Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - Domestic demand provides strong short - term support, and although exports are not significantly affected in the near term, the long - term outlook is positive. There is still an opportunity for positive demand feedback within the year [23]. - In the medium term, there are many new installations, and the supply - demand balance will face pressure in 2026 [23][29]. Summary by Catalog 1.江阴地区短纤工厂调研情况汇总 1.1 近期内需和销售订单情况 - Short - fiber factories reported that recent domestic demand was generally good. In November, the demand situation was significantly better than in previous years. The market was dominated by rigid - demand purchases, and there was relatively little speculative demand. Differentiated products such as color - spun, cationic, and recycled black silk were in high demand and had tight supply. Enterprises were optimistic about the continuation of this peak season, expecting it to last until December or mid - to - late December [8]. 1.2 近期出口需求情况以及公司海外布局情况 - The export demand of short - fiber enterprises remained stable, with an export proportion generally between 20% - 30%. Main export markets included Europe, Turkey, and Southeast Asia. Short - fiber enterprises were cautious about overseas layout and mainly focused on market expansion. They were confident about next year's exports [9]. 1.3 近期工厂的开工和利润 - Short - fiber factories maintained a high operating rate, basically at full capacity. Current processing profits were generally good, and enterprises optimized cash flow by configuring differentiated products. Some enterprises might be more active in annual long - term contract negotiations or reduce the contract scale [10]. 1.4 当前原料库存情况 - The current raw material inventory of short - fiber factories was relatively stable. The difference mainly came from the procurement model. Some PTA inventories were maintained at 7 - 10 days, and MEG inventories were about 10 days. Raw material procurement was mainly through contracts, with a contract ratio of about 50% - 60% [11]. 1.5 当前成品库存情况 - The overall finished - product inventory was at a low level. Standard product inventories were generally controlled within 7 - 10 days, and some enterprise inventories of certain models dropped to single - digit levels. Non - standard product inventories were relatively high, but the overall pressure was not large [12]. 1.6 对未来行情的展望 - Enterprises were relatively optimistic about the short - term market, but had different views on the demand after December. They expected the export market to maintain stable growth next year, but also needed to pay attention to the impact of polyester capacity expansion in regions such as India and Indonesia [14]. 2. 江浙织造、家纺企业调研情况汇总 2.1 近期内需和销售情况 - The recent domestic demand of polyester terminals was differentiated, with clothing performing better than home textiles, knitting better than weaving, and texturing better than fabric - making. The terminal demand was mainly domestic, with good demand for autumn and winter clothing and ammonia - spandex super - soft home clothes, while the demand for traditional home textile categories was relatively weak. Seasonal orders recovered from mid - October to November, but the sustainability of new orders was insufficient [15]. 2.2 近期开工和利润情况 - Most enterprises had a high operating rate for different reasons. In terms of profit, texturing showed a month - on - month recovery, the grey fabric sector was basically at the break - even point, and fabric profits were generally average. Enterprises tried various methods to make up for comprehensive profits [16]. 2.3 近期出口需求情况以及海外布局情况 - After the new tariff negotiation, some foreign trade shipments improved, but there was no surge in textile and clothing exports. Enterprises were actively seeking overseas development opportunities, but overseas projects still faced uncertainties [17]. 2.4 企业当前的原料和库存情况 - Raw material procurement was relatively cautious, mainly spot purchases for immediate use. The raw material inventory cycle was mostly 15 - 30 days, and some enterprises stocked up until mid - November [20]. 2.5 企业当前的成品库存情况 - The inventory levels of enterprises were differentiated. Most enterprises had low physical inventories, significantly lower than during the trade war in the first half of the year. Some enterprises reduced inventory through production cuts and price reductions [21]. 2.6 对未来行情的展望 - Enterprises were cautious about the pre - holiday market and expected to consider early holidays in mid - January to control inventory. In the long term, factors such as intensified domestic competition and tariff policy fluctuations would continue to pressure the industry [22]. 3. 总结与展望 - Domestic demand provides strong short - term support, and exports are expected to improve in the long term. There is still an opportunity for positive demand feedback within the year. The resilience of the terminal is stronger than the market expected. It is not recommended to bet against demand too early [23]. - Although the recent Sino - US negotiation result has not brought obvious export growth, the overall export tariff has dropped to more than 30%, and the long - term tax rate expectation is relatively stable, which is beneficial to exports in the long run [24]. - The fiber sector has high operating rates, low inventories, and neutral profits, and can maintain its operation. In the medium term, there are many new installations, and the supply - demand balance will face pressure in 2026 [23][29]. 4. 附录：调研信息汇总表 - The appendix provides detailed information on the surveyed enterprises, including their general situation, recent operating and profit conditions, domestic demand and sales, export demand, raw material and finished - product inventory, overseas layout, and outlook for future market conditions [35][38]

