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].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - **PTA**: Near - term TA has a mix of maintenance and restart, with a slight increase in operation, a decline in polyester load, a small inventory build - up, stable basis, and continued repair of spot processing fees. PX domestic operation is stable, overseas units are under maintenance, PXN weakens, disproportionation benefits are stable while isomerization benefits weaken, and the US - Asia aromatics spread remains. TA has additional load - reduction and production - cut plans, but with no significant performance in polyester, far - month inventory build - up is expected. After valuation repair, far - month processing fees are relatively reasonable, and attention should be paid to additional maintenance [2]. - **MEG**: Near - term domestic oil - based operation is stable, coal - based maintenance is implemented, there are some overseas maintenance, port inventory builds up slightly at the beginning of next week with flat shipping, downstream stocking level drops, basis weakens, and the benefit ratio further shrinks. EG new units start earlier than expected, with significant valuation compression. With the increase in arrivals and high - supply expectations in the far - month, ports may start to accumulate inventory, but the current inventory is not high, and the valuation may be slowly compressed. Attention should be paid to the coal - based cost support [3]. - **Polyester Staple Fiber**: Near - term unit operation is stable, operation rate remains at 95.4%, sales improve, and inventory is significantly reduced. On the demand side, the operation of polyester yarn is stable, raw material stocking increases, finished - product inventory is reduced, and benefits are weak. In the future, the speed of increasing load may slow down due to high finished - product inventory in polyester yarn. The operation rate of staple fiber remains high due to good spot benefits, with limited inventory pressure, and the processing fee is expected to fluctuate [3]. - **Natural Rubber & 20 - number Rubber**: The main contradiction is that the national visible inventory is stable and at a relatively low level, and the price of Thai cup - lump rubber is stable while rainfall affects tapping. The strategy is to wait and see [4]. - **Styrene**: No overall outlook is provided in the report, but price and profit data for related products are presented. 3. Summary by Product PTA - **Price and Index Changes**: From September 23 to 29, crude oil decreased by 2.1, naphtha decreased by 1, PX CFR Taiwan increased by 3, PTA spot price remained unchanged, POY 150D/48F increased by 20, naphtha cracking spread increased by 15.08, PX processing margin increased by 4, PTA processing margin decreased by 9, and polyester profit increased by 20. The number of warehouse receipts and valid forecasts decreased by 3600, and the basis increased by 7 [2]. - **Operation and Market Situation**: Near - term TA operation slightly increased, polyester load decreased, inventory slightly accumulated, basis was stable, and spot processing fees continued to repair. PX domestic operation was stable, overseas units were under maintenance, PXN weakened, disproportionation benefits were stable while isomerization benefits weakened, and the US - Asia aromatics spread remained [2]. - **Future Outlook**: TA has additional load - reduction and production - cut plans, but with no significant performance in polyester, far - month inventory build - up is expected. After valuation repair, far - month processing fees are relatively reasonable, and attention should be paid to additional maintenance [2]. MEG - **Price and Index Changes**: From September 23 to 29, Northeast Asian ethylene remained unchanged, MEG outer - market price decreased by 1, MEG inner - market price increased by 1, MEG far - month price decreased by 5, MEG coal - based profit increased by 1, and MEG inner - market cash flow (ethylene) increased by 4. Other indicators remained unchanged [3]. - **Operation and Market Situation**: Near - term domestic oil - based operation is stable, coal - based maintenance is implemented, there are some overseas maintenance, port inventory builds up slightly at the beginning of next week with flat shipping, downstream stocking level drops, basis weakens, and the benefit ratio further shrinks [3]. - **Future Outlook**: EG new units start earlier than expected, with significant valuation compression. With the increase in arrivals and high - supply expectations in the far - month, ports may start to accumulate inventory, but the current inventory is not