1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The pricing logic is still cost - driven. The market is worried about the lackluster peak demand season. It is expected that PX will be more affected by crude oil and show a stronger oscillation, while PTA and PR will oscillate. (PX view score: 1, PTA view score: 0, PR view score: 0) [2] 3. Summary by Related Catalogs 3.1 Price Information - **Upstream**: On September 9, 2025, WTI crude oil futures settled at $62.63/barrel, up 0.59%; Brent crude oil futures settled at $66.39/barrel, up 0.56%; the spot price of naphtha CFR Japan was $597.25/ton, up 0.50%; the spot price of isomeric xylene FOB Korea was $681.50/ton, down 0.15%; the spot price of PX CFR China's main port was $836.00/ton, up 0.36% [1]. - **PTA**: On September 9, 2025, the closing price of CZCE TA's main contract was 4678 yuan/ton, down 0.26%; the settlement price was 4670 yuan/ton, up 0.17%. The spot price of domestic PTA was 4610 yuan/ton, up 0.35%. The CCFEI price index of domestic PTA was 4608 yuan/ton, up 0.28%, and that of foreign PTA was $620.00/ton, down 0.64% [1]. - **PX**: On September 9, 2025, the closing price of CZCE PX's main contract was 6726 yuan/ton, down 0.53%; the settlement price was 6708 yuan/ton, down 0.09%. The domestic spot price of PX was 6599 yuan/ton, unchanged. The PXN spread was $238.75/ton, unchanged; the PX - MX spread was $154.50/ton, up 2.66% [1]. - **PR**: On September 9, 2025, the closing price of CZCE PR's main contract was 5838 yuan/ton, down 0.44%; the settlement price was 5834 yuan/ton, down 0.17%. The mainstream market price of polyester bottle - chips in East China was 5820 yuan/ton, down 0.34%; that in South China was 5880 yuan/ton, down 0.34% [1]. - **Downstream**: On September 9, 2025, the CCFEI price index of polyester staple fiber was 6465 yuan/ton, unchanged; the CCFEI price index of polyester chips was 5810 yuan/ton, up 0.26%; the CCFEI price index of bottle - grade chips was 5820 yuan/ton, down 0.34% [2]. 3.2 Device Information - A 2.2 - million - ton PTA device of Jiaxing Petrochemical restarted on August 22. Two 5 - million - ton PTA devices of Hengli Huizhou unexpectedly shut down from August 21 to 23, and the restart time is to be determined [2]. 3.3 Important Information - **PX**: After OPEC +'s slight production increase was confirmed, some funds left the market. Trump's claim of preparing the second - stage sanctions against Russia made some investors wait and see. Oil prices slightly ended higher. On September 9, the CFR China price of PX was $836/ton. International oil prices were warming and oscillating, squeezing the cost momentum of PX. Domestic PX supply was expected to increase, but the overall demand of polyester was okay, and the trading enthusiasm increased during the day [2]. - **PTA**: The strong crude oil market pushed up PTA prices. Although the sales rate of downstream polyester chips was 147%, the sales rate of the main downstream polyester filament was only 44%. The signs of the peak - season start were still not obvious. The PTA spot was sufficient, and the spot basis slightly declined. The PTA processing margin has been around 200 yuan/ton recently, and some new - technology PTA devices face losses. Even if there are unplanned device overhauls, it is difficult to change the low processing fee situation. Since September, the industry's operating load has been basically stable, and the market supply is relatively stable. Inventory has been accumulating recently [2]. - **PR**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu - Zhejiang market was 5810 - 5910 yuan/ton, down 15 yuan/ton from the previous trading day. The raw materials PTA and bottle - chip futures oscillated weakly. Most of the supply - side quotes of bottle - chips were stable, and downstream terminals followed up cautiously, with a general trading atmosphere [2]. 3.4 Trading Strategy - The cost recovery provides some support. The TA2601 contract closed at 4678 yuan/ton (up 0.34%), with a daily trading volume of 431,200 lots; the PX2511 contract opened high and closed low, closing at 6726 yuan/ton (up 0.18%), with a daily trading volume of 148,000 lots; the 2511 contract of PR closed at 5838 yuan/ton (down 0.10%), with a daily trading volume of 32,400 lots [2]. - Israel's attack on Hamas' senior leaders in Qatar in the overnight crude oil market reignited concerns about a wider military conflict in the Middle East, causing international oil prices to rise. It is expected that PX will be more affected by crude oil and show a stronger oscillation, while PTA and PR will oscillate [2].