Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report PTA - TA's unexpected maintenance has increased, polyester's operation continues to recover, and there is still room to increase the load with relatively healthy inventory. The supply of raw material PX will gradually return, and the short - term supply - demand pattern of TA is expected to continue to improve. Attention should be paid to the opportunity to expand processing fees at low prices and the restart progress of Hengli Huizhou [1]. MEG - In the short term, the domestic oil - based production restarts, the coal - based operation declines slightly, and the overall load recovers. The port inventory decreases due to the decline in arrivals and stable shipments. The downstream inventory level remains stable, the basis is strong, and the profit ratio remains basically stable. In the future, EG's operation will rise to a relatively high level, and the port inventory is expected to remain low due to the short - term low arrivals. The pattern is good and the profit is not low. The far - month is expected to accumulate inventory with the return of maintenance and the commissioning of new devices, but the valuation is greatly affected by the subsequent evolution of the cost side, and it is regarded as a wide - range shock. Attention should be paid to the restart progress of Satellite and Xinrun [2]. Polyester Staple Fiber - Recently, the operation of Chuzhou Xingbang and Ningbo Zhuocheng has increased, and the operation rate has slightly increased to 91.9%. The production and sales are basically stable, and the inventory has decreased month - on - month. On the demand side, the operation of the polyester yarn end has increased, the raw material inventory has increased, and the finished product inventory has continued to decrease, but the profit is weak. In the future, as the inventory reduction speed of the polyester yarn end has accelerated, the inventory demand has emerged. The operation of staple fiber remains high but does not increase significantly. With the continuation of inventory reduction, attention should be paid to the opportunity to expand processing fees at low prices [2]. Natural Rubber & 20 - number Rubber - The main contradictions are that the national explicit inventory remains stable, the absolute level is not high, but there is no seasonal inventory reduction, and the price of Thai cup rubber has rebounded due to rainfall affecting rubber tapping. The strategy is to wait and see [3]. Group 3: Summary According to Related Catalogs PTA - **Price and Index Changes**: From August 20 to 26, 2025, the prices of naphtha, PX CFR, PTA domestic spot, etc. have changed to varying degrees. For example, the price of naphtha has increased from 66.8 to 68.8, and the PTA processing difference has also changed [1]. - **Device Changes**: Sanfangxiang's new device's other 1.6 million - ton production line has started production, and Dushan Energy's 2.5 million - ton device has been under maintenance [1]. MEG - **Price and Index Changes**: From August 20 to 26, 2025, the prices of Northeast Asian ethylene, MEG outer - disk price, etc. have changed. For example, the MEG outer - disk price has increased from 526 to 536, and the MEG coal - based profit has increased from 421 to 474 [2]. - **Device Changes**: Xinjiang Tianying's 150,000 - ton device has restarted, and Shaanxi Weihua's 300,000 - ton device has been under maintenance [2]. Polyester Staple Fiber - **Price and Index Changes**: From August 20 to 26, 2025, the prices of 1.4D cotton - type staple fiber, low - melting - point staple fiber, etc. have changed. For example, the price of 1.4D cotton - type staple fiber has increased from 6555 to 6680, and the short - fiber profit has changed from 19 to - 10 [2]. - **Device and Operation Changes**: Recently, the operation of Chuzhou Xingbang and Ningbo Zhuocheng has increased, and the operation rate has slightly increased to 91.9% [2]. Natural Rubber & 20 - number Rubber - **Price and Index Changes**: From August 20 to 26, 2025, the prices of US - dollar Thai standard spot, US - dollar Thai mixed spot, etc. have changed. For example, the price of US - dollar Thai standard spot has increased from 1795 to 1830, and the RU main contract price has increased from 15675 to 15885 [3]. - **Inventory and Spread Changes**: The national explicit inventory remains stable, and the spreads such as the difference between mixed rubber and RU main contract have changed [3]. Styrene - **Price and Index Changes**: From August 20 to 26, 2025, the prices of ethylene (CFR Northeast Asia), pure benzene (CFR China), etc. have changed. For example, the price of ethylene has increased from 830 to 840, and the EPS (East China ordinary material) profit has increased from 75 to 275 [6].