high, and the valuation may be slowly compressed. Attention should be paid to the coal - based cost support [3]. Polyester Staple Fiber - **Price and Index Changes**: From September 23 to 29, the price of 1.4D cotton - type staple fiber increased by 40, the price of low - melting - point staple fiber remained unchanged, and other prices had minor changes. Short - fiber profit decreased by 62, and pure - polyester yarn profit increased by 5 [3]. - **Operation and Market Situation**: Near - term unit operation is stable, operation rate remains at 95.4%, sales improve, and inventory is significantly reduced. On the demand side, the operation of polyester yarn is stable, raw material stocking increases, finished - product inventory is reduced, and benefits are weak [3]. - **Future Outlook**: The speed of increasing load may slow down due to high finished - product inventory in polyester yarn. The operation rate of staple fiber remains high due to good spot benefits, with limited inventory pressure, and the processing fee is expected to fluctuate [3]. Natural Rubber & 20 - number Rubber - **Price and Index Changes**: From September 23 to 29, the price of US - dollar Thai standard decreased by 10, the price of US - dollar Thai mixed decreased by 20, and other prices had various changes. The weekly change in RU main contract decreased by 240, and the weekly change in NR main contract increased by 5 [4]. - **Market Situation**: The main contradiction is that the national visible inventory is stable and at a relatively low level, and the price of Thai cup - lump rubber is stable while rainfall affects tapping [4]. - **Future Outlook**: The strategy is to wait and see [4]. Styrene - **Price and Index Changes**: From September 23 to 29, ethylene (CFR Northeast Asia) remained unchanged, pure benzene (CFR China) remained unchanged, and other prices had minor changes. Styrene domestic profit remained at - 445, EPS domestic profit increased by 10, PS domestic profit decreased by 10, and ABS domestic profit remained at - 926 [7].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report Core Views - **PTA**: Near - term TA has both maintenance and restart, with a slight increase in start - up. Polyester load drops, inventory accumulates slightly, and basis is stable. Spot processing fees continue to recover. In the future, TA has additional reduction and production cut plans, but considering the lack of super - expected performance in polyester, the far - month is expected to accumulate inventory. After the valuation recovers, the far - month processing fee is relatively reasonable. Attention should be paid to additional maintenance situations [2] - **MEG**: Near - term domestic oil - based start - up is stable, coal - based maintenance is implemented, and there is some overseas maintenance. Port inventory accumulates slightly. Downstream stocking level drops, basis weakens, and the benefit ratio further shrinks. In the future, new EG devices are put into production earlier than expected, and the valuation is significantly compressed. With the increase in arrivals and high - supply expectations in the far - month, ports may start to accumulate inventory, but the current inventory is not high, and the valuation may be slowly compressed. Attention should be paid to the coal - based cost support [4] - **Polyester Staple Fiber**: Near - term device operation is stable, start - up is maintained at 95.4%, sales improve, and inventory is significantly reduced. On the demand side, the start - up of polyester yarn is stable, raw material stocking increases, and finished product inventory is reduced. In the future, the speed of increasing load may slow down due to high finished product inventory in the polyester yarn end. The start - up of staple fiber remains high due to good spot benefits, but the inventory pressure is limited, and the processing fee is expected to fluctuate [4] - **Natural Rubber & 20 - number Rubber**: The main contradictions are that the national explicit inventory is stable and at a relatively low level, and the price of Thai cup rubber is stable while rainfall affects rubber tapping. The strategy is to wait and see [4] - **Styrene**: The prices of related products such as ethylene, pure benzene, and styrene show certain daily changes, and the domestic profits of styrene and related products also change accordingly [7] 3. Summary by Related Catalogs PTA - **Data Changes**: From September 22 - 26, the price of PTA - related products such as crude oil, naphtha, PX CFR Taiwan, and PTA inner - market spot has certain changes. The average daily trading basis of PTA spot is 2601(-74). The PTA device