1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - **PTA**: In the short term, PTA is expected to have weak drivers and its price will follow cost fluctuations. The PTA devices are operating stably, the Sanfangxiang device is planned to be put into production, while the terminal demand is in the off - season, polyester sales are weak, and inventory pressure is emerging. Polyester manufacturers are calling for production cuts. Attention should be paid to the progress of new PTA device production and the fluctuation of downstream polyester load [5]. - **MEG**: In the short term, the price center of ethylene glycol is expected to move upwards. In mid - July, the arrival of ethylene glycol at ports is limited, and the visible inventory is expected to decline at the beginning of this week. From July to August, the supply - demand of ethylene glycol will turn to a tight balance. Attention should be paid to the power system recovery in Saudi Arabia [7]. 3. Summary According to the Directory 3.1 PTA Analysis - **Fundamentals**: On July 22, PTA futures fluctuated and closed higher. The spot market negotiation atmosphere was light, with a small number of polyester factories making bids. The spot basis was weak. The negotiation and transaction price range was 4740 - 4805. The mainstream spot basis on July 23 was 09 + 2 [6]. - **Basis**: The spot price was 4772, and the basis of the 09 contract was - 22, with the futures price higher than the spot price [6]. - **Inventory**: The inventory of PTA factories was 3.86 days, with no change compared to the previous period [6]. - **Market Trend**: The 20 - day moving average was downward, and the closing price was above the 20 - day moving average. The net position of the main contract was short, and the short position was decreasing [6]. 3.2 MEG Analysis - **Fundamentals**: On July 22, the price center of ethylene glycol moved upwards. The market negotiation was acceptable. Affected by the restart of some Saudi devices, the futures price declined slightly in the morning, and the spot price was around 4460 yuan/ton. In the afternoon, the futures price rose, and the high - level spot price was above 4520 yuan/ton. The price center of the external market also moved upwards [7]. - **Basis**: The spot price was 4490, and the basis of the 09 contract was 43, with the spot price higher than the futures price [7]. - **Inventory**: The total inventory in East China was 49.40 tons, an increase of 1.37 tons compared to the previous period [7]. - **Market Trend**: The 20 - day moving average was upward, and the closing price was above the 20 - day moving average. The net position of the main contract was short, and the short position was decreasing [7]. 3.3 Supply - Demand Balance Tables - **PTA Supply - Demand Balance Table**: It shows the supply and demand data of PTA from January 2024 to December 2025, including production capacity, production, import, consumption, and inventory [10]. - **Ethylene Glycol Supply - Demand Balance Table**: It presents the supply and demand data of ethylene glycol from January 2024 to December 2025, including production rate, production, import, consumption, and port inventory [11]. 3.4 Price and Spread Analysis - **Price**: It includes the spot price of PET bottle chips, production profit, capacity utilization rate, inventory, and price differences between different contracts of PTA and MEG [13][16][23][29]. - **Spread**: It involves the basis of PTA and MEG, month - to - month spreads, and spot spreads [26][29][36]. 3.5 Inventory Analysis - It includes the inventory of PTA factories, MEG ports, PET slices, and various types of polyester products in China [39][41][44]. 3.6开工率分析 - **Upstream of Polyester**: It shows the operating rates of PTA, paraxylene, and ethylene glycol from 2020 to 2025 [50]. - **Downstream of Polyester**: It presents the operating rates of polyester factories and Jiangsu - Zhejiang looms in the PTA industry chain from 2020 to 2025 [54]. 3.7 Profit Analysis - **PTA**: It shows the processing fees of PTA from 2022 to 2025 [58]. - **MEG**: It presents the production profits of different production methods of ethylene glycol from 2022 to 2025 [61]. - **Polyester Fibers**: It shows the production profits of polyester short - fibers, DTY, POY, and FDY from 2022 to 2025 [64].

