1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For PTA, the absolute price and structure are greatly affected by conflicts, with high uncertainty. If the conflict persists, production cuts may gradually spread to the TA end; if the conflict ends, the valuation of TA itself is also expected to improve. In the context of high volatility, one can consider the opportunity to expand processing fees on dips [1]. - For MEG, in the case of the conflict continuing, the arrival of MEG is expected to decline rapidly. Coupled with the preventive load - reduction of some domestic devices, the short - term inventory removal speed will accelerate, while the long - term balance sheet has high uncertainty, so short - term observation is recommended [8]. - For polyester staple fiber, the raw materials have strengthened significantly, and the downstream chasing sentiment is acceptable. The start - up is expected to continue to rise. The processing fee of staple fiber itself has been compressed to a relatively low level, but the load - increase is also continuing. The short - term driving force is not obvious. If the raw materials continue to be strong, production cuts may gradually increase. One can focus on the opportunity to expand processing fees on dips in the medium - to - long term [8]. 3. Summary by Related Catalogs PTA - **Market Data**: From March 6 to March 12, 2026, the PTA spot price fluctuated, the PX processing margin and PTA processing fee also changed. The average daily trading basis of PTA spot was 2605(-9). The Yisheng New Materials with a capacity of 3.6 million tons reduced its load [1]. - **Industry Situation**: The near - end TA maintenance and load - increase coexisted, the start - up rate increased month - on - month, the polyester load continued to rise, the inventory accumulated month - on - month, the basis strengthened, and the spot processing fee weakened month - on - month. Some domestic PX devices reduced their loads, overseas maintenance was implemented, PXN slightly expanded, the disproportionation and isomerization benefits weakened, and the US - Asia aromatics spread decreased month - on - month [1]. MEG - **Market Data**: From March 6 to March 12, 2026, the MEG price, profit, and load showed certain changes. The basis of MEG spot was around 05(-90). The Shaanxi Coal with a capacity of 1.8 million tons had some capacity under maintenance [8]. - **Industry Situation**: Near - end domestic oil - based devices had both maintenance and load - reduction, coal - based devices had partial maintenance, the overall start - up rate declined, the arrival decreased but the port inventory still accumulated due to weak shipments. The expected arrival volume decreased this week, the basis strengthened significantly, and the benefits of coal - based and ethane - based production improved significantly [8]. Polyester Staple Fiber - **Market Data**: The spot price was around 8500, and the market basis was around 04 + 40. The near - end devices continued to restart, and the start - up rate rose to 84.6%. The production and sales during the holiday were weak but improved week - on - week, the inventory decreased month - on - month, and the spot processing fee shrank month - on - month [8]. - **Industry Situation**: On the demand side, the start - up rate of the polyester yarn end also increased, the raw material inventory increased, the finished product inventory decreased, and the benefits weakened month - on - month. After the raw materials strengthened significantly, the downstream chasing sentiment was acceptable, and the start - up was expected to continue to rise [8]. Natural Rubber - **Market Data**: From March 6 to March 12, 2026, the prices of various types of natural rubber such as 20 - number rubber, US - dollar Thai mixed rubber, etc. changed, and there were also changes in processing profits, spreads, etc. [8]. - **Industry Situation**: No overall industry situation description was provided in the text. Styrene and Related Products - **Market Data**: From March 6 to March 12, 2026, the prices of styrene, pure benzene, and related products changed, and the production profits of PS, EPS, and ABS also showed different degrees of change [8]. - **Industry Situation**: No overall industry situation description was provided in the text.

