operation rate remains at 95.4%, sales improve, and inventory is significantly reduced. On the demand side, the operation of polyester yarn is stable, raw material stocking increases, finished - product inventory is reduced, and benefits are weak [3]. - **Future Outlook**: The speed of increasing load may slow down due to high finished - product inventory in polyester yarn. The operation rate of staple fiber remains high due to good spot benefits, with limited inventory pressure, and the processing fee is expected to fluctuate [3]. Natural Rubber & 20 - number Rubber - **Price and Index Changes**: From September 23 to 29, the price of US - dollar Thai standard decreased by 10, the price of US - dollar Thai mixed decreased by 20, and other prices had various changes. The weekly change in RU main contract decreased by 240, and the weekly change in NR main contract increased by 5 [4]. - **Market Situation**: The main contradiction is that the national visible inventory is stable and at a relatively low level, and the price of Thai cup - lump rubber is stable while rainfall affects tapping [4]. - **Future Outlook**: The strategy is to wait and see [4]. Styrene - **Price and Index Changes**: From September 23 to 29, ethylene (CFR Northeast Asia) remained unchanged, pure benzene (CFR China) remained unchanged, and other prices had minor changes. Styrene domestic profit remained at - 445, EPS domestic profit increased by 10, PS domestic profit decreased by 10, and ABS domestic profit remained at - 926 [7].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For PTA, as the device restarts, the de - stocking slows down. With no unexpected performance from polyester and new production in the future, the long - term inventory build - up is expected. However, the processing fee has reached a very low level for a long time, and with the gradual return of PX supply, attention should be paid to the opportunity to expand the processing fee under potential additional maintenance [2]. - For MEG, new devices are put into operation earlier than expected, and the valuation is significantly compressed. With the subsequent increase in arrivals and high supply expectations in the long - term, the port may start to gradually accumulate inventory, but the current inventory is still not high, and the valuation may be slowly compressed. Attention should be paid to the cost support of coal - based production [2]. - For polyester staple fiber, the start - up rate is expected to remain high due to good spot benefits, but the inventory pressure is limited, and the processing fee is expected to fluctuate [2]. - For natural rubber and 20 - number rubber, the national explicit inventory is stable and at a relatively low level, and the price of Thai cup rubber is stable with rainfall affecting tapping. The recommended strategy is to wait and see [2]. 3. Summary by Product PTA - **Price and Margin Changes**: From September 9 to September 15, the PTA spot price decreased by 50, the processing fee was at a low level, and the basis was weak. The PTA balance load increased by 0.4, while other indicators such as PTA load remained unchanged [2]. - **Market Outlook**: Near - term TA maintenance is over, the start - up rate has increased, polyester load has slightly increased, and inventory has remained stable. With the restart of devices, the de - stocking of TA will slow down, and long - term inventory build - up is expected. But due to the extremely low and long - lasting processing fee and the return of PX supply, potential additional maintenance may provide opportunities to expand the processing fee [2]. MEG - **Price and Margin Changes**: From September 9 to September 15, the prices of Northeast Asian ethylene, MEG, and related indicators remained unchanged. The MEG coal - based profit decreased, and the cash flow (ethylene) was negative and decreased [2]. - **Market Outlook**: Near - term domestic oil - based production of EG remained stable, coal - based start - up slightly increased, and the overall load increased. With the restart of overseas maintenance and an increase in arrivals, port inventory slightly accumulated. New devices are put into operation earlier than expected, and with high supply expectations in the long - term, port inventory may gradually accumulate, but the current inventory is not high, and attention should be paid to the coal - based cost support [2]. Polyester Staple Fiber - **Price and Margin Changes**: From September 9 to September 15, the prices of various types of polyester staple fiber remained stable. The short - fiber profit and pure - polyester yarn profit had some fluctuations, and the cotton - polyester staple fiber and viscose - polyester staple fiber spreads also changed slightly [2]. - **Market Outlook**: Near - term start - up rates of some enterprises increased, the start - up rate reached 94.4%, sales improved, and inventory decreased slightly. On the demand side, the start - up rate of polyester yarn remained stable, raw material inventory decreased, and finished - product inventory decreased. In the future, the