Report Industry Investment Rating - Not provided in the content Core Viewpoints - On October 23, the EU's 19th - round sanctions on Russia drove up the price of Brent crude oil, increasing the cost of PX and PTA. For PX, it is expected to be short - term bullish with high operating rates. For PTA, supply increases while demand stabilizes, and there is an expectation of inventory accumulation. For MEG, supply is expected to rise, and the market will become more balanced. For short - fiber and bottle - chip, short - term demand is okay, but long - term demand may weaken [8]. - Trading strategies for all products suggest short - term shock. After the weakening of demand and oil prices, there are opportunities to short at high prices. Arbitrage is on hold, and selling out - of - the - money call options is recommended [8][9]. Summary by Relevant Catalogs Chapter 1: Comprehensive Analysis and Trading Strategies - **PX**: Supply and demand both increase. Spot floating prices are strong, and paper - goods maintain a back structure. Operating rates will remain high. Short - term is bullish, and look for short - selling opportunities when demand and oil prices weaken [8]. - **PTA**: Supply increases while demand stabilizes. Social inventory has been rising since late September. Processing fees have dropped to within 100 yuan/ton. Operating rates are expected to be stable, and there is an expectation of inventory accumulation [8]. - **MEG**: Port pick - up is stable, and the basis is strong. Supply has decreased this week but is expected to increase. The market will become more balanced [8]. - **Short - fiber**: Supply and demand are stable, with good processing fees. Domestic demand is strong, but export orders are slow. Demand support may be limited in the future [8]. - **Bottle - chip**: Operating rates are stable, with good transactions and slightly stronger processing fees. Future demand may decline as it transitions from peak to off - peak season [8]. Chapter 2: Core Logic Analysis 2.1 Polyester - **Overall**: Operating rates are stable, raw material prices rise, and processing fees are compressed. Sales are good due to terminal replenishment [12]. - **Filament**: Sales are good, operating rates change little, and inventory decreases significantly. Operating rates are around 92.4%, and average inventory days are 17.6 days, a decrease of 6.8 days week - on - week [17]. - **Bottle - chip**: Operating rates are stable, transactions are good, and processing fees are slightly stronger. Future replenishment may weaken [19]. - **Short - fiber**: Supply and demand are stable, factory and downstream inventory decline, and processing fees are good. Domestic demand is strong, but new export orders are slow, and demand support may be limited [26]. 2.2 PX - **Price**: Spot floating prices are strong, and paper - goods maintain a back structure [27]. - **Profit**: Naphtha cracking spreads are compressed, and long - and short - process device profits are strong. Long - process device profits are around $240/ton, and short - process device profits are over $100/ton [29]. - **Operating rate**: It is at a high level and will continue to rise. Many devices are scheduled to restart [31]. 2.3 PTA - **Basis and monthly spread**: They are weak, and social inventory has been rising since late September [33]. - **Supply and demand**: Supply increases while demand stabilizes. Processing fees have dropped to a new low this year, within 100 yuan/ton. Operating rates are expected to be stable [37]. 2.4 MEG - **Basis**: It is strong due to stable port pick - up and low arrivals [38]. - **Supply**: Operating rates have decreased this week but are expected to increase as many devices are scheduled to restart [48]. Chapter 3: Weekly Data Tracking 3.1 PX - **Price**: It shows the price trends of the PX industry chain, including naphtha, pure benzene, etc. [52]. - **Spreads and profits**: It includes variety spreads, disproportionation - blending spreads, regional spreads, etc. [54][58][60]. 3.2 PTA - **Price**: It shows the spot prices of PTA and PX and related spreads and profits [72]. - **Supply and demand**: It shows the load indexes of PTA and polyester and inventory data [82][84]. 3.3 MEG - **Price**: It shows the spot price of ethylene glycol and related raw material prices [86]. - **Spreads and profits**: It includes various spreads and profits such as internal - external spreads and oil - making profits [88][97]. - **Supply and demand**: It shows the load index and inventory data [104][106]. 3.4 Polyester - **Profit**: It includes weighted profits, filament profits, etc. [109]. - **Supply**: It shows the load data of polyester, bottle - chip, etc. [111]. - **Inventory**: It shows the inventory days of filament, short - fiber, etc. [114]. - **Demand**: It includes the operating rates of downstream industries such as printing and dyeing, weaving, and related inventory and sales data [117][122][125].