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - For PTA, short - term influenced by geopolitical uncertainties, crude oil is oscillating at a high level, supporting the cost side. With the gradual restoration of polyester operating rate after the Spring Festival, PTA inventory is expected to turn to destocking in March, following cost fluctuations in the short - term and having upward momentum in the medium - term [3] - For MEG, the supply - side device operating rate is rising, and the coal - based device operating rate is at a high level. Although the arrivals before the Spring Festival were slightly lower than expected, the inventory accumulation is still expected before March. With downstream enterprises resuming work and production and post - festival restocking, the price is expected to fluctuate at the bottom [4] 3. Summary by Related Catalogs PTA - **主力合约情况**: On February 26, the PTA main futures contract TA605 fell 1.68%, and the basis was - 65 yuan/ton, unchanged from the previous trading day [2] - **基本面情况**: The PTA market price in East China was 5235 yuan/ton, down 50 yuan/ton from the previous trading day. Affected by the Iran situation, Brent crude oil on the cost side oscillated above $70/barrel. The PTA capacity utilization rate remained at 76.53% compared with the previous working day, and the weekly PTA factory inventory was 5.47 days, an increase of 1.46 days compared with the week before the festival [3] - **主力动向**: Short - side main forces increased positions [3] MEG - **主力合约情况**: On February 26, the ethylene glycol main futures contract eg2605 fell 1.65%, and the basis was - 113 yuan/ton, a decrease of 9 yuan/ton from the previous trading day [4] - **基本面情况**: The ethylene glycol market price in East China was 3612 yuan/ton, down 46 yuan/ton from the previous trading day. The coking coal price on the cost side decreased, and the total MEG inventory in the main ports of East China was 93.5 tons, an increase of 3.14 tons compared with the previous period [4] - **主力动向**: Short - side main forces increased positions [4]

Group 1: Report Core Information - The report focuses on the styrene industry, including domestic and overseas production status and global operating rates [3] Group 2: Domestic Styrene Situation - As of January 15, 2026, the domestic styrene operating rate was 70.86%, a month - on - month decrease of 0.06 pct and a year - on - year decrease of 7.7 pct. The weekly output was 35.54 tons, a 0.03 - ton decrease from the previous period. An East China plant had a short - term shutdown, and a South China plant increased its production load [3] Group 3: Overseas Styrene Situation - As of January 19, 2026, the overseas styrene operating rate was 73.2%, a month - on - month decrease of 0.9 pct and a year - on - year decrease of 7.8 pct, at a relatively low level compared to the same period in the past five years. The 350,000 - ton Taiwan FCFC2 plant, which shut down in mid - November 2025, restarted in mid - January 2026. A 550,000 - ton Saudi styrene plant had an accidental short - term shutdown on January 15, and its originally planned maintenance in March or April will proceed as normal [3] Group 4: Global Styrene Situation - As of January 19, 2026, the global styrene operating rate was 72.0%, a month - on - month decrease of 0.5 pct and a year - on - year decrease of 7.4 pct, at the lowest level in the same period in six years [3]

1. Report Industry Investment Ratings - No investment ratings are provided in the report. 2. Core Views of the Report - PX is expected to remain in a high - level volatile market supported by cost, and it is recommended to hold long spreads. PTA is also in a high - level volatile market driven by cost, and long spreads operation should be maintained. MEG has limited upside space and faces medium - term pressure, and short spreads operation is advised [1][6][7][8] 3. Summary by Relevant Catalogs 3.1 Market Data - **Futures Prices**: The closing prices of PX, PTA, MEG, PF, and SC futures on the previous day were 7260, 5110, 3803, 6514, and 432.2 respectively, with daily changes of - 56, - 34, - 44, - 50, and - 3.9, and daily change rates of - 0.77%, - 0.66%, - 1.14%, - 0.76%, and - 0.89% [2] - **Spot Prices**: The previous day's spot prices of PX CFR China, PTA in East China, MEG, naphtha MOPJ, and Dated Brent were 894 dollars/ton, 5097 yuan/ton, 3678, 530.12 dollars/ton, and 60.98 dollars/barrel respectively [2] - **Spot Processing Fees**: The previous day's PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude spread were 363.88, 361.63, 120.64, 43.68, and - 4.34 respectively [2] 3.2 Market Dynamics - **PX**: As of January 4, the domestic PX plant operating rate was 90.4%, and the Asian PX operating rate was 80.9% [2] - **PTA**: The PTA load was 78.1%. Dushan Energy's 250 - million - ton plant restarted, Zhongtai's 120 - million - ton plant restarted at a low load, and Weilian Chemical's 250 - million - ton plant increased its load [3] - **MEG**: A 200,000 - ton/year syngas - to - ethylene glycol plant in Henan stopped for catalyst replacement at the end of December 2025, with an expected duration of about 2 weeks. A 615,000 - ton/year MEG plant in Kuwait plans to stop for maintenance on January 9, with an expected maintenance duration of about one month. As of January 4, the overall operating load of ethylene glycol in mainland China was 73.73% (a 1.58% increase from the previous period), and the operating load of oxalic acid catalytic hydrogenation (syngas) to ethylene glycol was 75.86% (a 0.51% decrease from the previous