Report Industry Investment Ratings - Urea: ★☆☆ [1] - Methanol: ★☆☆ [1] - Pure Benzene: ★☆☆ [1] - Styrene: ★☆☆ [1] - Propylene: ★☆☆ [1] - Plastic: ★★★ [1] - PVC: ★☆☆ [1] - Caustic Soda: ☆☆☆ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ☆☆☆ [1] - Glass: ななな [1] - Soda Ash: ☆☆☆ [1] - Bottle Chip: 女女女 [1] Core Views - The overall supply of the chemical industry is relatively loose, and short - term demand release cannot provide continuous driving force. The cost and macro - aspects lack clear guidance [2]. - Different chemical products face various supply - demand situations and price trends, with most products under downward pressure or in a state of uncertainty [2][3][4][5][6][7] Summary by Directory Olefins - Polyolefins - Propylene demand has improved temporarily, but overall supply is abundant, and short - term demand cannot drive continuously. Plastic and polypropylene futures closed down. Domestic supply of polyethylene increases, and demand shows weakness. For polypropylene, supply pressure increases, and demand is weak [2]. Pure Benzene - Styrene - Pure benzene price is weak, with a small decline in East China spot and stable Shandong quotes. There are short - term consolidation and medium - term negatives. Benzene - styrene maintains a tight supply - demand balance, but there are concerns about future supply - demand, and the price is under pressure [3]. Polyester - PX and PTA prices decreased. PX supply rises, PTA load drops, and there is a risk of inventory accumulation. Ethylene glycol supply has growth pressure, and demand is expected to weaken. Short - fiber demand may decline, and bottle - chip demand fades [4]. Coal Chemical Industry - Methanol price continues to fall, with high expected arrivals in November and weak downstream demand. Urea price drops, with a weak supply - demand situation and a high probability of price decline in the short term [5]. Chlor - Alkali - PVC price drops, with weak cost support, high supply, and low demand. Caustic soda fluctuates, with good liquid chlorine prices, but high inventory pressure [6]. Soda Ash - Glass - Soda ash price weakens slightly, with cost increases and high - pressure supply in the long term. Glass price drops, with cost increases, reduced profit, and low - inventory replenishment sentiment [7]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - PTA: Gasoline supply contraction expands gasoline profit, indirectly supporting PX price. Due to sanctions on Russia, crude oil supply decreases, and refineries prioritize increasing production of gasoline and diesel. PTA supply slightly contracts, polyester operation is stable, and domestic polyester exports remain optimistic. Although the "Golden September and Silver October" period is over, export demand may improve under the easing of the China-US trade war. The current peak season is expected to last until November. Attention should be paid to whether the reduction of China-US tariffs can further stimulate domestic exports [2] - Ethylene Glycol (MEG): The inventory at East China ethylene glycol ports has significantly increased by 120,000 tons compared to last week. The ethylene price fails to support the rise of ethylene glycol price. New plant startups keep the ethylene glycol price under pressure. The tightness of spot goods caused by low inventory is mainly reflected through the basis. The increase in coal price does not provide strong cost support for ethylene glycol, and the profit of coal-based ethylene glycol has been restored. The China-US trade negotiation may increase the subsequent export demand for textile and clothing, and the downstream weaving load may remain optimistic [2] Summary by Related Catalogs Market Data - INE crude oil price rose from 460.6 yuan/barrel on November 7, 2025, to 461.8 yuan/barrel on November 10, 2025, an increase of 1.2 yuan/barrel [2] - PTA-SC increased from 1316.8 to 1348.1, an increase of 31.28; PTA/SC increased from 1.3934 to 1.4017, an increase of 0.0083 [2] - CFR China PX price rose from 823 to 828, an increase of 5; PX-naphtha spread decreased from 247 to 246, a decrease of 1 [2] - PTA主力期价 rose from 4664 yuan/ton to 4704 yuan/ton, an increase of 40 yuan/ton; PTA spot price rose from 4575 yuan/ton to 4605 yuan/ton, an increase of 30 yuan/ton [2] - PTA现货加工费 decreased from 188.8 yuan/ton to 175.8 yuan/ton, a decrease of 13 yuan/ton; PTA盘面加工费 increased from 262.8 yuan/ton to 274.8 yuan/ton, an increase of 12 yuan/ton [2] - PTA主力基差 remained unchanged at (78); PTA仓单数量 increased from 89012 to 91046, an increase of 2034 [2] - MEG主力期价 rose from 3942 yuan/ton to 3953 yuan/ton, an increase of 11 yuan/ton; MEG-石脑油 decreased from (149.22) to (149.41), a decrease of 0.2 [2] - MEG内盘 decreased from 4013 to 4003, a decrease of 10; MEG主力基差 decreased from 70 to 68, a decrease of 2 [2] Industry Chain Operation - PX开工率 remained unchanged at 88.03%; PTA开工率 decreased from 77.42% to 76.31%, a decrease of 1.11%; MEG开工率 remained unchanged at 63.74%; polyester load remained unchanged at 89.70% [2] Product Sales - POY150D/48F decreased from 6560 to 6555, a decrease of 5; POY现金流 decreased from 54 to 27, a decrease of 27 [2] - FDY150D/96F remained unchanged at 6770; FDY现金流 decreased from (236) to (258), a decrease of 22 [2] - DTY150D/48F remained unchanged at 7840; DTY现金流 decreased from 134 to 112, a decrease of 22 [2] - 长丝产销 increased from 48% to 50%, an increase of 2% [2] - 1.4D直纺涤短 remained unchanged at 6415; 涤短现金流 decreased from 259 to 237, a decrease of 22 [2] - 短纤产销 increased from 46% to 66%, an increase of 20% [2] - 半光切片 rose from 5575 to 5595, an increase of 20; 切片现金流 decreased from (31) to (33), a decrease of 2 [2] - 切片产销 increased from 53% to 82%, an increase of 29% [2] Device Maintenance - A 2.2 million-ton PTA plant in East China slightly reduced its load, and the recovery time is to be tracked [2]

