Report Industry Investment Rating - No information provided in the given content. Core Viewpoints - For PTA, the proximal TA has partial restarts and increased load, with开工 rate rising. Polyester reduces load due to filament production cuts, inventory accumulates, basis strengthens slightly, and spot processing fees are compressed. PX domestic device load reduction slows down, overseas production cuts continue, PXN improves, disproportionation and isomerization benefits are compressed, and the US - Asia aromatic hydrocarbon spread rebounds. There are potential short - term long - allocation opportunities as PX destocking is expected to be gradually realized [2]. - For MEG, the proximal domestic oil - based load reduction slows down, coal - based restarts partially, and the开工 rate rises. Overseas production cuts continue, port inventory accumulates, the basis is stable, and coal - based and ethane - based benefits increase. Supply may still have some load reduction, and with increased export/transshipment trade, the destocking speed may accelerate in the short term. The long - term balance sheet has high uncertainty, and it is advisable to wait and see [2]. - For polyester staple fiber, the开工 rate rises to 91.0% as some plants increase load. Sales improve slightly, inventory accumulates slightly, and spot processing fees weaken. On the demand side, the yarn production start - up rate is stable, raw material inventory is maintained, finished product inventory accumulates, and benefits weaken. The short - term upward drive is not strong, and attention should be paid to whether there will be passive production cuts due to raw material supply limitations [2]. - For natural rubber and 20 - number rubber, the main strategy is to wait and see [2]. Summary by Related Catalogs PTA - **Price and Operation Data**: From March 25 to March 31, PTA spot price increased from 102.2 to 118.4, PTA device in Fujian Bahong with a capacity of 2.5 million tons reduced load. The average daily basis of PTA spot transactions for 2605 is - 58 [2]. - **Market Analysis**: Proximal TA restarts and increases load, polyester reduces load, inventory accumulates, basis strengthens slightly, and spot processing fees are compressed. PX domestic device load reduction slows down, overseas production cuts continue, PXN improves, and the US - Asia aromatic hydrocarbon spread rebounds [2]. - **Outlook**: There are potential short - term long - allocation opportunities as PX destocking is expected to be gradually realized [2]. MEG - **Price and Operation Data**: From March 25 to March 31, MEG outer - market price increased from 595 to 640, and the Henan Coal Industry's 200,000 - ton device restarted. The basis of MEG spot transactions is around + 2 for 05 [2]. - **Market Analysis**: Proximal domestic oil - based load reduction slows down, coal - based restarts partially, and the开工 rate rises. Overseas production cuts continue, port inventory accumulates, the basis is stable, and coal - based and ethane - based benefits increase [2]. - **Outlook**: Supply may still have some load reduction, and with increased export/transshipment trade, the destocking speed may accelerate in the short term. The long - term balance sheet has high uncertainty, and it is advisable to wait and see [2]. Polyester Staple Fiber - **Price and Operation Data**: From March 25 to March 31, the price of 1.4D cotton - type staple fiber decreased from 8060 to 8320, and the开工 rate rose to 91.0%. The spot price is around 8295, and the market basis is around - 50 for 06 [2]. - **Market Analysis**: Some plants increase load, sales improve slightly, inventory accumulates slightly, and spot processing fees weaken. On the demand side, the yarn production start - up rate is stable, raw material inventory is maintained, finished product inventory accumulates, and benefits weaken [2]. - **Outlook**: The short - term upward drive is not strong, and attention should be paid to whether there will be passive production cuts due to raw material supply limitations [2]. Natural Rubber & 20 - number Rubber - **Price and Operation Data**: From March 25 to March 31, the price of US - dollar Thai standard rubber decreased from 2000 to 2015, and there are various price changes in other types of rubber. The main strategy is to wait and see [2]. - **Market Analysis**: No detailed market analysis provided in the given content. - **Outlook**: Wait and see [2]. Benzene and Its Derivatives - **Price and Operation Data**: From March 25 to March 31, the price of ethylene (CFR Northeast Asia) remained at 1400 on March 31, and there are price changes in pure benzene, benzene ethylene, and their downstream products such as EPS, PS, and ABS [5]. - **Market Analysis**: No detailed market analysis provided in the given content. - **Outlook**: No outlook provided in the given content.