Core Viewpoint - The listing of propylene futures and options on the Zhengzhou Commodity Exchange is significant for enhancing China's pricing influence in energy and chemical products, while also aiding companies in risk management and cost control, thereby injecting new momentum into the stable development of the propylene industry [1][3]. Group 1: Market Performance - On the first day of trading, all seven propylene futures contracts experienced price increases, with the main contract PL2601 closing at 6613 yuan/ton, up by 4.14%, and the largest increase seen in PL2602 at 5.02% [1][2]. - The total trading volume for the seven contracts on the first day was 47,000 lots, with an open interest of 10,000 lots and a total transaction value of 6.24 billion yuan [2]. Group 2: Industry Context - Propylene is a crucial basic chemical product with upstream raw materials including crude oil, naphtha, coal, methanol, and propane, and downstream products such as polypropylene and propylene oxide, which are widely used in various sectors including appliances, automotive, textiles, medical devices, and cosmetics [2][3]. - China has become a major player in the global petrochemical industry, ranking first in both propylene production and consumption, but faces challenges such as rapid upstream capacity expansion and insufficient effective demand [3]. Group 3: Risk Management and Industry Development - There is a strong demand for risk management among companies in the propylene industry, as traditional pricing models are becoming inadequate due to significant price fluctuations [3][4]. - The introduction of propylene futures and options is expected to provide effective pricing references, risk management, and resource allocation tools, enhancing companies' risk resilience and promoting high-quality industry development [4][5]. - The futures market will offer continuous and authoritative price signals, reducing information gaps in traditional pricing models and facilitating innovation in trading models [4].

Core Viewpoint - The series of seminars organized by Zhengzhou Commodity Exchange aims to educate industry participants about the upcoming launch of propylene futures and options, emphasizing the importance of these financial instruments in managing risks for the real economy [1][4]. Group 1: Seminar Details - The seminars took place from June 20 to July 8 across six locations: Shandong, Guangdong, Zhejiang, Hebei, Tianjin, and Liaoning, with a focus on how propylene futures can serve the industry [1]. - The events featured industry experts discussing global market dynamics, contract design, and practical applications of propylene futures, making complex financial tools more accessible [1][3]. - Participants showed high engagement, with over 100 attendees in Shandong and more than 150 in Guangzhou, indicating strong interest in risk management tools [1]. Group 2: Industry Insights - Shandong enterprises, being sensitive to price fluctuations, view propylene futures as a stabilizing force for their operations [2]. - Experts advised companies to clarify their participation goals, ensure proper risk management processes, and avoid excessive hedging [2]. - The seminars addressed the knowledge gap for companies wanting to engage with propylene futures and options, with attendees expressing appreciation for the timely and relevant training [2][3]. Group 3: Future Participation - Companies are eager to utilize propylene futures and options for hedging and profit stabilization once these instruments are launched [2][4]. - The training sessions have effectively spread awareness about the role of futures and options in price discovery, risk management, and resource allocation within the propylene industry [4]. - Market participants are preparing to leverage these financial tools to enhance their operational strategies and improve their competitive positioning [4].

Report Industry Investment Rating - No information provided in the document. Core Views - For PTA, with few planned maintenance in July and the scheduled commissioning of Sanfangxiang's plant, while facing the off - season of terminal demand, weak polyester sales, accumulated inventory pressure, and rumors of production cuts, the supply - demand outlook is pessimistic. The spot basis is weak, and in the short - term, PTA price will follow cost fluctuations. Attention should be paid to the commissioning progress of new PTA plants and the fluctuation of downstream polyester load [5]. - For MEG, in the short - term, prices will experience wide - range adjustments. Issues with the restart of some Saudi Arabian plants have boosted market sentiment. In the long - term, the available spot in the MEG market will continue to be abundant. There are clear expectations of inventory accumulation in August - September, about 18 - 20 tons. As the inventory pressure of polyester products increases, the intention of factories to purchase raw materials will weaken [8]. Summary by Directory 1. Previous Day Review - No specific content provided in the document. 