start - up rate of polyester yarn may slow down due to high finished - product inventory, while the start - up rate of short - fiber is expected to remain high due to good spot benefits, and the processing fee is expected to fluctuate [2]. Natural Rubber & 20 - Number Rubber - **Price Changes**: From September 9 to September 15, the prices of various types of natural rubber and 20 - number rubber had certain fluctuations. The weekly changes showed a general downward trend, while the daily changes on September 15 were mostly 0, except for some indicators such as RU and NR futures prices [2]. - **Market Outlook**: The national explicit inventory is stable and at a relatively low level, and the price of Thai cup rubber is stable with rainfall affecting tapping. The recommended strategy is to wait and see [2]. Styrene - **Price and Margin Changes**: From September 9 to September 15, the prices of raw materials such as ethylene and pure benzene had some fluctuations, and the prices of styrene and related products also changed. The domestic profit of styrene remained at a loss, and the profits of EPS, PS, and ABS also had certain fluctuations [2][5].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **PTA**: After the near - end TA maintenance, the start - up rate decreased, polyester load remained stable, inventory decreased, basis weakened, and spot processing fees declined. With increasing unexpected TA maintenance, rising polyester start - up rate, and healthy inventory, the near - end supply - demand pattern of TA is expected to improve. Attention should be paid to opportunities of expanding processing fees at low prices and the restart progress of Hengli Huizhou [2]. - **MEG**: Near - end domestic oil - based production increased, coal - based start - up rate declined slightly, overall load rose, overseas unexpected maintenance increased, port inventory decreased, downstream stocking increased, and basis strengthened. In the short term, port inventory is expected to continue to decline, but in the long term, there is an expectation of inventory accumulation. The valuation is greatly affected by the cost side, and it is expected to fluctuate widely. Attention should be paid to the restart progress of Satellite and Xinrun [6]. - **Polyester Staple Fiber**: The start - up rate increased slightly, sales decreased cyclically, and inventory remained stable. The start - up of polyester yarn remained stable, raw material stocking decreased, and finished - product inventory increased. The short - term start - up rate is expected to remain high, and processing fees are expected to fluctuate [6]. - **Natural Rubber & 20 - grade Rubber**: The national explicit inventory remained stable at a relatively low level, and the price of Thai cup rubber remained stable with rainfall affecting rubber tapping. The recommended strategy is to wait and see [6]. - **Styrene**: The prices of related raw materials and products changed, and the domestic profit of styrene fluctuated [10]. 3. Summary by Product PTA - **Price and Spread Changes**: Crude oil price decreased by 1.5, naphtha increased by 4, PX CFR Taiwan decreased by 3, PTA domestic spot decreased by 20, and PTA processing spread decreased by 7 [2]. - **Device Changes**: A 1.5 - million - ton PTA device of Taihua restarted, and a 1.2 - million - ton device is planned for maintenance [2]. - **Weekly View**: After TA maintenance, the start - up rate decreased, polyester load was stable, inventory decreased, basis weakened, and spot processing fees declined. TA unexpected maintenance increased, polyester start - up continued to rise, and raw material PX supply gradually recovered. The near - end supply - demand pattern of TA is expected to improve [2]. MEG - **Price and Profit Changes**: Northeast Asian ethylene price remained unchanged, MEG outer - market price decreased by 2, MEG inner - market price decreased by 33, and MEG coal - based profit decreased by 33 [6]. - **Device Changes**: A 150,000 - ton MEG device of Xinjiang Tianying restarted, and a 300,000 - ton device of Shaanxi Weihua was under maintenance [6]. - **Weekly View**: Domestic oil - based production increased, coal - based start - up rate declined slightly, overall load rose, overseas unexpected maintenance increased, port inventory decreased, downstream stocking increased, and basis strengthened. In the short term, port inventory is expected to continue to decline, but in the long term, there is an expectation of inventory accumulation [6]. Polyester Staple Fiber - **Price and Profit Changes**: The price of 1.4D cotton - type staple fiber decreased by 15, short - fiber profit increased by 15, and pure - polyester yarn profit increased by 20 [6]. - **Device Changes**: None mentioned. - **Weekly View**: The start - up rate increased slightly, sales decreased cyclically, and inventory remained stable. The start - up of polyester yarn remained stable, raw material stocking decreased, and finished - product inventory increased. The short - term start - up rate is expected to remain high, and processing fees are expected to