period) [3][4] - **Polyester**: The operating load of large domestic polyester industrial yarn manufacturers remained basically stable, with the overall theoretical operating load of domestic polyester industrial yarn at around 75% (starting from January 2026, the production capacity base of polyester industrial yarn is 3.28 million tons). As of Sunday, the polyester load in mainland China was around 90.8%. The sales of polyester yarn in Jiangsu and Zhejiang were weak, with an average sales rate of less than 40% as of 4 pm. The sales of direct - spun polyester staple fiber were highly differentiated, with an average sales rate of 57% as of 3 pm [4] 3.3 Terminal Market in Jiangsu and Zhejiang - **Operating Rates**: The comprehensive operating rate of texturing in Jiangsu and Zhejiang dropped to 74%, the comprehensive operating rate of looms dropped to 59%, and the comprehensive operating rate of dyeing remained at 69% [5] - **Raw Material Stockpiling**: Terminal factories mainly consumed raw material stocks this week, and raw material purchases were mainly for new orders. The raw material purchase volumes of terminal factories varied widely. Currently, the stockpiles of production factories are concentrated between 1 - 3 weeks, and some with more stockpiles still have 1 - 2 months' worth [5] - **Orders and Prices**: New orders in the weaving sector remained weak, with some foreign trade and spring - summer new orders being slightly followed up. The inventory of grey fabric continued to accumulate. The prices of conventional grey fabric varieties declined locally, and the nominal cash - flow losses of grey fabric widened [5] 3.4 Trend Intensity - The trend intensity of PX and PTA is 1, while that of MEG is 0 [6] 3.5 Views and Suggestions - **PX**: With strong cost support, long spreads should be held. After the US air - strike on Venezuela on January 3, oil prices are expected to rise in the short - term, supporting the valuation of PX. The 1 - million - ton plant of Fujia Dahua restarted, and India's GAIL purchased Middle - East PX supplies for its planned start - up in March - April. The domestic PX operating rate is 88%. For domestic PTA plants, the processing fee of the 05 contract on the futures market has risen to over 300 yuan/ton. The 2.5 - million - ton plant of Xin Fengming Phase 1 and the 1.2 - million - ton plant of Zhongtai Chemical restarted, and the operating rate is expected to recover. The overall operating rate is expected to remain at around 78% [6] - **PTA**: In a cost - driven market, the bullish pattern is difficult to disprove for now, and long spreads operation should be maintained. The situation of PTA domestic plants is the same as that mentioned for PX. The profits of polyester filament factories have been declining, leading to a decrease in operating enthusiasm, but the current decline in polyester operating rate is not significant. Coupled with the large - scale export of PTA to India in December, the PTA segment is still in a state of continuous inventory reduction [6][7] - **MEG**: Although it is affected by the rising valuation of oil and coal prices in the short - term, its medium - term trend remains weak, and short spreads operation is recommended. The domestic ethylene glycol supply remains at a high level of 73.73%. The 200,000 - ton plant of Guangxi Huayi restarted. Overseas, plants in Taiwan, China (720,000 tons), Kuwait (530,000 tons), and Iran (400,000 tons) are under maintenance. The import volume of ethylene glycol is expected to decline marginally in January - February. The operating rate of polyester plants is 90.8%, and the rigid demand for ethylene glycol is decreasing. The polyester load is expected to drop from 89% in January to 84% in February [8]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The global styrene operating rate is at a low level. As of December 15, 2025, the global styrene operating rate was 71.8%, up 0.6 pct month - on - month and down 7.6 pct year - on - year, at the lowest level in the past six years [3] - The domestic styrene operating rate has slightly decreased. As of December 11, 2025, the domestic styrene operating rate was 68.11%, down 0.74 pct month - on - month and down 4.4 pct year - on - year. The weekly output decreased by 0.36 tons [3] - The overseas styrene operating rate has increased. As of December 15, 2025, the overseas styrene operating rate was 75.6%, up 2.0 pct month - on - month and down 8.9 pct year - on - year, at a relatively low level compared to the same period in the past five years [3] 3. Summary According to Related Catalogs Domestic Styrene - As of December 11, 2025, the domestic styrene operating rate was 68.11%, with a week - on - week decrease of 0.74 pct and a year - on - year decrease of 4.4 pct. The weekly output was 33.88 tons, a decrease of 0.36 tons from the previous period. One unit in the Northeast stopped, and one unit each in the Northeast, Shandong, and South China adjusted their loads, resulting in a slight decrease in overall output [3] Overseas Styrene - As of December 15, 2025, the overseas styrene operating rate was 75.6%, with a week - on - week increase of 2.0 pct and a year - on - year decrease of 8.9 pct. The 550,000 - ton styrene unit of Singapore's GAPGC (formerly Shell) restarted in December after an extended shutdown due to cracking maintenance. The US Westlake Chemical plans to shut down its PVC and styrene facilities, involving 260,000 tons of styrene production capacity, and the shutdown will be completed in December 2025 [3] Global Styrene - As of December 15, 2025, the global styrene operating rate was 71.8%, with a week - on - week increase of 0.6 pct and a year - on - year decrease of 7.6 pct, at the lowest level in the past six years [3]

