Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views - The Asian PX market is in a short - term situation caused by the Middle - East geopolitical conflict. The continuous closure of the Strait of Hormuz has led to transportation disruptions of 20% of global petroleum liquids and nearly 80% of petrochemical products shipped to Asia, causing a sharp rise in PX spot prices [2]. - Although polyester is about to enter the peak season, the extreme tightness on the supply side has led to concentrated force majeure at PTA factories. Asian countries' restrictions on exports due to fuel safety concerns have further exacerbated the raw material shortage [2]. - If Middle - East exports cannot resume in the near future, the Asian polyester industry chain is expected to face a severe risk of production decline in April due to the dual shortage of PX and MEG. The physical supply of the Asian PX market is tight, and the market is in chaos with low polyester operating loads and poor downstream acceptance of current prices [2]. Group 3: Summary of Data Changes Price Changes - PTA spot price decreased from 6885 to 6555, a change of - 330 [2]. - MEG inner - market price decreased from 5143 to 5108, a change of - 35 [2]. - PTA closing price decreased from 6834 to 6650, a change of - 184 [2]. - MEG closing price increased from 5220 to 5353, a change of 133 [2]. - 1.4D direct - spun polyester staple fiber price increased from 8380 to 8381, a change of 1 [2]. - Short - fiber basis decreased from - 44 to - 54, a change of - 10 [2]. - 4 - 5 spread increased from - 3 to 12, a change of 15 [2]. - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2]. - 1.4D imitation large - chemical fiber price remained unchanged at 6190 [2]. - The price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 2190 to 2191, a change of 1 [2]. - East China water bottle chip price decreased from 8820 to 8545, a change of - 275 [2]. - Hot - filling polyester bottle chip price decreased from 8820 to 8545, a change of - 275 [2]. - Carbonated - grade polyester bottle chip price decreased from 8920 to 8645, a change of - 275 [2]. - Outer - market water bottle chip price decreased from 1210 to 1160, a change of - 50 [2]. - Bottle chip spot processing fee increased from 1210 to 1229, a change of 19 [2]. - T32S pure polyester yarn price decreased from 12490 to 12450, a change of - 40 [2]. - T32S pure polyester yarn processing fee decreased from 4110 to 4069, a change of - 41 [2]. - Polyester - cotton yarn 65/35 45S price increased from 18000 to 18300, a change of 300 [2]. - Cotton 328 price decreased from 16330 to 16290, a change of - 40 [2]. - Polyester - cotton yarn profit increased from 1271 to 1586, a change of 314 [2]. - Primary three - dimensional hollow (with silicon) price remained unchanged at 9000 [2]. - Hollow staple fiber 6 - 15D cash flow increased from 190 to 484, a change of 294 [2]. - Primary low - melting - point staple fiber price remained unchanged at 9330 [2]. Load and Production - Sales Changes - Direct - spun staple fiber load (weekly) decreased from 84.13% to 76.98%, a change of - 7.15% [3]. - Polyester staple fiber production - sales increased from - 32.00% to 20.00%, a change of 52.00% [3]. - Polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, a change of 0.32% [3]. - Regenerated cotton - type load index (weekly) decreased from 55.44% to 54.81%, a change of - 0.63% [3].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - The Asian PX market is in a short - term situation caused by the Middle - East geopolitical conflict. The continuous closure of the Strait of Hormuz has blocked the transportation of 20% of the world's petroleum liquids and nearly 80% of petrochemical products shipped to Asia, leading to a sharp rise in PX spot prices [2]. - Although polyester is about to enter the peak season, the extreme tightness on the supply side has led to force majeure among PTA factories. Asian countries' export restrictions have further exacerbated the raw material shortage [2]. - If Middle - East exports cannot resume in the near future, the Asian polyester industry chain is expected to face a severe risk of production decline in April due to the dual