Report Industry Investment Ratings No relevant content provided. Core Views Polyolefins - The polyolefin market is under pressure, with a divergence in the fundamentals of PP and PE. PP shows a dual increase in supply and demand, but there is a slight inventory build - up this week under the pressure of new production capacity. PE has weak supply and demand, and although there is inventory reduction this week, port inventory remains high. The cost side is mixed, with high inventory and cost support in a continuous game [2]. Glass and Soda Ash - For soda ash, the overall supply - demand pattern is still bearish. Short - term observation is recommended, and opportunities to short on rebounds can be awaited later. For glass, short - term there is still some rigid demand support, but in the long - term, there are concerns about the sustainability of demand, and the price is expected to be under pressure [4]. PVC and Caustic Soda - The caustic soda market is expected to be weak in the short - term, and the overall trend is bearish. The PVC market is in an oversupply situation, and the price is expected to continue the weak trend at the bottom [5]. Methanol - The port methanol market is under significant pressure, and the current market trades on the "weak reality" logic, with the core contradiction being high port inventory. Before the gas restriction in Iran, the weak reality will continue to be traded [8]. Natural Rubber - The supply in overseas production areas is expected to be strong during the peak season, and the domestic production is gradually decreasing. The demand is weakening in some northern regions. The market sentiment has improved, and subsequent attention should be paid to the raw material output in the main production areas and macro - level changes [11]. Pure Benzene and Styrene - The supply - demand outlook for pure benzene is generally loose, and the price driver is weak. It is recommended to short on rebounds following the oil price. The supply - demand of styrene may remain in a tight balance, but the price driver is insufficient. EB12 can be shorted on rebounds [12]. Polyester Industry Chain - For PX, the short - term is expected to fluctuate in the range of 6200 - 6800. For PTA, the short - term is expected to fluctuate in the range of 4300 - 4800. For ethylene glycol, the price is under pressure. For short - fiber, the rebound space is limited. For bottle - chips, the supply - demand is in a loose pattern [13]. Summary by Relevant Catalogs Polyolefins - **Prices and Spreads**: L2601 and L2605, PP2601 and PP2605 have different price changes. The spreads between different contracts and the basis also show various trends. Spot prices of different varieties in different regions also have corresponding changes [2]. - **Inventory and开工率**: PE and PP have different changes in enterprise inventory, social inventory, and trade - related inventory. The start - up rates of PE and PP devices and downstream industries also vary [2]. Glass and Soda Ash - **Prices and Spreads**: Glass and soda ash have different price changes in different regions, and the basis and spreads between different contracts also change [4]. - **Supply and Demand**: Soda ash production remains at a high level, and the inventory is transferred to the middle and lower reaches. Glass production has changes in production lines, and the demand has short - term and long - term differences [4]. PVC and Caustic Soda - **Prices and Spreads**: The prices of PVC and caustic soda in different forms and regions have corresponding changes, and the basis and spreads between different contracts also vary [5]. - **Supply and Demand**: The caustic soda supply is increasing, and the demand support is weak. The PVC supply is under pressure, and the demand is in the off - season [5]. Methanol - **Prices and Spreads**: Methanol futures and spot prices in different regions have changes, and the basis and regional spreads also vary [6]. - **Inventory and开工率**: Methanol enterprise, port, and social inventories all increase. The start - up rates of upstream and downstream industries also have corresponding changes [7][8]. Natural Rubber - **Prices and Spreads**: The spot prices of natural rubber in different varieties and regions have changes, and the basis, month - to - month spreads also vary [11]. - **Supply and Demand**: The production in different countries has changes, and the start - up rates of tire industries and the import and export volumes also vary [11]. Pure Benzene and Styrene - **Prices and Spreads**: The prices of pure benzene and styrene in different forms and regions have changes, and the basis, spreads between different contracts, and import profits also vary [12]. - **Inventory and开工率**: The inventories of pure benzene and styrene in ports change, and the start - up rates of different industries in the industrial chain also vary [12]. Polyester Industry Chain - **Prices and Spreads**: The prices of upstream raw materials, PX, PTA, MEG, and downstream polyester products have changes, and the basis, spreads between different contracts, and processing fees also vary [13]. - **Supply and Demand**: The supply and demand of different products in the polyester industry chain have corresponding changes, and the start - up rates of different industries also vary [13].