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - For PTA, in the short - term, it is recommended to wait and see; in the medium - to - long - term, it is recommended to hold long positions. The raw material PX reduction is slowing down, but further production cuts are likely due to logistics blockade. The downstream polyester's load - increasing slows down and may cut production, but the overall is expected to maintain de - stocking [3]. - For MEG, due to concerns about the stability of Saudi Arabian device operation and possible increase in export/trans - shipment trade, the arrival volume is expected to decline rapidly under continuous Middle - East logistics blockade. The short - term de - stocking speed will accelerate, and the far - month balance sheet has high uncertainty, so it is recommended to wait and see [10]. - For polyester staple fiber, with raw materials strengthening, the terminal is more hesitant. The raw - to - recycled price difference strengthens, and the recycled substitution effect is obvious. Although the processing fee is acceptable, the future production may be limited by raw material supply. The current valuation is relatively neutral under the weak supply - demand situation [10]. - For natural rubber and 20 - grade rubber, the main strategy is to wait and see [10]. 3. Summary by Product PTA - **Price and Index Changes**: From March 17 to 23, 2026, the PTA spot price increased by 450, and the polyester gross profit decreased by 573. The PTA balance load remained at 76.6%, and the negative load remained at 80.8%. The number of warehouse receipts + valid forecasts increased by 522, and the TA basis sales ratio increased by 0.70 [3]. - **Device Changes**: Yizheng's 3 million - ton device and Jiaxing Petrochemical's 1.5 million - ton device restarted [3]. MEG - **Price and Index Changes**: From March 17 to 23, 2026, the MEG outer - market price increased by 47, the inner - market price increased by 370, and the coal - made profit increased by 370. The total load, coal - made MEG load, and non - coal - made load remained unchanged, and the port inventory remained at 84.4 [10]. - **Device Changes**: Xinjiang Zhongkun's 600,000 - ton single - line device was under maintenance [10]. Polyester Staple Fiber - **Price and Index Changes**: From March 17 to 23, 2026, the price of 1.4D cotton - type staple fiber increased by 205, the low - melting - point staple fiber price increased by 55, and the pure - polyester yarn price increased by 200. The short - fiber profit decreased by 303, and the pure - polyester yarn profit decreased by 155 [10]. - **Device Changes**: No device maintenance information was provided [10]. Natural Rubber & 20 - grade Rubber - **Price and Index Changes**: From March 17 to 23, 2026, the RU main contract price increased by 1600, the NR main contract price increased by 145, and the weekly change of the RU main contract was - 725, and the NR main contract was - 440 [10]. Styrene - **Price and Index Changes**: From March 17 to 23, 2026, the ethylene (CFR Northeast Asia) price remained unchanged, the pure benzene (CFR China) price remained unchanged, the pure benzene (East China) price increased by 620, and the styrene (CFR China) price increased by 120. The PS (East China transparent benzene) price increased by 800, and the ABS (0215A) price increased by 600 [14].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - For PTA, short - term观望, long - term maintain long positions, expand TA processing fees on dips, and pay attention to terminal feedback [6] - For MEG, short - term观望 due to short - term de - stocking acceleration and high uncertainty in the far - month balance sheet [7] - For polyester staple fiber, the current valuation is relatively neutral under the situation of weak supply and demand [7] - For natural rubber and 20 - number rubber, the strategy is to观望 [7] 3. Summary by Product PTA - **Price and Spread Changes**: From March 10 to March 16, crude oil decreased by 2.9, PTA spot price increased by 70, PX processing difference decreased by 28, and PTA processing difference increased by 28 [1] - **Device Changes**: Fuhai Chuang's 4.5 million - ton device and Fujian Baihong's 2.5 million - ton device reduced their loads [1] - **Market Situation**: Near - end TA device load decreased, polyester load increased, inventory accumulated, basis strengthened slightly, and spot processing fees improved [1] MEG - **Price and Profit Changes**: From March 10 to March 16, MEG