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - For PTA, with increased unexpected TA maintenance, rising polyester开工, and improving supply - demand, there are opportunities to expand processing fees by buying at low prices. Attention should be paid to the restart progress of Hengli Huizhou [3]. - For MEG, the current situation is good with low inventory, but the far - month is expected to accumulate inventory. It is expected to fluctuate widely, and the restart progress of Satellite and Xinrun should be monitored [9]. - For polyester staple fiber, as the destocking continues, there are opportunities to expand processing fees by buying at low prices [9]. - For natural rubber and 20 - number rubber, the main contradictions are stable national explicit inventory without seasonal destocking and the rebound of Thai cup - rubber prices due to rainfall. The strategy is to wait and see [9]. Group 3: Summaries by Commodity PTA - **Price Changes**: From August 18 - 22, 2025, crude oil remained stable, while other prices such as naphtha, PX CFR Taiwan, etc., changed to different extents [2]. - **Market Situation**: Spot daily average trading basis is 2509(+25). Yisheng Hainan's 2 million - ton and Hengli Huizhou's 5 million - ton plants are under maintenance. Near - term TA unexpected maintenance increases, polyester load rises, inventory decreases, basis strengthens slightly, and spot processing fees improve. PX domestic operation rate increases slightly, overseas plants restart, PXN strengthens, disproportionation efficiency weakens, and isomerization efficiency reaches a high level [3]. MEG - **Price Changes**: From August 18 - 22, 2025, prices of Northeast Asian ethylene, MEG outer - market, etc., had certain changes [9]. - **Market Situation**: Spot basis is around 09(+92). Xinjiang Tianying's 150,000 - ton plant restarts, and Shaanxi Weihua's 300,000 - ton plant is under maintenance. Near - term domestic oil - based plants restart, coal - based operation rate drops slightly, overall load rises, port inventory decreases, basis remains strong, and efficiency ratio is basically stable [9]. Polyester Staple Fiber - **Price Changes**: From August 18 - 22, 2025, prices of 1.4D cotton - type, low - melting - point staple fiber, etc., changed to different degrees [9]. - **Market Situation**: Spot price is around 6610, and market basis is around 10 - 170. Near - term Chuzhou Xingbang and Ningbo Zhuocheng increase production, operation rate rises slightly to 91.9%, production and sales are basically stable, and inventory decreases [9]. Natural Rubber & 20 - Number Rubber - **Price Changes**: From August 18 - 22, 2025, prices of US - dollar Thai standard, US - dollar Thai mixed, etc., had daily and weekly changes [9]. - **Market Situation**: The main contradictions are stable national explicit inventory without seasonal destocking and the rebound of Thai cup - rubber prices due to rainfall. The strategy is to wait and see [9]. Styrene - **Price Changes**: From August 18 - 22, 2025, prices of ethylene (CFR Northeast Asia), pure benzene (CFR China), etc., changed to different degrees [12]. - **Market Situation**: There are changes in prices of PS, ABS, and domestic profits of styrene - related products [12].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report Core Views - For PTA, with low processing fees leading to more additional maintenance, and polyester demand expected to stabilize and have upward flexibility, there is a chance to expand processing fees by buying at low prices [3]. - For MEG, the short - term inventory accumulation pressure is small, and the port inventory is expected to remain low. It is expected to fluctuate widely, and attention should be paid to the restart progress of satellite plants [15]. - For polyester staple fiber, as the downstream inventory is continuously reduced, the downstream start - up may continue to rise. Considering the low processing fees, there is an opportunity to expand processing fees by buying at low prices [15]. - For natural rubber and 20 - number rubber, the national explicit inventory remains stable with no seasonal decline, and the Thai cup - rubber price rebounds due to rainfall affecting tapping. The strategy is to wait and see [15]. 3. Summary by Related Catalogs PTA - **Price and Margin Changes**: From August 14 to August 20, crude oil increased by 1, PX CFR Taiwan increased by 3, PTA inner - market spot remained unchanged, and POY 150D/48F increased by 55. The TA basis decreased by 13, and the production - sales ratio increased by 0.20 [3]. - **Device Changes**: Yisheng Hainan's 2 million - ton plant was under maintenance [3]. - **Weekly Outlook**: The short - term TA start - up rate increased, polyester load rose slightly, and inventory continued to accumulate. PX's domestic start - up rate increased slightly, and overseas start - up rate decreased slightly. In the future, the supply - demand situation is expected to improve, and attention should be paid to the opportunity to expand processing fees [3]. Styrene - **Price Changes**: From August 14 to August 20, the price of styrene (CFR China) increased by 5, while the prices of other related products such as ethylene (CFR Northeast Asia) remained unchanged or decreased slightly. The domestic profits of EPS, PS decreased by 40 [9]. MEG - **Price and Margin Changes**: From August 14 to August 20, the MEG outer - market price increased by 3, the inner - market price increased by 49, and the coal - based profit increased by 49. The total load and other loads remained unchanged [15]. - **Device Changes**: Xinjiang Tianying's 150,000 - ton plant restarted [15]. - **Weekly Outlook**: The domestic start - up rate remained stable, and overseas there were some unexpected maintenance. The port inventory is expected to accumulate in the short - term, and the market is expected to fluctuate widely [15]. Polyester Staple Fiber - **Price and Operation Changes**: From August 14 to August 20, the price of some products such