Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - For PTA, with some near - end TA device maintenance,开工 decreasing, polyester load dropping, and inventory accumulating, the basis is weak but the spot processing fee improves slightly. PX has a good pattern, and opportunities for long - short spreads and expanding processing fees should be noted [3]. - For MEG, short - term inventory accumulation is expected to continue, but the supply may decrease due to low profitability. In the long term, the overall pattern may weaken due to new device launches and warehouse receipt pressure [3]. - For polyester staple fiber, although the performance of the yarn end is not significantly improved, the high export growth of staple fiber results in no obvious inventory accumulation. Opportunities for expanding processing fees and the situation of warehouse receipts should be noted [3]. - For natural rubber, with stable national explicit inventory and rainfall affecting rubber tapping in Thailand, the strategy is to wait and see [6]. 3. Summary by Product PTA - **Price and Margin Changes**: From November 13 - 19, 2025, the price of crude oil decreased by 1.4, PTA internal - market spot price increased by 30, and polyester margin decreased by 15. The PTA balance load and PTA load remained unchanged at 77.5 and 75.7 respectively, and the warehouse receipt + effective forecast increased by 2604 [3]. - **Device Changes**: Yisheng Ningbo's 2.2 million - ton device was under maintenance [3]. - **Outlook**: TA will maintain a high - maintenance state, and with no obvious pressure from downstream products and the revocation of BIS certification by India, the inventory accumulation slope is not high. There are limited new investments in the far - month, and PX has a good pattern [3]. MEG - **Price and Margin Changes**: From November 13 - 19, 2025, the MEG external - market price decreased by 4, the MEG internal - market price decreased by 33, and the MEG coal - making profit decreased by 33. The MEG total load and coal - made MEG load remained unchanged at 71.6 and 68.0 respectively, and the MEG port inventory remained at 73.2 [3]. - **Device Changes**: Hongsifang's 300,000 - ton device, Huayi's 200,000 - ton device were under maintenance, and Zhenhai's 800,000 - ton device restarted [3]. - **Outlook**: Short - term inventory accumulation is expected to continue, but the supply may decrease due to low profitability. In the long term, the overall pattern may weaken due to new device launches and warehouse receipt pressure [3]. Polyester Staple Fiber - **Price and Margin Changes**: From November 13 - 19, 2025, the price of 1.4D cotton - type staple fiber increased by 20, and the short - fiber profit increased by 6 while the pure - polyester yarn profit decreased by 20 [3]. - **Device Status**: Near - end devices ran smoothly, and the operating rate was maintained at 97.5%. The production and sales were weak, and the inventory increased month - on - month [3]. - **Outlook**: Although the performance of the yarn end is not significantly improved, the high export growth of staple fiber results in no obvious inventory accumulation. There are relatively limited new capacity investments in the short term [3]. Natural Rubber - **Price Changes**: From November 13 - 19, 2025, the price of RU main contract increased by 145, and the price of NR main contract increased by 135. The weekly changes of the mixed - RU main contract, US - dollar Thai standard - NR main contract, etc. also showed certain fluctuations [6]. - **Main Contradictions**: The national explicit inventory is stable, and the absolute level is not high. The price of Thai cup - lump rubber is stable, and rainfall affects rubber tapping [6]. - **Strategy**: Wait and see [6]. Styrene - **Price Changes**: From November 13 - 19, 2025, the price of styrene (CFR China) increased by 8, and the price of styrene (Jiangsu) increased by 60. The price of PS (East China transparent benzene) increased by 50, while the price of ABS (0215A) decreased by 50 [10]. - **Margin Changes**: The domestic profit of styrene decreased by 85, and the domestic profit of EPS decreased by 34 [10].