outer - disk price increased by 23, MEG inner - disk price increased by 198, and MEG coal - making profit increased by 198 [7] - **Device Changes**: Shaanxi Coal's 1.8 million - ton partial capacity and Yueneng's 400,000 - ton device were under maintenance [7] - **Market Situation**: Near - end domestic oil - making load reduction increased, coal - making partial maintenance, port inventory began to de - stock, basis was weak, and coal - making and ethane - making benefits improved significantly [7] Polyester Staple Fiber - **Price and Profit Changes**: From March 10 to March 16, the price of 1.4D cotton - type staple fiber increased by 65, and short - fiber profit decreased by 60 [7] - **Device Situation**: Near - end short - fiber device maintenance and restart coexisted, and the operating rate decreased slightly to 83.4% [7] - **Market Situation**: Demand side, the start - up of polyester yarn increased, raw material inventory decreased, finished - product inventory remained stable, and benefits weakened. Under the continuous strengthening of raw materials, the load - increasing of short - fiber slowed down, and the subsequent start - up may be restricted [7] Natural Rubber & 20 - number Rubber - **Price Changes**: From March 10 to March 16, the price of US - dollar Thai standard spot increased by 10, and the price of Shanghai full - milk increased by 105 [7] - **Spread Changes**: From March 10 to March 16, the spread between mixed rubber and RU main contract increased by 80, and the spread between US - dollar Thai standard and NR main contract increased by 43 [7] - **Strategy**: 观望 [7] Styrene - **Price Changes**: From March 10 to March 16, the price of ethylene (CFR Northeast Asia) remained unchanged, the price of pure benzene (CFR China) remained unchanged, and the price of styrene (CFR China) increased by 20 [7] - **Profit Changes**: From March 10 to March 16, styrene domestic profit remained at 1185, EPS domestic profit remained at - 390, and PS domestic profit remained at - 926 [7]

Report Summary 1. Industry Investment Rating - Not mentioned in the report. 2. Core Views - **PTA**: Near - term TA device runs stably, polyester load drops slightly, inventory is depleted, and basis strengthens slightly while spot processing fee weakens. In the long - run, PX pattern is good, and with raw material support, pay attention to the opportunity of buying on dips [2]. - **MEG**: After the EG valuation is compressed, production cuts increase, the inventory accumulation rate narrows. However, considering new production capacity, it is expected to fluctuate weakly [8]. - **Polyester Staple Fiber**: Short - term inventory pressure is limited, but new capacity is put into production rapidly, and downstream is expected to enter the off - season. The current processing fee is not low, and pay attention to the warehouse receipt situation [8]. - **Natural Rubber & 20 - number Rubber**: National explicit inventory is stable, and Thai cup - rubber price is stable. The current strategy is to wait and see [8]. - **Styrene**: No overall view is given in the report, but price data changes are presented. 3. Summary by Product PTA - **Price and Spread Changes**: From 2025/12/12 to 2025/12/18, PTA spot price increased by 45, and polyester profit decreased by 98. Naphtha cracking spread, PX processing spread, etc. also had corresponding changes [2]. - **Device and Market Situation**: Near - end TA device runs stably with stable start - up rate. Polyester load drops slightly, inventory is depleted, basis strengthens slightly, and spot processing fee weakens. PX domestic start - up is stable, and overseas load rebounds [2]. MEG - **Price and Profit Changes**: From 2025/12/12 to 2025/12/18, MEG far - month price increased by 2.00, and coal - based MEG profit and cash flow had no significant change [8]. - **Device and Market Situation**: Near - end domestic oil - based production reduces load, overseas partial devices reduce load, port inventory accumulates at the beginning of next week, and basis weakens. Coal - based efficiency continues to weaken [8]. Polyester Staple Fiber - **Price and Profit Changes**: From 2025/12/12 to 2025/12/18, the price of 1.4D cotton - type staple fiber increased by 10, and short - fiber profit decreased by 10 [8]. - **Device and Market Situation**: Near - end Hengyi High - tech overhauls, start - up rate drops to 95.5%. Production and sales are basically maintained, and inventory is stable. Demand side: Dacron yarn start - up rate is stable, raw material inventory increases, and finished product inventory accumulates [8]. Natural Rubber & 20 - number Rubber - **Price Changes**: From 2025/12/12 to 2025/12/18, the price of US - dollar Thai standard rubber increased by 20, and the price of Shanghai full - latex rubber increased by 130 on a weekly basis [8]. - **Market Situation**: National explicit inventory is stable, and the absolute level is not high. Thai cup - rubber price is stable, and rainfall affects rubber tapping. The current strategy is to wait and see [8]. Styrene - **Price Changes**: From 2025/12/12 to 2025/12/18, the price of styrene (CFR China) decreased by 5, and the price of styrene (Jiangsu) decreased by 45. EPS (East China general material) price decreased by 100 [8].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, the terminal is weakening faster, the inflection point of polyester load may be approaching, TA inventory will gradually accumulate again, but the overall pressure is not large and the valuation is not high. Short - term observation is recommended, and in the long - term, considering the good PX pattern, attention should be paid to the opportunity of buying on dips [2] - For MEG, after the price drops again, coal - based losses intensify, and the supply - side reduction has not reversed the inventory accumulation trend. The short - term valuation is low but the driving force is limited, and the long - term pattern is expected to be weak [7] - For polyester staple fiber, the short - term inventory pressure is limited, but in the far - month, as the downstream enters the off - season and new device production is approaching, the pattern may weaken. Attention should be paid to the situation of warehouse receipts [7] - For natural rubber and 20 - number rubber, the national explicit inventory is stable and the absolute level is not high, the price of Thai cup rubber is stable, and rainfall affects rubber tapping. The strategy is to wait and see [7] Summary by Product PTA - **Price and Spread Changes**: From 2025/12/05 to 2025/12/11, crude oil price decreased from $63.8 to $61.3, PTA internal - market spot price changed from 4670 to 4640, and PTA processing difference fluctuated [1][8] - **Market Situation**: Near - end TA device operation is stable, polyester load increases slightly, inventory remains stable, basis is stable, and spot processing fee improves. PX domestic operation is stable, PXN strengthens, and the benefits of disproportionation and isomerization improve [2] MEG - **Price and Profit Changes**: From 2025/12/05 to 2025/12/11, MEG external - market price decreased from 445 to 431, and MEG coal - based profit decreased from - 532 to - 660 [7] - **Device and Market Situation**: There are both overhauls and restarts in the near - end domestic market, the operation rate decreases slightly, some overseas devices reduce load, port inventory accumulates, basis weakens, and coal - based benefits weaken again [7] Polyester Staple Fiber - **Price and Profit Changes**: From 2025/12/05 to 2025/12/11, the price of 1.4D cotton - type staple fiber fluctuated, and short - fiber profit increased from 119 to 152 [7] - **Market Situation**: Near - end device operation is stable, the operation rate is maintained at 97.5%, production and sales are basically stable, and inventory decreases month - on - month. The demand side remains basically the same as before [7] Natural Rubber & 20 - number Rubber - **Price Changes**: From 2025/12/05 to 2025/12/11, the price of US - dollar Thai standard rubber fluctuated, and the price of Shanghai full - latex rubber increased [7] - **Market Situation**: The national explicit inventory is stable, the price of Thai cup rubber is stable, and rainfall affects rubber tapping [7] Styrene - **Price and Profit Changes**: From 2025/12/05 to 2025/12/11, the price of styrene (CFR China) fluctuated, and styrene domestic profit also fluctuated [7] - **Market Situation**: The prices of related products such as ethylene and pure benzene also changed to some extent during this period [7]