as 1.4D cotton - type staple fiber remained stable, and the start - up rate increased slightly to 91.1%. The inventory remained stable, and the downstream start - up rate increased, and the raw material inventory increased while the finished - product inventory decreased [15]. - **Weekly Outlook**: The downstream start - up may continue to rise, and there is an opportunity to expand processing fees by buying at low prices [15]. Natural Rubber & 20 - Number Rubber - **Price Changes**: From August 14 to August 20, the prices of some products such as US - dollar - denominated Thai standard rubber increased, and the RU main contract and NR main contract prices changed. The weekly changes of some price differences and indicators were also significant [15]. - **Daily View**: The main contradiction is that the national explicit inventory remains stable without seasonal decline, and the Thai cup - rubber price rebounds due to rainfall affecting tapping. The strategy is to wait and see [15].

Group 1: Report General Information - Report title: Aromatics and Rubber Morning Report [1] - Report date: August 20, 2025 [1] - Report team: Research Center's Energy and Chemicals Team [1] Group 2: Styrene Price and Profit Data - On August 19, 2025, ethylene (CFR Northeast Asia) was at 825, pure benzene (CFR China) at 747, and styrene (CFR China) at 890. Styrene in Jiangsu was 7280, in South China 7440, and EPS (East China common material) was 8100. PS (East China transparent benzene) was 7700, and ABS (0215A) was 9600 [4]. - Day - on - day changes on August 19: ethylene and pure benzene (CFR) unchanged, styrene (CFR) unchanged, styrene in Jiangsu +10, in South China +10, EPS - 150, PS - 50, ABS unchanged [4]. - Asian spread of pure benzene - naphtha was 161, styrene domestic profit - 292, EPS domestic profit 115, PS domestic profit - 162, ABS domestic profit - 926, all with no day - on - day change except EPS profit - 150 and PS profit - 50 [4]. Group 3: PTA Price and Data - On August 19, 2025, crude oil was 65.8, naphtha 575, PX CFR Taiwan 835, PTA domestic spot 4690, POY 150D/4 6750. Naphtha cracking spread was 92.26, PX processing margin 260.0, PTA processing margin 128, polyester gross profit 97 [12]. - Day - on - day changes: crude oil - 0.8, naphtha +4, PX +2, PTA +20, POY - 20, naphtha cracking spread +9.69, PX processing margin - 2.0, PTA processing margin +11, polyester gross profit - 42 [12]. - PTA spot transaction: average daily transaction basis was 2509(-9). Yisheng Hainan's 2 million - ton plant was under maintenance [12]. Outlook - Near - term TA start - up increased, polyester load rose slightly, inventory continued to accumulate, basis was weak, and spot processing fee was still low. PX domestic start - up rose slightly, overseas had both maintenance and restart, start - up declined slightly, PXN strengthened, disproportionation and isomerization benefits remained stable, and the US - Asia aromatics spread rebounded slightly. In the future, additional maintenance of TA increased due to low processing fees. Filament sales were weak but there was no further reduction in production in the short term. Bottle - grade PTA inventory decreased continuously at low start - up. Overall, polyester start - up was expected to stabilize and have upward flexibility, supply - demand was expected to improve, and opportunities to widen processing fees on dips could be considered [12]. Group 4: MEG Price and Data - On August 19, 2025, Northeast Asia ethylene was 825, MEG outer - market price 523, MEG inner - market price 4458, MEG in East China 4498, MEG far - month price 4455, MEG coal - based profit 372, MEG inner - market cash flow (ethylene) - 622, MEG total load 67.0, coal - based MEG load 80.5, MEG port inventory 54.7, non - coal - based load 60 [12]. - Day - on - day changes: Northeast Asia ethylene unchanged, MEG outer - market price +2, MEG inner - market price +17, MEG in East China +20, MEG far - month price +16, MEG coal - based profit +17, MEG inner - market cash flow (ethylene) unchanged, other loads and inventory unchanged [12]. - MEG spot transaction: basis was around 09(+87). Xinjiang Tianying's 150,000 - ton plant restarted [12]. Outlook - Near - term domestic plant restarts were postponed, start - up was stable, there was some unexpected overseas maintenance. Port inventory was expected to accumulate as arrivals increased and shipments were stable. Downstream inventory levels increased, basis was stable, and oil - based benefits improved. In the future, EG supply had postponed restarts and overseas unexpected maintenance, port inventory was expected to remain low with little short - term accumulation pressure. The situation was good and benefits were not low. In the far - month, inventory accumulation was expected due to the return of maintenance and new plant commissioning, but valuation was greatly affected by the subsequent evolution of the cost side, and it was expected to fluctuate widely. Attention should be paid to the restart progress of satellite plants [12]. Group 5: Polyester Staple Fiber Price and Data - On August 19, 2025, 1.4D cotton - type was 6555, low - melting point staple fiber 7330, virgin hollow 7060, imitation large - denier fiber 5700, pure polyester yarn 12100, polyester - cotton yarn 16300, virgin staple fiber load 91, recycled cotton - type load 50, polyester yarn operation 63, staple fiber