Report Industry Investment Ratings - No industry investment ratings were provided in the reports. Core Views Natural Rubber - The natural rubber market is expected to enter a seasonal inventory accumulation cycle, with short - term price range - bound. If raw material supply is smooth, there is further downward potential; if not, prices are expected to range between 15,000 - 15,500 [1]. Glass and Soda Ash - For soda ash, the long - term supply - demand pattern is bearish, and short - term rebounds should be treated as opportunities to go short. For glass, short - term long opportunities can be seized on dips, but the industry still needs capacity clearance to solve the over - supply problem [3]. Methanol - The methanol market is trading on the "weak reality" logic, with the core contradiction being high port inventories. Before Iranian gas restrictions, the weak reality will continue to be priced in [6]. Polyester Industry Chain - PX supply is stable, but November's supply - demand is expected to be loose. PTA is expected to be in a tight - balance in the short - term but loose in the medium - term. Ethylene glycol is under pressure due to expected high inventory accumulation. Short - fiber and bottle - chip markets also face supply - demand challenges [8]. Polyolefins - Polypropylene and polyethylene both show increasing supply and demand, but the market still faces pressure from new capacity and supply increases [11]. PVC and Caustic Soda - Caustic soda prices are expected to be weak in the short - term due to increased supply and weak demand. PVC is in an over - supply situation, and prices are expected to continue to be weak [13]. Pure Benzene and Styrene - Pure benzene supply is expected to be loose, and price drivers are weak. Styrene supply - demand may be in a tight - balance, but cost support is insufficient [14]. Summary by Directory Natural Rubber - **Spot Prices and Basis**: Yunnan state - owned whole - latex rubber in Shanghai rose 200 yuan/ton to 14,550 yuan/ton, with a 1.39% increase. The whole - latex basis increased by 250 yuan/ton to - 445 yuan/ton, a 35.97% rise [1]. - **Monthly Spreads**: The 9 - 1 spread decreased by 25 yuan/ton to 115 yuan/ton, a 17.86% decline [1]. - **Fundamentals**: In August, Thailand's production decreased by 260,000 tons to 4.515 million tons, a 5.45% drop. China's production increased by 86,000 tons to 1.223 million tons [1]. - **Inventory Changes**: Bonded area inventory increased by 15,439 tons to 447,668 tons, a 3.57% increase [1]. Glass and Soda Ash - **Glass - Related Prices and Spreads**: Glass 2601 decreased by 10 yuan/ton to 1,091 yuan/ton, a 0.91% decline [3]. - **Soda Ash - Related Prices and Spreads**: Soda Ash 2605 increased by 1 yuan/ton to 1,294 yuan/ton, a 0.08% increase [3]. - **Production Volumes**: Soda ash well - working rate decreased by 1.72% to 86.89% [3]. - **Inventory**: Soda ash factory inventory increased by 42,000 tons to 1.702 million tons, a 2.54% increase [3]. Methanol - **Methanol Prices and Spreads**: MA2601 closed at 2,112 yuan/ton, down 13 yuan/ton, a 0.61% decline [4]. - **Inventory**: Methanol enterprise inventory increased by 1.04% to 38.641% [5]. - **Upstream and Downstream Operating Rates**: Upstream domestic enterprise operating rate increased by 0.41% to 76.09% [6]. Polyester Industry Chain - **Upstream Prices**: Brent crude oil (January) rose 0.25 dollars/barrel to 63.63 dollars/barrel, a 0.4% increase [8]. - **PX - Related Prices and Spreads**: CFR China PX was 698 dollars/ton, up 0.1% [8]. - **PTA - Related Prices and Spreads**: PTA East - China spot price rose 35 yuan/ton to 4,575 yuan/ton, a 0.8% increase [8]. - **MEG Port Inventory and Arrival Expectations**: MEG port inventory increased by 7.5% to 56.2 million tons [8]. Polyolefins - **Prices**: L2601 closed at 6,802 yuan/ton, down 3 yuan/ton, a 0.04% decline [11]. - **Inventory**: PE enterprise inventory increased by 17.84% to 49.0 million tons [11]. - **Upstream and Downstream Operating Rates**: PE device operating rate increased by 2.13% to 82.6% [11]. PVC and Caustic Soda - **Prices**: SH2601 decreased by 12 yuan/ton to 2,331 yuan/ton, a 0.5% decline [13]. - **Supply**: Caustic soda industry operating rate increased by 3.3% to 88.3% [13]. - **Demand**: Alumina industry operating rate decreased by 0.3% to 82.2% [13]. - **Inventory**: Liquid caustic soda East - China factory inventory increased by 18.9% to 22.3 million tons [13]. Pure Benzene and Styrene - **Prices**: CFR China pure benzene was 664 dollars/ton, up 0.2% [14]. - **Inventory**: Pure benzene Jiangsu port inventory increased, with supply pressure rising [14]. - **Upstream and Downstream Operating Rates**: Caprolactam operating rate remained unchanged at 86.1% [14].

