Group 1: General Information - Report Date: September 30, 2025 [2] - Report Type: PTA Daily Report [1] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Futures Market: On the 29th, the closing price of the PTA main futures contract TA2601 was 4,652 yuan/ton, down 12 yuan/ton or 0.26%. The settlement price was 4,650 yuan/ton, and the daily position decreased by 23,048 lots. The trading volume of TA2601 was 580,757 lots, a decrease of 23,048 lots. The closing price of TA2605 was 4,698 yuan/ton, down 8 yuan/ton, with a trading volume of 20,245 lots, a decrease of 1,384 lots [6] - Market Outlook: The crude oil market showed a volatile downward trend, which had a negative impact on market sentiment. Before the holiday, the trading atmosphere in the PTA spot market was dull, and market participants mainly adopted a wait - and - see attitude. With sufficient spot supply, the PTA market is expected to decline slightly [6] Group 3: Industry News - Crude Oil: Affected by the continuous attacks on a European country's oil infrastructure by Ukraine and the potential additional sanctions from the EU and the US, concerns about supply constraints have increased. European and American crude oil futures rose to their highest levels in nearly two months. On Friday (September 26), the settlement price of the WTI November 2025 futures contract on the New York Mercantile Exchange was $65.72 per barrel, up $0.74 or 1.14%. The settlement price of the Brent November 2025 futures contract on the London Intercontinental Exchange was $70.13 per barrel, up $0.71 or 1.02% [7] - PX: The price of PX in the Chinese market was estimated at $815 - 817 per ton, up $2 per ton. The price in the South Korean market was estimated at $795 - 797 per ton, up $2 per ton. The PX market showed a slight increase, and the cargoes for November and December were traded at $816 per ton [7] - PTA in East China: The price of PTA in the East China market was stable at 4,597 yuan/ton. The average daily negotiation basis was at a discount of 54 yuan/ton compared to the futures contract 2601, up 13 yuan/ton [7] Group 4: Data Overview - Data Sources: Wind, Research and Development Department of CCB Futures [10][12][14] - Data Charts: Include charts on international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA futures prices, basis, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories [11][13][17]

Group 1 - The domestic futures market for PTA is experiencing a strong upward trend, with the main contract opening at 4820.00 CNY/ton and reaching a high of 4958.00 CNY, reflecting a price increase of approximately 3.49% [1] - Short-term PTA prices are expected to be supported by cost increases and active downstream restocking, while medium-term outlook suggests potential pressure from new production capacities and high inventory levels [1][2] - The supply side is seeing a slowdown in inventory depletion, while the demand side is under pressure due to high polyester inventory levels, leading to expectations of reduced production in the future [2] Group 2 - The PTA basis has significantly increased, with transactions reported at +250-280, indicating a tightening of spot liquidity and a decrease in port inventory to 180,000 tons [2] - The market is expected to maintain a strong oscillation in the near term, influenced by downstream cost pressures and the potential for significant reductions in bottle chip production [2]