profit 53, pure polyester yarn profit - 155, cotton - polyester staple difference 8520, viscose - polyester staple difference 6345 [12]. - Day - on - day changes: 1.4D cotton - type +5, other prices unchanged, loads and operation unchanged, staple fiber profit unchanged, pure polyester yarn profit - 5, cotton - polyester staple difference - 10, viscose - polyester staple difference - 5 [12]. - Spot information: spot price was around 6500, market basis was around 10 - 100 [12]. Outlook - Near - term Ningbo Dafa's technical transformation plant resumed, start - up increased slightly to 91.1%, sales were stable, and inventory remained the same. On the demand side, polyester yarn start - up increased, raw material inventory rose, finished product inventory continued to decline, and benefits were maintained. In the future, as polyester yarn finished product inventory continued to decline, downstream start - up might continue to rise. Although staple fiber supply might also increase, the overall space was limited. Considering that the futures processing fee was still in a low range, opportunities to widen processing fees on dips could be considered [12]. Group 6: Natural Rubber & 20 - grade Rubber Price and Data - On August 19, 2025, US - dollar Thai standard spot was 1805, US - dollar Thai mixed spot 1805, RMB mixed rubber 14630, Shanghai whole milk 14680, Shanghai 3L 14850, Thai latex 54.7, Thai cup lump 49.8, Yunnan latex 14300, Hainan latex 15700, butadiene rubber 11800, RU main contract 15875, NR main contract 12690 [12]. - Day - on - day changes: US - dollar Thai standard +5, US - dollar Thai mixed +5, RMB mixed rubber +50, Shanghai whole milk +95, Shanghai 3L +70, Thai latex +1, other prices unchanged or with small changes [12]. - Mixed - RU main contract basis was - 1245, US - dollar Thai standard - NR main contract 274, RU09 - RU01 - 750, RU main contract - NR main contract 3185, latex - cup lump 4.9, whole milk - mixed 50, 3L - mixed 220, mixed - butadiene rubber 2830, Thai standard processing profit 15, mixed internal - external price difference - 140, SHFE RU warehouse receipts 179570 [12]. - Day - on - day changes: mixed - RU main contract - 5, US - dollar Thai standard - NR main contract - 9, other spreads and profits with small changes or unchanged [12]. Outlook - Main contradictions: national visible inventory was stable at a low absolute level but did not decline seasonally; Thai cup lump price rebounded due to rain affecting tapping. Strategy: wait - and - see [12]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, the near - term TA开工 is rising, polyester load is slightly increasing, inventory is accumulating, and basis is weak. The subsequent supply - demand may improve, and it's advisable to focus on opportunities to expand processing margins at low prices [2] - For MEG, the near - term domestic device restarts are postponed, and overseas there are unexpected maintenance. The port inventory is expected to remain low in the short term, and it's advisable to focus on the satellite restart progress [2] - For polyester staple fiber, the near - term start - up is slightly increasing, and downstream demand is improving. Considering the low processing margins on the disk, it's advisable to focus on opportunities to expand processing margins at low prices [2] - For natural rubber and 20 - number rubber, the national explicit inventory is stable, and the Thai cup - rubber price has rebounded. The recommended strategy is to wait and see [2] - For styrene, price data for related products are provided, but no clear overall view is given Summary by Related Catalogs PTA - Price and data: PTA spot daily average basis is 2509(-11), and the change in relevant data from August 12 - 18 shows fluctuations. For example, the PX CFR price has changed by 0.7, and the PTA internal - market spot price has changed in its own range [2] - Device changes: Yisheng Hainan's 2 million - ton device is under maintenance [2] - Market situation: Near - term TA开工 is rising, polyester load is slightly increasing, inventory is accumulating, basis is weak, and spot processing margins are still low. PX domestic开工 is slightly rising, overseas maintenance and restart co - exist, PXN is strengthening, and the US - Asia aromatic hydrocarbon spread is slightly rising [2] - Outlook: TA additional maintenance is increasing due to low processing margins. The filament sales are weak, but there will be no further short - term production cuts. The bottle - chip inventory is decreasing under low start - up. Overall, polyester开工 is expected to stabilize and has upward potential, and supply - demand may improve [2] MEG - Price and data: MEG spot basis is around 09(+87), and the change in relevant data from August 12 - 18 shows that some prices have decreased, such as the MEG external - market price which has dropped by 2 [2] - Device changes: Xinjiang Tianying's 15 - thousand - ton device has restarted [2] - Market situation: Near - term domestic device restarts are postponed, and overseas there are unexpected maintenance. The port inventory is expected to accumulate due to increased arrivals and stable shipments. Downstream stocking levels are rising, basis is stable, and oil - based profits have recovered [2] - Outlook: EG supply has postponed restarts and overseas unexpected maintenance. The short - term inventory accumulation pressure is small, and