Report Industry Investment Rating - No information provided Core Viewpoints - The PTA market is strongly supported by PX, with a slight increase in the PTA market. The spot supply is sufficient, and the spot basis fluctuates within a limited range. The gasoline supply contraction leads to an expansion of gasoline profits, which indirectly supports the price of PX. The PTA supply side contracts slightly, the polyester start - up is stable, and the polyester load remains above 90%. The export of domestic polyester is still optimistic. Although the "Golden September and Silver October" period has ended, the export demand may improve under the easing of the Sino - US trade war [2]. - The ethylene price fails to support the strength of the ethylene glycol price. New device startups continuously put pressure on the ethylene glycol price. The low - inventory - induced spot tightness is mainly reflected through the basis. The coal price rises, but it does not provide stronger cost support for ethylene glycol, and the profit of coal - based ethylene glycol has been repaired. The Sino - US trade negotiation is reached, and the tariff reduction may increase the subsequent export demand for textile and clothing, and the downstream weaving load may remain optimistic [2]. Summary by Related Catalogs Market Data - **INE Crude Oil and PTA - SC**: On November 6, 2025, INE crude oil was 460.4 yuan/barrel, and PTA - SC was 1342.2 yuan/ton. On November 7, 2025, INE crude oil was 460.6 yuan/barrel, and PTA - SC was 1316.8 yuan/ton, with a change of 0.20 and - 25.45 respectively [2]. - **PTA/SC Ratio**: It decreased from 1.4012 on November 6, 2025, to 1.3934 on November 7, 2025, a change of - 0.0078 [2]. - **CFR China PX**: It decreased from 826 on November 6, 2025, to 823 on November 7, 2025, a change of - 3 [2]. - **PX - Naphtha Spread**: It decreased from 249 on November 6, 2025, to 247 on November 7, 2025, a change of - 1 [2]. - **PTA Main Contract Futures Price**: It decreased from 4688 yuan/ton on November 6, 2025, to 4664 yuan/ton on November 7, 2025, a change of - 24.0 [2]. - **PTA Spot Price**: It increased from 4540 on November 6, 2025, to 4575 on November 7, 2025, a change of 35.0 [2]. - **PTA Spot Processing Fee**: It increased from 120.9 yuan/ton on November 6, 2025, to 188.8 yuan/ton on November 7, 2025, a change of 67.9 [2]. - **PTA Disk Processing Fee**: It decreased from 268.9 yuan/ton on November 6, 2025, to 262.8 yuan/ton on November 7, 2025, a change of - 6.1 [2]. - **PTA Main Contract Basis**: It increased from (80) on November 6, 2025, to (78) on November 7, 2025, a change of 2.0 [2]. - **PTA Warehouse Receipt Quantity**: It increased from 75888 on November 6, 2025, to 89012 on November 7, 2025, a change of 13124 [2]. - **MEG Main Contract Futures Price**: It increased from 3924 yuan/ton on November 6, 2025, to 3942 yuan/ton on November 7, 2025, a change of 18.0 [2]. - **MEG - Naphtha**: It increased from (145.36) on November 6, 2025, to (143.55) on November 7, 2025, a change of 1.8 [2]. - **MEG Domestic Market Price**: It increased from 3972 on November 6, 2025, to 4013 on November 7, 2025, a change of 41.0 [2]. - **MEG Main Contract Basis**: It increased from 70 on November 6, 2025, to 73 on November 7, 2025, a change of 3.0 [2]. Industry Chain Start - up Situation - **PX Start - up Rate**: It increased from 86.21% on November 6, 2025, to 88.03% on November 7, 2025, a change of 1.82% [2]. - **PTA Start - up Rate**: It decreased from 77.84% on November 6, 2025, to 77.42% on November 7, 2025, a change of - 0.42% [2]. - **MEG Start - up Rate**: It remained unchanged at 63.74% from November 6 to 7, 2025 [2]. - **Polyester Load**: It increased from 89.56% on November 6, 2025, to 89.70% on November 7, 2025, a change of 