研究中心能化团队 2025/11/18 P T A 日期 原油 石脑油日 本 PX CFR 台湾 PTA内盘现 货 POY 1 50D/4 8F 石脑油裂 解价差 PX加工差 PTA加 工差 聚酯毛利 PTA平衡 负荷 PTA负 荷 仓单+有 效预报 TA基差 产销 2025/11/ 11 65.2 577 821 4600 6600 99.13 244.0 155 183 78.3 75.7 111732 -78 0.65 2025/11/ 12 62.7 584 825 4590 6580 124.34 241.0 127 179 78.3 75.7 113382 -78 0.35 2025/11/ 13 63.0 569 826 4565 6570 107.14 257.0 106 197 78.3 75.7 113382 -77 0.40 2025/11/ 14 64.4 577 832 4635 6570 105.02 255.0 142 124 77.5 75.7 114594 -77 0.70 2025/11/ 17 64.2 571 831 4615 6590 105.02 260.0 122 ...

Report on Aromatic Hydrocarbons and Rubber 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Report's Core View - **PTA**: Near - term TA partial device load reduction,开工 slightly decreased, polyester load increased, inventory slightly accumulated, basis strengthened, and spot processing fee slightly repaired. With PX domestic start - up rising and overseas maintenance implemented, PXN widened, disproportionation benefit weakened, and the aromatics price difference between the US and Asia shrank. In the future, TA's low processing fee has lasted for a long time, and the improvement of terminal data supports the continuation of polyester start - up. Pay attention to additional maintenance, and the processing fee center may gradually repair due to limited far - month production[10]. - **MEG**: Near - term domestic oil - based restart, load increased, overseas partial device restarted, port inventory decreased at the beginning of the week, and the arrival forecast increased during the week, basis weakened, and coal - based benefit and ratio decreased. In the long - term, due to high existing start - up and new device production, it will enter a continuous inventory accumulation stage, with a bearish long - term pattern. However, after the weakening of coal - based benefit and ratio, there may be partial negative feedback on the supply side, and attention should be paid to coal - based cost support[10]. - **Polyester Staple Fiber**: Near - term Fujian Shanli restarted, start - up increased to 96.8%, sales decreased, and inventory remained stable. On the demand side, the start - up of polyester yarn remained stable, raw material inventory and finished product inventory increased, and the benefit weakened slightly. In the future, the benefit and start - up of polyester yarn have not improved significantly. The export of staple fiber maintains high growth, the start - up remains high due to good spot benefits, the overall inventory pressure is limited, and the disk processing fee is not high. Pay attention to the opportunity of expanding the spread at low prices and the situation of warehouse receipts[10]. - **Natural Rubber & 20 - grade Rubber**: The main contradictions are that the national explicit inventory remains stable at a relatively low level, and the price of Thai cup rubber remains stable while rainfall affects rubber tapping. The strategy is to wait and see[10]. 3. Summary by Related Catalogs PTA - **Price and Index Changes**: From October 30 to November 5, 2025, crude oil decreased by 0.9, naphtha increased by 1, PX CFR Taiwan remained unchanged, PTA inner - market spot decreased by 15, and other related indicators also had corresponding changes. The average daily transaction basis of PTA spot was 2601(-76). The 2.5 - million - ton device of Shandong Weilian reduced its load[10]. MEG - **Price and Index Changes**: From October 30 to November 5, 2025, Northeast Asia ethylene remained unchanged, MEG outer - market price decreased by 2, MEG inner - market price decreased by 28, and other related indicators also changed. The basis of MEG spot was around 01(+72). The 300,000 - ton device of Tongliao restarted[10]. Polyester Staple Fiber - **Price and Index Changes**: From October 30 to November 5, 2025, the price of 1.4D cotton - type staple fiber decreased by 30, and other related prices remained unchanged. The spot price was around 6321, and the market basis was around 12 - 10. Fujian Shanli restarted, and the start - up increased to 96.8%[10]. Natural Rubber & 20 - grade Rubber - **Price and Index Changes**: From October 30 to November 5, 2025, the price of US - dollar Thai standard decreased by 65 on a weekly basis, and other related prices also had corresponding changes. The daily and weekly changes of some indicators such as the price difference between different types of rubber and the processing profit were also given[10]. Styrene - **Price and Index Changes**: From October 30 to November 5, 2025, prices of ethylene, pure benzene, styrene and related products changed. For example, the price of pure benzene (East China) decreased by 70 on a daily basis, and the price of PS (East China transparent benzene) decreased by 50 on a daily basis[3].