the port inventory is expected to remain low. The long - term is expected to accumulate inventory, and it is expected to fluctuate widely, depending on the satellite restart progress [2] Polyester Staple Fiber - Price and data: The price of 1.4D cotton - type staple fiber on August 12 was 6570, and there were slight price changes in subsequent days. The daily change on August 18 shows that some prices remained unchanged, and some profits increased [2] - Device changes: Ningbo Dafa's technical - reform device has resumed operation [2] - Market situation: Near - term start - up has slightly increased to 91.1%, sales are stable, and inventory has remained unchanged. Downstream polyester yarn start - up has increased, raw - material stocking has increased, finished - product inventory has decreased, and profits have been maintained [2] - Outlook: As the downstream finished - product inventory decreases, downstream start - up may continue to rise. Although staple - fiber supply may also increase, the overall space is limited. Considering the low processing margins on the disk, focus on opportunities to expand processing margins at low prices [2] Natural Rubber and 20 - number Rubber - Price and data: The price of US - dollar Thai standard rubber on August 12 was 1805, and there were price changes in subsequent days. The daily and weekly changes in various price spreads and related data are also provided [2] - Market situation: The national explicit inventory is stable, and the Thai cup - rubber price has rebounded due to rainfall affecting rubber tapping [2] - Strategy: Wait and see [2] Styrene - Price and data: From August 12 - 18, the price of ethylene (CFR Northeast Asia) remained at 825, while the prices of other related products such as pure benzene and styrene showed different degrees of decline. The daily change on August 18 shows that some prices decreased, and some profits increased [5]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - For PTA, with low processing fees, additional maintenance has increased. Although the sales of filament are weak, significant further production cuts are unlikely in the short - term. The bottle - chip inventory has been continuously decreasing with low operation. Overall, the polyester operation is expected to stabilize and has upward potential. There is a chance to expand processing fees by buying at low prices [1]. - For MEG, there are some postponed restarts in domestic plants and unexpected overseas maintenance. The port inventory is expected to remain low in the short - term with limited inventory accumulation pressure. The situation is good with decent profits. In the long - term, inventory accumulation is expected due to the return from maintenance and new plant commissioning, and the valuation is greatly affected by the cost side. It should be viewed as a wide - range fluctuation, and attention should be paid to the restart progress of satellite plants [3]. - For polyester staple fiber, as the finished - product inventory of polyester yarn has been continuously decreasing, the downstream operation may continue to rise. Although the supply of staple fiber may also increase, the overall space is limited. Considering the low processing fees on the futures market, there is a chance to expand processing fees by buying at low prices [3]. - For natural rubber and 20 - grade rubber, the national explicit inventory remains stable at a relatively low level but shows no seasonal decline. The price of Thai cup - lump rubber has rebounded due to rainfall affecting tapping. The recommended strategy is to wait and see [4]. 3. Summary by Product PTA - **Price and Margin Changes**: From August 11 - 15, crude oil decreased by 0.9, PTA spot price increased by 10, and the processing fee decreased by 13. The average daily transaction basis was 2509(-13) [1]. - **Device Changes**: Jiaxing Petrochemical's 2.2 million - ton plant restarted, Shandong Weilian's 2.5 million - ton plant restarted, and Yisheng Dalian's 2.25 million - ton plant was under maintenance [1]. MEG - **Price and Margin Changes**: From August 11 - 15, the MEG outer - market price decreased by 1, the inner - market price decreased by 6, and the coal - based profit decreased by 37.68. The basis was around 09(+87) [3]. - **Device Changes**: Zhejiang Petrochemical's 800,000 - ton plant restarted, and Shenghong's 1.9 million - ton plant stopped operating due to an accident [3]. Polyester Staple Fiber - **Price and Margin Changes**: From August 11 - 15, the price of 1.4D cotton - type staple fiber increased by 50, and the profit increased by 43. The spot price was around 6468, and the market basis was around 09 - 0 [3]. - **Device Changes**: Ningbo Dafa's technical - renovation plant resumed operation, and the operation rate slightly increased to 91.1% [3]. Natural Rubber and 20 - grade Rubber - **Price Changes**: From August 11 - 15, the price of US - dollar Thai standard rubber increased by 25, and the price of Shanghai full - latex increased by 410. The weekly changes were 35 and 470 respectively [4]. - **Other Indicators**: The national explicit inventory remained stable, and the price of Thai cup - lump rubber rebounded due to rainfall affecting tapping [4]. Sty，rene - **Price Changes**: From August 11 - 15, the price of styrene (CFR China) decreased by 5, and the domestic profit increased by 28 [6].