Report Industry Investment Ratings No information provided in the given content. Core Views Polyolefins - PP shows a pattern of both supply and demand increasing, with reduced maintenance driving supply recovery and a slight reduction in inventory. PE shows increased supply and decreased demand, with ample imported goods and weakening demand except for agricultural films. Overall, the 01 contract still faces significant pressure [2]. Crude Oil - During the US Thanksgiving, trading was light, and the Russia - Ukraine peace talks were uncertain, leading to a slight increase in overnight oil prices. However, due to OPEC+ continuous production increase and record - high US crude oil production, the supply - demand pattern remains weak. Oil prices are expected to continue to fluctuate at a low level, with short - term focus on the $60/barrel support for Brent crude and the results of the Russia - Ukraine talks [4]. Natural Rubber - On the supply side, domestic production areas are gradually entering the production - reducing and cutting - off season, and floods in southern Thailand and Vietnam need time to recede, providing strong cost support. However, the arrival of overseas shipments is increasing seasonally, and inventory accumulation suppresses spot prices. On the demand side, overall demand is weak, and the market mainly digests channel inventory. Natural rubber is expected to enter a range - bound consolidation, with the price likely to weaken if raw material supply is smooth, and to run in the 15000 - 15500 range if supply is restricted [6]. Methanol - In the inland market, Jiutai's maintenance is over, and subsequent domestic production will continue to increase. Currently, marginal inland plants are in the red. In Iran, some plants have started gas - restricted shutdowns, improving market sentiment and strengthening the futures price and basis. It is expected to be volatile and slightly stronger in the short term [8][9]. LPG No specific overall view provided in the given content. Pure Benzene - Styrene - Pure benzene: New production capacity and plant restarts are expected, and although some plants are reducing production, supply remains loose. Downstream demand is mainly for rigid needs, and some loss - making varieties are reducing production. Port inventory is rising, and short - term prices may be dragged down by oil prices. The strategy is to short on rebounds for BZ2603 in the short term. - Styrene: With profit recovery, some plants are increasing production, but planned and unplanned shutdowns and maintenance are also increasing, limiting supply. Downstream demand support is limited, and overseas blending demand is cooling, but there are still export expectations. The short - term supply - demand outlook is improving, but the rebound space is limited. EB01 is expected to fluctuate and consolidate in the short term [13]. Ester Industry Chain - PX: Short - term supply is relatively high, and demand is weak due to PTA plant maintenance and weakening terminal demand. The short - term driver is limited, but the medium - term supply - demand outlook is tight, and it is expected to fluctuate at a high level in the short term. - PTA: Supply reduction exceeds expectations, and demand from polyester is supported. Exports are expected to increase. The supply - demand outlook is improving, and the basis is recovering. It is expected to be volatile at a high level in the short term, and the strategy is to go long on the TA month - spread at low levels. - Ethylene Glycol (EG): Polyester demand provides some support, but supply from coal - based plants is increasing, and imports are expected to be high. The port inventory has limited downward space. The strategy is to short the EG1 - 5 spread at high levels. - Short - fiber: Supply remains high, and demand is seasonally weak. The absolute price has limited drivers, and processing fees are expected to be compressed. - Bottle chips: Supply is increasing, and demand is in the off - season. The supply - demand pattern is loose, and the processing fee is expected to decline. The strategy is to short the processing fee [14]. Glass - Soda Ash - Soda Ash: Recent production has declined, and inventory has decreased, supporting the futures price. However, the medium - term oversupply problem persists, and demand is expected to remain at the previous rigid level. The supply - demand pattern is bearish, and the strategy is to wait for short - selling opportunities after rebounds. - Glass: News of production line shutdowns in Hubei has boosted the market sentiment, and the futures price has rebounded, driving better spot sales. There is still some short - term rigid demand, but long - term demand is a concern, especially with the approaching winter in the north. The market still needs capacity clearance to solve the oversupply problem. The 01 contract may face pressure near the delivery month [15]. PVC - Caustic Soda - Caustic Soda: The industry still faces supply - demand pressure. Regional supply in East China will decrease next week, but with the monthly contract signing, the spot price in East China is expected to decline if the futures price remains weakening. The demand from the main downstream, alumina, is weak, and the price is expected to be weak in the long term. - PVC: The spot market remains weak. Supply is increasing, and demand is sluggish, especially during the traditional off - season from November to