Core Views - The meeting of the Political Bureau on July 30 emphasized maintaining policy continuity and stability while enhancing flexibility and foresight, aligning with investor expectations [2][3] - Key areas of focus include expanding domestic demand, prioritizing service consumption, and fostering international competitiveness in technology innovation [2][4][5] Focus Area 1: Expanding Domestic Demand - The meeting highlighted the importance of expanding service consumption as a new growth point while ensuring the improvement of people's livelihoods [4] - Policies may increasingly focus on stimulating service consumption, with potential measures including issuing consumption vouchers and upgrading cultural tourism [4] Focus Area 2: Technology Innovation - Technology innovation remains a focal point, with a shift from specific sectors to nurturing emerging industries with international competitiveness, particularly in the domestic computing power chain [5] - The "anti-involution" narrative has been refined to emphasize lawful governance of chaotic competition and capacity management in key industries [5] Focus Area 3: Capital Market Policies - The meeting stressed enhancing the attractiveness and inclusiveness of the domestic capital market, aiming to support enterprises at different development stages [6] - There was no separate discussion on real estate policies, indicating that future policy directions need further observation [6]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Pure benzene and styrene markets are in a consolidation phase, with limited room for further increase in BZ processing fees and relatively weaker fundamentals for styrene compared to pure benzene [3] - Suggests a wait - and - see approach for both pure benzene and styrene in the single - side trading, and provides strategies for basis, inter - period, and cross - variety trading [4] Summary by Directory I. Pure Benzene and EB's Basis Structure, Inter - period Spread - Analyzes various data on pure benzene's basis and inter - period spread, such as pure benzene's main basis, spot - M2 paper cargo spread, and the spread between the first - and third - continuous contracts [8][12] - Also looks at EB's basis and inter - period spread, including EB's main contract basis and the spread between the first - and third - continuous contracts [15][16] II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Covers production profit data of pure benzene and styrene, like styrene's non - integrated device production profit, and internal - external spreads such as the difference between pure benzene FOB US Gulf and FOB South Korea, and the import profit of pure benzene and styrene [20][23][32] III. Inventory and Operating Rates of Pure Benzene and Styrene - Presents inventory data of pure benzene and styrene, including pure benzene's East China port inventory and styrene's East China port, commercial, and factory inventories [38][40][43] - Also shows the operating rates of pure benzene and styrene [38][40] IV. Operating Rates and Production Profits of Styrene's Downstream - Analyzes the operating rates and production profits of styrene's downstream products, including EPS, PS, and ABS [50][51][56] V. Operating Rates and Production Profits of Pure Benzene's Downstream - Examines the operating rates and production profits of pure benzene's downstream products, such as caprolactam, phenol - ketone, aniline, and adipic acid [62][66][83]

Report Industry Investment Rating - No relevant information provided Core Views - On the futures and spot market, the closing price of the main EG contract was 4,467 yuan/ton (up 31 yuan/ton or 0.70% from the previous trading day), the spot price of EG in the East China market was 4,518 yuan/ton (up 19 yuan/ton or 0.42% from the previous trading day), and the basis of EG East China spot (based on the 2509 contract) was 62 yuan/ton (up 4 yuan/ton month-on-month). On Tuesday, the price of ethylene glycol fluctuated and rose at a low level, with average on-site discussions and a slight increase in the basis [1]. - In terms of production profit, the production profit of ethylene-based EG was -$43/ton (down $9/ton month-on-month), and the production profit of coal-based syngas EG was 84 yuan/ton (down 83 yuan/ton month-on-month) [1]. - Regarding