Report Industry Investment Rating - No relevant content found Core Viewpoints - The market is volatile with some products showing price fluctuations, such as a decline of -1255.66 and -1253.69 in certain values, and price changes like -5.67% and 17.00% in percentages [1]. - The trading atmosphere is relatively dull, and the demand and supply situation is complex, with factors like low demand and weak supply in some sectors affecting the market [2]. - The performance of companies is affected by various factors, including external market environment, internal operation and management, and resource allocation [2]. Summary by Related Catalog - **Price and Value Information** - There are specific price and value data for different products and regions, such as values of -93.21, 69.00, etc., and prices in yuan/ton for various items like ethylene glycol [1]. - Price changes are also presented, for example, a decline of -5.67% and an increase of 17.00% [1]. - **Market and Trading Conditions** - The market is described as dull, with less trading activity and a lack of enthusiasm [2]. - The demand is weak in some sectors, and the supply situation is also uneven, which impacts the overall market trend [2]. - **Company and Operation Information** - Companies' operations are affected by factors such as market competition, resource availability, and management decisions [2]. - There are issues like low - efficiency operations and challenges in resource allocation for some companies [2].

Group 1 - The core viewpoint indicates that the styrene price has shown a downward trend, with a significant drop from above 7400 yuan/ton to around 7000 yuan/ton, driven by increased short positions and weak fundamentals in the industry [1] - The styrene production capacity has improved due to higher profit margins from raw material benzene, with the styrene-benzene price spread averaging 1200 yuan/ton, leading to an overall production load above 78%, which is 10 percentage points higher than the same period last year [2] - New production capacities are being introduced, with significant installations expected in the fourth quarter, which may further increase supply pressure on styrene prices [2] Group 2 - Despite the traditional peak season, the demand for styrene is expected to grow only moderately, with downstream production rates for ABS, PS, and EPS showing slight increases, but overall demand remains under pressure [3] - High inventory levels at ports, reaching 19.65 million tons, are exerting downward pressure on styrene prices and valuations, exceeding historical levels and the highest point of the year [3] - The cost support from crude oil is insufficient, with expectations of weak performance in the fourth quarter, and the supply-demand balance for benzene remains weak, limiting upward price movements for styrene [4]

Group 1: Investment Rating - No investment rating is provided in the report. Group 2: Core View - On Friday, polyolefins mainly declined. The spot market of linear LL and拉丝PP from Sinopec and PetroChina remained stable. Currently, from a fundamental perspective, market enthusiasm has cooled, and the polyolefin spot market is still mainly driven by supply and demand. Summer maintenance is in balance, and inventory is being slowly digested. Terminal stocking demand may gradually pick up in mid - to late August. International crude oil prices have fluctuated at low levels recently, which also has a certain impact on the short - term trend of chemicals. In the future, attention should be paid to the rhythm of the autumn stocking market after supply - demand digestion, the rhythm of spot production scheduling and maintenance, especially the short - term repair rhythm on the supply side. [2] Group 3: Summary by Relevant Catalog Futures Market - **Prices**: For linear LL futures, the previous day's closing prices for January, May, and September contracts were 7287, 7299, and 7230 respectively, with price drops of - 71, - 63, and - 84 and declines of - 0.96%, - 0.86%, and - 1.15% compared to two days ago. For拉丝PP futures, the previous day's closing prices for January, May, and September contracts were 6974, 6995, and 6882 respectively, with price drops of - 46, - 38, and - 55 and declines of - 0.66%, - 0.54%, and - 0.79% compared to two days ago. [2] - **Trading Volume and Open Interest**: The trading volumes of linear LL futures for January, May, and September contracts were 282715, 6342, and 12925 respectively, and the open interests were 440365, 29448, and 12908 respectively, with changes of 26798, 2196, and - 10361. The trading volumes of拉丝PP futures for January, May, and September contracts were 217926, 4683, and 9349 respectively, and the open interests were 528243, 41267, and 7157 respectively, with changes of 31778, 1008, and - 6409. [2] - **Spreads**: For linear LL, the current spreads of January - May, May - September, and September - January were - 12, 69, and - 57 respectively, compared to previous values of - 4, 48, and - 44. For拉丝PP, the