shortage of PX and MEG. The physical supply of the Asian PX market is tight, and the market is in chaos [2]. Group 3: Summary According to Related Catalogs 1. Price Changes - PTA spot price decreased from 7000 to 6770, a change of - 230; MEG inner - market price dropped from 4868 to 4700, a change of - 168; PTA closing price fell from 6982 to 6918, a change of - 64; MEG closing price decreased from 4897 to 4826, a change of - 71 [2]. - 1.4D direct - spinning polyester staple fiber price decreased from 8460 to 8350, a change of - 110; short - fiber basis decreased from 82 to - 54, a change of - 136; 4 - 5 spread decreased from 42 to 38, a change of - 4 [2]. - Polyester staple fiber cash flow increased from 240 to 246, a change of 6; 1.4D imitation large - chemical fiber price remained unchanged at 6190; the spread between 1.4D direct - spinning and imitation large - chemical fiber decreased from 2270 to 2160, a change of - 110 [2]. - East China water bottle chips price decreased from 9182 to 8834, a change of - 348; hot - filling polyester bottle chips price decreased from 9182 to 8834, a change of - 348; carbonated - grade polyester bottle chips price decreased from 9282 to 8934, a change of - 348; outer - market water bottle chips price decreased from 1260 to 1210, a change of - 50 [2]. - Bottle - chip spot processing fee decreased from 1566 to 1471, a change of - 95; T32S pure - polyester yarn price decreased from 12500 to 12480, a change of - 20; T32S pure - polyester yarn processing fee increased from 4040 to 4130, a change of 90 [2]. - Polyester - cotton yarn 65/35 45S price remained unchanged at 18000; cotton 328 price increased from 16580 to 16610, a change of 30; polyester - cotton yarn profit increased from 1124 to 1185, a change of 62 [2]. - Primary three - dimensional hollow (with silicon) price remained unchanged at 9000; hollow staple fiber 6 - 15D cash flow increased from 184 to 437, a change of 253; primary low - melting - point staple fiber price remained unchanged at 9330 [2]. 2. Market Conditions - In the short - fiber market, the main short - fiber futures dropped 78 to 8278. Cost decline dominated the price trend. Polyester staple fiber production factories negotiated prices, traders' prices declined, downstream buyers purchased as needed, and on - site transactions were sluggish [2]. - In the bottle - chip market, the mainstream market price of polyester staple fiber declined. The weakening support of polymerization cost for polyester staple fiber, price negotiation by production factories, price decline of traders, low downstream purchasing willingness, and limited market transactions were the main reasons [2]. 3. Operating Rates - Direct - spinning short - fiber load (weekly) decreased from 84.13% to 76.98%, a change of - 7.15%; polyester staple fiber production and sales decreased from 47.00% to 44.00%, a change of - 3.00% [3]. - Polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, a change of 0.32%; recycled cotton - type load index (weekly) decreased from 54.81% to 55.44%, a change of - 0.63% [3].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report Core View - Crude oil is expected to strengthen significantly due to geopolitical influences. Northeast Asian refineries are facing a shortage of crude oil supply because of the blockade of the Strait of Hormuz, leading to reduced production. The speculative sentiment in the Asian PX market has rebounded, but the physical supply is tight, and PX physical goods are in short supply. Downstream replenishment is rapid, and the polyester operating load is lower than expected. South Korea, India, and Thailand may face significant operational difficulties, and the floating spread of PX has reached +40. The current spread between PX and naphtha has rebounded to $300. Tensions in the Middle East bring short - term energy price fluctuation risks, and the upstream price increase has begun to be transmitted downstream [2] Group 3: Summary by Relevant Indicators PTA and MEG - PTA spot price increased from 6320 to 7030, with a change of 710; MEG inner - market price rose from 4400 to 4715, a change of 315. PTA closing price increased from 6660 to 6998, a change of 