January. Although the cancellation of India's BIS certification is beneficial, the expected anti - dumping tax implementation limits external demand. The supply - demand pattern is in surplus, and the price is expected to continue to be weak at the bottom [16]. Summaries by Related Catalogs Polyolefins - **Prices and Spreads**: L2601 and L2605 prices decreased slightly, while PP2601 and PP2605 prices increased. L15, LP01 spreads decreased, and PP15 spread increased. Spot prices of some products changed slightly [2]. - **Inventory**: PE and PP inventories decreased, with PE enterprise inventory down 9.80% and PP enterprise inventory down 8.00% [2]. - **开工率**: PE device operating rate increased by 2.17%, and PP powder operating rate increased by 6.93%, while PP device operating rate decreased slightly [2]. Crude Oil - **Prices and Spreads**: Brent and WTI prices increased slightly, while SC price decreased. Some spreads such as Brent - WTI decreased [4]. - **Refined Oil**: NYM RBOB price increased, while NYM ULSD and ICE Gasoil prices decreased [4]. Natural Rubber - **Prices and Spreads**: Yunnan state - owned whole - latex and Thai standard mixed rubber prices increased slightly, and some spreads changed [6]. - **Fundamentals**: September production in Thailand, Indonesia, etc. changed, and October tire production, exports, and natural rubber imports decreased [6]. - **Inventory**: Bonded area inventory and warehouse futures inventory increased, while some出库 and入库 rates changed [6]. Methanol - **Prices and Spreads**: MA2601 and MA2605 prices increased, and some spreads and basis changed [8]. - **Inventory**: Methanol enterprise inventory increased by 4.19%, while port and social inventories decreased [8]. - **开工率**: Some upstream and downstream operating rates changed, with downstream - formaldehyde operating rate increasing by 2.73% [9]. LPG - **Prices and Spreads**: PG2512, PG2601, etc. prices decreased slightly, and some spreads and basis changed [11]. - **Inventory**: LPG refinery storage capacity ratio and port inventory decreased [11]. - **开工率**: Some upstream and downstream operating rates changed slightly [11]. Pure Benzene - Styrene - **Upstream Prices and Spreads**: Prices of some upstream products such as crude oil, naphtha, and pure benzene changed slightly, and some spreads decreased [13]. - **Styrene - related Prices and Spreads**: Styrene spot and futures prices decreased slightly, and some spreads and basis changed [13]. - **Inventory**: Pure benzene and styrene inventories in Jiangsu ports increased [13]. - **开工率**: Some industry operating rates such as domestic pure benzene and styrene changed [13]. Ester Industry Chain - **Upstream Prices**: Prices of some upstream products such as crude oil, naphtha, and PX changed slightly [14]. - **Polyester Product Prices and Cash Flows**: Prices of some polyester products such as POY, FDY, and DTY changed slightly, and cash flows and processing fees of some products changed [14]. - **开工率**: Some industry operating rates such as PTA, MEG, and polyester changed [14]. Glass - Soda Ash - **Prices and Spreads**: Glass and soda ash spot and futures prices changed slightly, and some basis changed [15]. - **Supply**: Soda ash production and float glass and photovoltaic daily melting volume decreased [15]. - **Inventory**: Glass and soda ash inventories decreased [15]. - **Real Estate Data**: New construction area, construction area, etc. changed, with some showing a decline [15]. PVC - Caustic Soda - **Prices and Spreads**: Prices of caustic soda and PVC changed slightly, and some spreads and basis changed [16]. - **Overseas Quotes and Export Profits**: Overseas quotes of caustic soda and PVC decreased, and export profits changed [16]. - **Supply**: Caustic soda and PVC operating rates increased slightly [16]. - **Demand**: Operating rates of some downstream industries of caustic soda and PVC changed [16]. - **Inventory**: Some inventories of caustic soda and PVC changed [16].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For crude oil, although the geopolitical premium has disappeared and OPEC's production increase is minimal with supply not yet surging, short - term oil prices are not advisable to be overly bearish. A low - buy and high - sell range strategy is maintained, but it is recommended to wait and see for now, waiting for a decline in OPEC exports when oil prices fall for verification [3]. - For methanol, with reduced import disturbances, prices are expected to return to be priced by its own fundamentals. Supply is high due to increased domestic production and rising imports, while demand is weak. Although the current fundamental situation is weak, short - selling is not cost - effective, and it is recommended to wait and see [5]. - For urea, domestic supply has returned with increased production, and demand is weak in the off - season. It is in a state of low valuation and weak drive, and it is recommended to wait and see [7]. - For rubber, macro disturbances may temporarily decrease, and rubber prices have stabilized in the short term. It is recommended to set stop - losses, buy on dips for short - term trading, and partially build positions for the hedge of buying RU2601 and selling RU2609 [13]. - For PVC, the supply is strong while demand is weak, and export expectations are poor. Although the valuation has declined to a low level, it is still difficult to support the weak supply - demand situation, and it is recommended to short on rallies in the medium term [14]. - For pure benzene and styrene, the cost of pure benzene is high, and