1. Report Industry Investment Ratings - Urea: Not specified in the report [1] - Methanol: Not specified in the report [1] - Pure Benzene: Not specified in the report [1] - Styrene: ★☆★, indicating a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1][9] - Polypropylene: ★☆☆, representing a bullish bias but with limited operability on the disk [1] - Plastic: ★☆★, suggesting a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - PVC: Not specified in the report [1] - Caustic Soda: ☆☆☆, indicating a bearish trend [1] - PX: ★☆★, suggesting a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - PTA: ★☆★, suggesting a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - Ethylene Glycol: ★☆☆, representing a bullish bias but with limited operability on the disk [1] - Short - fiber: ★☆★, suggesting a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - Glass: Not specified in the report [1] - Soda Ash: ☆☆☆, indicating a bearish trend [1] - Bottle Chip: ★☆☆, representing a bullish bias but with limited operability on the disk [1] - Propylene: ☆☆☆, indicating a bearish trend [1] 2. Core Views - The prices of various chemical products are affected by multiple factors such as supply - demand relationship, cost, and market sentiment. For example, short - term oil price fluctuations affect the cost of some products, and supply - side changes and downstream demand trends determine the price trends of different products [2][3][5] - Different products have different price trends and investment suggestions. Some products are expected to have long - term downward pressure due to over - supply, while others may have short - term rebounds due to certain events but still face long - term challenges [5][6][7] 3. Summary by Related Catalogs 3.1 Olefins - Polyolefins - Propylene futures fluctuate narrowly. Short - term oil price increases support costs, but supply pressure is difficult to relieve due to expected increases in supply [2] - Plastic and polypropylene futures close slightly higher. For polyethylene, domestic supply increases, demand has both positive and negative factors, and cost and macro - news support the market. For polypropylene, supply is abundant, and downstream demand provides limited support [2] 3.2 Pure Benzene - Styrene - The price of traditional benzene is weak. Port inventory is decreasing, but mid - term import pressure is high. The focus is on port inventory accumulation [3] - Styrene futures fluctuate around the 5 - day moving average. Short - term oil price rebounds relieve cost pressure, but long - term price is suppressed by high inventory [3] 3.3 Polyester - PX and PTA prices are weak in the morning and rebound in the afternoon. Downstream demand is currently okay but is expected to weaken. Supply pressure is high. Based on the industry meeting news, there is an expectation of "anti - involution" [5] - Ethylene glycol production increases. The polyester industry chain rebounds, driving ethylene glycol up. Short - term negatives weaken, but mid - term inventory accumulation is expected [5] - Short - fiber has a good spot pattern, but may accumulate inventory again. Bottle - chip demand is weak, and long - term pressure comes from over - capacity [5] 3.4 Coal Chemical Industry - Methanol futures remain at a low level. Port inventory increases slightly, and the market is likely to maintain low - level fluctuations [6] - Urea price increase lacks momentum. Supply - demand imbalance persists, but there may be a phased rebound at low prices [6] 3.5 Chlor - alkali - PVC price rises slightly at a low level. The supply - demand pattern is weak, and it may operate in a bottom - range [7] - Caustic soda price fluctuates at a low level. Supply pressure is high, and downstream demand is average, so the price is expected to remain low [7] 3.6 Soda Ash - Glass - Soda ash price fluctuates strongly. Cost increases, supply is high, and it is recommended to be cautious when short - selling near the cost of traditional soda ash [8] - Glass price fluctuates narrowly. Inventory is increasing, and the price decline may be limited due to low valuation [8]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - PTA prices rebounded slightly as crude oil prices recovered. The PTA supply side contracted due to low processing fees, and the polyester industry's profit was affected by over - capacity. However, the upward trend of crude oil prices supported PTA. The downstream polyester load remained above 87%, and the demand was slightly better than expected. The market is concerned about the impact of Sino - US negotiations on textile and clothing demand, and sanctions on some domestic refineries may affect PX supply [2]. - The inventory of ethylene glycol in East China ports remained low, and the arrival volume was limited. Overseas imports were expected to decline, but domestic plant production pressured the price. With the end of the polyester peak season and the downward trend of the crude oil fundamentals, polyester is expected to operate weakly [2]. 