338; MEG closing price rose from 4577 to 4653, a change of 76 [2] Short - fiber - The main short - fiber futures rose 576 to 8322. The price of polyester short - fiber production plants and traders increased. The price of 1.4D direct - spun polyester short - fiber in the East China market is 8300 - 8600 (cash on the spot, tax - included, self - pick - up), in the North China market is 8420 - 8720 (cash on the spot, tax - included, delivered), and in the Fujian market is 8350 - 8600 (cash on the spot, tax - included, delivered). The short - fiber basis decreased from 58 to - 38, a change of - 96; the 4 - 5 spread increased by 16. The polyester short - fiber cash flow increased from 240 to 246, a change of 6 [2] Bottle - chip - The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets is 8800 - 9100 yuan/ton, with an average price increase of 975 yuan/ton compared to the previous working day. The bottle - chip futures performed strongly. Due to concerns about supply, suppliers mainly raised their offers. The downstream terminal demand was cautious, but the inquiry was active, and the market negotiation focus moved up. The bottle - chip spot processing fee decreased from 1077 to 893, a change of - 185 [2] Other Products - T32S pure polyester yarn price increased from 12250 to 12500, a change of 250; T32S pure polyester yarn processing fee decreased from 4365 to 4020, a change of - 345. The price of polyester - cotton yarn 65/35 45S increased from 17800 to 18000, a change of 200; the profit of polyester - cotton yarn decreased from 1279 to 1080, a change of - 198. The price of 1.4D direct - spun and imitation large - chemical fiber spread increased from 1735 to 2330, a change of 595. The price of East China water bottle - chips, hot - filling polyester bottle - chips, and carbonated - grade polyester bottle - chips increased by 528. The price of outer - market water bottle - chips increased from 1080 to 1225, a change of 145 [2] Operating Rates - The direct - spun short - fiber load (weekly) decreased from 84.13% to 76.98%, a change of - 7.15%. The polyester short - fiber production and sales decreased from 57.00% to 54.00%, a change of - 3.00%. The polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, a change of 0.32%. The regenerated cotton - type load index (weekly) decreased from 55.44% to 54.81%, a change of - 0.63% [3]

Group 1: Investment Rating - No investment rating information provided in the report. Group 2: Core Viewpoints - Geopolitical issues lead to an increase in crude oil prices, and concerns about production cuts by PX enterprises in South Korea and China affect PTA plant loads, resulting in a strong bullish sentiment in the PTA market and rising prices. The Asian PX market has a resurgence of speculative sentiment, but the physical supply is tight, and PX physical goods are in short supply. The polyester's operating load is lower than expected, and downstream operations after the Spring Festival are generally sluggish. South Korea, India, and Thailand may face significant operational difficulties [2]. - The tense situation in the Middle East causes market chaos. Northeast Asian refineries are highly dependent on crude oil supplies from the Middle East. Due to the closure of the Strait of Hormuz, these refineries face tight crude oil supplies and have to reduce their loads. Asian naphtha cracking units have large - scale production cuts and shutdowns. Domestic ethylene glycol plants have seen a sharp increase in price due to concerns about reduced raw materials [2]. Group 3: Summary by Directory Market Data Changes - INE crude oil price increased from 664.1 yuan/barrel on March 5, 2026, to 664.8 yuan/barrel on March 6, 2026, with a change of 0.70 yuan/barrel [2]. - The PTA - SC spread increased from 993.9 yuan/ton to 1238.8 yuan/ton, a change of 244.91 yuan/ton; the PTA/SC ratio increased from 1.2059 to 1.2564, a change of 0.0505 [2]. - CFR China PX price increased from 1055 to 1079, a change of 24; the PX - naphtha spread increased from 279 to 303, a change of 24 [2]. - PTA's main futures price increased from 5820 yuan/ton to 6070 yuan/ton, a change of 250 yuan/ton; the spot price increased from 5800 yuan/ton