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, the near - end TA partial device load reduction, start - up slightly decreased, polyester load increased month - on - month, inventory slightly accumulated, basis strengthened month - on - month, and spot processing fee slightly repaired. With the subsequent low processing fee for a long time and better terminal data, the processing fee center may gradually repair [2]. - For MEG, the near - end domestic oil - based restarted, load increased month - on - month, overseas partial devices restarted, port inventory decreased month - on - month at the beginning of next week, but the arrival forecast increased during the week, basis weakened month - on - month, and coal - based benefits and price ratios decreased. In the long - term, it is in a continuous inventory accumulation stage with a bearish pattern, but there may be partial negative feedback on the supply side after the weakening of coal - based benefits and price ratios [2]. - For polyester staple fiber, the near - end Fujian Shanli restarted, start - up increased, production and sales weakened month - on - month, and inventory remained stable. With the overall inapparent improvement in the benefits and start - up of the polyester yarn end, high export growth of staple fiber itself, and high start - up due to good spot benefits, the overall inventory pressure is limited, and attention should be paid to the opportunity of expanding the spread and the situation of warehouse receipts [2]. - For natural rubber and 20 - number rubber, the national explicit inventory remained stable at a relatively low absolute level, and the Thai cup - lump rubber price remained stable with rainfall affecting tapping. The strategy is to wait and see [2]. Summary by Commodity PTA - Price data: From October 29 to November 4, 2025, crude oil decreased from $64.9 to $64.4, PTA internal - market spot decreased from 4535 to 4520, and polyester POY 150D/48F increased from 6415 to 6515. The PTA processing fee increased from 119 to 94, and polyester gross profit increased from - 3 to 160 [2]. - Device change: Shandong Weilian's 2.5 - million - ton device reduced load [2]. MEG - Price data: From October 29 to November 4, 2025, Northeast Asian ethylene remained at 740, MEG external - market price decreased from 490 to 471, and MEG internal - market price decreased from 4152 to 4002. MEG coal - based profit decreased from - 171 to - 286 [2]. - Device change: Tongliao's 300,000 - ton device restarted [2]. Polyester Staple Fiber - Price data: From October 29 to November 4, 2025, the price of 1.4D cotton - type staple fiber decreased from 6440 to 6395, and short - fiber profit decreased from 154 to 132 [2]. - Device change: Fujian Shanli restarted, and the start - up increased to 96.8% [2]. Natural Rubber & 20 - Number Rubber - Price data: From October 29 to November 4, 2025, the US - dollar Thai standard spot decreased from 1865 to 1800, and the Shanghai whole - latex decreased from 14925 to 14175 [2]. - Key indicators: The national explicit inventory remained stable, and the Thai cup - lump rubber price remained stable with rainfall affecting tapping [2]. Styrene - Price data: From October 29 to November 4, 2025, ethylene (CFR Northeast Asia) remained at 740, pure benzene (CFR China) remained at 681, and styrene (CFR China) decreased from 800 to 780. EPS domestic profit increased from 275 to 395 [5].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Report Core Views - For PTA, near - term partial device load reduction leads to a slight decline in TA开工, while polyester load rises, inventory accumulates slightly, and the basis strengthens. PX domestic operation recovers, overseas maintenance occurs, and PXN expands. TA's low processing fees have persisted for a long time, and with better terminal data, the processing fee center may gradually recover [2]. - For MEG, domestic oil - based restart causes the load to rise, overseas devices restart, and port inventory decreases at the beginning of the week but is expected to rise later. The long - term pattern is bearish, but there may be negative feedback on the supply side, and attention should be paid to coal - based cost support [3]. - For polyester staple fiber, the restart of Fujian Shanli increases the start - up rate, sales decline, and inventory remains stable. The overall inventory pressure is limited, and attention should be paid to opportunities to expand spreads and warehouse receipt situations [3]. - For natural rubber and 20 - number rubber, the national explicit inventory is stable, the price of Thai cup rubber is stable, and the rain affects tapping. The recommended strategy is to wait and see [3]. 