2. Daily Tips - **PTA**: Yesterday, PTA futures fluctuated and consolidated. The spot market had a general negotiation atmosphere, and the negotiation range of the spot basis widened. The mainstream suppliers had negotiated transactions. The basis of this week and next week's goods was 09 + 8~15, with the price negotiation range around 4705~4730. The basis of mid - and early - August goods was 09 + 5~10. Today's mainstream spot basis is 09 + 11. The spot price is 4718, the 09 - contract basis is 12, and the futures price is at a discount. The PTA factory inventory is 3.86 days, a decrease of 0.09 days compared to the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The net position of the main contract is short, and the short position is decreasing [6]. - **MEG**: On Wednesday, the price of ethylene glycol fluctuated and rebounded. The market negotiation was active. The night - session price opened lower and then fell. The low - level spot was traded at around 4365 - 4370 yuan/ton. Affected by positive news about plants and the delay of Middle - East cargo shipments, the futures price rebounded from the low level. The high - level spot was traded at over 4430 yuan/ton. The foreign - exchange price of ethylene glycol also fluctuated and rebounded. The recent shipments were mainly negotiated at around 513 - 517 US dollars/ton, and there was a transaction of Taiwan tender goods at around 518 US dollars/ton, with a volume of 3000 tons. The spot price is 4385, the 09 - contract basis is 34, and the futures price is at a discount. The total inventory in the East China region is 48.03 tons, a decrease of 5.17 tons compared to the previous period. The 20 - day moving average is downward, and the closing price is above the 20 - day moving average. The net position of the main contract is short, and the short position is decreasing [8][9]. 3. Today's Focus - **PTA**: The commissioning progress of new PTA plants and the fluctuation of downstream polyester load [5]. - **MEG**: Cost factors and news - related impacts [8]. 4. Fundamental Data - **PTA Supply - Demand Balance Sheet**: It shows the PTA production capacity, load, output, import, total supply, polyester production capacity, load, output, PTA consumption, total demand, and inventory from January 2024 to December 2025 [12]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It shows the ethylene glycol's total operating rate, production, new capacity, import, total supply, polyester production capacity, operating rate, output, ethylene glycol consumption, total demand, and port inventory from January 2024 to December 2025 [13]. 5. Price - It presents various price - related data and charts, including bottle - chip spot price, bottle - chip production profit, bottle - chip capacity utilization rate, bottle - chip inventory, PTA basis, MEG inter - month spread, MEG basis, spot spread, and others, from 2020 - 2025 [15][18][22][23]. 6. Inventory Analysis - It provides inventory - related data and charts, such as PTA factory inventory, MEG port inventory, PET chip factory inventory, and polyester fiber inventory from 2021 - 2025 [41][42][44]. 7. Polyester Upstream and Downstream Operating Rates - **Upstream**: It shows the operating rates of purified terephthalic acid, p - xylene, and ethylene glycol from 2020 - 2025 [52][53][55]. - **Downstream**: It shows the operating rates of polyester factories and Jiangsu - Zhejiang looms from 2020 - 2025 [56][57][59]. 8. Processing Fees and Profits - **PTA**: It shows the PTA processing fee from 2022 - 2025 [60][61]. - **MEG**: It shows the production profits of different ethylene - glycol production methods (methanol - based, coal - based syngas, naphtha - integrated, and ethylene - based) from 2022 - 2025 [63][64]. - **Polyester Fibers**: It shows the production profits of polyester short - fibers, polyester long - fibers (DTY, POY, FDY) from 2022 - 2025 [66][68][69].