current spreads of January - May, May - September, and September - January were - 21, 113, and - 92 respectively, compared to previous values of - 13, 96, and - 83. [2] Spot Market - **Raw Materials and Semi - finished Products**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2365 yuan/ton, 6575 yuan/ton, 574 dollars/ton, 5600 yuan/ton, 6800 yuan/ton, and 8800 yuan/ton respectively, with previous values of 2376 yuan/ton, 6550 yuan/ton, 571 dollars/ton, 5600 yuan/ton, 6820 yuan/ton, and 8800 yuan/ton. [2] - **Mid - stream**: The current price ranges of linear LL in the East China, North China, and South China markets were 7300 - 7700, 7200 - 7450, and 7400 - 7750 respectively, and the previous price ranges were 7300 - 7700, 7250 - 7450 (also 8100 - 8250 in North China), and 7400 - 7800. The current price ranges of拉丝PP in the East China, North China, and South China markets were 6850 - 7000, 6800 - 7000, and 6800 - 7050 respectively, and the previous price ranges were 6900 - 7050, 6900 - 7000, and 6850 - 7100. [2] News - On Friday (August 29), the settlement price of WTI crude oil futures for October 2025 on the New York Mercantile Exchange was $64.01 per barrel, down $0.59 or 0.91% from the previous trading day, with a trading range of $63.88 - $64.55. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $68.12 per barrel, down $0.50 or 0.73% from the previous trading day, with a trading range of $67.9 - $68.39. [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For PTA, the recent device changes are frequent, the supply - demand pattern is expected to improve, the spot basis fluctuates within a range, and the short - term spot price is expected to fluctuate accordingly. However, the processing margin needs improvement, and attention should be paid to the maintenance duration of Hengli Huizhou device and subsequent upstream and downstream device changes [5]. - For MEG, the port inventory will continue to decline in the near two weeks due to scarce arrivals in late August and improved提货 at the main port. Starting from early September, the arrivals from overseas will increase. The short - term trend is expected to be oscillatingly strong under the resonance of low port inventory and the expectation of the polyester peak season, but there is still an expectation of inventory accumulation in the long - term. Attention should be paid to polyester load and production - sales changes [7]. - The profit margins of each link in the industrial chain continue to be under pressure, and the overall operating atmosphere remains cautious. The short - term commodity market is greatly affected by the macro - environment. Attention should be paid to the cost side, and the upper resistance level should be monitored when the market rebounds [9]. 3. Summaries According to Relevant Catalogs 3.1 Previous Day Review - No relevant information provided 3.2 Daily Tips PTA - Fundamental: The PTA futures oscillated and declined yesterday. The negotiation atmosphere in the spot market improved compared with the previous day, the spot basis loosened, with mainly traders negotiating and sporadic polyester factories making inquiries. Next - week's goods were traded at a discount of 20 - 30 to the 01 contract, with the price negotiation range around 4755 - 4810. Goods in mid - and late - September were traded at a discount of 20 - 25 to the 01 contract. Today's mainstream spot basis is 01 - 24 [5]. - Basis: The spot price is 4775, and the basis of the 01 contract is - 17, with the futures price higher than the spot price [6]. - Inventory: The PTA factory inventory is 3.81 days, an increase of 0.1 days compared with the previous period [6]. - Market trend: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average [6]. - Main force position: Net short position, with short positions increasing [5]. - Expectation: The short - term spot price is expected to fluctuate, and attention should be paid to the maintenance duration of Hengli Huizhou device and subsequent upstream and downstream device changes [5]. MEG - Fundamental: On Thursday, the price center of ethylene glycol was weakly sorted, and the market negotiation was average. The commodity atmosphere was weak during the day, and a major polyester bottle - chip manufacturer will maintain production cuts, suppressing market sentiment. The ethylene glycol futures were sorted at a low level during the day, and the spot negotiation and trading were carried out at a premium of 62 - 70 yuan/ton to the 01 contract. There were more spot offers this week. However, the support gradually emerged after the price fell to a low level, and the futures rebounded moderately in the afternoon. In terms of US dollars, the overseas price center of ethylene glycol was weakly sorted, and a small number of traders participated in buying. Recent shipments were traded at around 531 - 533 US dollars/ton. There was a tender for a Malaysian shipment during the day, and attention should be paid to the transaction progress [7]. - Basis: The spot price is 4525, and the basis of the 01 contract is 60, with the spot price higher than the futures price [7]. - Inventory: The total inventory in East China is 40.63 tons, a decrease of 9.42 tons compared with the previous period [7]. - Market trend: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average [7]. - Main force position: Net short position, with short positions increasing [7]. - Expectation: The port inventory will continue to decline in the near two weeks, but there is an expectation of inventory accumulation starting from early September. The short - term trend is expected to be oscillatingly strong, and attention should be paid to polyester load and production - sales changes [7]. 