Report Industry Investment Rating - Not provided in the given content Core Viewpoints - PX, PTA, and PR are all expected to have narrow - range fluctuations [4] - The viewpoints for PX, PTA, and PR are all scored 0 [5] Summary by Related Catalogs Price Information - **Upstream**: On November 3, 2025, WTI crude oil futures settlement price was $61.05 per barrel (up 0.11%), Brent crude oil was $64.89 per barrel (down 0.28%), naphtha CFR Japan spot price was $582.38 per ton (up 0.32%), xylene (isomeric grade) FOB Korea was $685.00 per ton (up 0.96%), and PX CFR China main port was $819.00 per ton (down 0.16%) [1] - **PTA**: On November 3, 2025, CZCE TA main - contract closing price was 4,596 yuan per ton (up 0.22%), settlement price was 4,606 yuan per ton (up 0.52%), near - month contract closing price was 4,542 yuan per ton (up 0.13%), settlement price was 4,552 yuan per ton (up 0.26%), domestic PTA spot price was 4,532 yuan per ton (up 0.44%), CCFEI PTA inner - market price index was 4,535 yuan per ton (up 0.55%), and outer - market was $616.00 per ton (up 0.65% as of October 31) [1] - **PX**: On November 3, 2025, CZCE PX main - contract closing price was 6,640 yuan per ton (up 0.33%), settlement price was 6,662 yuan per ton (up 0.85%), near - month contract closing price was 6,678 yuan per ton (up 0.85%), settlement price was 6,690 yuan per ton (up 1.55%), domestic PX spot price was 6,480 yuan per ton (down 0.11% as of October 31), CFR China Taiwan was $821.00 per ton (unchanged), FOB Korea was $796.00 per ton (unchanged), PXN spread was $236.63 per ton (down 1.34%), PX - MX spread was $134.00 per ton (down 5.52%) [1] - **PR**: On November 3, 2025, CZCE PR main - contract closing price was 5,674 yuan per ton (up 0.04%), settlement price was 5,686 yuan per ton (up 0.39%), near - month contract closing price was 5,730 yuan per ton (up 0.63%), settlement price was 5,730 yuan per ton (up 0.63%), polyester bottle - chip market price in East China was 5,730 yuan per ton (up 0.35%), and in South China was 5,770 yuan per ton (up 0.35%) [1] - **Downstream**: On November 3, 2025, CCFEI price index for polyester DTY was 8,500 yuan per ton (up 0.59%), POY was 6,825 yuan per ton (up 0.74%), FDY68D was 6,950 yuan per ton (unchanged), FDY150D was 6,700 yuan per ton (unchanged), polyester staple fiber was 6,345 yuan per ton (down 0.16%), polyester chip was 5,600 yuan per ton (up 0.09%), and bottle - grade chip was 5,730 yuan per ton (up 0.35%) [2] Operating Conditions - On November 3, 2025, the operating rate of the PX in the polyester industry chain was 86.21% (unchanged), PTA factory load rate was 79.66% (unchanged), polyester factory load rate was 89.56% (up 0.22%), bottle - chip factory load rate was 75.63% (up 2.32%), and Jiangsu and Zhejiang loom load rate was 72.28% (unchanged) [1] - On November 3, 2025, the sales rate of polyester filament was 53.04% (up 9.07%), polyester staple fiber was 48.41% (down 1.11%), and polyester chip was 68.12% (up 22.49%) [1] Device Information - The 2.7 - million - ton (designed capacity) PTA device No. 4 of Dushan Energy was tested on October 25. After the new device runs stably, the new one will be put into operation and the old one will be shut down [2] Important News - **PX**: The market is still cautious about the US attack on Venezuela, and oil prices maintain a certain risk premium. OPEC+ decides to increase production in December, which exerts pressure on oil prices. On November 3, the CFR China price of PX was $819 per ton. An expanded - capacity device in the Northeast has restarted and is in stable production, and the overall demand is good [2] - **PTA**: The production - cut expectation was not fulfilled. The cost of PTA is supported by the strong - oscillating crude oil market. A new 2.7 - million - ton PTA device in East China has been tested and produced. The overall downstream demand is still weak [2] - **PR**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets is between 5,680 - 5,820 yuan per ton, remaining stable. The news is less favorable than expected, and the PTA and bottle - chip futures fluctuate weakly in a narrow range. The market atmosphere is dull, and the downstream purchasing willingness is low [2][3] Long - Short Logic - **PX**: It slightly rises following the cost. The PX2601 contract closed at 6,640 yuan per ton (up 0.51%) with a trading volume of 174,200 lots. Some PX factories' reforming devices are under maintenance or will be under maintenance, but the market supply remains stable with the supplement of toluene and xylene. Overseas devices are operating stably. The call for anti - involution in the industry has increased, but it has limited impact on PX supply and demand in the short term [2] - **PTA**: The TA2601 contract closed at 4,596 yuan per ton (up 0.31%) with a trading volume of 638,900 lots. The crude oil market is strongly oscillating, supporting the cost of PTA. The spot supply is sufficient, and there is no unplanned device maintenance. The production - cut expectation on the supply side has failed. Although the domestic demand is good and foreign trade orders have improved recently, the overall downstream demand is still weak [2]