inventory, according to data released by CCF every Monday, the inventory of MEG at the main ports in East China was 521,000 tons (down 12,000 tons month-on-month); according to data released by Longzhong every Thursday, the inventory of MEG at the main ports in East China was 475,000 tons (down 19,000 tons month-on-month). The actual arrival volume at the main ports last week was 108,000 tons, lower than the planned value, and the weekly port inventory decreased slightly. The planned arrival volume at the main ports in East China this week is 156,000 tons, with concentrated arrivals. Attention should be paid to the actual arrivals [1]. - In terms of the overall fundamental supply-demand logic, on the supply side, domestically, the load of ethylene glycol syngas production has returned to a high level and can be further increased under favorable conditions. Some EO-EG co-production plants in non-coal areas have plans to switch from EO to EG, and the overall load is moderately high. Overseas, the Sharq series of plants in Saudi Arabia have restarted, and in an ideal state, the supply of ocean freight will gradually return to normal, with an expected increase in imports. On the demand side, due to the price increase effect, the terminal has replenished inventory intensively, and the inventory pressure of filament has been greatly relieved. It is expected that the polyester load will remain strong in the short term. Attention should be paid to the order connection in August. Overall, there will be concentrated arrivals of foreign vessels in late July, and there is pressure on the fundamentals to weaken in August under high supply [2]. - For the strategy, the unilateral strategy is neutral. Attention should be paid to changes in macro sentiment, especially the changes in the Sino-US tariff policy negotiation from July 27th to July 30th and the Federal Reserve's interest rate meeting. There are no cross-period or cross-variety strategies [3]. Summary by Directory Price and Basis - The closing price of the main EG contract was 4,467 yuan/ton (up 31 yuan/ton or 0.70% from the previous trading day), the spot price of EG in the East China market was 4,518 yuan/ton (up 19 yuan/ton or 0.42% from the previous trading day), and the basis of EG East China spot (based on the 2509 contract) was 62 yuan/ton (up 4 yuan/ton month-on-month) [1]. Production Profit and Operating Rate - The production profit of ethylene-based EG was -$43/ton (down $9/ton month-on-month), and the production profit of coal-based syngas EG was 84 yuan/ton (down 83 yuan/ton month-on-month) [1]. International Spread - No specific data or analysis provided in the given text. Downstream Production and Sales and Operating Rate - Due to the price increase effect, the terminal has replenished inventory intensively, and the inventory pressure of filament has been greatly relieved. It is expected that the polyester load will remain strong in the short term. Attention should be paid to the order connection in August [2]. Inventory Data - According to data released by CCF every Monday, the inventory of MEG at the main ports in East China was 521,000 tons (down 12,000 tons month-on-month); according to data released by Longzhong every Thursday, the inventory of MEG at the main ports in East China was 475,000 tons (down 19,000 tons month-on-month). The actual arrival volume at the main ports last week was 108,000 tons, lower than the planned value, and the weekly port inventory decreased slightly. The planned arrival volume at the main ports in East China this week is 156,000 tons, with concentrated arrivals. Attention should be paid to the actual arrivals [1].