3.3 Today's Focus - No relevant information provided 3.4 Fundamental Data PTA Supply - Demand Balance Sheet - It shows the PTA supply - demand situation from January 2024 to December 2025, including PTA production capacity, load, output, imports, total supply, polyester production capacity, load, output, PTA consumption, exports, total demand, and inventory changes [11]. Ethylene Glycol Supply - Demand Balance Sheet - It shows the ethylene glycol supply - demand situation from January 2024 to December 2025, including total operating rate, production, new production capacity, imports, total supply, polyester production capacity, load, output, ethylene glycol consumption, and port inventory changes [12]. Price - It shows the price changes of various products on August 28, 2025, including spot prices of naphtha, p - xylene, PTA, MEG, and polyester products, as well as futures prices and basis of PTA and MEG, and processing margins and profits of related products [13]. Inventory Analysis - It shows the inventory changes of PTA, MEG, PET slices, polyester fibers, etc. in different periods through charts [40][41][43]. Polyester Upstream Start - up - It shows the start - up rates of PTA, p - xylene, and ethylene glycol in different periods through charts [51][52][54]. Polyester Downstream Start - up - It shows the start - up rates of polyester factories and Jiangsu - Zhejiang looms in different periods through charts [55][56][58]. PTA Processing Fee - It shows the PTA processing fee changes in different periods through a chart [59][60]. MEG Profit - It shows the profit changes of MEG produced by different processes (methanol, coal - based syngas, naphtha integration, ethylene) in different periods through charts [62][63]. Polyester Fiber Profit - It shows the profit changes of polyester short - fiber and different types of polyester long - fiber (DTY, POY, FDY) in different periods through charts [65][67][68].

Report Industry Investment Ratings - **Positive Ratings**: PTA (Seasonal demand peak driving, strong - side oscillatory market); PX (Short - term oscillatory and strong - side, focus on positive spreads) [2][8] - **Neutral Ratings**: Rubber (Oscillatory operation); Synthetic rubber (Fundamentals are neutral, follow the macro - environment); LLDPE (Range - bound oscillation); PP (Medium - term oscillatory market); LPG (Crude oil cost rebounds); Propylene (Supply - demand tightens, spot price rises); Fuel oil (Broad - based oscillation, short - term price weakness); Low - sulfur fuel oil (Night session rebounds, high - low sulfur spread in the overseas spot market stabilizes temporarily) [2][10][16] - **Negative Ratings**: Asphalt (Decline following oil prices); Methanol (Short - term weakness, medium - term oscillatory pattern); Urea (Oscillatory and under pressure); Styrene (Medium - term bearish); Soda ash (Spot market with little change); PVC (Trend under pressure); Container shipping index (European route) (May continue weak - side oscillation) [2][19][55] Core Views of the Report - The report provides a comprehensive analysis of various energy and chemical futures. For each product, it combines fundamental data, market news, and trend strength to give investment suggestions. Market factors such as supply - demand relationships, inventory levels, and external policy impacts are considered [2][4][8] Summary by Related Catalogs 1. PX, PTA, MEG - **PX**: Short - term oscillatory and strong - side, with high profits and increased production enthusiasm. There are some uncertainties in supply due to equipment issues, and demand is gradually recovering. Suggestions include positive spreads and a strategy of long PTA and short PX [4][8] - **PTA**: Driven by seasonal demand, it is in a strong - side oscillatory market. Supply is affected by new device launches and maintenance, and demand is improving. Hold positive spreads and consider long PTA and short PX [8] - **MEG**: 9 - 1 positive spreads are recommended. There is pressure above 4600 for the 01 contract. Port inventory is decreasing, but there is supply pressure in the future [9] 2. Rubber - Oscillatory operation. The EU's anti - dumping investigation affects exports, and there is a differentiation in domestic demand. The overall inventory may increase, and production may decline [10][13][14] 