0.14% [2]. Polyester Product Data - **POY150D/48F**: The price increased from 6515 on November 6, 2025, to 6560 on November 7, 2025, a change of 45.0. The cash flow increased from 53 to 54, a change of 1.0 [2]. - **FDY150D/96F**: The price increased from 6730 on November 6, 2025, to 6770 on November 7, 2025, a change of 40.0. The cash flow decreased from (232) to (236), a change of - 4.0 [2]. - **DTY150D/48F**: The price increased from 7790 on November 6, 2025, to 7840 on November 7, 2025, a change of 50.0. The cash flow increased from 128 to 134, a change of 6.0 [2]. - **Long - Filament Sales Volume**: It decreased from 70% on November 6, 2025, to 48% on November 7, 2025, a change of - 22% [2]. - **1.4D Direct - Spun Polyester Staple Fiber**: The price increased from 6380 on November 6, 2025, to 6415 on November 7, 2025, a change of 35. The cash flow decreased from 268 to 259, a change of - 9.0 [2]. - **Polyester Staple Fiber Sales Volume**: It decreased from 70% on November 6, 2025, to 46% on November 7, 2025, a change of - 24% [2]. - **Semi - Gloss Chip**: The price increased from 5555 on November 6, 2025, to 5575 on November 7, 2025, a change of 20.0. The cash flow decreased from (7) to (31), a change of - 24.0. The sales volume decreased from 143% to 53%, a change of - 90% [2]. Device Maintenance - A 2.2 - million - ton PTA device in East China reduced its load slightly, and the recovery time is to be tracked [2].

Summary of PTA Industry Conference Call Industry Overview - The PTA industry has undergone significant changes in market structure, particularly due to large-scale capacity expansions from 2019 to 2025, with a total of 53.4 million tons of new capacity expected, resulting in an average annual growth rate of 11.2% [2][5] - The reliance on domestic PX (para-xylene) has decreased, breaking the production bottleneck for PTA [2][5] - The concentration of suppliers has increased, with the top five suppliers holding nearly 70% of the market share [4][5] Key Points and Arguments - Approximately 19 million tons of PTA capacity has been idled due to market pressures, with 13 million tons removed from statistical data [5][6] - New technologies (P8 and above) have improved competitiveness by reducing energy and material consumption, with over 60% of new technology installations currently in operation [5][6] - Polyester production is projected to rise from 50.25 million tons in 2019 to over 70 million tons by 2024, with an expected output of 79.4 million tons this year [5][6] - Non-polyester demand is also increasing, from 11.47 million tons to over 28.5 million tons [5][6] - Exports have significantly increased, from 850,000 tons in 2020 to 4.42 million tons in 2024, accounting for over 6% of total production [5][6] Market Dynamics - After the commissioning of new installations in June and July, PTA processing fees dropped from 300-400 RMB/ton to below 200 RMB/ton due to factors like hidden inventory and increased supply [8][9] - The PTA inventory turnover ratio is currently low, at less than two weeks, indicating a neutral to slightly low level of inventory [8][9] - The demand for polyester typically grows slightly faster than GDP, with polyester demand expected to reach around 83 million tons in 2023, supported by a GDP growth forecast of 4.5%-5.5% [12][13] Future Outlook - The PTA industry is expected to maintain a high concentration and competitiveness, with large companies dominating the market while smaller, less competitive installations gradually exit [6][7] - The upcoming years will see limited new PTA projects, with expectations of less than 10 million tons of new capacity added over the next five years [10][11] - Social inventory levels are low, and any market recovery could lead to increased sensitivity to processing differences [11][12] - The exit of old facilities in Europe and Japan is expected to further alleviate domestic oversupply pressures, contributing to increased export volumes [14][15][16][17] Additional Insights - The processing fees for PTA have been under pressure due to hidden inventory and increased supply, with older facilities in Europe facing high costs and inefficiencies compared to new domestic installations [9][17] - The overall trend indicates that despite ongoing