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - PTA: In the short - term, PTA's driving force is weak, and its price follows cost fluctuations. In July, there are few PTA device overhauls, and the Sanfangxiang device is planned to be put into production. Meanwhile, it is the off - season for terminal demand, polyester sales are weak, inventory pressure accumulates, and there are news of production cuts. The PTA supply - demand forecast is negative, and the spot basis runs weakly [6]. - MEG: In the short - term, the price of ethylene glycol will be mainly adjusted in a wide range. The restart difficulties of some devices in the Saudi region have boosted market sentiment. In the long - term, the transferable spot in the ethylene glycol market will continue to be loose, and there is a clear expectation of inventory accumulation in August - September, with an overall range of about 18 - 20 tons. As the inventory pressure of polyester products increases, the intention of subsequent factories to participate in raw material procurement will also weaken [8]. 3. Summary by Relevant Catalogs 3.1. Previous Day's Review No relevant content provided. 3.2. Daily Tips PTA - Fundamental: PTA futures fluctuated and declined yesterday. The negotiation atmosphere in the spot market improved compared with the previous day. Individual polyester factories made bids, and the spot basis stabilized. The mainstream price of July goods was negotiated and traded at 09 + 8 - 10, and the price negotiation range was around 4680 - 4750. The night - session price was at the high end. A small amount of August goods were traded at 09 + 8 - 10. Today's mainstream spot basis is 09 + 9 [7]. - Basis: The spot price is 4712, the basis of the 09 contract is 16, and the futures price is at a discount [7]. - Inventory: The inventory of PTA factories is 3.86 days, a decrease of 0.09 days compared with the previous period [7]. - Disk: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average [7]. - Main - force position: Net short, short positions increasing, bearish [6]. MEG - Fundamental: On Tuesday, the price center of ethylene glycol was adjusted in a wide range, and the market negotiation was average. The night - session ethylene glycol fluctuated at a high level and then declined. The spot transaction was around a premium of 68 - 69 yuan/ton over the 09 contract. During the day, the ethylene glycol market fluctuated narrowly, and the spot transaction was carried out around a premium of 66 - 70 yuan/ton over the 09 contract. The overall market transaction was weak. In terms of US dollars, the center of the ethylene glycol outer market was sorted out narrowly, and the overall transaction was okay. The mainstream negotiation price of recent shipments during the day was around 513 - 517 US dollars/ton. There was a large - order transaction of Singaporean goods in the morning, and the recent shipments were traded around 513 - 514 US dollars/ton in the afternoon [8]. - Basis: The spot price is 4399, the basis of the 09 contract is 77, and the futures price is at a discount [9]. - Inventory: The total inventory in the East China region is 48.03 tons, a decrease of 5.17 tons compared with the previous period [9]. - Disk: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average [9]. - Main - force position: Net short, short positions increasing, bearish [8]. 3.3. Today's Focus - Influencing factors: - Bullish: The PX operating rate remains at a relatively high level [10]. - Bearish: Iran confirmed a cease - fire. From the demand side, it is the end of the export rush and the domestic demand off - season, and the trend of weakening terminal demand is certain. The short - term commodity market is greatly affected by the macro - level. Pay attention to the cost side, and after the disk rebounds, pay attention to the upper resistance level [11][12]. 3.4. Fundamental Data - PTA supply - demand balance sheet: It shows the PTA supply - demand situation from January 2024 to December 2025, including capacity, output, import, export, consumption, and inventory data [13]. - Ethylene glycol supply - demand balance sheet: It shows the supply - demand situation of ethylene glycol from January 2024 to December 2025, including operating rate, output, import, export, consumption, and inventory data [14]. - Price data: It includes the price changes of various products such as naphtha, PX, PTA, ethylene glycol, and polyester on July 15 - 14, 2025, as well as data on basis, spread, and profit [15]. - Inventory analysis: It shows the inventory data of various products such as PTA, ethylene glycol, PET chips, and polyester from 2021 to 2025 [44][45][47]. - Operating rate data: It shows the operating rate data of various products in the polyester industry chain such as PTA, PX, ethylene glycol, polyester factories, and Jiangsu - Zhejiang looms from 2020 to 2025 [57][58][60]. - Profit data: It shows the profit data of various products such as PTA, ethylene glycol, and polyester fibers from 2022 to 2025 [67][69][71].