the supply of benzene styrene is increasing while demand is declining. Port inventories are being depleted, and benzene styrene prices may stop falling in the short term [18]. - For polyethylene, the cost support has weakened, and although the valuation decline space is limited, high - level warehouse receipts suppress the market. It is expected to maintain a low - level oscillation [21]. - For polypropylene, the cost end is expected to have an oversupply situation, and there is high inventory pressure with weak supply and demand. It is recommended to wait and see [23]. - For PX, the load is high, and the downstream PTA has many unexpected overhauls. The inventory accumulation cycle is expected to continue, and it is recommended to wait and see [26]. - For PTA, the supply overhaul volume is high, and the de - stocking pattern continues, but the processing fee space is limited. The demand is expected to remain high, but the terminal shows signs of weakness. It is recommended to wait and see [27]. - For ethylene glycol, the supply is high, imports are increasing, and inventories are expected to accumulate in the fourth quarter. The valuation is relatively high, and it is recommended to short on rallies [31]. 3. Summaries by Relevant Catalogs Crude Oil - **Market Information**: The main INE crude oil futures closed down 8.10 yuan/barrel, a 1.79% decline, at 443.70 yuan/barrel. Singapore's ESG oil product weekly data showed gasoline inventory decreased by 1.90 million barrels to 11.49 million barrels, diesel inventory increased by 0.26 million barrels to 10.06 million barrels, fuel oil inventory decreased by 0.89 million barrels to 23.67 million barrels, and total refined oil inventory decreased by 2.53 million barrels to 45.22 million barrels [2]. - **Strategy View**: Although the geopolitical premium has disappeared and OPEC's production increase is minimal with supply not yet surging, short - term oil prices are not advisable to be overly bearish. A low - buy and high - sell range strategy is maintained, but it is recommended to wait and see for now, waiting for a decline in OPEC exports when oil prices fall for verification [3]. Methanol - **Market Information**: The price in Taicang increased by 32 yuan, Inner Mongolia decreased by 5 yuan, and Lunan decreased by 10 yuan. The 01 - contract on the futures market increased by 24 yuan, at 2298 yuan/ton, and the basis changed from negative to positive at +19. The 1 - 5 spread changed by +13, at - 13 [4]. - **Strategy View**: With reduced import disturbances, prices are expected to return to be priced by its own fundamentals. Supply is high due to increased domestic production and rising imports, while demand is weak. Although the current fundamental situation is weak, short - selling is not cost - effective, and it is recommended to wait and see [5]. Urea - **Market Information**: Spot prices in Shandong and Henan remained stable. The 01 - contract on the futures market increased by 3 yuan, at 1600 yuan, and the basis was - 50. The 1 - 5 spread changed by - 6, at - 74 [7]. - **Strategy View**: Domestic supply has returned with increased production, and demand is weak in the off - season. It is in a state of low valuation and weak drive, and it is recommended to wait and see [7]. Rubber - **Market Information**: Rubber prices were oscillating and showed signs of stabilization. The long - side of natural rubber RU was bullish due to seasonal and demand expectations, while the short - side was bearish due to weak demand. Tire开工率 decreased during the National Day holiday, and the social inventory of natural rubber in China decreased by 0.77 million tons to 108 million tons as of October 12, 2025 [10][11]. - **Strategy View**: Macro disturbances may temporarily decrease, and rubber prices have stabilized in the short term. It is recommended to set stop - losses, buy on dips for short - term trading, and partially build positions for the hedge of buying RU2601 and selling RU2609 [13]. PVC - **Market Information**: The PVC01 contract decreased by 15 yuan, at 4677 yuan. The spot price of Changzhou SG - 5 was 4580 yuan/ton, and the basis was - 97 (+15) yuan/ton. The 1 - 5 spread was - 314 (+2) yuan/ton. The overall PVC operating rate was 82.6%, a 1.2% increase, and factory and social inventories increased [13]. - **Strategy View**: The supply is strong while demand is weak, and export expectations are poor. Although the valuation has declined to a low level, it is still difficult to support the weak supply - demand situation, and it is recommended to short on rallies in the medium term [14]. Pure Benzene and Styrene - **Market Information**: The cost of East China pure benzene was 5590 yuan/ton, a 35 - yuan/ton decrease. The spot price of styrene was 6550 yuan/ton, a 50 - yuan/ton decrease. The closing price of the active styrene contract was 6540 yuan/ton, a 4 - yuan decrease. The basis was 10 yuan/ton, a 46 - yuan weakening. The supply - side upstream operating rate was 73.61%, a 0.41% increase, and Jiangsu port inventory decreased by 0.54 million tons [17]. - **Strategy View**: The cost of pure benzene is high, and the supply of benzene styrene is increasing while demand is declining. Port inventories are being depleted, and benzene styrene prices may stop falling in the short term [18]. Polyethylene - **Market Information**: The closing price of the main contract was 6910 yuan/ton, an 8 - yuan decrease. The spot price was 7035 yuan/ton, unchanged. The basis was 125 yuan/ton, a 8 - yuan strengthening. The upstream operating rate was 81.1%, a 0.28% decrease, and