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - PTA: Yesterday, PTA futures fluctuated weakly following the cost side. The news of a 7.2 million - ton PTA device in East China reducing its load provided some support, narrowing the decline in the futures market. The spot market remained quiet with a weak spot basis. In August, some PTA devices are planned for maintenance, and the supply - demand outlook is expected to improve. Last week, polyester sales volume increased significantly, alleviating the inventory pressure of polyester factories. It is expected that the PTA price will fluctuate following the cost side in the short term, and the basis will fluctuate within a certain range [5]. - MEG: On Tuesday, the ethylene glycol price fluctuated upwards at a low level. The night - session opened lower and adjusted, with weak buying interest. The supply side of ethylene glycol has experienced frequent unexpected events recently, and the supply - demand situation in July - August has shifted to a tight balance, which is significantly better than the previous market expectation. Under the resonance of supply tightening and a good macro - atmosphere, the short - term price center of ethylene glycol is expected to move upwards. Attention should be paid to the resumption progress of overseas devices [7][9]. Summary by Directory 1.前日回顾 (Previous Day's Review) No relevant content provided. 2.每日提示 (Daily Tips) No relevant content provided. 3.今日关注 (Today's Focus) No relevant content provided. 4.基本面数据 (Fundamental Data) - **PTA** - **Supply - demand balance**: The report provides the PTA supply - demand balance table from January 2024 to December 2025, including data on PTA capacity, production, import, export, and inventory [11]. - **Spot price and basis**: The spot price is 4830, and the basis of the 09 contract is - 8, with the futures price higher than the spot price, showing a neutral situation [6]. - **Inventory**: The PTA factory inventory is 3.99 days, a 0.13 - day increase compared to the previous period, which is a bearish factor [6]. - **Market trend**: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is a bullish factor. The net long position of the main contract is decreasing, still showing a bullish tendency [6]. - **MEG** - **Supply - demand balance**: The report provides the ethylene glycol supply - demand balance table from January 2024 to December 2025, including data on production, import, consumption, and port inventory [12]. - **Spot price and basis**: The spot price is 4518, and the basis of the 09 contract is 51, with the spot price higher than the futures price, showing a neutral situation [8]. - **Inventory**: The total inventory in East China is 46.88 tons, a 2.52 - ton decrease compared to the previous period, which is a bullish factor [8]. - **Market trend**: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is a bullish factor. The net short position of the main contract is increasing, showing a bearish tendency [7][8]. - **Influencing factors** - **Bullish factors**: Recently, there have been frequent unexpected events on the ethylene glycol supply side, including the unexpected shutdown of several devices in Saudi Arabia due to power issues (with a total capacity of about 1.7 million tons), the continuous decline in the load of a large - scale ethylene glycol producer in Zhejiang, and the planned maintenance of a 1.25 - million - ton/year cracking device in Lianyungang in August, which may postpone the restart of its 900,000 - ton/year ethylene glycol device [9]. - **Bearish factors**: On the demand side, at the end of the rush - to - export period and during the off - season of domestic demand, the trend of weakening terminal demand is certain [9]. 5.价格 (Prices) The report presents various price - related charts and data, including bottle - chip spot prices, production margins, capacity utilization rates, inventory levels, and price spreads between different contracts and products such as PTA and MEG, as well as the processing spreads of p - xylene [14][17][21]. 6.库存分析 (Inventory Analysis) The report provides inventory data and charts of various products, including PTA factory inventory, MEG port inventory, PET chip factory inventory, and polyester fiber inventory in Jiangsu and Zhejiang weaving mills [40][41][43]. 7.聚酯上游开工 (Polyester Upstream Operation) The report shows the operation rate data and charts of polyester upstream products, including the operation rates of refined terephthalic acid, p - xylene, and ethylene glycol [51][52][54]. 8.聚酯下游开工 (Polyester Downstream Operation) The report presents the operation rate data and charts of polyester downstream products, including the operation rates of polyester factories and Jiangsu and Zhejiang weaving mills in the PTA industry chain [55][56][58]. 9.