fluctuate [6]. Natural Rubber & 20 - grade Rubber - **Price Changes**: The price of US - dollar - denominated Thai standard rubber increased by 20, and the price of RU main contract increased by 125 [6]. - **Key Indicators Changes**: The spread between mixed rubber and RU main contract increased by 85, and the processing profit of Thai standard rubber remained unchanged [6]. - **Daily View**: The national explicit inventory remained stable at a relatively low level, and the price of Thai cup rubber remained stable with rainfall affecting rubber tapping. The recommended strategy is to wait and see [6]. Styrene - **Price Changes**: Ethylene price remained unchanged, pure - benzene CFR China decreased by 14, and styrene CFR China decreased by 15 [10]. - **Profit Changes**: The domestic profit of styrene decreased to - 431, and the domestic profit of EPS decreased by 110 [10].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - PTA is entering a inventory accumulation phase, with the spot processing fee significantly weakened. There may be opportunities to expand the processing fee [3]. - MEG is expected to be in a sideways trend. With the restart of domestic coal - based units and Saudi units, it is gradually entering an inventory accumulation phase. Attention should be paid to the change of warehouse receipts [9]. - The processing fee of polyester staple fiber is expected to move sideways. The supply has not significantly decreased or increased, with weak domestic demand and high export growth [9]. - For natural rubber and 20 - grade rubber, the strategy is to wait and see due to stable national explicit inventory and a rebound in the price of Thai cup - lump rubber affected by rainfall [9]. 3. Summary by Product PTA - **Price and Spread Changes**: From July 11 to July 17, the price of crude oil decreased by 6, PX CFR Taiwan decreased by 1, PTA internal spot price increased by 10, and the polyester gross profit decreased by 51. The PTA processing fee increased by 13, and the PXN spread decreased slightly [3]. - **Market Situation**: Near - term TA start - up increased slightly, polyester load decreased further, inventory continued to accumulate, the basis declined, and the spot processing fee weakened significantly. The domestic PX start - up was stable, with some overseas maintenance, and the PXN spread weakened slightly [3]. MEG - **Price and Spread Changes**: From July 11 to July 17, the MEG external price increased by 3, the internal price increased by 37, and the coal - based profit increased by 37. The internal cash flow (ethylene) increased by 41 [9]. - **Market Situation**: Near - term domestic coal - based restart drove the start - up to increase month - on - month. Saudi units were restarting, and port inventory was expected to accumulate next week. The basis was stable, and the benefit ratio was maintained. With the increase in domestic start - up, it is gradually entering an inventory accumulation phase [9]. Polyester Staple Fiber - **Price and Profit Changes**: From July 11 to July 17, the price of 1.4D cotton - type staple fiber decreased by 45, and the short - fiber profit decreased by 66 [9]. - **Market Situation**: The supply side saw a reduction in production by Ningbo Dafa, and the start - up decreased to 92.3%. The sales were stable month - on - month, and the inventory was basically maintained. The demand side's yarn start - up continued to decline, with raw material inventory decreasing and finished - product inventory increasing [9]. Natural Rubber and 20 - grade Rubber - **Price Changes**: From July 11 to July 17, the price of US - dollar Thai standard rubber increased by 20, and the price of RMB mixed rubber increased by 170. The RU main contract price increased by 165, and the NR main contract price increased by 95 [9]. - **Market Situation**: The national explicit inventory was stable, with an absolute level not high but no seasonal depletion. The price of Thai cup - lump rubber rebounded due to rainfall affecting tapping [9]. Styrene - **Price and Profit Changes**: From July 11 to July 17, the price of styrene (CFR China) decreased by 5, the price of PS (East China transparent benzene) decreased by 50, and the EPS domestic profit increased by 100 [12]. - **Market Situation**: The ethylene price remained stable, and the pure - benzene price changed slightly. The Asian spread of pure - benzene to naphtha was stable, and the styrene domestic profit was basically unchanged [12].