3) Summary Based on Related Catalogs a. Market Data - **Crude Oil**: INE crude oil price rose from 459.7 yuan/barrel on October 23, 2025, to 464.9 yuan/barrel on October 24, 2025, an increase of 5.2 yuan/barrel [2]. - **PTA**: The PTA - SC spread decreased by 27.79 yuan/ton, the PTA/SC ratio decreased by 0.0121. The PTA主力期价 rose by 10 yuan/ton, the spot price rose by 25 yuan/ton. The spot processing fee decreased by 7 yuan/ton, and the disk processing fee decreased by 12 yuan/ton. The PTA仓单数量 remained unchanged [2]. - **PX**: CFR China PX price increased by 4, and the PX - naphtha spread decreased by 26 [2]. - **MEG**: The MEG主力期价 decreased by 18 yuan/ton, the MEG - naphtha spread decreased by 1.2 yuan/ton, and the MEG inner - market price increased by 14 yuan/ton [2]. - **Polyester Products**: POY150D/48F price increased by 40 yuan/ton, FDY150D/96F price increased by 35 yuan/ton, DTY150D/48F price decreased by 15 yuan/ton. 1.4D straight - spun polyester staple fiber price increased by 10 yuan/ton, and the semi - gloss chip price remained unchanged [2]. b. Industry Chain Operating Conditions - **PX**: The PX operating rate remained at 84.62% [2]. - **PTA**: The PTA operating rate increased from 76.95% to 79.46%, an increase of 2.51% [2]. - **MEG**: The MEG operating rate remained at 61.89% [2]. - **Polyester**: The polyester load remained at 89.38% [2]. c. Product Cash Flow and Sales - **Polyester Filament**: POY cash flow increased by 14, FDY cash flow increased by 9, DTY cash flow decreased by 41, and the filament sales rate remained at 101% [2]. - **Polyester Staple Fiber**: The polyester staple fiber cash flow decreased by 16, and the short - fiber sales rate remained at 68% [2]. - **Polyester Chip**: The chip cash flow decreased by 26, and the chip sales rate remained at 54% [2]. d. Device Maintenance An East China 2.2 - million - ton PTA device slightly reduced its load, and the recovery time is to be tracked [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - PTA supply has contracted as domestic plants have adjusted due to low processing fees. The polyester industry's profit is still constrained by over - capacity from new plant commissions, but the rising crude oil price supports PTA, leading to a slight upward movement in PTA prices after hovering at low levels. [2] - The polyester downstream load remains above 87%, and high polyester load has not led to large inventory accumulation. The demand from the polyester downstream is slightly better than expected, with recent good sales in the polyester market. The market is concerned about the impact of China - US negotiations on textile and clothing demand. [2] - Later, overseas sanctions on some domestic refineries may affect PX supply, which requires continuous attention. [2] 3. Summary by Related Data Price Changes - PTA spot price increased from 4425 to 4450, with a change of 25; MEG inner - market price rose from 4173 to 4187, a change of 14; PTA closing price went up from 4508 to 4518, a change of 10; MEG closing price decreased from 4095 to 4077, a change of - 18. [2] - 1.4D direct - spun polyester staple fiber price increased from 6390 to 6400, a change of 10; short - fiber basis remained unchanged at 178; 11 - 12 spread decreased from 18 to 32, a change of - 14. [2] - Polyester bottle - chip prices in the Jiangsu and Zhejiang markets increased slightly, with the average price rising by 10 yuan/ton. The prices of various types of bottle - chips (e.g., East China water bottle - chips, hot - filling polyester bottle - chips, carbonated - grade polyester bottle - chips) increased by 7. [2] - T32S pure - polyester yarn price remained unchanged at 10300; T32S pure - polyester yarn processing fee decreased from 3910 to 3900, a change of - 10; polyester - cotton yarn 65/35 45S price remained unchanged at 16350. [2] Load and Production - Sales - The direct - spun short - fiber load (weekly) increased from 93.90% to 94.40%; the polyester short - fiber production - sales rate decreased from 77.00% to 51.00%, a change of - 26.00%. [3] - The polyester yarn startup rate (weekly) remained unchanged at 63.50%; the recycled cotton - type load index (weekly) increased slightly from 51.00% to 51.50%. [3]