to 5865 yuan/ton, a change of 65 yuan/ton [2]. - PTA's spot processing fee increased from 313.8 yuan/ton to 367.3 yuan/ton, a change of 53.5 yuan/ton; the on - paper processing fee increased from 323.8 yuan/ton to 447.3 yuan/ton, a change of 123.5 yuan/ton [2]. - MEG's main futures price increased from 4184 yuan/ton to 4377 yuan/ton, a change of 193 yuan/ton; the MEG - naphtha spread increased from - 257.25 yuan/ton to - 236.44 yuan/ton, a change of 20.8 yuan/ton [2]. - MEG's domestic price increased from 4132 yuan/ton to 4267 yuan/ton, a change of 135 yuan/ton [2]. Industry Operating Rates - PX operating rate decreased from 88.08% to 83.68%, a change of - 4.40% [2]. - PTA operating rate remained unchanged at 79.81% [2]. - MEG operating rate decreased from 59.01% to 57.93%, a change of - 1.08% [2]. - Polyester load of POY150D/48F increased from 80.39% to 80.92%, a change of 0.53% [2]. Product Price and Cash - flow Changes in the Polyester Industry - In polyester filament, the price of POY150D/48F increased from 7615 to 7700, a change of 85; the cash - flow decreased from 22 to 6, a change of - 16 [2]. - The price of FDY150D/96F increased from 7780 to 7910, a change of 130; the cash - flow increased from - 313 to - 284, a change of 29 [2]. - The price of DTY150D/48F increased from 8670 to 8745, a change of 75; the cash - flow decreased from - 123 to - 149, a change of - 26 [2]. - In polyester staple fiber, the price of 1.4D direct - spinning polyester staple increased from 7235 to 7375, a change of 140; the cash - flow increased from - 8 to 31, a change of 39 [2]. - In polyester chips, the price of semi - bright chips increased from 6445 to 6600, a change of 155; the cash - flow increased from - 248 to - 194, a change of 54 [2]. Sales Ratios - The sales ratio of polyester filament remained unchanged at 107% [2]. - The sales ratio of polyester staple fiber remained unchanged at 93% [2]. - The sales ratio of polyester chips remained unchanged at 205% [2]. Device Maintenance - A 2.5 - million - ton PTA device in East China, which was shut down for maintenance around February 10, has resumed normal operation. A 3.6 - million - ton PTA device in East China, which was operating at 20 - 50% capacity, has resumed normal operation. A 1.25 - million - ton PTA device in South China, which was under maintenance in mid - January, has resumed normal operation [2].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The US raided Venezuela, escalating geopolitical risks; OPEC+ stated that eight member countries will suspend increasing oil production in Q1 2026. The PX market has experienced a sharp rise, mainly driven by speculative funds. The futures market is leading the price discovery mechanism, and although there are concerns about bubbles, the PX fundamentals are supported. In 2026, the market is expected to remain tight, driven by India's new PTA production capacity and organic demand growth. The PX-naphtha spread has widened to $360, and the PX-mixed xylene spread has reached $155, significantly improving the economics of aromatics extraction. The PX market is at a critical juncture where speculative sentiment and fundamentals are intertwined. Domestically, PTA maintains high operation, benefiting from stable domestic demand and the resumption of exports to India since the end of November. The high gasoline spread still supports aromatics. The commissioning of new polyester plants has pushed the polyester load to a high level, and PTA consumption remains high, with an increasing market hoarding willingness, and the basis has strengthened rapidly. Although polyester demand has weakened seasonally in China, the production cuts by polyester factories are not enough to form a negative feedback [2]. Group 3: Summary According to Relevant Catalogs 1. Price and Index Changes - PTA spot price increased from 5030 to 5080, with a change of 50; MEG domestic price rose from 3640 to 3666, up 26; PTA closing price increased from 5046 to 5150, a rise of 104; MEG closing price went up from 3732 to 3838, an increase of 106; 1.4D direct-spun polyester staple fiber price increased by 45; short fiber basis increased from 38 to 40, up 2; 2 - 3 spread increased