has changes including the restart of Fuhai Chuang's 4.5 million - ton device and the shutdown of Ineos' 1.25 million - ton device. The near - term TA start - up slightly increases, polyester load drops, inventory accumulates slightly, basis is stable, and spot processing fees continue to recover [2][9] MEG - **Data Changes**: From September 22 - 26, the prices of Northeast Asian ethylene, MEG outer - market price, MEG inner - market price, etc. change. The MEG device has changes including the restart of Xinjiang Tianye's 600,000 - ton device and the maintenance of Shanxi Meijin's 300,000 - ton device. Near - term domestic oil - based start - up is stable, coal - based maintenance is implemented, and port inventory accumulates slightly [4] Polyester Staple Fiber - **Data Changes**: From September 22 - 26, the prices of 1.4D cotton - type, low - melting - point staple fiber, etc. change. Near - term device operation is stable with a start - up of 95.4%, sales improve, and inventory is significantly reduced. On the demand side, the start - up of polyester yarn is stable, raw material stocking increases, and finished product inventory is reduced [4] Natural Rubber & 20 - number Rubber - **Data Changes**: From September 22 - 26, the prices of US - dollar Thai standard spot, US - dollar Thai mixed spot, etc. change. The main contradictions are stable national explicit inventory at a low level and stable Thai cup rubber price with rainfall affecting rubber tapping [4] Styrene - **Data Changes**: From September 22 - 26, the prices of ethylene (CFR Northeast Asia), pure benzene (CFR China), etc. change. The domestic profits of styrene and related products such as EPS, PS, and ABS also change accordingly [7]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For PTA, after the recent TA maintenance, the start - up rate decreased, polyester load remained stable, inventory decreased, basis weakened, and spot processing fees weakened. In the future, TA unexpected maintenance may increase, polyester start - up will continue to rise, and PX supply will gradually return. There is an opportunity to expand processing fees by buying at low prices, and attention should be paid to the restart progress of Hengli Huizhou [2]. - For MEG, the recent domestic oil - based production increased load, coal - based start - up decreased slightly, overall load increased, overseas unexpected maintenance increased, port inventory decreased, and basis strengthened. In the short term, EG port inventory is expected to continue to decrease, but in the long - term, there is an expectation of inventory accumulation. It is expected to fluctuate widely, and attention should be paid to the restart progress of Satellite and Xinrun [2]. - For polyester staple fiber, the start - up rate increased slightly, sales weakened, and inventory remained stable. The demand side has a slowdown in the speed of increasing load after the accumulation of finished product inventory. The start - up rate is expected to remain high, and the processing fee is expected to fluctuate [2]. - For natural rubber and 20 - number rubber, the national explicit inventory remained stable, the Thai cup - lump price remained stable, and rainfall affected rubber tapping. The strategy is to wait and see [2]. 3. Summaries According to Related Catalogs PTA - **Data Changes**: From August 26 to September 1, crude oil price increased by 0.1, PX processing difference decreased by 1.35, PTA load remained unchanged, and TA basis decreased by 12 [2]. - **Device Changes**: Taihua's 1.5 - million - ton device restarted, and a 1.2 - million - ton device planned to be under maintenance [2]. MEG - **Data Changes**: From August 26 to September 1, the Northeast Asian ethylene price remained unchanged, MEG external price decreased by 3, and MEG coal - based profit decreased by 23 [2]. - **Device Changes**: Xinjiang Tianying's 150,000 - ton device restarted; Shaanxi Weihua's 300,000 - ton device was under maintenance [2]. Polyester Staple Fiber - **Data Changes**: From August 26 to September 1, the price of 1.4D cotton - type staple fiber decreased by 5, and the short - fiber profit remained unchanged [2]. - **Device Changes**: Xiamen Xinhongxiang's low - melting - point device restarted, and the start - up rate increased to 92.1% [2]. Natural Rubber and 20 - number Rubber - **Data Changes**: From August 26 to September 1, the US - dollar Thai standard spot price remained unchanged, and the RU main contract price decreased by 15 [2]. - **Key Ratios**: The difference between mixed rubber and RU main contract remained unchanged, and the difference between US - dollar Thai standard and NR main contract increased by 13 [2]. Styrene - **Data Changes**: From August 26 to September 1, the ethylene price remained unchanged, the pure benzene (CFR China) price remained unchanged, and the styrene (CFR China) price decreased by 10 [5]. - **Profit Changes**: The styrene domestic profit remained at - 352, the EPS domestic profit decreased by 30, and the PS domestic profit increased by 19 [5].