Report Summary 1. Industry Investment Ratings - PX: Demand negative feedback, unilateral trend is weak [1] - PTA: In the off - season of demand, unilateral trend is weak [1] - MEG: Low inventory, go long on the nearby contract and short on the far - away contract when the spread is low [1] 2. Core Views - PX: Supply remains tight, don't chase short on the single - side, go long on the nearby contract and short on the far - away contract for the spread. Pay attention to the compression position of far - month PXN [9] - PTA: Uncertainty about the start - up progress of Sanfangxiang and Yisheng's production cut. Don't chase short on the single - side, go long on the nearby contract and short on the far - away contract for the spread. Long PX and short PTA, long PR and short PTA on the 01 contract [9] - MEG: Saudi and Singaporean ethylene glycol plant start - up rates decline, single - side shows a strong - biased oscillatory market, go long on the nearby contract and short on the far - away contract for the spread [10] 3. Summary by Related Catalogs Market Overview - PX: On July 15, the price of PX fell. The estimated price was 838 dollars/ton, down 14 dollars from the 14th. Asian crude oil futures declined. The demand slump of Asian polyester chains pressured upstream PX. Petronas plans to shut down its 550,000 - ton/year PX plant from mid - August for about a month [3][5] - PTA: On July 15, the spot price of PTA dropped to 4715 yuan/ton [5] - MEG: On July 15, the average spot price was 4408 yuan/ton. The planned arrival at major ports from July 14 - 20 was about 45,000 tons [6] - Polyester: On July 15, the sales of polyester yarn in Jiangsu and Zhejiang were weak, with an average sales rate of 4 - 5%. The average sales rate of direct - spun polyester staple fiber was 49% [7] Trend Intensity - PX trend intensity: 0 - PTA trend intensity: 0 - MEG trend intensity: 0 [8] Views and Suggestions - PX: The market focuses on Sanfangxiang's start - up progress. Supply is tight, don't chase short on the single - side, go long on the nearby contract and short on the far - away contract for the spread. Pay attention to the compression position of far - month PXN [9] - PTA: The market focuses on whether Sanfangxiang's start - up will be postponed and whether Yisheng will increase production cuts. Don't chase short on the single - side, go long on the nearby contract and short on the far - away contract for the spread. Long PX and short PTA, long PR and short PTA on the 01 contract [9] - MEG: Saudi and Singaporean ethylene glycol plant start - up rates decline. Supply increases while demand decreases, but inventory is low. Go long on the nearby contract and short on the far - away contract for the spread when the spread is low [10]

Group 1: Report's Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The market for various chemical products is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [2][7][14] - The market for rubber products is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [10][11][14] - The asphalt market is currently in a state of shock, with prices fluctuating and demand and supply being complex and changeable [17][29] - The polyethylene market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [30][31] - The caustic soda market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [36][38] - The pulp market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [41][44] - The glass market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [46] - The methanol market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [49][51] - The urea market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [53][54] - The styrene market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [56] - The soda ash market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [58] - The LPG market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [62][68] - The PVC market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [70][71] - The fuel oil market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [74] - The container shipping market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [76][84] Group 3: Specific Company Analysis - PX: supply and demand are stable, and the price is expected to be strong in the short - term, with a positive outlook for the future [7] - PTA: supply is increasing, and demand is weakening, with prices expected to decline [7][8] - MEG: supply is increasing, and demand is weakening, with prices expected to decline [9] - Rubber: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [11] - Synthetic rubber: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [14] - Asphalt: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [17][29] - LLDPE: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [30][31] - PP: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [34] - Caustic soda: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [36][38] - Pulp: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [41][44] - Glass: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [46] - Methanol: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [49][51] - Urea: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [53][54] - Styrene: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [56] - Soda ash: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [58] - LPG: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [62][68] - PVC: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [70][71] - Fuel oil: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [74] - Container shipping: the market is in a state of shock, with prices fluctuating and demand and supply being complex and changeable [76][84]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - PX: Unilateral not to chase short, positive spread arbitrage for monthly spreads. Pay attention to the compression position of forward PXN. The supply and demand of PX are relatively stable, with the Asian PX operating rate at 73.6% (-0.5%). The supply and demand of PX in July are still tight, and the monthly spread is expected to remain strong. It is