3. Summary by Related Catalogs PTA - **Data Changes**: From Oct 28 to Nov 03, crude oil changed by - 0.2, PTA spot price increased by 25, and polyester price increased by 100. The inventory increased by 5802, and the basis remained unchanged. PTA spot average daily transaction basis is 2601(-73), and Shandong Weilian's 2.5 million - ton device reduced its load [2]. - **Outlook**: TA low processing fees have lasted long, and terminal data improvement supports polyester start - up. With limited far - month production, the processing fee center may recover [2]. MEG - **Data Changes**: From Oct 28 to Nov 03, Northeast Asia ethylene remained unchanged, MEG prices decreased, and MEG coal - based profit decreased by 38. The Tongliao 300,000 - ton device restarted [3]. - **Outlook**: The EG inventory is in a continuous accumulation stage, and the long - term pattern is bearish. But there may be negative feedback on the supply side after the decline of coal - based benefits, and attention should be paid to coal - based cost support [3]. Polyester Staple Fiber - **Data Changes**: From Oct 28 to Nov 03, the price of 1.4D cotton - type staple fiber decreased by 15, and short - fiber profit decreased by 24. The start - up rate of Fujian Shanli increased to 96.8% [3]. - **Outlook**: The overall inventory pressure is limited, the disk processing fee is not high, and attention should be paid to opportunities to expand spreads and warehouse receipt situations [3]. Natural Rubber & 20 - number Rubber - **Data Changes**: From Oct 28 to Nov 03, the price of US - dollar Thai standard decreased by 45, and the price of Shanghai full - latex decreased by 285. The national explicit inventory is stable, and the price of Thai cup rubber is stable [3]. - **Outlook**: The recommended strategy is to wait and see due to stable inventory and rain - affected tapping [3]. Styrene - **Data Changes**: From Oct 28 to Nov 03, ethylene remained unchanged, pure benzene in East China increased by 70, and styrene CFR China decreased by 5. EPS domestic profit increased by 30, and PS domestic profit increased by 29 [6].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the reports. 2. Core Viewpoints - PTA: TA low processing fee has persisted for a long time, and the improving terminal data support the continuation of polyester operation. Pay attention to additional maintenance, and the processing fee center may gradually recover as far - month production is limited [2]. - MEG: EG is in a continuous inventory accumulation phase with a long - term bearish pattern, but there may be some negative feedback on the supply side after the weakening of coal - based efficiency and ratio. Focus on coal - based cost support [8]. - Polyester Staple Fiber: The overall efficiency and operation of the polyester yarn end have not improved significantly. Staple fiber exports remain highly increased. With acceptable spot efficiency, high operation is maintained, and the overall inventory pressure is limited. Pay attention to opportunities to expand spreads at low prices and warehouse receipt situations [8]. - Natural Rubber & 20 - number Rubber: The national explicit inventory is stable at a relatively low level, and the price of Thai cup rubber is stable with rainfall affecting tapping. The strategy is to wait and see [8]. - Styrene: No clear long - term view is provided in the given data. 3. Summary by Product PTA - **Price and Margin Changes**: From 2025/10/27 to 2025/10/31, crude oil increased by 0.1 to 65.1, PTA internal spot decreased by 25 to 4510, and PTA processing margin changed from 49 to 115. The average daily trading basis of PTA spot was 2601(-70) [1][9]. - **Device Changes**: Dushan Energy's 3 million - ton device was put into production, and some proximal TA devices reduced load with a slight decline in operation [1][2]. MEG - **Price and Margin Changes**: From 2025/10/27 to 2025/10/31, Northeast Asian ethylene decreased by 25 to 740, MEG internal price decreased by 41 to 4106, and MEG coal - based profit decreased by 5.8 to - 182. The basis was around 01(+76) [8]. - **Device Changes**: Fulian's 400,000 - ton device restarted. Proximal domestic oil - based devices restarted, and some overseas devices restarted [8]. Polyester Staple Fiber - **Price and Margin Changes**: Daily changes from 2025/10/27 to 2025/10/31 included a - 25 change in 1.4D cotton - type price, a 60 