1. Report Industry Investment Rating - The investment view is "oscillating", with no obvious driving factors, and it is expected to be mainly oscillating upwards [3]. 2. Core View of the Report - The report analyzes the polyester industry from multiple aspects including supply, demand, inventory, etc. It points out that the supply side of PTA has a slight contraction, the demand side of polyester is slightly recovering, and the overall market is in an oscillating state. The future trend depends on the recovery of downstream demand and the evolution of global energy and trade policies [3][65]. 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: The domestic crude oil import is disrupted, and some refineries and trading companies are sanctioned, which may affect the refinery's operation. The supply of domestic PTA devices has a slight contraction, the PTA basis is stable, the PX device operating rate is stable, the cost is strengthening, and the PXN has also expanded [3]. - **Demand**: The downstream load of polyester maintains at about 90%, the inventory of polyester factories is optimistic, and the polyester sales are higher than expected. Whether the weaving can maintain the load in the future needs attention [3]. - **Inventory**: The port inventory of PTA has significantly increased this week, and the physical goods in the Ningbo direction are slightly in short supply [3]. - **Basis**: The PTA basis quickly stabilizes, the PTA profit continues to shrink, and the liquidity of the PTA market is more tense than before [3]. - **Profit**: The price difference between PX and naphtha reaches $250, the processing fee of PTA still maintains at about 200 yuan, and the processing fee of PTA has shrunk [3]. - **Valuation**: The PTA price is at a neutral - low level. After the domestic maintenance season ends, the reforming device gradually recovers. Due to the rise in crude oil prices, the absolute price of PTA follows the rise [3]. - **Macro - policy**: On the morning of October 25 local time, the economic and trade teams of China and the United States began the Sino - US economic and trade consultations in Kuala Lumpur, Malaysia [3]. - **Investment view**: There is no obvious driving factor, and it is expected to be mainly oscillating upwards [3]. - **Trading strategy**: Unilateral: Wait and see. Risk attention: Geopolitical risks [3]. 3.2 Oil Product Fundamentals Overview - **Gasoline demand**: The US government shutdown may affect demand in the off - season. The load of North American refineries has declined, and the gasoline supply has shrunk. The gasoline peak season is over, and the high - octane premium remains [8][14][25]. - **Inventory and price**: The EIA US crude oil inventory, gasoline inventory, and Cushing crude oil inventory are presented in the data. The gasoline cracking profit has increased significantly, and the refined oil price adjustment lags behind that of crude oil [8][9][65]. 3.3 Aromatic Hydrocarbon Fundamentals Overview - **Supply contraction**: Some domestic companies are sanctioned, leading to a contraction in the supply of aromatic hydrocarbons. The mixed xylene market price has strengthened due to the increase in upstream costs, but the market faces the dual pressures of sufficient supply and weak demand [34][56]. - **Arbitrage opportunity**: The cross - regional arbitrage space for aromatic hydrocarbons has opened, but physical trade has not yet occurred. The profit of selective disproportionation has declined, and the pure benzene price suppresses the disproportionation profit [45][51][58]. - **PX, PTA, and short - fiber and bottle - chip markets**: PX is the core of polyester industry price fluctuations, and its pricing is closely linked to futures. The PTA processing interval is long - term maintained below 500 yuan, and the option - based income - enhancement plan is more widely used. Short - fiber and bottle - chip are in the capacity release cycle, and overseas demand is an important variable [55][64]. 3.4 Polyester Fundamentals Overview - **Ethylene glycol**: The supply of ethylene glycol has increased, and the price is running weakly. The port inventory of ethylene glycol in East China is still at a low level, and the new domestic devices put into production have continuously pressured the price [79][85]. - **Polyester operation**: Polyester continues to maintain a high load, and the weaving load performance exceeds expectations. The polyester production has recovered, but the downstream has entered the off - season [94][96].