inventories of production enterprises and traders increased [20]. - **Strategy View**: The cost support has weakened, and although the valuation decline space is limited, high - level warehouse receipts suppress the market. It is expected to maintain a low - level oscillation [21]. Polypropylene - **Market Information**: The closing price of the main contract was 6595 yuan/ton, a 7 - yuan decrease. The spot price was 6650 yuan/ton, unchanged. The basis was 55 yuan/ton, a 7 - yuan strengthening. The upstream operating rate was 77.06%, a 1.46% decrease, and inventories of production enterprises, traders, and ports increased [22]. - **Strategy View**: The cost end is expected to have an oversupply situation, and there is high inventory pressure with weak supply and demand. It is recommended to wait and see [23]. PX, PTA, and MEG PX - **Market Information**: The PX01 contract decreased by 26 yuan, at 6312 yuan. PX CFR increased by 8 dollars, at 787 dollars. The basis was 128 yuan (+89). The 1 - 3 spread was - 16 yuan (unchanged). The Chinese PX load was 87.4%, a 1% increase, and the Asian load was 79.9%, a 1.9% increase. Some domestic and overseas plants restarted or underwent maintenance [25]. - **Strategy View**: Currently, the PX load remains high, and the downstream PTA has many unexpected overhauls in the short term. The inventory accumulation cycle is expected to continue. Although the valuation is at a neutral - low level, there is limited downward space. It is recommended to wait and see, paying attention to changes in the terminal and PTA valuations [26]. PTA - **Market Information**: The PTA01 contract decreased by 18 yuan, at 4422 yuan. The East China spot price decreased by 55 yuan, at 4325 yuan. The basis was - 85 yuan (- 3). The 1 - 5 spread was - 60 yuan (- 2). The PTA load was 74.4%, a 2.7% decrease. Some plants adjusted their loads. Social inventory increased by 5.3 million tons on October 10 [26]. - **Strategy View**: In the future, the supply overhaul volume remains high, and the de - stocking pattern continues, but the processing fee space is limited. The demand for polyester fiber has low inventory and profit pressure, and the load is expected to remain high, but the terminal shows signs of weakness. It is recommended to wait and see [27]. MEG - **Market Information**: The EG01 contract decreased by 4 yuan, at 4057 yuan. The East China spot price decreased by 31 yuan, at 4114 yuan. The basis was 65 yuan (- 3). The 1 - 5 spread was - 86 yuan (+2). The supply - side EG load was 75.1%, a 1.6% increase. Some domestic and overseas plants adjusted their loads. Port inventory increased by 3.4 million tons [27][30]. - **Strategy View**: In terms of industry fundamentals, the operating loads of domestic and overseas plants are high, domestic supply is large, imports are increasing, and ports are turning to inventory accumulation. In the medium term, with concentrated imports and expected high domestic loads, along with the gradual commissioning of new plants, inventory is expected to continue to accumulate in the fourth quarter. The current valuation is still relatively high year - on - year, and there is pressure to continuously compress the valuation. It is recommended to short on rallies [31].

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Views - The mid - term trends of p - xylene (PX), purified terephthalic acid (PTA), and monoethylene glycol (MEG) are still weak. Before the holiday, attention should be paid to position management. For MEG, a 1 - 5 month spread reverse arbitrage is recommended [1]. - The trend intensities of PX, PTA, and MEG are all neutral (0) [3]. 3. Summary by Related Catalogs Market Data - **Futures Data**: The previous day's closing prices of PX, PTA, MEG, PF, and SC futures were 6656, 4646, 4213, 6326, and 491.3 respectively, with changes of - 18, - 32, - 33, - 46, and 0.7, and percentage changes of - 0.27%, - 0.68%, - 0.78%, - 0.72%, and 0.14% [2]. - **Month - spread Data**: The previous day's closing prices of PX1 - 5, PTA1 - 5, MEG1 - 5, PF12 - 1, and SC11 - 12 month - spreads were - 32, - 46, - 63, - 44, and - 0.8 respectively, with changes of 10, - 6, 1, 0, and 0.3 [2]. - **Spot Data**: The previous day's spot prices of PX CFR China, PTA East China, MEG, naphtha MOPJ, and Dated Brent were 814 dollars/ton, 4590 yuan/ton, 4300 yuan/ton, 608 dollars/ton, and 71.92 dollars/barrel respectively, with changes of - 3, 0, 10, - 0.5, and 1.39 [2]. - **Spot Processing Fee Data**: The previous day's spot processing fees of PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread were 206 dollars/ton, 217.21 yuan/ton, 222.06 yuan/ton, 59.94 yuan/ton, and - 6.01 respectively, with changes of - 2.5, 19.02, - 12.24, - 29.3, and 0 [2]. Market Dynamics In 2025, on September 5, the US White House issued a presidential order, canceling the exemption from reciprocal tariffs for the tariff codes 3907.61.00 and 3907.69.00 related to polyester bottle chips, and including polyester bottle chips in the scope of reciprocal tariff collection. Recycled PET now has the same tariff system as virgin PET [2]. Views and Suggestions - **PX**: The unilateral trend may still be weak, and a 1 - 5 reverse arbitrage is recommended. The PXN position for compression should be closed with a profit. The domestic PX operating rate is 86.7% (+0.4%), and the Asian PX operating rate is 78% (-0.2%). The PTA load is 76.8% (-). The PTA processing fee has recovered to 217 yuan/ton, and PXN has dropped to 206 dollars/ton. Overseas reforming profits are low, and South Korean plants may reduce their loads in the