increase in low - melting - point staple fiber price, and a 10 profit increase. The spot price was around 6336, and the market basis was around 12 - 20 [8]. - **Device and Operation Changes**: Fujian Shanli restarted, with operation increasing to 96.8%, sales - to - production ratio weakened, and inventory remained stable. Polyester yarn operation was stable, with increased raw material inventory and finished - product inventory and slightly weakened efficiency [8]. Natural Rubber & 20 - number Rubber - **Price Changes**: Daily changes on 2025/10/31 included a - 50 change in Shanghai full - latex price, a - 315 change in RU main contract price, and a - 295 change in NR main contract price. - **Strategy**: Due to stable national explicit inventory and stable Thai cup rubber price affected by rainfall, the strategy is to wait and see [8]. Styrene - **Price Changes**: From 2025/10/27 to 2025/10/31, ethylene (CFR Northeast Asia) remained at 750 on 2025/10/31, and benzene - ethylene (CFR China) increased by 5 to 795 [8].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - **PTA**: The low processing fee for TA has persisted for a long time, and the improvement in terminal data supports the continuation of polyester operation. With limited new capacity coming online in the far - month, the processing fee center may gradually recover [3]. - **MEG**: EG has entered a continuous inventory accumulation phase due to high existing capacity and new plant commissioning. However, there may be some negative feedback on the supply side after the weakening of coal - based efficiency and price ratio. Attention should be paid to the opportunity of selling put options near the coal - based cost [9]. - **Polyester Staple Fiber**: The operation of staple fiber plants is stable, and inventory is decreasing. Given the limited overall inventory pressure, low processing fees on the futures market, high export volume, and good spot efficiency, attention should be paid to the opportunity of expanding spreads on dips and the situation of warehouse receipts [9]. - **Natural Rubber & 20 - grade Rubber**: The national explicit inventory is stable at a relatively low level, and the price of Thai cup lump rubber is stable. The current strategy is to wait and see [9]. 3. Summary by Product PTA - **Price and Index Changes**: From October 24 to October 30, 2025, the price of crude oil increased by $0.1, PTA spot price increased by 85 yuan/ton, PX processing margin increased by $3/ton, and PTA processing margin increased by 87 yuan/ton. The number of warehouse receipts and valid forecasts increased by 6,246, and the basis increased by 6 yuan/ton [2]. - **Device Changes**: Dushan Energy's 3 - million - ton plant started production. Near - term, some TA plants restarted, and the operating rate continued to rise [3]. MEG - **Price and Index Changes**: From October 24 to October 30, 2025, the MEG outer - market price decreased by $1/ton, the inner - market price decreased by 40 yuan/ton, and the coal - based profit decreased by $5/ton [9]. - **Device Changes**: Fujian Refining's 400,000 - ton plant restarted. Near - term, domestic oil - based plants had planned maintenance and some unexpected situations, resulting in a decline in the operating rate [9]. Polyester Staple Fiber - **Price and Index Changes**: From October 24 to October 30, 2025, the price of 1.4D cotton - type staple fiber increased by 30 yuan/ton, and the profit of staple fiber decreased by 8 yuan/ton [9]. - **Device and Operation Changes**: The operating rate of staple fiber plants remained at 94%, and the operating rate of recycled cotton - type plants remained at 51%. The sales - to - production ratio improved, and inventory continued to decrease [9]. Natural Rubber & 20 - grade Rubber - **Price and Index Changes**: From October 24 to October 30, 2025, the price of US - dollar - denominated Thai standard rubber decreased by $20/ton, the price of Shanghai full - latex decreased by 225 yuan/ton, and the price of RU main contract decreased by 225 yuan/ton [9]. - **Related Index Changes**: The difference between mixed rubber and RU main contract increased by 145 yuan/ton, and the difference between US - dollar - denominated Thai standard rubber and NR main contract remained unchanged [9]. Styrene - **Price and Index Changes**: From October 24 to October 30, 2025, the price of ethylene remained unchanged, the price of pure benzene decreased by $14/ton, and the price of styrene decreased by $10/ton. The domestic profit of styrene increased by 108 yuan/ton, and the domestic profit of EPS increased by 80 yuan/ton [12].