加工费与利润 (Processing Fees and Profits) - **PTA**: The report shows the PTA processing fee data and chart [59][60]. - **MEG**: The report presents the production margin data and charts of ethylene glycol produced by different methods, such as methanol - based, coal - based syngas, naphtha - integrated, and ethylene - based methods [62][63]. - **Polyester fibers**: The report shows the production margin data and charts of polyester short - fibers and different types of polyester long - fibers (DTY, POY, FDY) [65][67][68].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For copper, the short - term supply is loose due to tariff implementation, while the medium - to - long - term supply is tight. The market is bearish in the short term and bullish in the medium - to - long term [8] - For lithium carbonate, the supply - side looseness will ease, but high inventory restricts upward movement. Caution is needed [9][10] - For crude oil, it is expected to oscillate in the near term. Attention should be paid to OPEC+ production policies in September [11] - For asphalt, it is expected to oscillate recently [13] - For PP, it is expected to oscillate in the near term, and a 09 - 01 reverse spread is recommended [14] - For plastics, it is expected to oscillate recently, and a 09 - 01 reverse spread is recommended [16] - For PVC, it is expected to oscillate downward in the near term, and a 09 - 01 reverse spread is recommended [18] - For coking coal, due to high volatility, cautious operation is advisable [19] - For urea, it is expected to remain weakly oscillating [21] Summary by Related Catalogs Futures Market Overview - As of the close on July 29, most domestic futures contracts declined. Polysilicon rose nearly 4%, while glass dropped over 7%. In stock index futures, most contracts rose, and in treasury bond futures, most contracts declined [4] Capital Flows - As of 15:14 on July 29, rebar 2510, soda ash 2509, and glass 2509 had capital inflows of 1.39 billion, 1.272 billion, and 1.225 billion respectively. Lithium carbonate 2509, CSI 1000 2509, and ferromanganese silicon 2509 had capital outflows of 1.658 billion, 1.36 billion, and 827 million respectively [5] Individual Commodity Analysis Copper - The supply is currently loose due to tariff influence and may tighten in the long run. The market is bearish in the short term and bullish in the medium - to - long term [8] Lithium Carbonate - The price is declining. The supply - side looseness will ease, but high inventory restricts upward movement [9][10] Crude Oil - It is in the seasonal travel peak. OPEC+ will increase production. Prices are expected to oscillate [11] Asphalt - Supply and demand indicators show mixed trends. It is expected to oscillate recently [13] PP - Downstream开工率 is low. Supply and cost factors interact. It is expected to oscillate, and a 09 - 01 reverse spread is recommended [14] Plastics - Downstream开工率 is low. Supply increases. It is expected to oscillate, and a 09 - 01 reverse spread is recommended [16] PVC - Supply is high, demand is weak, and inventory is high. It is expected to oscillate downward, and a 09 - 01 reverse spread is recommended [18] Coking Coal - Supply is stable, and demand is strong. High volatility requires cautious operation [19] Urea - Supply is sufficient, demand is weak, and inventory removal slows. It is expected to remain weakly oscillating [21]

Industry Investment Rating - No information provided Core Viewpoints - No information provided Summary by Relevant Catalog Price Information - The current price of crude oil is $578.50 per ton, with a previous price of $580.50, a decrease of 0.34% [1] - The price of the Northeast Asia ethylene is $821.00 per ton, unchanged from the previous value [1] - The ex - factory price of ethylene oxide in the East China region is $640.00 per ton, unchanged from the previous value [1] - The settlement price of the main contract is $4469.00 per ton, with a previous price of $4529.00, an increase of 1.32% [1] - The market price of ethylene glycol in the East China region is $4580.00 per ton, unchanged from the previous value [1] - The price index of polyester is $8600.00 per ton, unchanged from the previous value; the price of polyester staple fiber is $6600.00 per ton; the price of bottle - grade chips is $6010.00 per ton, with a previous price of $6080.00, a decrease of 1.1% [1] Operating Rate and Load Rate - The operating rate of oil - based ethylene glycol is 58.98%; the operating rate of coal - based ethylene glycol is 94.94% [1] - The load rate of the PTA polyester industry factory is 86.66%, and the load rate of the weaving machine industry in the Jiangsu and Zhejiang PTA chain is 58.63% [1] Other Information - The external - market price of oil - based ethylene glycol is $832.1 per ton; the external - market price of ethylene - based ethylene glycol is $966.1 per ton [1] - The post - tax gross profit of coal - based synthesis gas method is $1594.03 per ton, with a previous value of $1687.46, a decrease of $93.43 [1]