from 4 to 6, up 10; polyester staple fiber cash flow increased from 240 to 246, up 6; 1.4D direct-spun and imitation large chemical fiber price difference increased from 1235 to 1280, up 45; East China water bottle chip price increased by 61; hot-filled polyester bottle chip price increased by 61; carbonated polyester bottle chip price increased by 61; outer disk water bottle chip price increased from 795 to 800, up 5; bottle chip spot processing fee increased from 486 to 495, up 10; T32S pure polyester yarn price increased from 10450 to 10500, up 50; T32S pure polyester yarn processing fee increased from 3940 to 3945, up 5; polyester-cotton yarn 65/35 45S price remained unchanged; cotton 328 price increased from 15475 to 15520, up 45; polyester-cotton yarn profit decreased from 1234 to 1187, down 47; primary three-dimensional hollow (with silicon) price decreased from 7215 to 7210, down 5; hollow staple fiber 6 - 15D cash flow decreased from 495 to 438, down 56; primary low-melting staple fiber price remained unchanged [2]. 2. Market Conditions - Short fiber: The short fiber main futures rose 38 to 6532. In the spot market, the prices of polyester staple fiber production plants fluctuated slightly, and traders' prices followed the futures. Downstream purchasing intention was low, while the replenishment of futures and spot merchants increased, and the on-site transactions were okay. The price of 1.56dtex*38mm semi-gloss natural white (1.4D) polyester staple fiber in the East China market was 6430 - 6650 yuan for cash on delivery and tax included self-pickup, 6550 - 6770 yuan in the North China market for cash on delivery and tax included delivery, and 6450 - 6680 yuan in the Fujian market for cash on delivery and tax included delivery [2]. - Bottle chip: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 6000 - 6110 yuan/ton, with the average price rising 30 yuan/ton compared to the previous working day. PTA and bottle chip futures were running warmly, the cost-side support increased, most of the supply-side quotations were raised, the market negotiation atmosphere was relatively dull, downstream end-users restocked for rigid demand, and the market negotiation center shifted slightly upward [2]. 3. Industry Load and Production and Sales - The direct-spun short fiber load (weekly) decreased from 88.84% to 86.77%, a decrease of 2.07%; polyester staple fiber production and sales increased from 53.00% to 77.00%, an increase of 24.00%; polyester yarn startup rate (weekly) remained unchanged at 66.00%; recycled cotton-type load index (weekly) remained unchanged at 51.10% [2][3].

Group 1 - The core point of the article is that Wankai New Materials (SZ 301216) announced the convening of its 28th meeting of the second board of directors on December 24, 2025, to review a proposal regarding a business contract with the related party Lingxin Qiaoshou and the expected annual related transactions [1] - For the year 2024, Wankai New Materials' revenue composition is reported to be 99.52% from the polyester industry and 0.48% from other businesses [1] - As of the report, Wankai New Materials has a market capitalization of 10.2 billion yuan [1]

Company Overview - China Resources Materials (SZ 301090) announced its second board meeting on December 8, 2025, to discuss the revision of the "Board Report System to Shareholders" [1] - As of the report date, the market capitalization of China Resources Materials is 10.7 billion yuan [1] Revenue Composition - For the year 2024, the revenue composition of China Resources Materials is as follows: Polyester industry accounts for 99.92%, while other segments account for 0.08% [1]