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, the current situation has persisted for a long time, and the improvement in terminal data on a month - on - month basis supports the continuation of polyester operation. Attention should be paid to additional maintenance. With limited new capacity coming online in the far - month, the processing fee center may gradually recover [3] - For MEG, the domestic oil - based maintenance has been implemented in the near - term with some unexpected events, leading to a decline in the load on a month - on - month basis. Overseas operations are stable, and port inventories will continue to accumulate slightly at the beginning of next week. The arrival forecast for the week has declined, and the basis has strengthened on a month - on - month basis. The profitability and price ratio of coal - based MEG have rebounded. In the future, with the high - level operation of existing EG capacity and new capacity coming online, it will enter a continuous inventory accumulation stage. However, after the weakening of coal - based profitability and price ratio, there may be some negative feedback on the supply side. Considering the recent strengthening of coal prices, attention should be paid to the opportunity of selling put options near the coal - based cost [8] - For polyester staple fiber, the near - term device operation is stable, with the operation rate maintained at 94.3%. The production and sales have improved on a month - on - month basis, and the inventory has continued to decline. On the demand side, the operation rate of polyester yarn has remained stable, raw material inventory has increased, and finished - product inventory has decreased, with a slight weakening in profitability. In the future, the overall profitability and operation rate of polyester yarn have not significantly improved. The export of staple fiber itself has maintained high growth. With the decent spot profitability, the high operation rate will be maintained, and the overall inventory pressure is limited. The processing fee on the futures market is not high. Attention should be paid to the opportunity of expanding the spread at low prices and the situation of warehouse receipts [8] - For natural rubber and 20 - grade rubber, the main contradictions are that the national explicit inventory is stable at a relatively low absolute level, and the price of Thai cup lump rubber is stable while rainfall affects rubber tapping. The strategy is to wait and see [8] Summary by Related Catalogs PTA - **Price and Index Changes**: From October 22 to October 28, 2025, the price of crude oil decreased by 1.2, naphtha decreased by 9, PX CFR Taiwan decreased by 10, PTA domestic spot price increased by 30, and POY 150D/48F increased by 15. The naphtha cracking spread decreased by 0.06, PX processing margin decreased by 1, PTA processing margin remained unchanged, and polyester gross profit decreased by 5. The PTA balance load and PTA load remained unchanged, the number of warehouse receipts + valid forecasts increased by 4104, the TA basis increased by 1, and the production - sales ratio decreased by 0.2 [2] - **Device Changes**: Dushan Energy's 3 - million - ton device was put into operation [2] MEG - **Price and Index Changes**: From October 22 to October 28, 2025, the price of Northeast Asian ethylene remained unchanged, MEG outer - market price decreased by 1, MEG inner - market price decreased by 16, MEG East China price decreased by 16, and MEG far - month price decreased by 15. The coal - based MEG profit decreased by 16, the MEG inner - market cash flow (ethylene) remained unchanged, the total MEG load, coal - based MEG load, MEG port inventory, and non - coal - based load remained unchanged [8] - **Device Changes**: Fujian Refining's 400,000 - ton device was under maintenance [8] Polyester Staple Fiber - **Price and Index Changes**: From October 22 to October 28, 2025, the price of 1.4D cotton - type staple fiber increased by 40, the price of low - melting - point staple fiber remained unchanged, the price of virgin hollow staple fiber increased by 40, and the prices of other products remained unchanged. The profit of virgin staple fiber increased by 20, the profit of pure polyester yarn decreased by 20, the price difference between cotton and polyester staple fiber decreased by 80, and the price difference between viscose and polyester staple fiber decreased by 40 [8] - **Device and Market Information**: The near - term device operation is stable, with the operation rate maintained at 94.3%. The production and sales have improved on a month - on - month basis, and the inventory has continued to decline. The spot price is around 6381, and the market basis is around - 30 for December [8] Natural Rubber and 20 - grade Rubber - **Price and Index Changes**: From October 22 to October 28, 2025, the price of US - dollar - denominated Thai standard rubber decreased by 15, the price of US - dollar - denominated Thai mixed rubber remained unchanged, the price of RMB - denominated mixed rubber decreased by 50, and the prices of other products had corresponding changes. The daily change in the price difference between mixed rubber and RU main contract was - 30, the price difference between