3. Synthetic Rubber - Fundamentals are neutral, following the macro - environment. The inventory of butadiene in ports has decreased, and the inventory of high - cis polybutadiene has increased. In the medium - term, it is in a range - bound oscillation [16][17][18] 4. Asphalt - Decline following oil prices. The capacity utilization rate of domestic heavy - traffic asphalt enterprises has decreased, and the volume of equipment maintenance has increased. The shipment volume in some regions has changed [20][33] 5. LLDPE - Range - bound oscillation. Demand is improving due to the approaching peak - season stocking of the agricultural film industry. Supply pressure may be alleviated in September. Inventory is relatively low, so it may remain range - bound in the medium - term [35][36] 6. PP - Medium - term oscillatory market. Short - term demand has improved, and the cost has rebounded. However, supply pressure will increase in the future, and there is uncertainty in the cost [39][40] 7. Caustic Soda - Not advisable to chase short positions, and be bullish in the fourth quarter. The futures price has corrected due to near - month warehouse receipts and weak exports. Domestic demand is stable, and the key lies in the alumina production schedule [43][45] 8. Pulp - Oscillatory operation. The price of the pulp futures has declined, and the market for household paper is flat. The key is to monitor changes in raw material pulp prices and paper mill shipments [48][50][51] 9. Glass - The price of the original glass sheet is stable. Futures prices have declined slightly, and spot prices are mostly stable. The market trading atmosphere is average, with mainly rigid - demand purchases [52][53] 10. Methanol - Short - term weakness, medium - term oscillatory pattern. Spot prices are declining, and port inventory has reached a new high. There is a risk of further price decline in ports and inland areas [55][58] 11. Urea - Oscillatory and under pressure. The inventory of urea enterprises has increased, and in the short - term, the price is weak. In the medium - term, there may be fluctuations due to macro - factors, but the long - term fundamentals are still the main contradiction [60][62][63] 12. Styrene - Medium - term bearish. Although the downstream has entered the seasonal bottom - fishing stage, the inventory is at a medium - high level, and the momentum for continuous replenishment is insufficient [64][65] 13. Soda Ash - Spot market with little change. The market is in a weak - side oscillation, with stable supply and lackluster demand. It is expected to remain weakly stable in the short - term [66][68] 14. LPG, Propylene - **LPG**: Crude oil cost rebounds. There are changes in futures prices, trading volume, and positions, and attention should be paid to CP paper prices and PDH device maintenance plans [71][77] - **Propylene**: Supply - demand tightens, spot price rises. The supply - demand relationship has led to an increase in the spot price [2][71] 15. PVC - Trend under pressure. The supply is at a high level, demand is weak, and inventory is accumulating. The high - production and high - inventory structure is difficult to change, and export growth may slow down [79] 16. Fuel Oil, Low - Sulfur Fuel Oil - **Fuel Oil**: Broad - based oscillation, short - term price weakness. Futures prices have declined, and there are changes in trading volume, positions, and inventory [82] - **Low - sulfur Fuel Oil**: Night session rebounds, high - low sulfur spread in the overseas spot market stabilizes temporarily. There are changes in futures prices and spreads [82] 17. Container Shipping Index (European Route) - May continue weak - side oscillation. Futures prices have declined, and shipping rates in European and US - West routes have decreased [84]

Report Industry Investment Rating No information provided. Core Viewpoints - The market is affected by factors such as Powell's dovish stance, Fed rate - cut expectations, and geopolitical conflicts, with PTA oscillating and spot basis rising [1]. - The polyester demand is showing signs of recovery, with the polyester开工率 at 90.0% (month - on - month increase of 0.6%), and the terminal demand is gradually warming up [2]. - The supply - demand situation of PX/PTA/PF/PR has changed, and short - term bullish views are held, but attention should be paid to factors such as plant shutdown duration and raw material price fluctuations [3]. Summary by Directory Price and Basis - Figures include TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber 1.56D*38mm semi - bright natural white basis [8][9][14] Upstream Profits and Spreads - Figures cover PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [16][19] International Spreads and Import - Export Profits - Figures involve toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [24][26] Upstream PX and PTA Startup - Figures show the operating rates of Chinese, South Korean, and Taiwanese PTA, as well as Chinese and Asian PX [27][30][32] Social Inventory and Warehouse