Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View - Oil prices are fluctuating around the US - Russia meeting, with a slight rebound due to oversold recovery, but pressured by high South American oil production. PX supply has recovered with new plant launches and restarts, and it has strong bottom support due to low inventory. Its future profitability depends on unexpected factors. PX is in an advantageous position in the industry chain, and social inventory is decreasing due to PTA demand, but PTA downstream开工 has a strong downward expectation [2]. - PTA supply has a mix of restarts and maintenance. Spot prices rose slightly with the market, but with low processing fees, new plant launch expectations on the supply - side and weak demand in the off - season, it's hard to have a trend - upward market. It will move in a volatile manner with cost as the dominant factor [2]. - Polyester bottle - chip prices are stable. Supply - side starts are at a low level, with local shortages of spot goods. Downstream procurement is cautious [2]. - Without unexpected positive news, PX, PTA, and PR are expected to operate in a volatile manner [2]. 3. Summary by Related Catalogs Price Information - **Upstream**: On August 11, 2025, WTI crude oil futures settled at $63.96/barrel (up 0.13%), Brent at $66.63/barrel (up 0.06%), naphtha at $568/ton (down 0.44%), isomeric xylene at $690.5/ton (up 0.15%), and PX CFR China Main Port at $833.67/ton (up 0.24%) [1]. - **PTA**: On August 12, 2025, CZCE TA main contract closed at 4,726 yuan/ton (up 0.42%), settled at 4,718 yuan/ton (up 0.21%); spot PTA in China was 4,698 yuan/ton (up 0.58%); CCFEI PTA domestic index was 4,705 yuan/ton (up 0.21%), and the foreign index was $625/ton (up 0.48%) on August 11 [1]. - **PX**: On August 12, 2025, CZCE PX main contract closed at 6,832 yuan/ton (up 0.80%), settled at 6,808 yuan/ton (up 0.56%); domestic PX spot was 6,708 yuan/ton (up 0.04%) on August 11 [1]. - **PR**: On August 12, 2025, CZCE PR main contract closed at 5,964 yuan/ton (up 0.51%), settled at 5,954 yuan/ton (up 0.27%); polyester bottle - chip in East China and South China markets remained stable at 5,910 yuan/ton and 5,950 yuan/ton respectively [1]. - **Downstream**: On August 12, 2025, CCFEI polyester fiber DTY index was 8,625 yuan/ton (up 0.29%), POY remained stable at 7,125 yuan/ton, FDY68D was 7,100 yuan/ton (up 0.71%), FDY150D was 7,100 yuan/ton (up 0.71%), short - fiber was 6,495 yuan/ton (up 0.23%), polyester chip was 5,880 yuan/ton (up 0.17%), and bottle - grade chip remained stable at 5,910 yuan/ton [2]. Spread Information - On August 11, 2025, PXN spread was $265.67/ton (up 1.72%), PX - MX spread was $143.17/ton (up 0.70%) [1]. - On August 12, 2025, PTA near - far month spread remained at - 18 yuan/ton, PTA basis was - 21 yuan/ton (down 10 yuan), PX basis was - 124 yuan/ton (down 51 yuan), PR basis in East China was - 54 yuan/ton (down 30 yuan), and in South China was - 14 yuan/ton (down 30 yuan) [1] Operation Rate and Sales Rate - On August 12, 2025, PX operation rate was 78.11%, PTA factory load rate was 76.56%, polyester factory load rate was 86.88% (down 0.21%), bottle - chip factory load rate was 71.93%, and Jiangsu and Zhejiang looms load rate was 57.83% [1]. - On August 12, 2025, polyester filament sales rate was 42% (down 1%), polyester short - fiber sales rate was 58% (up 7%), and polyester chip sales rate was 115% (up 18%) [1] Device Information - A 2.5 - million - ton PTA device of Dongying United was under maintenance from June 28 and restarted on August 10 [2]. Trading Strategy - After price corrections, the TA2509 contract closed at 4,726 yuan/ton (up 0.38%) with a trading volume of 367,400 lots; the PX2509 contract closed at 6,832 yuan/ton (up 0.92%) with a trading volume of 68,800 lots; the PR2509 contract closed at 5,964 yuan/ton (up 0.44%) with a trading volume of 17,000 lots. Without unexpected positive news, PX, PTA, and PR are expected to operate in a volatile manner (PX view score: 0, PTA view score: 0, PR view score: 0) [2]