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]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - PX supply has recovered, with its inventory at a historical low and strong bottom support. Whether its profitability can continue to improve depends on unexpected factors. Currently, it is in an advantageous position in the industry chain, and social inventory is decreasing. However, due to the off - season of polyester consumption and a significant decline in PTA processing fees, there is a strong expectation of a decline in downstream operating rates [2]. - PTA is expected to move in a volatile manner, with cost being the dominant factor. Although there are device maintenance expectations, new device production expectations on the supply side and lackluster demand during the off - season limit price increases. The market had a short - term upward trend but has since fallen back, and supply remains sufficient [2]. - The polyester bottle - chip market has a weak trading atmosphere. Supply - side quotes vary, and downstream buying enthusiasm has declined. The supply - side operating rate remains low, some specifications are in short supply, and downstream terminals are mainly consuming previous inventories [2]. - It is expected that PX, PTA, and PR will all operate in a volatile manner. Without more unexpected positive news, the TA2509, PX2509, and PR2509 contracts closed at 4706 yuan/ton (0.38%), 6778 yuan/ton (0.44%), and 5934 yuan/ton (0.41%) respectively, with trading volumes of 44.47 million hands, 7.41 million hands, and 1.97 million hands [2]. Summary by Relevant Catalogs 1. Price Changes - **Crude Oil**: On August 11, 2025, the futures settlement prices (continuous) of WTI and Brent crude oil were $63.96/barrel and $66.63/barrel respectively, up 0.13% and 0.06% from the previous values [1]. - **Upstream Products**: The spot price of naphtha (CFR Japan) was $568/ton, down 0.44%; the spot price of xylene (isomeric grade, FOB Korea) was $690/ton, up 0.07%; the spot price of p - xylene (PX, CFR China Main Port) was $835/ton, up 0.40% [1]. - **PTA**: The closing price and settlement price of the CZCE TA main contract were 4706 yuan/ton and 4708 yuan/ton respectively, up 0.47% and 0.43%; the closing price and settlement price of the near - month contract were 4706 yuan/ton and 4690 yuan/ton respectively, up 0.38% and 0.30%. The domestic PTA spot price was 4671 yuan/ton, down 0.36%. The CCFEI price index of domestic and foreign PTA was 4695 yuan/ton (up 0.54%) and $622/ton (down 0.96%) respectively [1]. - **PX**: The closing price and settlement price of the CZCE PX main contract were 6778 yuan/ton and 6770 yuan/ton respectively, up 0.77% and 0.33%; the closing price and settlement price of the near - month contract were 6770 yuan/ton, up 0.33%. The domestic PX spot price remained unchanged at 6705 yuan/ton [1]. - **PR**: The closing price and settlement price of the CZCE PR main contract were 5934 yuan/ton and 5938 yuan/ton respectively, up 0.61% and 0.47%; the closing price and settlement price of the near - month contract were 5922 yuan/ton, up 0.44%. The mainstream market prices of polyester bottle - chips in East China and South China were 5910 yuan/ton (unchanged) and 5950 yuan/ton (up 0.17%) respectively [1]. - **Downstream Products**: The CCFEI price indices of polyester staple fiber, polyester chips, and bottle - grade chips remained unchanged at 6480 yuan/ton, 5870 yuan/ton, and 5910 yuan/ton respectively. The CCFEI price indices of polyester DTY, POY, FDY68D, and FDY150D were 8600 yuan/ton (up 0.58%), 7125 yuan/ton (up 0.35%), 7050 yuan/ton (up 1.44%), and 7050 yuan/ton (up 1.44%) respectively [2]. 2. Spread Changes - **PXN Spread**: On August 11, 2025, it was $267/ton, up 2.23% [1]. - **PX - MX Spread**: It was $145/ton, up 1.99% [1]. - **Near - far Month Spread of PTA**: It was - 18 yuan/ton, a decrease of 6 yuan/ton [1]. - **Basis of PTA**: It was - 11 yuan/ton, an increase of 3 yuan/ton [1]. - **Basis of PX**: It was - 73 yuan/ton, a decrease of 52 yuan/ton [1]. - **Basis of Polyester Bottle - chips in East and South China**: They were - 24 yuan/ton and 16 yuan/ton respectively, decreasing by 36 yuan/ton and 26 yuan/ton [1]. 3. Operating Conditions - **PX Operating Rate**: It remained unchanged at 78.11% [1]. - **PTA Factory Load Rate**: It increased by 2.06 percentage points to 76.56% [1]. - **Polyester Factory Load Rate**: It remained unchanged at 87.09% [1]. - **Bottle - chip Factory Load Rate**: It remained unchanged at 71.93% [1]. - **Jiangsu and Zhejiang Loom Load Rate**: It remained unchanged at 57.83% [1]. 4. Production and Sales Rates - **Polyester Filament Production and Sales Rate**: It increased by 2 percentage points to 43% [1]. - **Polyester Staple Fiber Production and Sales Rate**: It decreased by 6 percentage points to 51% [1]. - **Polyester Chip Production and Sales Rate**: It increased by 8 percentage points to 97% [1]. 5. Device Information - A 2.5 - million - ton PTA device of Dongying United was shut down for maintenance on June 28 and restarted on August 10 [2]. 6. Important News - The supply - demand situation of international crude oil is weak, with high crude oil production in Brazil and Iran. The meeting between Trump and Putin on August 15 will affect oil prices. With the expected progress, geopolitical risks have declined, putting pressure on oil prices. Multiple reforming devices have been put into operation recently, and some PX devices have restarted one after another, leading to a recovery in PX supply [2].