capacity expansions, the PTA industry is likely to experience stable development through effective supply-demand balance adjustments and efficiency improvements [7][10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the first half of 2026, PX is expected to be the strongest variety in the polyester industry chain [10]. - For PX, it is in a strong - oscillating market with cost support, and the strategy is to go long on PX and short on PTA/MEG [3]. - PTA is also in a strong - oscillating market, with positive demand feedback and cost support, and the strategy is to go long on PTA and short on MEG [4]. - MEG has a large supply pressure and the strategy is to do reverse spreads, showing a short - term oscillating and weak trend [5]. 3. Summaries Based on Relevant Catalogs PX Valuation - Zhengshangyuan PX futures forward curve has risen overall, and the monthly spread has rebounded to near flat water. The overseas PX maintains a B structure, and the PXN has strengthened significantly. The overseas aromatics valuation is supported by the strong overseas oil product cracking spreads [12][18][20]. - The PXN has risen to a high level, and producers can hedge at high prices. The PX - MX spread has rebounded, but the short - process device start - up rate has declined [3][33]. Supply and Demand - The domestic PX production start - up rate reached a record high of 89.8% (+2.8%), and the Asian overall load start - up rate rebounded to 80.2% (+2.1%). The PX apparent consumption in October was 4.09 million tons, and the loss in October was 368,000 tons [39][40][41]. - In September, the PX import volume was 870,000 tons, with increments from Japan, Brunei, and Chinese Taipei. In October, it was expected to be 890,000 tons. Japan's PX exports increased and inventory decreased in September [46][56]. Inventory - In October, the Longzhong PX monthly inventory increased by 100,000 tons to 4.02 million tons [61]. PTA Valuation - The 1 - 5 monthly spread of PTA is consolidating at a low level, and the basis has continued to decline. The PTA processing fee has reached a new low, but the spot processing fee has rebounded [67][77]. Supply and Demand - The PTA start - up rate decreased to 76.4% (-1.6%). The PTA production from January to October 2025 accumulated to 60.48 million tons, a year - on - year increase of 3%. In September, the PTA export volume was 340,000 tons, a month - on - month increase [80][81][83]. Inventory - The PTA inventory is at a low level and is being transferred to the delivery warehouse [99]. MEG Valuation - The supply pressure suppresses the unilateral price trend of MEG, and the basis and monthly spread have weakened synchronously. The relative valuation of MEG to styrene has reached a year - on - year high, and the profits of various production processes are in a loss state [113][117][120]. Supply and Demand - The overall MEG start - up rate this week was 72.44% (-3.76%), and the start - up rate of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) was 71.94% (-11.5%). Multiple sets of devices have reduced their loads, but considering the upcoming restart of Zhenhai Refining & Chemical's 800,000 - ton device, the MEG start - up load will increase marginally in the future. The import arrival situation has been concentrated recently [123]. - Many overseas MEG devices are under maintenance or shut - down. The arbitrage window has closed, and the import profit has declined. The port inventory is expected to increase significantly from November to December [126][130][136]. Polyester Start - up - The polyester start - up rate is 91.5% (-0.2%). The downstream demand has stronger - than - expected resilience, and the polyester profit is good with controllable inventory. The polyester load will be maintained at 91% in November, 90% in December, and is expected to be 88% in January [140][142]. Production and Export - In 2025, the polyester production increased by 8.5% year - on - year, and the growth rate in 2026 is expected to be around 5 - 6%. From January to September, the total polyester export was 10.8 million tons, a year - on - year increase of 16.3% [145][146]. Inventory - The overall polyester inventory is moderately low, and the start - up resilience of filament has increased [147].