Report Overview - The report provides daily and weekly data on various chemical products including PTA, MEG, polyester staple fiber, natural rubber, 20 - number rubber, and styrene, along with weekly and daily views on each product [2][3][6] PTA Key Data - On July 30, 2025, PTA spot成交 had an average daily basis of 2509(-11). The Yisheng New Material's 7.2 - billion - ton plant reduced its load to 80 - 90% [2] Core View - Near - term TA operation remained stable, polyester load slightly recovered, inventory continued to accumulate, and the basis weakened under active sales by major suppliers, with spot processing fees dropping again. PX domestic operation decreased slightly, overseas load was stable, PXN strengthened significantly, disproportionation and isomerization benefits remained, and the aromatics spread between the US and Asia shrank. TA will remain in a state of inventory accumulation but the absolute inventory level is not high, and spot processing fees are compressed to a low level. Polyester operation is expected to stabilize and has upward potential. Attention should be paid to short - term low - level positive arbitrage opportunities. The overall de - stocking trend of PX has not reversed, and there is still a guarantee for the lower limit of valuation [2] MEG Key Data - As of July 30, 2025, the basis of MEG spot was around 09(+64) [3] Core View - Near - term domestic coal - based MEG increased operation, Saudi Arabian plants restarted overseas, and port inventory is expected to accumulate due to more arrivals during the week. Downstream inventory levels increased, the basis remained the same, and the spread of benefits widened further. In the short term, port inventory is expected to remain low with little pressure to accumulate. The far - month has inventory accumulation expectations due to overseas plant restarts and further increase in coal - based load, but the valuation is greatly affected by the subsequent evolution of the cost side, and it is expected to fluctuate widely. Attention should be paid to the restart progress of satellite plants [3] Polyester Staple Fiber Key Data - As of July 30, 2025, the spot price was around 6619, and the market basis was around 08 - 70 [3] Core View - Near - term Sichuan Jixing restarted, and Times Hollow Fiber reduced production. Operation increased slightly to 90.6%, sales improved slightly, and inventory decreased slightly. On the demand side, the operation of polyester yarn remained stable, raw material inventory increased slightly, finished - product inventory continued to accumulate, and benefits further declined, showing a weak performance. In the future, the inventory pressure of staple fiber is acceptable, the supply of standard products has not decreased significantly but also has no increase. Domestic demand is weak while export growth is high, and processing fees are gradually entering a low - level range but there is no obvious upward driver. Attention should be paid to the subsequent operation status of polyester yarn [3] Natural Rubber & 20 - Number Rubber Key Data - As of July 30, 2025, the daily change in the price of Thai RSS3 was 0, and the weekly change was - 15. The daily change in the price of Thai STR20 was 0, and the weekly change was - 15 [3] Core View - The main contradiction is that the national explicit inventory remained stable with a low absolute level but no seasonal de - stocking, and the price of Thai cup lump rubber rebounded due to rainfall affecting tapping. The strategy is to wait and see [3] Styrene Key Data - On July 30, 2025, the daily change in the price of ethylene (CFR Northeast Asia) was 0, the daily change in the price of pure benzene (CFR China) was 0, and the daily change in the price of styrene (CFR China) was 5 [6] Core View - No specific view was provided in the report for styrene, only price data were presented [6]

Report Industry Investment Rating - No information provided Core Viewpoints - For PTA, it maintains a state of inventory accumulation, with the spot processing fee dropping again. PX still has a guarantee for its lower valuation limit, and one can focus on the phased opportunity of going long in a contango market when the price is low [2][14]. - For MEG, the short - term port inventory is expected to remain low, and the long - term has an inventory accumulation expectation under the restart of overseas plants and the increase of coal - based load, showing a wide - range oscillation. One should focus on the restart progress of satellite plants [8]. - For polyester staple fiber, the inventory pressure is acceptable, but there is no obvious upward driving force. One should focus on the subsequent start - up status of polyester yarn [8]. - For natural rubber and 20 - gauge rubber, the national explicit inventory remains stable with a relatively low absolute level, and the Thai cup - lump rubber price rebounds due to rainfall affecting tapping. The strategy is to wait and see [8]. Summary by Related Catalogs PTA - From July 21 to July 25, 2025, the price of crude oil decreased by 0.8, the price of naphtha increased by 5, the price of PX CFR Taiwan increased by 18, the PTA internal - market spot price increased by 80, and the PTA processing difference remained unchanged. The PTA balance load increased by 0.2, and the TA basis decreased by 5 [14]. - Near - term TA start - up remains stable, polyester load rises slightly, inventory