Investment Rating - The report maintains a positive outlook on the oil and petrochemical sector, with various indices showing significant weekly gains, such as the oil and gas resource index increasing by 3.80% and the oil and gas extraction service index rising by 10.04% [9][10]. Core Insights - Oil prices have risen primarily due to geopolitical factors, particularly the U.S. sanctions on Russian suppliers Rosneft and Lukeoil, which have raised concerns about short-term supply reductions [15][17]. - The report suggests that the actual impact of sanctions may be limited, as historical data indicates that trade flow is more affected than actual supply levels [17]. - The report highlights that the U.S. crude oil inventory has decreased, with a net import increase, and the active oil rig count remains stable at 418 [15][17]. Summary by Sections Market Overview - The petrochemical sector outperformed the Shanghai Composite Index by 1.45%, with various sub-sectors showing positive performance [9]. - The average operating load of domestic refineries was reported at 80.89%, a slight decrease from the previous week [3]. Oil Sector - As of October 23, WTI crude was priced at $61.79, up by $4.33, while Brent crude was at $65.98, up by $3.90 [15]. - The EIA reported a decrease in commercial crude oil inventory by 961,000 barrels, with gasoline inventory down by 214,700 barrels [15]. Refining Sector - The average refining margin for major refineries was reported at 512.62 yuan/ton, down by 35.2 yuan/ton from the previous period [3]. - The report indicates a weak domestic gasoline market, with average operating loads for Shandong independent refineries at 50.04% [3]. Polyester Sector - The report notes an increase in raw material prices, leading to a slight uptick in replenishment willingness among weaving enterprises [3]. - The average profit level for polyester filament POY150D was reported at 96.02 yuan/ton, a decrease of 80.44 yuan/ton from the previous week [3]. Olefin Sector - The domestic ethylene market average price was reported at 6,370 yuan/ton, a slight decrease of 15 yuan/ton [3]. - The report anticipates continued weak consolidation in the ethylene market due to negative downstream profits [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Polyester Sector - In the short - term, although the cost center has shifted upwards, the supply - demand drivers are insufficient, and the polyester sector's enthusiasm to follow the rise in crude oil is limited. Attention should be paid to geopolitical situation changes. - In the medium - to - long - term, the expected increase in supply and the non - significant peak demand characteristics put pressure on the polyester sector as a whole [30][31] Methanol Sector - In the short - term, the supply side is slightly shrinking, the high - inventory problem at ports remains unsolved, and the upward space is limited. MTO is still the main demand force, but the recent losses have intensified, and the traditional downstream performs poorly. Methanol is mainly in a short - term range - bound oscillation due to coal cost support. - In the medium - to - long - term, the inflection point of port inventory is the core point of the market. Attention should be paid to the reduction in imports caused by the implementation of gas restrictions in Iran. If the medium - to - long - term signals are positive, methanol may rebound [49] 3. Summary According to Relevant Catalogs Polyester Sector Macro and Crude Oil News - The US plans to sanction two major Russian oil companies, and the EU has passed the 19th round of sanctions against Russia. Russia believes these sanctions will not achieve the expected results. - US commercial crude, gasoline, and distillate inventories decreased in the week ending October 17, indicating resilient energy demand. - Chinese Vice - Premier He Lifeng will lead a delegation to Malaysia for economic and trade consultations with the US from October 24 - 27 [5][6][7] Futures and Spot Prices - Futures prices of WTI crude, PX, TA, EG, PF, and PR all increased week - on - week, with WTI crude rising 7.65%. Spot prices of related products also generally increased. - PX, PTA, and other product bases showed different degrees of change, with PX base increasing by 192.58% [9] Supply - Side Situation - **PX**: Urumqi Petrochemical plans to restart on October 29, and Asian PX load has slightly declined. This week, domestic PX production decreased, and next week's supply is expected to increase slightly. - **PTA**: Hengli Petrochemical's 220 - million - ton No. 1 device restarted on October 24, and this week's domestic PTA production increased, with social inventory decreasing. - **Ethylene Glycol**: This week, domestic ethylene glycol production slightly increased, but the load decreased. Next week, due to device overhauls, supply will slightly decrease, and port inventory decreased this week [14][17][18] Demand - Side Situation - The average weekly polyester start - up rate decreased by 0.25 percentage points. Short - fiber inventory increased slightly, and long - fiber inventory decreased during the week. - As of October 24, the start - up rate of Jiangsu and Zhejiang looms increased, the number of orders from Chinese weaving sample enterprises increased, and the inventory days of grey cloth decreased [19][22][28] Methanol Sector Price Trends - The futures price of MA2601 decreased by 2.03%, and the base decreased by 45.45%. The spot price of methanol in Taicang increased by 2.99%, and the methanol CFR decreased by 1.04%. The prices of downstream products such as formaldehyde and glacial acetic acid generally decreased [33] Cost and Profit - This week, the profits of coal - based and coke - oven gas - based methanol production decreased, and natural - gas - based production continued to lose money. The overall demand - side profit of methanol declined significantly, and production enterprises suffered serious losses [39] Supply - Side Situation - As of October 23, the methanol start - up rate was 85.65%, a decrease of 1.75 percentage points, and the output was 194.35 million tons, a decrease of 2%. This week, the number of overhauled devices was greater than that of resumed devices. Next week, some devices plan to resume production, and there are no new overhaul plans [42][49] Demand - Side Situation - Affected by profit compression, the overall demand start - up load continued to weaken. MTO is still the main downstream demand force, with a load fluctuating around 91%. Traditional downstream industries performed poorly, and it is expected that MTO will continue to decline next week [45][49] Inventory Situation - As of October 22, port inventory was 151.22 million tons, an increase of 1.4%, and inland inventory was 36.04 million tons, an increase of 0.13%. Port inventory slightly increased, and inland inventory also increased slightly [48][49]

Report Summary 1) Report Industry Investment Rating No information provided in the content. 2) Core Viewpoints - PTA: The game intensifies, with sentiment and fundamentals resonating. The PTA supply side is shrinking, and its processing fee remains low. Industry profits are still constrained by over - capacity due to new device launches. Although the polyester downstream load remains above 90%, there are concerns about subsequent textile and clothing demand after the "Golden September and Silver October" period. The PTA operating rate may decline further, and it's difficult for PTA to have an independent market due to crude oil price trends [2]. - Ethylene glycol: The inventory of ethylene glycol ports in East China is still at a low level, with limited port arrivals this week and expected decline in overseas imports. Domestic device launches are pressuring the price. Coal - based ethylene glycol devices are resuming. The overall polyester inventory is in good condition, and the downstream weaving load is maintained. However, as the polyester peak season is ending and the crude oil fundamentals are weakening, the polyester is expected to run weakly [2]. 3) Summary by Relevant Catalogs Market Quotes - **Crude oil and PTA - related**: INE crude rose from 447.2 yuan/barrel on October 22, 2025, to 459.7 yuan/barrel on October 23, 2025. The PTA - SC spread decreased from 1232.2 yuan/ton to 1167.3 yuan/ton, and the PTA/SC ratio dropped from 1.3791 to 1.3494. The PTA main contract futures price increased from 4482 yuan/ton to 4508 yuan/ton, and the PTA spot price rose from 4370 yuan/ton to 4425 yuan/ton [2]. - **PX**: CFR China PX increased from 798 to 811, and the PX - naphtha spread rose from 258 to 260 [2]. - **MEG**: The MEG main contract futures price increased from 4051 yuan/ton to 4095 yuan/ton. The MEG - naphtha spread increased from - 110.72 yuan/ton to - 104.91 yuan/ton, and the MEG domestic price rose from 4107 to 4173 [2]. Industry Chain Operating Conditions - The PX operating rate remained at 84.62%, the PTA operating rate was stable at 76.95%, the MEG operating rate decreased from 63.35% to 61.89%, and the polyester load remained at 89.38% [2]. Product Sales and Cash Flow - **Polyester filament**: POY150D/48F decreased from 6380 to 6360, and its cash flow dropped from 18 to - 71. FDY150D/96F increased from 6590 to 6620, and its cash flow decreased from - 272 to - 311. DTY150D/48F decreased from 7740 to 7735, and its cash flow dropped from 178 to 104. The filament sales rate increased from 53% to 101% [2]. - **Polyester staple fiber**: 1.4D direct - spun polyester staple fiber increased from 6365 to 6390, and its cash flow decreased from 353 to 309. The staple fiber sales rate decreased from 107% to 68% [2]. - **Polyester chips**: The semi - bright chip price increased from 5485 to 5525, and its cash flow decreased from 23 to - 6. The chip sales rate decreased from 141% to 54% [2]. Device Maintenance An East - China 2.2 - million - ton PTA device slightly reduced its load, and the recovery time is to be tracked [2].