Report Summary 1. Industry Investment Rating - No information provided in the report. 2. Core View - Gasoline crack spreads have declined, and gasoline blending has weakened. The PX market has remained strong due to multiple factors. The increase in PX prices is mainly supported by the value of gasoline blending and the stabilization and recovery of the by - product benzene price. The PX - naphtha spread has further widened to $256, while the PX - mixed xylene spread is still under pressure, slightly above $100, limiting the room for increasing efficiency through PX production. Domestic restructuring unit maintenance rumors are positive for PX, and some Korean producers are even considering taking offline toluene - route PX units in December. Domestic PTA manufacturers benefit from India's cancellation of PTA import BIS certification restrictions, improving export prospects and boosting PX procurement sentiment. The strong PX price is significantly beneficial for the PTA market. Currently, the PTA supply side has tightened slightly, while the polyester industry's operating rate has remained stable, with the overall load maintained above 90%. Thanks to the positive adjustment of trade policies in some overseas countries, the export inquiry for polyester products has increased significantly, and the domestic polyester export outlook is optimistic. The costs of bottle chips and short fibers follow suit [2]. 3. Summary by Relevant Indicators Price Changes - PTA spot price dropped from 4635 to 4610, a decrease of 25; MEG domestic price dropped from 3904 to 3900, a decrease of 4; PTA closing price dropped from 4684 to 4632, a decrease of 52; MEG closing price dropped from 3896 to 3873, a decrease of 23; 1.4D direct - spun polyester staple fiber price dropped from 6380 to 6365, a decrease of 15; short - fiber basis increased from 137 to 140, an increase of 3; 12 - 1 spread decreased from 116 to 80, a decrease of 36; polyester staple fiber cash flow increased from 240 to 246, an increase of 6; the price of 1.4D imitation large - chemical fiber remained stable at 5400; the price difference between 1.4D direct - spun and imitation large - chemical fiber decreased from 980 to 965, a decrease of 15; East China water bottle chip price dropped from 5720 to 5707, a decrease of 13; hot - filling polyester bottle chip price dropped from 5720 to 5707, a decrease of 13; carbonated - grade polyester bottle chip price dropped from 5820 to 5807, a decrease of 13; outer - market water bottle chip price dropped from 760 to 755, a decrease of 5; bottle - chip spot processing fee increased from 449 to 459, an increase of 10; T32S pure polyester yarn price remained stable at 10300; T32S pure polyester yarn processing fee increased from 3920 to 3935, an increase of 15; polyester - cotton yarn 65/35 45S price remained stable at 16300; cotton 328 price increased from 14475 to 14480, an increase of 5; polyester - cotton yarn profit increased from 1599 to 1607, an increase of 8; the price of primary three - dimensional hollow (with silicon) remained stable at 7080; the cash flow of hollow short fiber 6 - 15D increased from 609 to 632, an increase of 23; the price of primary low - melting - point short fiber remained stable at 7580 [2]. Market Conditions - Short fiber: The main futures contract of polyester staple fiber dropped 76 to 6162. In the spot market, the prices of polyester staple fiber production plants were stable, while those of traders declined weakly. Downstream buyers purchased on demand, and the production and sales of factories were limited. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6120 - 6460 yuan for cash - on - delivery, tax - included, self - pick - up; in the North China market, it was 6240 - 6580 yuan for cash - on - delivery, tax - included, delivered; in the Fujian market, it was 6170 - 6350 yuan for cash - on - delivery, tax - included, delivered. - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5680 - 5760 yuan/ton, with the average price dropping 25 yuan/ton compared to the previous working day. PTA and bottle - chip futures fluctuated weakly. Most offers on the supply side were lowered, downstream end - users made rigid purchases, the market trading atmosphere was light, and the market negotiation center declined [2]. Operating Rates and Production - Sales Ratios - The direct - spun short - fiber load (weekly) increased from 88.37% to 89.32%, an increase of 0.95 percentage points; the polyester staple fiber production - sales ratio increased from 44.00% to 46.00%, an increase of 2 percentage points; the polyester yarn startup rate (weekly) remained stable at 66.00%; the recycled cotton - type load index (weekly) remained stable at 51.10% [3].