recommended to pay attention to the compression position of far - month PXN [5]. - PTA: Unilateral not to chase short, positive spread arbitrage for monthly spreads. Go long on PX and short on PTA for the 01 contract, and go long on PR and short on PTA. The supply of PTA increases while the demand decreases, and the polyester operating rate drops. Although there is supply pressure, the downside space of the unilateral price is limited due to the low raw material inventory of polyester factories, and the processing fee is still under downward pressure [6]. - MEG: Unilateral oscillatory market, positive spread arbitrage for monthly spreads. The supply of MEG increases while the demand decreases, but the inventory is at a low level, and the coal price rebounds, so the MEG price rebounds. In the case of limited import increase, go for positive spread arbitrage for ethylene glycol monthly spreads when the price is low [7]. Summary by Related Catalogs Market Overview - PX: A 210,000 - ton PX unit in a Japanese factory stopped due to a reforming unit failure, initially expected to last about 20 days. Another 210,000 - ton/year PX production line of Idemitsu in Japan stopped on July 11 due to technical problems, and the exact time for repair and restart is unknown until next week. The Asian PX price further declined during the closing assessment, with the trading price of September short - haul cargo between Glencore and Hengli at $834/ton [3][5]. Futures Data | Futures | PX Main | PTA Main | MEG Main | PF Main | SC Main | | --- | --- | --- | --- | --- | --- | | Yesterday's Closing Price | 6694 | 4700 | 4305 | 6388 | 513.9 | | Change | 6782 | -42 | -20 | -52 | -8.6 | | Change Rate | -88 | -0.89% | -0.46% | -0.81% | -1.65% | | Monthly Spread | PX9 - 1 | PTA9 - 1 | MEG9 - 1 | PF8 - 9 | SC8 - 9 | | Yesterday's Closing Price | 74 | 38 | -26 | 120 | 9.7 | | Previous Day's Closing Price | 64 | 12 | -33 | 102 | 10.2 | | Change | 10 | 26 | 7 | 18 | -0.5 | [2] Spot Data | Spot | PX CFR China ($/ton) | PTA East China (Yuan/ton) | MEG Spot | Naphtha MOPJ | Dated Brent ($/barrel) | | --- | --- | --- | --- | --- | --- | | Yesterday's Price | 836.67 | 4715 | 4383 | 584.25 | 72.63 | | Previous Day's Price | 851.67 | 4735 | 4386 | 591 | 70.58 | | Change | -15 | -20 | -3 | -6.75 | 2.04 | | Spot Processing Fee | PX - Naphtha Spread | PTA Processing Fee | Staple Fiber Processing Fee | Bottle Chip Processing Fee | MOPJ Naphtha - Dubai Crude Spread | | Yesterday's Price | 256.67 | 158.43 | 304.31 | -410.69 | -7.42 | | Previous Day's Price | 251.42 | 165.64 | 301.29 | -453.71 | -7.42 | | Change | 5.25 | -7.21 | 3.02 | 43.02 | 0 | [2] Trend Intensity - PX trend intensity: 1 - PTA trend intensity: 1 - MEG trend intensity: 1 Note: The trend intensity ranges from - 2 to 2 (integers). The strength levels are classified as weak, relatively weak, neutral, relatively strong, and strong, where - 2 means the most bearish and 2 means the most bullish [5].

1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - The pure benzene futures price has strengthened, with the futures premium expanding, and the basis structure shows a negative basis. The fundamentals indicate that there is still pressure from South Korea's exports to China, domestic production is high, downstream demand is mixed, and the processing fee is weak [3]. - For styrene, port inventories are accumulating, the discount on the futures has narrowed, production profits are under pressure to compress, and downstream demand is weak [3]. 3. Summary by Directory 3.1 Pure Benzene and EB's Basis Structure, Inter - Period Spread - The pure benzene futures premium has widened significantly, with the 2603BZ futures contract having a premium of about 170 yuan/ton over the spot [3]. - Figures related to the basis and inter - period spread are presented, including the pure benzene spot - M2 paper cargo spread, EB main contract basis, and the spread between the first and third styrene contracts [8][12][14]. 3.2 Pure Benzene and Styrene Production Profits, Internal and External Spreads - Pure benzene processing fees are weak, with the CFR China processing fee at 145 dollars/ton (-7 dollars/ton) and the FOB South Korea processing fee at 131 dollars/ton (-5 dollars/ton) [1]. - Styrene non - integrated production profit is 192 yuan/ton (+6 yuan/ton), but it is expected to gradually compress [1]. - Various spreads and production profit figures are shown in the corresponding figures, such as the naphtha processing fee, the difference between pure benzene FOB South Korea and naphtha CFR Japan, etc. [18][20][27]. 3.3 Pure Benzene and Styrene Inventories, Operating Rates - Pure benzene port inventory is 17.40 million tons (-0.30 million tons), and styrene East China port inventory is 111,500 tons (+12,700 tons), with East China commercial inventory at 39,000 tons (+7,700 tons) [1]. - The pure benzene operating rate situation is not clearly described in quantity, and the styrene operating rate is 80.0% (-0.1%) [1]. 3.4 Styrene Downstream Operating Rates and Production Profits - EPS production profit is 41 yuan/ton (-30 yuan/ton), PS production profit is - 259 yuan/ton (-30 yuan/ton), and ABS production profit is 391 yuan/ton (-27 yuan/ton) [2]. - EPS operating rate is 55.88% (-3.84%), PS operating rate is 51.10% (-1.30%), and ABS operating rate is 65.04% (-0.96%), at a seasonal low [2]. 3.5 Pure Benzene Downstream Operating Rates and Production Profits - Among pure benzene downstream products, the caprolactam production profit is - 1560 yuan/ton (+0), the phenol - ketone production profit is - 564 yuan/ton (+0), the aniline production profit is 134 yuan/ton (-389), and the adipic acid production profit is - 1415 yuan/ton (-27) [1]. - The caprolactam operating rate is 95.72% (+6.41%), the phenol operating rate is 78.50% (-0.50%), the aniline operating rate is 69.24% (-0.10%), and the adipic acid operating rate is 64.30% (+2.00%) [1]. 4. Strategies - Unilateral: Cautiously short - sell pure benzene and styrene on rallies for hedging [4]. - Cross - product: Narrow the EB - BZ spread on rallies [4].