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Views of the Report - The energy and chemical market has been affected by numerous non - fundamental factors recently. As August approaches, fundamentals will become the dominant factor. It is advisable for investors to adopt a light - position hedging strategy. The overall futures prices of energy and chemical products will continue to fluctuate, and basis and inventory can be used as benchmarks for hedging [3]. - For different varieties: - Crude oil: Geopolitical factors support prices, but there is supply pressure. The high refinery operations in China and the US and strong demand provide short - term support. Oil prices will oscillate, and geopolitical risks should be monitored [9]. - Asphalt: Spot prices are falling, and futures prices fluctuate around 3600 yuan/ton. The absolute price of asphalt is overvalued, and the monthly spread is expected to decline [9][10]. - High - sulfur fuel oil: There is significant downward pressure on prices due to increased supply and reduced demand. It will oscillate weakly [10][11]. - Low - sulfur fuel oil: It follows the oscillation of crude oil prices. Although there are negative factors, the current low valuation means it will fluctuate with crude oil [12]. 3. Summary by Relevant Catalogs 3.1 Market Views - **Crude Oil** - Price: Overnight prices rose. - Main logic: The risk of increased US sanctions on Russian oil has increased. There is supply pressure from OPEC +'s production increase, but high refinery operations in China and the US and strong demand provide support. - Outlook: The strong reality of high refinery operations and the weak expectation of supply pressure will balance each other, leading to price oscillation. Geopolitical risks should be watched [9]. - **Asphalt** - Price: The main futures contract closed at 3602 yuan/ton, with spot prices in different regions varying. - Main logic: OPEC +'s production increase will put pressure on the cracking spread. The accumulation of floating storage and supply pressure on raw materials will affect futures prices. Demand is not strong enough for a bull market. - Outlook: The absolute price is overvalued, and the monthly spread is expected to decline [9][10]. - **High - sulfur Fuel Oil** - Price: The main contract closed at 2879 yuan/ton. - Main logic: OPEC +'s possible over - production, falling natural gas prices, and reduced power generation demand will lead to increased supply and decreased demand. - Outlook: It will oscillate weakly [10][11]. - **Low - sulfur Fuel Oil** - Price: The main contract closed at 3588 yuan/ton. - Main logic: It follows crude oil prices. There are negative factors such as reduced shipping demand, but the low valuation means it will fluctuate with crude oil. - Outlook: It will follow the oscillation of crude oil prices [12]. - **PX** - Price: On July 28, CFR China Taiwan was 851 (- 23) dollars/ton. - Main logic: The cooling of commodity sentiment led to price drops, but the increase in crude oil prices at night provided cost support. - Outlook: It will oscillate in the short term [13]. - **PTA** - Price: On July 28, the spot price was 4845 (- 55) yuan/ton. - Main logic: Weak polyester yarn sales, cooling commodity sentiment, but cost support remains. - Outlook: It will oscillate, and attention should be paid to the implementation of major plant maintenance in early August [14]. - **Pure Benzene** - Price: On July 28, the 2603 contract closed at 6241 yuan/ton. - Main logic: The improvement in fundamentals was limited by inventory pressure. - Outlook: The market may enter an oscillation period, and attention should be paid to high - level statements and Fed