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, with increased unexpected TA maintenance, rising polyester开工, and returning PX supply, the near - term supply - demand pattern is expected to improve. Attention should be paid to opportunities to expand processing fees at low prices and the restart progress of Hengli Huizhou [3]. - For MEG, although the EG开工 has risen to a relatively high level, port inventories are expected to remain low in the short term. The far - month is expected to accumulate inventory, and it is regarded as a wide - range shock. Attention should be paid to the restart progress of Satellite and Xinrun [9]. - For polyester staple fiber, as the destocking of polyester yarn end products accelerates, restocking demand emerges. With high - level staple fiber开工 and continued destocking, attention should be paid to opportunities to expand processing fees at low prices [9]. - For natural rubber and 20 - number rubber, the national explicit inventory remains stable at a non - high level without seasonal destocking, and the price of Thai cup rubber rebounds due to rainfall affecting tapping. The strategy is to wait and see [9]. Summary by Related Catalogs PTA - **Data Changes**: From August 22 to 28, 2025, the PTA spot price decreased by 60 yuan, and the polyester profit increased by 35 yuan. The TA basis decreased by 3, and the daily average sales ratio increased by 0.25. The PTA spot transaction average daily basis for 2509 increased by 25 [2]. - **Device Changes**: Sanfangxiang's 1.2 - million - ton device and Dushan Energy's 2.5 - million - ton device are under maintenance [3]. - **Market Situation**: Near - end TA unexpected maintenance increases, resulting in a significant decline in开工. Polyester负荷 continues to rise, inventory decreases month - on - month, the basis strengthens slightly, and spot processing fees improve. PX domestic开工 rises slightly, overseas devices restart, and开工 rebounds significantly. The PXN strengthens month - on - month, the disproportionation benefit weakens, and the isomerization benefit reaches a high level. The US - Asia aromatics transfer volume is relatively small [3]. MEG - **Data Changes**: From August 22 to 28, 2025, the MEG outer - market price decreased by 3 US dollars, the inner - market price decreased by 26 yuan, and the coal - based profit decreased by 26 yuan. The MEG basis for 01 increased by 62 [9]. - **Device Changes**: Xinjiang Tianying's 150,000 - ton device restarts, and Shaanxi Weihua's 300,000 - ton device is under maintenance [9]. - **Market Situation**: Near - end domestic oil - based devices restart, coal - based开工 declines slightly, and overall负荷 rebounds. Weekly arrivals decline while shipments remain stable, leading to a decrease in port inventory. Downstream restocking levels remain stable, the basis remains strong, and the benefit ratio remains basically stable month - on - month [9]. Polyester Staple Fiber - **Data Changes**: From August 22 to 28, 2025, the price of 1.4D cotton - type staple fiber decreased by 25 yuan, and the short - fiber profit increased by 25 yuan [9]. - **Device Changes**: Not mentioned in the content - **Market Situation**: Near - end Chuzhou Xingbang and Ningbo Zhuocheng increase production, and开工 rebounds slightly to 91.9%. Sales remain basically stable, and inventory decreases month - on - month. On the demand side, the polyester yarn end开工 rises, raw material restocking increases, and finished - product inventory continues to decrease, with weak benefits [9]. Natural Rubber & 20 - Number Rubber - **Data Changes**: From August 22 to 28, 2025, the price of US - dollar Thai standard spot increased by 10 US dollars, and the RU main contract price increased by 225 yuan [9]. - **Device Changes**: Not mentioned in the content - **Market Situation**: The national explicit inventory remains stable at a non - high level without seasonal destocking, and the price of Thai cup rubber rebounds due to rainfall affecting tapping [9]. Styrene - **Data Changes**: From August 22 to 28, 2025, the price of pure benzene (CFR China) remained unchanged, and the price of styrene (Jiangsu) decreased by 55 yuan [12]. - **Device Changes**: Not mentioned in the content - **Market Situation**: Not mentioned in the content