US - dollar - denominated Thai standard rubber and NR main contract remained unchanged, and other price differences also had corresponding changes [8] - **Market Situation**: The national explicit inventory is stable at a relatively low absolute level, and the price of Thai cup lump rubber is stable while rainfall affects rubber tapping [8] Styrene - **Price and Index Changes**: From October 22 to October 28, 2025, the price of ethylene (CFR Northeast Asia) remained unchanged, the price of pure benzene (CFR China) remained unchanged, the price of pure benzene (East China) decreased by 65, and the prices of other products had corresponding changes. The daily change in the price of PS (East China transparent benzene) remained unchanged, the price of ABS (0215A) remained unchanged, the Asian price difference between pure benzene and naphtha remained unchanged, the domestic profit of styrene remained unchanged, the domestic profit of EPS decreased by 30, the domestic profit of PS increased by 69, and the domestic profit of ABS remained unchanged [11]

Report Industry Investment Rating - Not provided Core View of the Report - For PTA, as polyester shows no unexpected performance, TA will gradually enter the inventory accumulation phase, but the low processing fee has persisted for a long time, so additional maintenance situations should be monitored, and the processing fee center may gradually recover as there is limited new production in the far - month [2]. - For MEG, it will enter a continuous inventory accumulation phase due to high existing capacity utilization and new device production, but there may be negative feedback on the supply side after the weakening of coal - based efficiency and price ratio, and attention should be paid to the selling put opportunities near the coal - based cost [2]. - For polyester staple fiber, the overall inventory pressure is limited as the finished - product inventory and operation rate of polyester yarn have not increased significantly, staple fiber exports remain highly growing, and the spot efficiency is acceptable, so attention should be paid to the warehouse receipt situation [2]. - For natural rubber and 20 - number rubber, with the stable national explicit inventory at a relatively low level and the stable price of Thai cup - lump rubber affected by rainfall, the strategy is to wait and see [2]. Summary by Product PTA - **Price and Data Changes**: From October 14 to 20, crude oil decreased by 0.3, PTA inner - market spot price dropped by 25, and polyester gross profit decreased by 49. The PTA balance load and PTA load remained unchanged, while the warehouse receipt + valid forecast increased by 2,946, and the sales - to - production ratio increased by 0.05 [2]. - **Market Situation**: Near - end TA partial device load increased, polyester load remained stable, inventory slightly accumulated, basis weakened, and spot processing fee stayed low. PX domestic operation rate declined, overseas partial maintenance took place, PXN widened, and the aromatics price difference between the US and Asia widened [2]. MEG - **Price and Data Changes**: From October 14 to 20, MEG outer - market price decreased by 1, MEG inner - market price dropped by 15, and MEG coal - based profit decreased by 15. The MEG total load, coal - based MEG load, and non - coal - based load remained unchanged, and the port inventory remained at 57.9 [2]. - **Market Situation**: Near - end domestic maintenance and restart coexisted, load slightly increased, overseas maintenance took place, port inventory slightly accumulated, basis remained stable, and coal - based efficiency and price ratio further shrank [2]. Polyester Staple Fiber - **Price and Data Changes**: From October 14 to 20, the price of 1.4D cotton - type staple fiber decreased by 15, and the short - fiber profit increased by 11. The pure - polyester yarn profit increased by 15, and the difference between cotton and polyester staple fiber increased by 60 [2]. - **Market Situation**: Near - end device operation was stable, operation rate maintained at 94.3%, sales - to - production ratio improved, and inventory slightly decreased. The operation rate of polyester yarn slightly increased, and both raw material and finished - product inventory decreased [2]. Natural Rubber and 20 - Number Rubber - **Price and Data Changes**: From October 14 to 20, the price of US - dollar Thai standard rubber increased by 20, the price of RMB mixed rubber increased by 70, and the price of Shanghai whole - latex increased by 70. The difference between mixed rubber and RU main contract increased by 200, and the difference between US - dollar Thai standard rubber and NR main contract remained unchanged [2]. - **Market Situation**: The national explicit inventory was stable at a relatively low level, and the price of Thai cup - lump rubber was stable due to rainfall [2]. Styrene - **Price and Data Changes**: From October 14 to 20, the price of pure benzene (East China) decreased by 80, the price of hydrogenated benzene (Shandong) dropped by 130, and the price of styrene (Jiangsu) decreased by 65. The domestic profit of EPS increased by 115, and the domestic profit of PS increased by 64 [6]. - **Market Situation**: Not provided in the report.