data [15]. - **Styrene** - Price: On July 28, the East China spot price was 7340 (- 160) yuan/ton. - Main logic: There is a weakening expectation in supply and demand, and inventory is accumulating. - Outlook: It will oscillate, and attention should be paid to commodity sentiment [16][17]. - **Ethylene Glycol (EG)** - Price: On July 28, the DCE main contract 2509 closed at 4436 yuan/ton. - Main logic: The cooling of commodity sentiment and typhoon - induced inventory reduction. However, supply is expected to increase in August and September. - Outlook: Inventory may reach an inflection point [17][18]. - **Short - fiber** - Price: On July 28, the PF2509 contract closed at 6482 yuan/ton. - Main logic: Cooling sentiment and falling upstream raw material prices. Supply - demand drivers are limited. - Outlook: Processing fees will remain stable, and prices will follow raw materials [18][19]. - **Bottle - chip** - Price: On July 28, the East China market price dropped to 6035 yuan/ton. - Main logic: The cooling of "anti - involution" sentiment and falling upstream raw material prices. Supply - demand drivers are limited. - Outlook: Processing fees have support, and prices will follow raw materials [20][21]. - **Methanol** - Price: On July 28, the Taicang spot price was 2385 (- 90) yuan/ton. - Main logic: The cooling of commodity sentiment and the drag from coal prices. There is limited impact from policies, and the upper price limit is restricted by downstream feedback. - Outlook: It will oscillate in the short term [22]. - **Urea** - Price: On July 22, the factory - warehouse and market low prices were 1780 (+ 20) and 1830 (+ 20) yuan/ton respectively. - Main logic: Strong supply and weak demand. Market sentiment temporarily boosts prices, but the fundamental support is limited. - Outlook: It will oscillate, and attention should be paid to the return to fundamentals [22]. - **LLDPE (Plastic)** - Price: On July 28, the spot price was 7300 (- 50) yuan/ton. - Main logic: The cooling of commodity sentiment, supply pressure, and weak demand in the off - season. - Outlook: It will oscillate in the short term [25]. - **PP** - Price: On July 28, the East China PP拉丝 price was 7100 (- 40) yuan/ton. - Main logic: The cooling of macro - level sentiment, supply pressure, and weak demand. - Outlook: It will oscillate in the short term [26][27]. - **PL** - Price: On July 28, the Shandong low - end price was 6170 yuan/ton. - Main logic: The short - term decline in commodity sentiment and the influence of PP and methanol fluctuations. - Outlook: It will oscillate in the short term [27]. - **PVC** - Price: On July 28, the East China calcium - carbide - based PVC price was 5150 (- 90) yuan/ton. - Main logic: The cooling of market sentiment and fundamental pressure, with an expected increase in production and cost. - Outlook: It will oscillate, and attention should be paid to policy details [29]. - **Caustic Soda** - Price: On July 28, the Shandong 32% caustic soda price was 2594 yuan/ton. - Main logic: The cooling of market sentiment, low inventory in Shandong, and cost support. - Outlook: The downward price space is limited, and attention should be paid to policy orientation [29]. 3.2 Variety Data Monitoring - **Energy and Chemical Daily Indicator Monitoring** - **Inter - period Spreads**: Different varieties have different inter - period spread values and changes, such as Brent's M1 - M2 spread being 0.8 with a change of 0.02, and PX having various inter - period spreads with corresponding changes [31]. - **Basis and Warehouse Receipts**: Each variety has its own basis and warehouse receipt data. For example, asphalt's basis is 206 with a change of 41, and the number of warehouse receipts is 82180 [32]. - **Inter - variety Spreads**: There are also specific values and changes for inter - variety spreads, like 1 - month PP - 3MA being - 340 with a change of 185 [33]. - **Chemical Basis and Spread Monitoring** - Although specific content is not fully presented, it is expected to involve detailed monitoring of the basis and spreads of various chemical products such as methanol, urea, etc. [34][46][57]

