Report Industry Investment Rating - Not provided in the content Core Viewpoints - The pricing logic is still cost - driven. It is expected that PX, PTA, and PR will operate weakly (PX view score: - 1, PTA view score: - 1, PR view score: - 1) [2] - The terminal demand is still weakly recovering, but the downstream bullish expectation is rising. The polyester inventory is shifting downward, and the PTA will move in a volatile manner with cost as the dominant factor [2] Summary by Related Catalogs Price Information - **Crude Oil**: On August 27, 2025, the futures settlement price (continuous) of WTI crude oil was $64.15 per barrel, up 1.42% from the previous value; that of Brent crude oil was $68.05 per barrel, up 1.23% [1] - **Upstream Products**: The spot price (mid - price) of naphtha: CFR Japan on August 27, 2025, was $590.38 per ton, down 1.60%. The spot price (mid - price) of xylene (isomeric grade): FOB South Korea on August 26, 2025, was $694.50 per ton, up 0.58% [1] - **PX**: The spot price of p - xylene PX: CFR China's main port on August 27, 2025, was $854 per ton, down 1.16%. The CZCE PX main contract closing price was 6940 yuan per ton, down 0.77% [1] - **PTA**: The CZCE TA main contract closing price on August 27, 2025, was 4824 yuan per ton, down 0.94%. The spot price of PTA in the domestic market was 4877 yuan per ton, up 0.06% [1] - **PR**: The CZCE PR main contract closing price on August 27, 2025, was 5994 yuan per ton, down 0.66%. The market price (mainstream price) of polyester bottle chips in the East China market was 5920 yuan per ton, down 0.50% [1] - **Downstream Products**: The CCFEI price index of polyester staple fiber on August 27, 2025, was 6580 yuan per ton, down 0.08%. The CCFEI price index of polyester chips was 5930 yuan per ton, down 0.50% [2] Spread Information - The PXN spread on August 27, 2025, was $263.63 per ton, down 0.14%. The PX - MX spread was $159.50 per ton, down 8.07% [1] - The basis of PTA on August 27, 2025, was 13 yuan per ton, up 18 yuan from the previous value. The basis of PX was - 97 yuan per ton, up 54 yuan [1] - The basis of PR in the East China market on August 27, 2025, was - 74 yuan per ton, up 10 yuan. The basis in the South China market was - 4 yuan per ton, up 10 yuan [1] Operating Rate and Sales - to - Production Ratio - The operating rate of the polyester industry chain: PX on August 27, 2025, was 80.38%, unchanged. The PTA industry chain load rate of PTA factories was 72.16%, unchanged [1] - The sales - to - production ratio of polyester filament on August 27, 2025, was 40.00%, down 10.15 percentage points. The sales - to - production ratio of polyester staple fiber was 39.12%, down 1.90 percentage points [1] 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 August 23, and the restart time is to be determined [2] Important Information - After the US imposed a 50% tax rate on India, the market was bearish on crude oil demand. The API inventory data showed that US crude oil stocks increased more than expected, and the lower - than - expected demand pressured oil prices to give back previous gains [2] - The domestic device changes were small, mainly with an increase in load fluctuations. Overseas, the load increase was relatively obvious, mainly due to the restart of Rabigh and Thai Petroleum devices [2] - The current PX inventory is at a historical low, so the bottom support is relatively stable. Whether the PX profit can continue to rise depends on whether there are more unexpected factors [2]