Group 1: PTA - The price of PTA spot decreased from 4440 on October 13, 2025, to 4340 on October 17, 2025, with a change of -15. The average daily trading basis was 2601(-85). Yisheng New Materials increased the load of its 3.6 million - ton PTA plant. Near - term, some PTA plants increased their loads, and the start - up rate increased slightly. The polyester load remained stable, inventory slightly accumulated, the basis weakened, and the spot processing fee remained low. PX domestic start - up rate declined, some overseas maintenance was implemented, PXN widened, disproportionation and isomerization benefits were stable, and the US - Asia aromatics price difference widened. In the future, polyester has no unexpected performance, TA will gradually enter the inventory accumulation stage, but the current low processing fee has lasted for a long time. Pay attention to additional maintenance. With limited far - month production capacity expansion, the processing fee center may gradually recover [2]. Group 2: MEG - The price of MEG domestic market decreased from 4171 on October 13, 2025, to 4115 on October 17, 2025. Shell's 400,000 - ton MEG plant was under maintenance. Near - term, domestic MEG plants had a mix of maintenance restarts, and the load still increased slightly. Overseas maintenance was implemented, arrivals were stable but shipments were weak. Port inventory continued to accumulate slightly at the beginning of next week, the basis was stable, and coal - based MEG profits and price ratios further shrank. In the future, EG's existing start - up rate has returned to a relatively high level, and with the commissioning of new plants, it will enter a continuous inventory accumulation stage. However, after the weakening of coal - based profits and price ratios, there may be some negative feedback on the supply side. Also, the coal price has strengthened recently. Pay attention to the selling put options near the coal - based cost [2]. Group 3: Polyester Staple Fiber - The price of 1.4D cotton - type polyester staple fiber decreased from 6410 on October 13, 2025, to 6370 on October 17, 2025. The spot price was around 6301, and the market basis was around 11 + 40. Near - term, the plant operation was stable, the start - up rate remained at 94.3%, sales improved month - on - month, and inventory decreased slightly. On the demand side, the start - up rate of polyester yarn increased slightly, both raw material and finished product inventories decreased, and the efficiency improved slightly. In the future, the start - up rate and finished product inventory of polyester yarn have not increased significantly overall. The export of staple fiber itself has maintained high growth. With acceptable spot efficiency, the high start - up rate will be maintained, and the overall inventory pressure is limited. The processing fee on the futures market is not high. Pay attention to the situation of warehouse receipts [2]. Group 4: Natural Rubber & 20 - grade Rubber - The price of US - dollar - denominated Thai standard rubber decreased from 1805 on October 13, 2025, to 1815 on October 17, 2025. The main contradiction is that the national explicit inventory remains stable at a relatively low absolute level, and the price of Thai cup lump rubber remains stable, while rainfall affects rubber tapping. The strategy is to wait and see [2]. Group 5: Styrene - The price of styrene in the domestic market decreased from 6705 on October 13, 2025, to 6495 on October 17, 2025. The price of ethylene (CFR Northeast Asia) remained stable at 785 during this period. The domestic profit of styrene remained at - 453 [2][7].