future. Attention should be paid to the support of overseas MX blending demand for PX valuation [4]. - **PTA**: The unilateral trend may still be weak, and a 1 - 5 reverse arbitrage is recommended. Short the PTA processing fee of 01/05 contracts on rebounds. The PTA load is 76.8% (-). The polyester operating rate this week is 90.3% (-1.3%). Although there are unplanned production cuts, the supply surplus in East China is still difficult to change, and the basis is difficult to strengthen significantly. In the medium - to - long term, the inventory pressure of polyester factories is expected to rise again after the holiday [5]. - **MEG**: The unilateral trend may still be weak, and a 1 - 5 reverse arbitrage is recommended. The overall operating load of ethylene glycol in the Chinese mainland is 73.08% (down 1.85% from the previous period). Factories have announced maintenance plans for October - November. The polyester operating rate this week is 90.3% (-1.3%). The ethylene glycol supply - demand balance sheet is still strong in the near - term, and the basis is expected to be strong [6].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For PTA, with the implementation of near - end TA maintenance, the start - up declined slightly, polyester load remained stable, inventory accumulated slightly, basis weakened, and spot processing fees repaired slightly. PX domestic start - up decreased, overseas devices ran smoothly, PXN weakened month - on - month, disproportionation and isomerization benefits remained stable, and the aromatics price difference between the US and Asia widened. In the future, as device restarts slow down TA de - stocking, polyester has no unexpected performance and new production is expected, the far - month inventory accumulation is expected to continue. However, the processing fees have reached a very low level and lasted for a long time, and PX supply is gradually recovering. Attention should be paid to the opportunity of expanding processing fees under potential additional maintenance [1]. - For MEG, near - end domestic oil - based EG slightly reduced its load, coal - based start - up remained stable, overseas maintenance and restarts coexisted, arrivals remained the same while shipments were dull, and port inventory accumulated slightly at the beginning of next week. Downstream stocking levels increased, the basis weakened month - on - month, and the benefit ratio shrank. Near - end new device feeding was earlier than expected, and the valuation was significantly compressed. In the future, with the increase in arrivals month - on - month and the expectation of high supply in the far - month, ports may start to gradually accumulate inventory, but the actual inventory is still not high, and the valuation may be slowly compressed. Attention should be paid to the cost support of coal - based production [1]. - For polyester staple fiber, the start - up of some devices increased, and production and sales improved month - on - month, with inventory continuing to decline. On the demand side, the start - up of the polyester yarn end remained stable, raw material stocking increased, finished product inventory decreased month - on - month, and benefits were weak. In the future, the speed of increasing the load at the polyester yarn end may slow down due to high finished product inventory, but the start - up of staple fiber remains high due to good spot benefits, and inventory pressure is limited. Processing fees are expected to fluctuate [1]. - For natural rubber, the national explicit inventory remained stable, and the price of Thai cup rubber remained stable. The strategy is to wait and see [1]. - For styrene and its downstream products, the prices of some raw materials and products decreased, and the production profits and start - up rates of some products also changed to different degrees [1]. 3. Summary by Relevant Catalogs PTA - **Device Changes**: Hengli Huizhou's 5 million - ton device reduced its load, and Fuhai Chuang's 4.5 million - ton device restarted [1]. - **Market Conditions**: The basis of the PTA main contract weakened, and the spot processing fee repaired slightly. PX domestic start - up decreased, and PXN weakened month - on - month [1]. - **Future Outlook**: Slowdown in TA de - stocking, far - month inventory accumulation expected, and attention to the opportunity of expanding processing fees [1]. MEG - **Device Changes**: Xinjiang Tianye's 600,000 - ton device stopped again [1]. - **Market Conditions**: Near - end domestic oil - based EG slightly reduced its load, and the basis weakened month - on - month [1]. - **Future Outlook**: Ports may gradually accumulate inventory, but actual inventory is not high, and attention to coal - based cost support [1]. Polyester Staple Fiber - **Device Changes**: Some devices increased their start - up, and production and sales improved [1]. - **Market Conditions**: Spot price was around 6390, and the market basis was around 10 + 10 [1]. - **Future Outlook**: The speed of increasing the load at the polyester yarn end may slow down, and processing fees are expected to fluctuate [1]. Natural Rubber - **Market Conditions**: National explicit inventory remained stable, and Thai cup rubber price remained stable [1]. - **Strategy**: Wait and see [1]. Styrene and Its Downstream Products - **Price Changes**: The prices of some raw materials and products such as ethylene, pure benzene, and styrene decreased [1]. - **Profit and Start - up Rate Changes**: The production profits and start - up rates of PS, EPS, and ABS changed to different degrees [1].