Report Information - Report Title: Energy and Chemical Industry Weekly Report [1] - Date: November 7, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Ratings No investment ratings were provided in the report. Core Views - The international oil price is expected to oscillate in the short - term but face continuous oversupply pressure in the medium - term. For oil, it is advisable to try short - selling on rebounds. [7][8] - The asphalt market is expected to oscillate in the short - term due to weak supply and demand and a narrowing basis after the decline. [35] - The PTA market is expected to rise slightly, and the ethylene glycol market is expected to continue a slight rebound. [62] - The price of polyester staple fiber may rise slightly, with cost support and weak supply - demand factors. [71] - The soda ash market is expected to see the futures price drop to near the recent low, and it is advisable to short - sell on rallies if it breaks through the 1200 yuan/ton resistance level. [79] - The industrial silicon futures price will continue to oscillate strongly in the short - term, but there is strong resistance above. [101] - The polysilicon futures price will oscillate in a wide range, and it is advisable to buy on dips in the range and wait for policy signals for breakthrough opportunities. [123] - The pulp market will have a limited short - term rebound and is advisable for reverse arbitrage. [140] Summary by Directory Crude Oil - **Market Review and Operation Suggestions**: International oil prices oscillated this week with a narrowing amplitude. The market lacks short - term drivers and is expected to oscillate. Medium - term oversupply pressure persists. Operationally, try short - selling on rebounds. [7][8] - **Fundamental Changes**: US crude inventories increased, refinery inputs rose seasonally, and refined product inventories decreased. OPEC+ will stop increasing production in Q1 2026, but it's hard to reverse the oversupply. Supply growth far exceeds demand growth, and the inventory accumulation rate is accelerating. [9][10][11] Asphalt - **Market Review and Operation Suggestions**: The cost end (crude oil) lacks support. The supply and demand of asphalt are both weak, and the basis has narrowed after the decline. It is expected to oscillate in the short - term. [34][35] - **Fundamental Changes**: The cost end has mid - term oversupply pressure. The asphalt production capacity may increase slightly next week. Demand shows regional differentiation, with weak speculative demand. Factory and social inventories both decreased this week. [36][37][39] Polyester - **Market Review and Operation Suggestions**: Crude oil fundamentals are mixed, and PX is expected to oscillate strongly, supporting PTA costs. PTA is expected to rise slightly, and ethylene glycol is expected to rebound slightly. [61][62] - **Main Driving Forces**: Downstream consumption is stable in the short - term but has a weakening expectation. PTA supply may decrease, and its fundamentals are strong. Ethylene glycol has cost support and a rebound demand. [63][64][66] Polyester Staple Fiber - **Market Review and Operation Suggestions**: The cost end supports the market, but supply is sufficient, and demand is weak. The price may rise slightly. [71] - **Main Driving Forces**: Downstream consumption support is limited. The short - fiber industry's operation is stable, and supply is sufficient. Cost support is strong, but supply - demand factors drag down the price. [72][73][74] Soda Ash - **Market Review and Operation Suggestions**: The futures price oscillated weakly this week, with supply remaining high, demand weakening, and inventory slightly increasing. It is expected to drop further, and it is advisable to short - sell on rallies if it breaks through 1200 yuan/ton. [76][78][79] - **Market Conditions**: Supply is stable with a slight decline in production. Inventory is at a high level and continues to accumulate. Spot prices are expected to oscillate narrowly. Glass demand for soda ash is weakening, and exports decreased in September. [80][83][93] Industrial Silicon - **Futures Review and Outlook**: The futures price has been oscillating strongly recently. The main driving force is the seasonal production reduction in the southwest, but the supply - demand imbalance improvement is limited. The price may continue to oscillate strongly in the short - term with strong upper resistance. [101] - **Fundamental Overview**: The price of industrial silicon and its related products is stable. Inventory is slowly accumulating, and production is decreasing. The demand for polysilicon, organic silicon, and other products is relatively stable. [102][103][105] Polysilicon - **Market Review and Outlook**: The price is weaker than other varieties this week. The supply - demand improvement drive is limited. The price will continue to be in a stalemate in the short - term and oscillate in a wide range. It is advisable to buy on dips in the range and wait for policy signals for breakthrough opportunities. [123] - **Photovoltaic Industry Fundamentals**: The prices of main products in the industry are stable. Inventory has increased slightly. Production in the supply - end may decline in November, mid - stream demand is stable, and terminal demand is weak. [124][125][126] Pulp - **Market Review and Outlook**: The futures price rebounded this week. Macro pressure has weakened, imports have decreased, and inventory has declined, but the industry profit improvement is limited. The short - term rebound space is limited, and reverse arbitrage is advisable. [139][140] - **Fundamental Changes**: The pulp shipment volume of major producing countries in August increased. China's pulp imports decreased in October. Global and domestic pulp inventories have different trends. Downstream paper performance is still differentiated. [141][149][156]

Group 1 - The controlling shareholder of Sanfangxiang Group holds approximately 2.967 billion shares, accounting for 76.15% of the total share capital of the company [1] - After the recent pledge of shares, the total number of pledged shares by Sanfangxiang Group is about 1.849 billion shares, which represents 62.32% of the shares held by the group and 47.45% of the company's total share capital [1] - The company’s revenue composition for 2024 is projected to be 77.73% from the polyester industry, 20.13% from the chemical industry, 1.16% from other industries, and 0.97% from thermal power [1] Group 2 - The current market capitalization of Sanfangxiang is 9.9 billion yuan [2]