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9] - Options strategies and suggestions are provided for selected varieties in each sector [9] - The option strategy report for each option variety is compiled according to the underlying market analysis, option factor research, and option strategy suggestions [9] 3. Summary by Relevant Content 3.1 Underlying Futures Market Overview - Various option varieties' underlying contracts' latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes are presented, such as crude oil (SC2512) with a latest price of 470, a price increase of 16, and a price change rate of 3.48% [4] 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR for different option varieties are given, along with their changes, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5] 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels for different option varieties are analyzed from the perspective of the strike prices with the largest open interests of call and put options [6] 3.4 Option Factors - Implied Volatility - Implied volatility data for different option varieties are provided, including at - the - money implied volatility, weighted implied volatility, and its changes, etc. [7] 3.5 Option Strategies and Suggestions 3.5.1 Energy - related Options - **Crude Oil**: Fundamentals involve OPEC's production increase and US shale oil production. The market has shown different trends from July to October. Option factors indicate a decline in implied volatility, a weak market according to open interest PCR, and specific pressure and support levels. Strategies include a volatility strategy of selling a neutral call + put option combination and a spot long - hedging strategy of constructing a long collar [8] - **Liquefied Petroleum Gas (LPG)**: Fundamentals show a decrease in domestic LPG production in September. The market has experienced ups and downs. Option factors suggest a decline in implied volatility, a weak market, and specific pressure and support levels. Strategies include a volatility strategy of selling a neutral call + put option combination and a spot long - hedging strategy of constructing a long collar [10] 3.5.2 Alcohol - related Options - **Methanol**: Fundamentals involve port and enterprise inventories. The market has been weak. Option factors indicate that implied volatility fluctuates around the historical average, a weak - oscillating market, and specific pressure and support levels. Strategies include a volatility strategy of selling a bearish call + put option combination and a spot long - hedging strategy of constructing a long collar [10] - **Ethylene Glycol**: Fundamentals show inventory changes. The market has been weak. Option factors suggest that implied volatility fluctuates below the average, strong bearish power, and specific pressure and support levels. Strategies include a directional strategy of constructing a bearish spread of put options, a volatility strategy of shorting volatility, and a spot long - hedging strategy [11] 3.5.3 Polyolefin - related Options - **Polypropylene**: Fundamentals involve inventory changes. The market has been weak. Option factors indicate a decline in implied volatility to around the average, a weak market, and specific pressure and support levels. Strategies include a spot long - hedging strategy of holding a spot long position, buying an at - the - money put option, and selling an out - of - the - money call option [11] 3.5.4 Rubber - related Options - **Rubber**: Fundamentals show inventory changes. The market has been in a weak consolidation. Option factors suggest that implied volatility has decreased to around the average, a relatively strong bullish market according to open interest PCR, and specific pressure and support levels. Strategies include a volatility strategy of selling a bearish call + put option combination [12] 3.5.5 Polyester - related Options - **PTA**: Fundamentals show inventory accumulation. The market has been weak. Option factors indicate that implied volatility fluctuates at a relatively high level, an oscillating market, and specific pressure and support levels. Strategies include a volatility strategy of selling a bearish call + put option combination [12] 3.5.6 Alkali - related Options - **Caustic Soda**: Fundamentals show a decline in production capacity utilization. The market has been weak. Option factors suggest high - level volatility of implied volatility, a weak - oscillating market, and specific pressure and support levels. Strategies include a directional strategy of constructing a bearish spread and a spot collar - hedging strategy [13] - **Soda Ash**: Fundamentals show an increase in factory inventory. The market has been in a low - level weak oscillation. Option factors indicate that implied volatility fluctuates at a relatively high historical level, strong bearish pressure, and specific pressure and support levels. Strategies include a volatility