1. Report Industry Investment Rating - No relevant information was found. 2. Core View of the Report - The market for ethylene glycol is currently in a weak state, with prices fluctuating at a low level and overall trading being rather stagnant. The downstream polyester production and sales are generally light, and the reduction in production scale is gradually increasing. At the same time, the supply is expected to increase as multiple ethylene glycol units complete maintenance. The cost support is weakening due to the easing of geopolitical conflicts and the weakening of crude oil trends. Overall, the ethylene glycol market is expected to remain weak in the short term [2]. 3. Summary by Related Catalogs Price Information - The mid - price of naphtha is $577.00 per ton on 2025/7/7, up 0.30% from the previous value; the upstream cost on 202/4/8 is 1.00, unchanged from the previous value [1]. - The ex - factory price of ethylene oxide in the East China region is 6,450.00 yuan per ton on 2025/7/8, unchanged from the previous value [1]. - The price of methanol is 4,42.02 yuan per ton on 202/24, unchanged from the previous value [1]. - The tax - included price of lignite in Inner Mongolia is 290.00 yuan per ton on 202, unchanged from the previous value [1]. - The settlement price of the main contract is 4,282.00 yuan per ton on 202, down 0.26% from the previous value; the settlement price of the nearby contract is 4,226.00 yuan per ton on 202, unchanged from the previous value [1]. - The market mid - price of ethylene glycol in the East China region is 430.00 yuan per ton on 202, unchanged from the previous value [1]. - The price difference between the near and far months is 56.00 yuan per ton on 2025/7/7, and the basis is - 11.00 yuan per ton [1]. - The comprehensive price of ethylene glycol is 1.00 on 202, down 2.00 from the previous value [1]. - The price index of polyester fiber is 8,750.00 yuan per ton on 2025/7/7, up 1.41% from the previous value; the price index of polyester chips is 10.00 on 202, up 1.72% from the previous value; the price index of polyester staple fiber is 6,710.00 yuan per ton on 2025/7/7, unchanged from the previous value; the price index of bottle - grade chips is 90.00 yuan per ton on 202, unchanged from the previous value [1]. Production and Operation Information - An Anhui synthetic gas - to - ethylene glycol unit with an annual capacity of 300,000 tons is expected to resume operation this month after a mid - month shutdown and maintenance [2]. - The operating rate of the polyester industry chain: the operating rate of PTA factories is 87.30% on 2025/7/7, down 0.94% from the previous value; the operating rate of Jiangsu and Zhejiang looms is 61.22% on 202, unchanged from the previous value [1]. - The production and sales of polyester filament, polyester staple fiber, and polyester chips are 1.0%, 0%, and 0% respectively, showing a downward trend [2]. Trade and Strategy Information - The mainstream negotiation price of external - market naphtha - based ethylene glycol is around $410.99 per ton on 202; the negotiation price of external - market ethylene - based ethylene glycol is around $144.15 per ton on 2025/7/4 [1]. - The post - tax gross profit of coal - based ethylene glycol is 1,800.00 yuan per ton on 202, up 24.67 from the previous value [1]. - In the trading strategy, the trading volume of the current stage is 160,000 lots, and the price is 2,092.90 yuan per ton [2].