Receipts - Figures include PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [36][39][40] Downstream Polyester Load - Figures cover filament production and sales, short - fiber production and sales, polyester load, direct - spun filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, and the operating rates of Jiangsu and Zhejiang looms, texturing machines, and dyeing machines [47][49][51] PF Detailed Data - Figures include 1.4D physical inventory, 1.4D equity inventory, polyester staple fiber load, polyester staple fiber factory equity inventory days, recycled cotton - type staple fiber load, original - recycled spread, pure polyester yarn operating rate, pure polyester yarn production profit, polyester - cotton yarn operating rate, and polyester - cotton yarn processing fee [72][79][83] PR Fundamental Detailed Data - Figures involve polyester bottle - chip load, bottle - chip factory bottle - chip inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, East China water bottle - chip - recycled 3A - grade white bottle - chip, bottle - chip next - month spread, and bottle - chip next - next - month spread [90][94][98]

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating. 2. Core Views PTA - The PTA futures market rose significantly due to unplanned maintenance of some plants this week. The supply - demand outlook has improved, and the spot basis has strengthened. In the short term, the PTA spot price is expected to fluctuate strongly. However, the processing margin still needs improvement. Attention should be paid to the maintenance duration of the Hengli Huizhou plant and subsequent changes in upstream and downstream plants [5]. MEG - In late August, the arrival of ethylene glycol at ports is scarce, and the pick - up at major ports has improved recently. Port inventories will continue to decline in the next two weeks. Starting from early September, the arrival of foreign - sourced goods will increase. The short - term trend of ethylene glycol is expected to be slightly strong, but there is still an expectation of inventory accumulation in the long run. Attention should be paid to polyester load and production - sales changes [6]. 3. Summary by Directory 3.1 Previous Day Review - No information provided in the report. 3.2 Daily Tips PTA - **Fundamentals**: On Friday, trading was mainly among traders. Some major suppliers sold goods. August goods were traded at 09 + 15 - 30, with prices ranging from 4850 - 4890. Mid - September goods were traded at 09 + 20 - 30, and some at 01 + 15. The current mainstream spot basis is 09 + 22 [5]. - **Basis**: The spot price is 4865, and the 01 - contract basis is - 3, with the futures price higher than the spot price [5]. - **Inventory**: PTA factory inventory is 3.71 days, a 0.05 - day increase from the previous period, which is a bearish factor [5]. - **Market Trend**: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is a bullish factor [5]. - **Main Position**: The net short position is decreasing, which is a bearish factor [5]. MEG - **Fundamentals**: On Friday, trading was mainly among traders. Some major suppliers sold goods. August goods were traded at 09 + 15 - 30, with prices ranging from 4850 - 4890. Mid - September goods were traded at 09 + 20 - 30, and some at 01 + 15. The current mainstream spot basis is 09 + 22 [7]. - **Basis**: The spot price is 4512, and the 01 - contract basis is 38, with the spot price higher than the futures price [7]. - **Inventory**: The total inventory in East China is 50.05 tons, a 2.69 - ton decrease from the previous period, which is a bullish factor [7]. - **Market Trend**: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is a bullish factor [7]. - **Main Position**: The main net short position is decreasing, which is a bearish factor [7]. 3.3 Today's Focus - **Positive Factors**: In August, some PTA plants are planned for maintenance, which is expected to improve supply - demand. As the traditional "Golden September and Silver October" peak season approaches, there are expectations of increased demand. The 200 - million - ton Yisheng Hainan plant is under maintenance, and the 250 - million - ton Hengli Huizhou plant has unexpectedly shut down [10]. - **Negative Factors**: The profit margins of each link in the industrial chain continue to be under pressure, and the overall operating atmosphere remains cautious [9]. - **Main Logic and Risk Points**: The short - term commodity market is greatly affected by the macro - environment. Attention should be paid to the cost side, and when the market rebounds, attention should be paid to the upper resistance level [9]. 3.4 Fundamental Data PTA Supply - Demand Balance Sheet - The report provides PTA supply - demand balance data from January 2024 to December 2025, including capacity, production, import, export, consumption, and inventory data [11]. Ethylene Glycol Supply - Demand Balance Sheet - The report provides ethylene glycol supply - demand balance data from January 2024 to December 2025, including production rate, production, import, consumption, and port inventory data [12]. 