strategy of shorting volatility and a spot long - hedging strategy of constructing a long collar [13] 3.5.7 Other Options - **Urea**: Fundamentals show an increase in enterprise and port inventories. The market has been in a low - level weak oscillation. Option factors suggest that implied volatility fluctuates around the historical average, strong bearish pressure, and specific pressure and support levels. Strategies include a directional strategy of constructing a bearish spread of put options, a volatility strategy of selling a bearish call + put option combination, and a spot long - hedging strategy [14] 3.6 Option Charts - Charts for various option varieties, such as crude oil, LPG, methanol, etc., are provided, including price trends, trading volume and open interest, open interest PCR, implied volatility, historical volatility cones, and pressure and support levels [15][36][54]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Due to some domestic reforming units reducing their loads, the load of PX units has declined. The supply of PTA has contracted, with Ningbo Yisheng Petrochemical Phase 4 reducing its load by 50% until the end of the month. PTA's processing fee has remained low, and industry profits are still constrained by over - capacity due to new device commissioning. The downstream load of polyester has remained above 90%. Despite the end of the "Golden Nine and Silver Ten" period, the demand for textile and clothing is still acceptable. In the later period, the operating rate of PTA may decline further. The rebound in crude oil prices has led to a rise in PTA prices, and bottle chips and short fibers continue to fluctuate with costs [2]. 3. Summary by Relevant Indicators Price Indicators - PTA spot price increased from 4320 to 4370, a change of 50; MEG inner - market price rose from 4075 to 4107, a change of 32; PTA closing price went up from 4414 to 4482, a change of 68; MEG closing price increased from 4004 to 4051, a change of 47; 1.4D direct - spinning polyester staple fiber price rose from 6340 to 6365, a change of 25; short - fiber basis decreased from 218 to 184, a change of - 34; 11 - 12 spread increased from 8 to 10, a change of 2; polyester staple fiber cash flow increased from 240 to 246, a change of 6; 1.4D imitation large - chemical fiber price remained unchanged at 5400; the price difference between 1.4D direct - spinning and imitation large - chemical fiber increased from 940 to 965, a change of 25; East China water bottle chip price increased from 5594 to 5663, a change of 69; hot - filling polyester bottle chip price increased from 5594 to 5663, a change of 69; carbonated - grade polyester bottle chip price increased from 5694 to 5763, a change of 69; outer - market water bottle chip price increased from 740 to 745, a change of 5; bottle - chip spot processing fee increased from 535 to 551, a change of 15.53; T32S pure polyester yarn price remained unchanged at 10280; T32S pure polyester yarn processing fee decreased from 3940 to 3915, a change of - 25; polyester - cotton yarn 65/35 45S price remained unchanged at 16350; cotton 328 price increased from 14530 to 14560, a change of 30; polyester - cotton yarn profit decreased from 1654 to 1626, a change of - 27.92; primary three - dimensional hollow (with silicon) price remained unchanged at 6920; hollow short - fiber 6 - 15D cash flow decreased from 661 to 608, a change of - 53.47; primary low - melting - point short - fiber price remained unchanged at 7310 [2]. Market Conditions - Short - fiber: The main futures of polyester staple fiber rose 78 to 6136. In the spot market, the prices of polyester staple fiber production plants were mainly negotiated, the prices of traders were rising, downstream purchases were few, and the market was mainly replenished through futures - spot trading, with trading volume increasing. The price range of 1.56dtex*38mm semi - glossy natural white (1.4D) polyester staple fiber in the East China market was 6120 - 6460, in the North China market was 6240 - 6580, and in the Fujian market was 6100 - 6400 [2]. - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5620 - 5720 yuan/ton, with the average price rising 30 yuan/ton compared to the previous working day. The prices of polyester raw material PTA and bottle - chip futures rebounded, most supply - side quotations increased, the procurement enthusiasm of downstream terminals remained at the rigid - demand level, the market trading atmosphere was average, and the price center of bottle chips moved up slightly [2]. Load and Production and Sales Indicators - The direct - spinning short - fiber load (weekly) increased from 93.90% to 94.40%, a change of 0.01; polyester staple fiber production and sales decreased from 72.00% to 66.00%, a change of - 6; polyester yarn startup rate (weekly) remained unchanged at 63.50%; recycled cotton - type load index (weekly) increased from 51.00% to 51.50%, a change of 0.01 [3]