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For PTA, the near - end TA start - up slightly increased, polyester load further declined, inventory continued to accumulate, the basis declined, and spot processing fees weakened significantly. Entering the inventory - accumulation stage, the slope depends on the weakening degree of the polyester off - season. Since the spot processing fee has been compressed to an extremely low level, there may be a marginal reduction in supply, and the absolute inventory is not high. Attention should be paid to the opportunity to expand processing fees on dips [2]. - For MEG, the near - end domestic coal - based restart drove the start - up to increase monthly, Saudi Arabian plants are restarting, port inventories will accumulate at the beginning of next week, port shipments were okay this week, and downstream stocking levels increased, with the basis remaining stable and the benefit ratio maintained. With no reduction in Iranian and ethane supply and the increase in domestic start - up, it will gradually enter the inventory - accumulation stage. With low actual inventory and not low valuation, it is expected to be range - bound, and attention should be paid to changes in warehouse receipts [4]. - For polyester staple fiber, the near - end supply side saw a reduction in production by Ningbo Dafa, the start - up declined to 92.3%, production and sales remained stable monthly, and inventory basically remained unchanged. On the demand side, the start - up of the polyester yarn end continued to decline, the inventory structure maintained the depletion of raw material stocking and the accumulation of finished - product inventory, and the benefit remained low. With acceptable benefits and inventory pressure, there is no obvious reduction or increase in supply. With weak domestic demand and high export growth, processing fees are expected to be range - bound [4]. - For natural rubber, the national explicit inventory remained stable at a relatively low absolute level, but there was no seasonal decline. The price of Thai cup lump rubber rebounded due to rainfall affecting tapping [4]. 3. Summaries According to Related Catalogs PTA - **Price and Index Changes**: From July 7 - 11, 2025, crude oil prices fluctuated slightly, PX processing differentials changed, PTA spot prices decreased, and PTA processing fees weakened significantly. For example, the PTA spot price dropped from 4810 on July 7 to 4710 on July 11, and the PTA processing fee decreased from 265.0 to 253.0 [2]. - **Device Changes**: Hainan Yisheng increased the load of its 2 million - ton device [2]. MEG - **Price and Index Changes**: From July 7 - 11, 2025, MEG prices changed slightly, with the MEG domestic price increasing from 4345 on July 7 to 4384 on July 11, and the MEG profit increasing from - 704 to - 663 [4]. - **Device Changes**: Xinjiang Tianying restarted its 150,000 - ton device [4]. Polyester Staple Fiber - **Price and Index Changes**: From July 7 - 11, 2025, the spot price of polyester staple fiber decreased slightly, and the short - fiber profit increased slightly. For example, the spot price dropped from 6760 on July 7 to 6700 on July 11, and the short - fiber profit increased from - 60 to - 50 [4]. - **Device Changes**: Ningbo Dafa reduced production, and the start - up rate decreased to 92.3% [4]. Natural Rubber - **Price and Index Changes**: From July 7 - 11, 2025, the prices of Thai cup lump rubber and Thai latex increased slightly, while the prices of some domestic rubber types decreased. For example, the price of Thai cup lump rubber increased from 1700 on July 7 to 1740 on July 11, and the price of Shanghai 3L rubber decreased from 13820 on July 7 to 13645 on July 9 [4]. - **Market Situation**: The national explicit inventory remained stable at a relatively low level, and the price of Thai cup lump rubber rebounded due to rainfall affecting tapping [4]. Styrene - **Price and Index Changes**: From July 7 - 11, 2025, the price of ethylene remained unchanged at 820, the price of pure benzene increased slightly, and the price of styrene also increased. For example, the price of pure benzene (CFR China) increased from 728 on July 7 to 745 on July 11, and the price of styrene (CFR China) increased from 910 on July 7 to 930 on July 11 [8]. - **Profit Changes**: The domestic profit of styrene increased, and the domestic profit of EPS also increased significantly, from 40 on July 7 to 175 on July 11 [8].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **PTA**: After the near - end TA maintenance is implemented, the start - up rate decreases month - on - month, polyester start - up increases, inventory slightly decreases, the basis strengthens again, and the spot processing fee improves month - on - month. TA will enter the inventory accumulation stage, and the monthly drive may fluctuate between PX inventory de - stocking and additional production cuts due to compressed polyester profits [1]. - **MEG**: Near - end domestic maintenance continues to resume, start - up rate keeps rising. Iranian devices stop operation intensively, port inventory slightly decreases, and coal - based profits continue to expand. In the future, the inventory accumulation range is expected to be limited, and it is expected to be in a volatile pattern [4]. - **Polyester Staple Fiber**: The start - up rate has increased, production and sales remain stable, and inventory has slightly accumulated. The demand side is under pressure, but short - fiber exports maintain a high growth rate. The processing fee is expected to remain weak, and attention should be paid to industry production cut implementation [4]. - **Natural Rubber & 20 - grade Rubber**: The national explicit inventory remains stable, and there is no seasonal de - stocking. The price of Thai cup - lump rubber rebounds due to rainfall affecting tapping. It is recommended to take a wait - and - see approach [4]. - **Styrene**: The profit of domestic styrene production has changed, and attention should be paid to price and profit trends [4]. 