3.5 Price - The report presents historical price data of PET bottle chips, production margins, capacity utilization, inventory, PTA and MEG spreads, basis, and other price - related information from 2020 - 2025 [15][18][22]. 3.6 Inventory Analysis - The report shows inventory data of PTA, MEG, PET chips, and various polyester products from 2021 - 2025 [42][44][51]. 3.7 Polyester Upstream and Downstream开工率 - The report provides historical data on the operating rates of PTA, paraxylene, ethylene glycol, polyester factories, and Jiangsu - Zhejiang looms from 2020 - 2025 [53][55][57]. 3.8 Profit Analysis - The report presents historical data on the production margins of PTA, MEG (including different production methods), polyester fibers (short - fiber, DTY, POY, FDY) from 2022 - 2025 [60][63][66].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, in the short term, the spot price is expected to fluctuate mainly due to low processing margins, some plant overhauls, and the lack of cost - side support from oil prices. Attention should be paid to the progress of the Russia - Ukraine ceasefire and the changes in upstream and downstream plants [5]. - For MEG, the market is expected to be slightly bullish in the short term, with obvious downside support, as the arrival volume is at a low level, port inventory is expected to remain low, and demand is gradually recovering. Attention should be paid to the recovery speed of polyester load and commodity trends [6]. - The industry has both positive and negative factors. Positives include planned PTA plant overhauls in August and the approaching "Golden September and Silver October" peak season. Negatives are the continued pressure on profit margins in each link of the industrial chain and the cautious overall operation atmosphere. The short - term commodity market is greatly affected by the macro - level, and attention should be paid to the cost side and the upper resistance level of the market rebound [8]. Summary by Directory 1.前日回顾 - Not provided in the content 2.每日提示 - **PTA**: Yesterday, due to the unexpected shutdown of a 5 million - ton PTA plant in South China, the PTA futures price rose significantly, driving up the entire polyester - chain futures market. The downstream polyester sales also improved slightly. The spot basis first rose and then weakened. The current mainstream spot basis is 09 + 7. The PTA factory inventory is 3.71 days, a 0.05 - day increase from the previous period. The 20 - day moving average is upward, and the closing price is above it. The main position is net short, and the short position is decreasing. In the short term, the spot price is expected to fluctuate, and the basis will also show interval fluctuations [5]. - **MEG**: On Thursday, the price of ethylene glycol remained high, and the basis was stable. The intraday disk fluctuated slightly. The spot negotiation was around a premium of 88 - 92 yuan/ton over the 09 contract. The inventory in East China decreased by 26,900 tons to 500,500 tons compared with the previous period. The 20 - day moving average is upward, and the closing price is above it. The main position is net short, and the short position is increasing. In the short term, the market is expected to be slightly bullish, and the port inventory is expected to remain low in August - September [6][7]. 3.今日关注 - Not provided in the content 4.基本面数据 - **PTA Supply - Demand Balance Sheet**: It shows the PTA production capacity, load, output, import, total supply, polyester production, consumption, and other data from January 2024 to December 2025, reflecting the supply - demand relationship and inventory changes in different periods [9]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It presents the ethylene glycol's operating rate, production, import, total supply, polyester production, consumption, and port inventory data from January 2024 to December 2025, showing the supply - demand situation and inventory changes [10]. 5.价格相关 - There are multiple price - related charts, including the spot price of bottle chips, production margin, capacity utilization rate, inventory, PTA and MEG's inter - month spreads, basis, and the spot spread between TA and EG, as well as the processing margin of p - xylene [12][15][18][22][25][28][35]. 6.库存分析 - There are inventory - related charts, such as the PTA factory inventory, MEG port inventory, PET slice factory inventory, and the inventory days of various polyester products in Jiangsu and Zhejiang looms [38][40][43]. 7.聚酯上下游开工 - There are charts showing the upstream and downstream operating rates of polyester, including the operating rates of PTA, p - xylene, ethylene glycol, polyester factories, and Jiangsu and Zhejiang looms [49][53]. 8.加工费与利润 - There are charts about the PTA processing fee and the profits of MEG produced by different methods, as well as the production margins of polyester fibers (short - fiber, DTY, POY, FDY) [57][60][63].