Report Summary 1. Report Industry Investment Rating - Not provided in the content. 2. Core Views - **PTA**: Near - term TA device runs stably, polyester load rises slightly, inventory remains stable, and basis is stable. In the future, the terminal weakening accelerates, polyester load may reach a turning point, TA inventory may gradually accumulate again, but the overall pressure is not large and the valuation is not high. Short - term wait - and - see, long - term pay attention to buying on dips due to good PX pattern [2]. - **MEG**: Near - term domestic maintenance and restart co - exist, overseas devices reduce load, port inventory accumulates. After the EG price drops again, coal - based losses intensify, and the supply reduction has not reversed the inventory accumulation trend. Short - term valuation is low but the driving force is limited, and the long - term pattern is expected to be weak [2]. - **Polyester Staple Fiber**: Near - term device runs stably, inventory decreases. Demand from the polyester yarn end remains stable, and short - fiber exports maintain high growth. Short - term inventory pressure is limited, but the pattern may weaken in the long run as downstream enters the off - season and new devices are about to be put into production. Pay attention to the warehouse receipt situation [2]. - **Natural Rubber & 20 - number Rubber**: The national explicit inventory is stable and at a low level, and the Thai cup - lump price is stable with rainfall affecting tapping. The strategy is to wait and see [2]. 3. Summary by Category PTA - **Price and Margin Data**: From 2025/12/03 to 2025/12/09, crude oil price decreased from 62.7 to 61.9, PTA internal - market spot price remained at 4650, PTA processing margin increased from 143 to 162 and then decreased back to 125, and polyester gross margin increased from 30 to 50. The basis was - 35 at the beginning and - 28 at the end, and the sales - to - production ratio increased from 0.40 to 0.60 [2]. - **Device and Market Situation**: Near - term TA device runs stably with the same start - up rate, polyester load rises slightly, inventory remains stable, basis is stable, and spot processing fee improves. PX domestic start - up rate is stable, overseas devices are stable, PXN strengthens, disproportionation and isomerization benefits improve, and the US - Asia aromatics spread remains [2]. MEG - **Price and Margin Data**: From 2025/12/03 to 2025/12/09, Northeast Asian ethylene price remained at 745, MEG internal - market price decreased from 3840 to 3699, and MEG coal - based profit decreased from - 531 to - 592. The MEG internal - market cash flow (ethylene) decreased from - 775 to - 987 [2]. - **Device and Market Situation**: Near - term domestic maintenance and restart co - exist, start - up rate decreases slightly, overseas devices reduce load, port inventory accumulates at the beginning of next week, the basis weakens, and coal - based benefits weaken again [2]. Polyester Staple Fiber - **Price and Margin Data**: From 2025/12/03 to 2025/12/09, the price of 1.4D cotton - type staple fiber decreased from 6425 to 6355, and the short - fiber profit increased from 102 to 148 [2]. - **Device and Market Situation**: Near - term device runs stably with a start - up rate of 97.5%, sales - to - production ratio is basically stable, and inventory decreases. The polyester yarn end start - up rate is stable, raw material inventory decreases, and finished - product inventory accumulates, and the benefits remain [2]. Natural Rubber & 20 - number Rubber - **Price Data**: From 2025/12/03 to 2025/12/09, the US - dollar Thai standard spot price decreased from 1805 to 1800, the Shanghai whole - latex price decreased from 14510 to 14390, and the RU main contract price decreased from 15210 to 14985 [2]. - **Market Situation**: The national explicit inventory is stable and at a low level, and the Thai cup - lump price is stable with rainfall affecting tapping [2]. Styrene - **Price and Margin Data**: From 2025/12/03 to 2025/12/09, ethylene (CFR Northeast Asia) price remained at 745, pure benzene (CFR China) price increased from 672 to 686, and styrene (CFR China) price decreased from 838 to 828. Styrene domestic profit decreased from - 27 to - 1411 [2][5].