3. Summary by Product PTA - **Price and Margin Changes**: From June 19 to June 25, crude oil prices decreased from $78.9 to $67.7, PTA internal spot price decreased from 5190 to 5050, and PTA processing fee increased from 247 to 417 [1]. - **Device Changes**: Yisheng New Materials' 3.6 million - ton device reduced its load [1]. MEG - **Price and Margin Changes**: From June 19 to June 25, the MEG internal price decreased from 4585 to 4398, and the coal - based MEG profit decreased from 672 to 478 [4]. - **Device Changes**: Zhejiang Petrochemical's 800,000 - ton device was under maintenance [4]. Polyester Staple Fiber - **Price and Profit Changes**: From June 19 to June 25, the price of 1.4D cotton - type staple fiber decreased from 6890 to 6870, and the short - fiber profit increased from - 100 to 62 [4]. - **Start - up Rate**: The start - up rate of the original staple fiber reached 95.1% after Fujian Jinlun restarted [4]. Natural Rubber & 20 - grade Rubber - **Price Changes**: From June 19 to June 25, the price of US - dollar Thai standard rubber decreased from 1715 to 1680, and the price of Shanghai full - latex decreased from 13630 to 13370 [4]. - **Related Spreads and Indicators**: There are changes in spreads such as the difference between the blended rubber and the RU main contract, and the number of SHFE RU warrants decreased [4]. Styrene - **Price and Profit Changes**: From June 19 to June 25, the price of styrene (in Jiangsu) decreased from 8100 to 7880, and the domestic styrene production profit decreased from 55 to 280 [4].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - PTA: The near - end TA start - up continues to rise, and new devices steadily increase their load. Polyester start - up declines slightly, inventory accumulates, and the basis remains strong while spot processing fees weaken. PX domestic start - up decreases, overseas rises, PXN and its structure continue to weaken. The subsequent bottle - chip contradiction may drag down polyester load further, and TA may enter the inventory accumulation stage. [2] - MEG: Near - end maintenance resumes, start - up rises significantly. With stable arrivals, port inventory accumulates slightly, downstream stocking levels decline, the basis weakens, and oil - based benefits are compressed. The port destocking stage is over, and it will transition to a balanced and slightly accumulative stage. [7] - Polyester Staple Fiber: Near - end device operation is stable, start - up remains at 92.1%, production and sales improve, and inventory decreases. Downstream polyester yarn start - up declines, raw material stocking increases, finished product inventory accumulates, and benefits weaken. Processing fees are expected to remain weak. [7] - Natural Rubber & 20 - numbered Rubber: The main contradictions are that the national explicit inventory remains stable with a low absolute level but no seasonal destocking, and the price of Thai cup rubber rebounds due to rainfall affecting tapping. The recommended strategy is to wait and see. [7] - Styrene: There are various price changes in raw materials and products. Domestic profits of styrene, EPS, and PS have different trends. [12] 3. Summary by Product PTA - **Price and Index Changes**: From June 10 to June 16, crude oil price changed from 66.9 to 73.2, PTA spot price from 4855 to 5005, and PTA processing fee from 388 to 297. [2] - **Device Changes**: Jiaxing Petrochemical's 1.5 million - ton device restarted. [2] MEG - **Price and Index Changes**: From June 10 to June 16, Northeast Asian ethylene price remained at 790, MEG domestic price rose from 4376 to 4426, and MEG coal - based profit remained at 414. [7] - **Device Changes**: Satellite's 900,000 - ton device was under maintenance, Yankuang's 400,000 - ton device increased load, and Hengli's 900,000 - ton device restarted. [7] Polyester Staple Fiber - **Price and Index Changes**: From June 10 to June 16, the price of 1.4D cotton - type staple fiber rose from 6575 to 6690, and short - fiber profit increased from - 59 to - 89. [7] - **Device and Market Conditions**: Near - end device operation was stable, start - up remained at 92.1%, production and sales improved, and inventory decreased. [7] Natural Rubber & 20 - numbered Rubber - **Price Changes**: From June 10 to June 16, the price of US - dollar Thai standard rubber rose from 1695 to 1695, and the price of Shanghai full - latex rubber rose from 13405 to 13510. [7] - **Key Indicators**: The national explicit inventory remained stable, and the price of Thai cup rubber rebounded. [7] Styrene - **Price and Index Changes**: From June 10 to June 16, ethylene price remained at 790, pure benzene (CFR China) price rose from 744 to 782, and styrene domestic profit remained at 317. [12]