Investment Ratings - Urea: Not clearly defined - Methanol: ★☆☆ (One star, indicating a bullish/bearish bias but limited operability on the trading floor) - Pure Benzene: ★★★ (Three stars, indicating a clearer bullish/bearish trend and relatively appropriate investment opportunities) - Styrene: ★★★ - Polypropylene: ★★★ - Plastic: ☆☆☆ (White star, indicating a relatively balanced short - term bullish/bearish trend and poor operability on the trading floor) - PVC: ★★☆ (Two stars, indicating a clear bullish/bearish trend and the market is fermenting) - Caustic Soda: ★★☆ - PX: ★★★ - PTA: ★★★ - Ethylene Glycol: ★★★ - Short - fiber: ☆☆☆ - Glass: ★★★ - Soda Ash: ★★★ - Bottle Chip: ★★☆ - Propylene: ★★★ [1] Core Views - The olefin - polyolefin market has different trends. Propylene futures are under pressure, and polyolefin futures are boosted by macro factors but face supply and demand challenges [2]. - The pure benzene - styrene market is affected by news of potential over - capacity solutions, with significant price fluctuations in pure benzene and a consolidating pattern in styrene [3]. - The polyester market, including PX, PTA, ethylene glycol, short - fiber, and bottle chips, is influenced by over - capacity news, with different supply - demand and price trends [5]. - The coal - chemical market, including methanol and urea, has its own supply - demand characteristics and is affected by market sentiment and export news [6]. - The chlor - alkali market, including PVC and caustic soda, shows different price trends due to supply - demand differences [7]. - The soda ash - glass market is in a weak situation, with high inventory in the soda ash industry and continued decline in glass prices [8]. Summary by Category Olefin - Polyolefin - Propylene futures closed up but below the 5 - day moving average, with sufficient supply and insufficient downstream follow - up. Polyolefin futures were boosted by macro factors. Polyethylene has supply pressure and slow - growing demand, while polypropylene has supply support but slow - recovering demand [2]. Pure Benzene - Styrene - Pure benzene prices fluctuated greatly due to news of potential over - capacity solutions. There is a possibility of seasonal improvement in the third quarter and pressure in the fourth quarter. Styrene futures are in a consolidating pattern, with cost support but limited downstream demand [3]. Polyester - PX and PTA prices rebounded due to over - capacity news. There is an expected improvement in PX supply - demand in the third quarter. Ethylene glycol has profit - repair potential. Short - fiber and bottle chips are driven by raw materials, with different supply - demand situations [5]. Coal - Chemical - Methanol prices stopped falling and rebounded, with high port inventory and weak coastal supply - demand. Urea prices are affected by market sentiment and export news, with a loose short - term supply - demand situation [6]. Chlor - Alkali - PVC is in a weak operation, with increased export pressure and high inventory. Caustic soda is strong in the short term due to replenishment demand but faces long - term supply pressure [7]. Soda Ash - Glass - Soda ash prices dropped significantly, with high inventory throughout the industry. Glass prices continued to decline, with weak demand and high production capacity [8].

Core Insights - The launch of pure benzene futures on July 8 has introduced new risk management dynamics to the aromatic industry chain, with strong participation from production and trading companies [1][2] Industry Overview - China is the largest producer and consumer of pure benzene, with a production capacity of 32.34 million tons and an output of 25.13 million tons in 2024, accounting for 39% of global production. The apparent consumption is 29.26 million tons, representing 43% of global consumption [2] - Despite rapid capacity expansion, profit margins in the industry have been squeezed, with average production profits dropping by 64% year-on-year to 787 yuan per ton [2] Market Participation - The introduction of pure benzene futures has led to increased interest from companies in risk management tools, with firms exploring various application models based on their specific needs [2][3] - Companies like 富海集团 and 江苏利士德化工有限公司 are actively participating in futures trading, utilizing strategies such as basis trading and arbitrage [3] Trading Activity - As of August 19, pure benzene futures have recorded a trading volume of 518,900 contracts and a total transaction value of 96.52 billion yuan, with an average daily trading volume of 16,700 contracts [4] - The liquidity of the futures market is expected to improve as more companies engage in hedging and trading activities [5][6] Risk Management Benefits - The availability of pure benzene futures allows companies to manage inventory and respond proactively to market changes, reducing reliance on indirect hedging through other products [4] - Companies are increasingly shifting from high-risk paper markets to standardized and regulated futures markets for better security and transparency [5][6]