continues to accumulate, and the basis weakens under the active shipment of mainstream suppliers, with the spot processing fee dropping again [14]. MEG - From July 21 to July 25, 2025, the MEG external - market price increased by 5, the MEG internal - market price increased by 52, the MEG coal - based profit increased by 39.68, and the MEG internal - market cash flow (ethylene) increased by 50. There were several domestic plant restarts and load increases [8]. - Near - term domestic coal - based start - up rises, overseas Saudi plants restart, and port inventory is expected to accumulate. In the short term, the port inventory is expected to remain low, and the long - term has an inventory accumulation expectation, showing a wide - range oscillation [8]. Polyester Staple Fiber - From July 21 to July 25, 2025, the price of 1.4D cotton - type staple fiber increased by 55, and the short - fiber profit decreased by 30. The start - up increased slightly to 90.6%, sales improved slightly, and inventory decreased slightly [8]. - The demand side shows that the start - up of polyester yarn remains stable, raw material inventory increases slightly, finished - product inventory accumulates, and the profit further decreases [8]. Natural Rubber and 20 - Gauge Rubber - From July 21 to July 25, 2025, the price of US - dollar Thai standard rubber increased by 35, the price of US - dollar Thai mixed rubber increased by 25, and the price of Shanghai full - latex rubber increased by 340 [8]. - The national explicit inventory remains stable with a relatively low absolute level, and the Thai cup - lump rubber price rebounds due to rainfall affecting tapping. The strategy is to wait and see [8]. Styrene - From July 21 to July 25, 2025, the price of pure benzene (East China) increased by 115, the price of benzene - ethylene (CFR China) increased by 15, and the price of PS (East China transparent benzene) increased by 50 [11].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - PTA: TA has entered the inventory accumulation stage, but the absolute inventory level is not high, and the slope depends on the weakening degree of the polyester off - season. The spot processing fee has been compressed to a relatively low level. With the low raw material inventory in the filament downstream and continuous destocking of bottle chips, the polyester start - up is expected to gradually stabilize. There is an opportunity to expand the far - month processing fee at low prices. The overall destocking trend of PX has not reversed, and the lower limit of valuation is still guaranteed [2]. - MEG: The unexpected domestic reduction of EG has increased, and overseas Saudi Arabian plants have shut down again. With the decline in phased arrivals, port inventories are expected to continue to decline. The current good situation is expected to be maintained in the short term, and the far - month valuation will rise accordingly. It is expected to be in a volatile state. Attention should be paid to the restart progress of satellite and Saudi plants [4]. - Polyester Staple Fiber: The start - up of staple fiber has decreased, and sales have weakened slightly. Inventory has decreased month - on - month. The demand side is weak, but exports are growing at a high speed. The current processing fee is relatively neutral, and it is expected to be in a volatile state. Attention should be paid to the change of warehouse receipts [4]. - Natural Rubber & 20 - number Rubber: The national explicit inventory remains stable at a relatively low absolute level, but there is no seasonal destocking. The price of Thai cup rubber has rebounded due to rainfall affecting tapping. The recommended strategy is to wait and see [4]. - Styrene: The daily prices of related products such as styrene have changed. The overall situation needs further observation based on price and profit changes [4]. 3. Summaries According to Relevant Catalogs PTA - **Price and Index Changes**: From July 15 - 21, 2025, the price of PTA internal - market spot increased by 5, the PTA processing fee decreased by 8, and the polyester gross profit increased by 3. The PTA balance load and PTA load remained unchanged at 81.3 and 79.7 respectively. The number of warehouse receipts + valid forecasts decreased by 25, and the TA basis decreased by 0.30 [2]. - **Device Changes**: No PTA device changes were reported [2]. - **Weekly Outlook**: Proximal TA's weekly start - up was basically stable, polyester load continued to decline, and inventory increased slightly. The basis rebounded after the weakening of liquidity impact, and the spot processing fee was slightly repaired. In the future, TA is in the inventory - accumulation stage, and attention should be paid to the opportunity of expanding the far - month processing fee at low prices [2]. MEG - **Price and Index Changes**: From July 15 - 21, 2025, the MEG external - market price increased by 3, the MEG internal - market price increased by 37, and the MEG coal - based profit increased by 37. The MEG total load and coal - based MEG load remained unchanged at 66.2 and 70.2 respectively, and the MEG port inventory remained unchanged at 53.3 [4]. - **Device Changes**: The 260,000 - ton plant of Inner Mongolia Jinyuan restarted, and the 400,000 - ton plant of Shaanxi Yueneng increased its load [4]. - **Weekly Outlook**: Proximal EG's domestic unexpected reduction increased, overseas