Commodity Price Information - The current price of crude oil is $580.50 per ton, with a previous value of $576.13, showing an increase of 0.6% [1] - The price of the Northeast Asia ethylene price index remains unchanged at $821.00 per ton [1] - The ex - factory price of ethylene oxide in the East China region is $640.00 per ton, unchanged from the previous value [1] - The price of methanol is $2462.50 per ton, unchanged [1] - The含税 price of lignite in Inner Mongolia is $290.00 per ton, unchanged [1] - The settlement price of the main contract of a certain commodity is $4529.00 per ton, up 1.34% from the previous value; the closing price of the nearby contract is $4226.00 per ton [1] - The price index of domestic ethylene glycol in the inner market is $4580.00 per ton, up 0.88% from the previous value of $4540.00 [1] - The nearby - far month price difference is $303.00 per ton, with a change of -$60.00; the basis difference is $50.00 per ton, with a change of -$0.00 [1] Production and Operation Data - The operating rate of oil - based ethylene glycol production is 58.98%, and the operating rate of coal - based ethylene glycol production is 94.62% [1] - The load rate of the PTA industry chain is 80.18%, and the load rate of the textile machinery industry in the Zhejiang and Jiangsu PTA industry chain is 58.63% [1] External Market and Profit Data - The price of foreign - market oil - based ethylene glycol is $828.92 per ton [1] - The after - tax gross profit of a certain production method is $1687.46 per ton, with a change of -$46.31 compared to the previous value [1] Price Index Data - The price index of polyester is $8600.00 per ton, unchanged; the price index of polyester staple fiber is $6600.00 per ton, down 2.3% compared to the previous value of $6800.00; the price index of bottle - grade chips is $6080.00 per ton, up 1.2% compared to the previous value of $6005.00 [1] - The price of polyester is $7125.00 per ton, up 0.3% from the previous value of $7100.00 [1]

Investment Rating - The industry investment rating is "Neutral" based on the performance of the industry index relative to the benchmark [135] Core Viewpoints - The report highlights a significant reduction in inventory for polyester filament due to concentrated purchasing by downstream users, alongside a slight increase in upstream prices [1][96] - Brent crude oil prices experienced fluctuations, with a weekly average of $68.91 per barrel, reflecting a decrease of 0.27% [1][2] - The report indicates that the domestic price difference for key refining projects is 2387.33 CNY/ton, with a week-on-week decrease of 2.44% [2][1] Summary by Sections Refining Sector - The report notes that international oil prices rose initially due to a drone attack in Iraq but later fell due to concerns over economic activity and tariff negotiations [1][14] - Domestic and international refined oil prices are experiencing fluctuations, with domestic diesel and gasoline prices at 7117.86 CNY/ton and 8179.14 CNY/ton respectively [14] Chemical Sector - Demand for chemical products remains weak, leading to a slight decrease in price differentials for various chemicals [1][55] - Polypropylene prices have slightly decreased, with the average price at 6311.86 CNY/ton [70] Polyester Sector - The PX market is seeing a slight increase in supply, with prices rising to 6036.48 CNY/ton, and the PTA market is also showing price increases [87][98] - The report indicates that the average price for polyester filament is stable, with significant inventory reduction due to increased purchasing [96] Market Performance of Major Refining Companies - The report tracks the stock performance of six major refining companies, with notable increases in stock prices over the past week and month [123][124] - The overall performance of the refining index has increased by 26.53% since September 2017, outperforming the broader market [124]

04 成本端 02 期现市场 05 供给端 03 利润库存 徐绍祖（联系人） 18665881888 xushaozu@wkqh.cn 交易咨询号： Z0022675 宏观情绪回暖， 供需双弱不变 苯乙烯周报 从业资格号：F03115061 2025/07/26 CONTENTS 目录 01 周度评估及策略推荐 06 需求端 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 政策端：各产业积极响应"反内卷"政策，宏观情绪回暖，化工板块整体上涨。 ◆ 估值：苯乙烯周度涨幅（成本＞期货＞现货），基差走弱，BZN裂差上涨，EB非一体化装置利润下降。 ◆ 成本端：上周华东纯苯价格上涨1.35%，纯苯开工中性偏高。 ◆ 供应端：EB产能利用率78.3%，环比下降-1.14%，同比去年上涨14.81%，较5年同期上涨0.64%。根据投产计划观察，三季度 投产计划较少，全年最大投产压力在四季度。 ◆ 进出口：6月国内纯苯进口量为354.56万吨，环比5月下降-12.59%，同比去年上涨23.57%，主要为中东地区货源。6月EB进口 量22.05万吨，环比5月下降-15.78%，同比上涨43.13%。本周江苏港口EB库存持续 ...