Group 1 - Company signed a maximum guarantee contract with CITIC Bank Wuxi Branch, providing joint liability guarantee for a debt of 50 million yuan for its subsidiary Jiangsu Hailun Petrochemical Co., Ltd [1] - The total amount of guarantees provided by the company for its subsidiaries and inter-subsidiary guarantees is approximately 8.033 billion yuan, which is 139.21% of the company's latest audited net assets attributable to the parent company [1] - The company has provided a total guarantee of 600 million yuan for its controlling shareholder, accounting for 10.4% of the company's latest audited net assets attributable to the parent company [1] Group 2 - The total guarantees amount to approximately 8.633 billion yuan, which is 149.6% of the company's latest audited net assets attributable to the parent company [1] - For the year 2024, the company's revenue composition is as follows: polyester industry 77.73%, chemical industry 20.13%, other industries 1.16%, and thermal power 0.97% [1] - The company's market capitalization is 9 billion yuan [2]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - PX prices are rebounding due to limited production despite the end of some planned maintenance and capacity recovery, driven by high gasoline profit margins and low pure benzene prices. PTA supply has slightly shrunk, polyester production remains stable with a load above 90%, and domestic polyester exports are still optimistic. The downstream weaving industry is performing well and export demand may improve [2]. - The inventory of ethylene glycol in East China ports has increased significantly compared to last week, with an increase of 120,000 tons. The ethylene price cannot support the strengthening of the ethylene glycol price, and new device startups are pressuring the price. The coal price increase does not provide strong cost support, and the profit of coal - based ethylene glycol has been repaired. The reduction of tariffs after the Sino - US trade negotiation may increase textile and clothing export demand [2]. Summary by Directory Market Data - INE crude oil price increased from 447.4 yuan/barrel on November 21, 2025, to 447.9 yuan/barrel on November 24, 2025, with a change of 0.5 yuan/barrel [2]. - PTA - SC spread increased from 1414.7 yuan/ton to 1425.1 yuan/ton, with a change of 10.37 yuan/ton; PTA/SC ratio increased from 1.4351 to 1.4378, with a change of 0.0027 [2]. - CFR China PX price increased from 824 to 826, with a change of 2; PX - naphtha spread increased from 262 to 264, with a change of 2 [2]. - PTA main contract futures price increased from 4666 yuan/ton to 4680 yuan/ton, with a change of 14 yuan/ton; PTA spot price increased from 4615 yuan/ton to 4630 yuan/ton, with a change of 15 yuan/ton [2]. - PTA spot processing fee increased from 191 yuan/ton to 212 yuan/ton, with a change of 21 yuan/ton; PTA futures processing fee increased from 257 yuan/ton to 262 yuan/ton, with a change of 5 yuan/ton [2]. - PTA main contract basis increased from - 63 to - 49, with a change of 14; PTA warehouse receipt quantity increased from 117,192 to 117,828, with a change of 636 [2]. - MEG main contract futures price increased from 3808 yuan/ton to 3884 yuan/ton, with a change of 76 yuan/ton; MEG - naphtha spread decreased from - 151.12 yuan/ton to - 151.31 yuan/ton, with a change of - 0.2 yuan/ton [2]. - MEG domestic price increased from 3852 yuan/ton to 3890 yuan/ton, with a change of 38 yuan/ton; MEG main contract basis decreased from 35 to 33, with a change of - 2 [2]. Industry Chain Start - up Situation - PX start - up rate remained at 87.39% [2]. - PTA start - up rate remained at 72.11% [2]. - MEG start - up rate increased from 60.14% to 60.33%, with a change of 0.19% [2]. - Polyester load remained at 89.19% [2]. Polyester Product Data - POY150D/48F price decreased from 6580 yuan/ton to 6545 yuan/ton, with a change of - 35 yuan/ton; POY cash flow decreased from 94 to 33, with a change of - 61 [2]. - FDY150D/96F price remained at 6825 yuan/ton; FDY cash flow decreased from - 161 to - 187, with a change of - 26 [2]. - DTY150D/48F price remained at 7865 yuan/ton; DTY cash flow decreased from 179 to 153, with a change of - 26 [2]. - Long - filament sales rate increased from 39% to 43%, with a change of 4% [2]. - 1.4D direct - spinning polyester staple fiber price increased from 6340 yuan/ton to 6350 yuan/ton, with a change of 10 yuan/ton; polyester staple fiber cash flow decreased from 204 to 188, with a change of - 16 [2]. - Polyester staple fiber sales rate increased from 31% to 65%, with a change of 34% [2]. - Semi - bright chip price increased from 5540 yuan/ton to 5545 yuan/ton, with a change of 5 yuan/ton; chip cash flow decreased from - 46 to - 67, with a change of - 21 [2]. - Chip sales rate decreased from 75% to 60%, with a change of - 15% [2]. Device Maintenance - A 2.5 - million - ton PTA device in East China is currently restarting and is expected to produce products soon, having stopped for maintenance around November 17 [2]