Saudi Arabian plants shut down again, and port inventories are expected to decline. The current good situation is expected to be maintained in the short term, and attention should be paid to the restart progress of satellite and Saudi plants [4]. Polyester Staple Fiber - **Price and Index Changes**: From July 15 - 21, 2025, the price of 1.4D cotton - type staple fiber increased by 40, and the short - fiber profit increased by 24. The pure - polyester yarn profit decreased by 70 [4]. - **Device Maintenance**: No device maintenance was reported [4]. - **Weekly Outlook**: Proximal new production cuts have led to a decline in start - up to 89.5%. Sales have weakened slightly month - on - month, and inventory has decreased month - on - month. The demand side is weak, but exports are growing at a high speed. The current processing fee is relatively neutral, and attention should be paid to the change of warehouse receipts [4]. Natural Rubber & 20 - number Rubber - **Price and Index Changes**: From July 15 - 21, 2025, the price of US - dollar Thai standard rubber increased by 50, and the price of Shanghai full - latex rubber increased by 535. The price difference between mixed rubber and RU main contract decreased by 155 [4]. - **Today's View**: The national explicit inventory remains stable, but there is no seasonal destocking. The price of Thai cup rubber has rebounded due to rainfall affecting tapping. The recommended strategy is to wait and see [4]. Styrene - **Price and Index Changes**: From July 15 - 21, 2025, the price of styrene (CFR China) increased by 10, and the styrene domestic profit decreased by 85 [4]. - **Daily Outlook**: The prices of related products such as styrene have changed, and the overall situation needs further observation based on price and profit changes [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - PTA is entering a inventory accumulation phase, with the spot processing fee significantly weakened. There may be opportunities to expand the processing fee [3]. - MEG is expected to be in a sideways trend. With the restart of domestic coal - based units and Saudi units, it is gradually entering an inventory accumulation phase. Attention should be paid to the change of warehouse receipts [9]. - The processing fee of polyester staple fiber is expected to move sideways. The supply has not significantly decreased or increased, with weak domestic demand and high export growth [9]. - For natural rubber and 20 - grade rubber, the strategy is to wait and see due to stable national explicit inventory and a rebound in the price of Thai cup - lump rubber affected by rainfall [9]. 3. Summary by Product PTA - **Price and Spread Changes**: From July 11 to July 17, the price of crude oil decreased by 6, PX CFR Taiwan decreased by 1, PTA internal spot price increased by 10, and the polyester gross profit decreased by 51. The PTA processing fee increased by 13, and the PXN spread decreased slightly [3]. - **Market Situation**: Near - term TA start - up increased slightly, polyester load decreased further, inventory continued to accumulate, the basis declined, and the spot processing fee weakened significantly. The domestic PX start - up was stable, with some overseas maintenance, and the PXN spread weakened slightly [3]. MEG - **Price and Spread Changes**: From July 11 to July 17, the MEG external price increased by 3, the internal price increased by 37, and the coal - based profit increased by 37. The internal cash flow (ethylene) increased by 41 [9]. - **Market Situation**: Near - term domestic coal - based restart drove the start - up to increase month - on - month. Saudi units were restarting, and port inventory was expected to accumulate next week. The basis was stable, and the benefit ratio was maintained. With the increase in domestic start - up, it is gradually entering an inventory accumulation phase [9]. Polyester Staple Fiber - **Price and Profit Changes**: From July 11 to July 17, the price of 1.4D cotton - type staple fiber decreased by 45, and the short - fiber profit decreased by 66 [9]. - **Market Situation**: The supply side saw a reduction in production by Ningbo Dafa, and the start - up decreased to 92.3%. The sales were stable month - on - month, and the inventory was basically maintained. The demand side's yarn start - up continued to decline, with raw material inventory decreasing and finished - product inventory increasing [9]. Natural Rubber and 20 - grade Rubber - **Price Changes**: From July 11 to July 17, the price of US - dollar Thai standard rubber increased by 20, and the price of RMB mixed rubber increased by 170. The RU main contract price increased by 165, and the NR main contract price increased by 95 [9]. - **Market Situation**: The national explicit inventory was stable, with an absolute level not high but no seasonal depletion. The price of Thai cup - lump rubber rebounded due to rainfall affecting tapping [9]. Styrene - **Price and Profit Changes**: From July 11 to July 17, the price of styrene (CFR China) decreased by 5, the price of PS (East China transparent benzene) decreased by 50, and the EPS domestic profit increased by 100 [12]. - **Market Situation**: The ethylene price remained stable, and the pure - benzene price changed slightly. The Asian spread of pure - benzene to naphtha was stable, and the styrene domestic profit was basically unchanged [12].