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - For PTA, the short - term view is to wait and see, while in the long - term, the PX pattern is good, and there are opportunities for bottom - fishing long positions under the support of the raw material end [2][9] - For MEG, the short - term valuation is low but the driving force is limited, and the long - term pattern is expected to be weak [5] - For polyester staple fiber, the short - term inventory pressure is limited, but the pattern may weaken in the long - term, and attention should be paid to the warehouse receipt situation [5] - For natural rubber and 20 - number rubber, the current strategy is to wait and see due to stable national explicit inventory and stable Thai cup - lump price affected by rainfall [10] Summary by Related Categories PTA - **Data Changes**: The naphtha cracking spread increased by 0.5, PX processing difference decreased by 7, PTA processing difference decreased by 20, polyester gross profit decreased by 5, PTA balance load increased by 0.16, PTA load decreased by 11, the sum of warehouse receipts and valid forecasts increased by 18, TA basis increased by 33, and production and sales ratio increased by 0.1 [2] - **Operation Status**: The proximal TA device runs stably, the start - up rate is stable compared with the previous period, the polyester load increases slightly, the inventory remains stable, the basis is stable, and the spot processing fee improves compared with the previous period. The domestic start - up rate of PX is stable, and some overseas devices are running smoothly, with PXN strengthening compared with the previous period [2] - **Future Outlook**: The terminal weakening speed is accelerating, the inflection point of polyester load is approaching, the TA inventory will gradually accumulate again, but the overall pressure is not large and the valuation is not high [2] MEG - **Data Changes**: The price of Northeast Asian ethylene increased by 5, MEG outer - market price decreased by 7, MEG inner - market price decreased by 63, MEG East China price decreased by 63, MEG far - month price decreased by 50, MEG coal - based profit increased by 16.2, and MEG inner - market cash flow (ethylene) decreased by 88 [5] - **Operation Status**: The domestic MEG device has both overhauls and restarts, the start - up rate decreases slightly compared with the previous period, some overseas devices reduce their loads, the port inventory accumulates in the early next week, the arrival forecast within the week rebounds, the basis weakens, and the coal - based efficiency weakens again [5] - **Future Outlook**: After the EG price drops again, the coal - based losses intensify, and the supply side has some production cuts but fails to reverse the inventory accumulation trend. The short - term valuation is low but the driving force is limited, and the long - term pattern is expected to be weak [5] Polyester Staple Fiber - **Data Changes**: The price of 1.4D cotton - type staple fiber decreased by 30, the price of pure - polyester yarn remained unchanged, the profit of staple fiber increased by 8, and the profit of pure - polyester yarn increased by 10 [5] - **Operation Status**: The proximal device runs stably, the start - up rate remains at 97.5%, the production and sales are basically stable, and the inventory decreases compared with the previous period. On the demand side, the start - up rate of polyester yarn is stable, the raw material inventory decreases, and the finished product inventory accumulates, while the efficiency remains stable [5] - **Future Outlook**: The short - term inventory pressure is limited due to high exports, but the pattern may weaken in the long - term as the downstream enters the off - season and new devices are about to be put into operation [5] Styrene - **Data Changes**: The price of pure benzene (East China) increased by 10, the price of hydrogenated benzene (Shandong) increased by 20, the price of styrene (Jiangsu) increased by 35, the price of styrene (South China) increased by 45, and the profit of EPS domestic production increased by 20 [7] - **Operation Status**: The price of ethylene (CFR Northeast Asia) remains stable, and the price changes of related raw materials and products have different trends [7] Natural Rubber and 20 - number Rubber - **Data Changes**: The daily change in the price of US - dollar - denominated Thai standard rubber is 5, the weekly change is - 30; the daily change in the price of Shanghai full - latex rubber is 5, the weekly change is - 315; the daily change in RU main contract price is 25, the weekly change is - 345 [10] - **Operation Status**: The national explicit inventory is stable, and the absolute level is not high. The Thai cup - lump price is stable, and rainfall affects rubber tapping [10] - **Strategy**: Wait and see [10]

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, maintain high maintenance, downstream has no obvious pressure, India revokes BIS certification, TA inventory accumulation slope is not high, far - month production is limited, PX pattern is good, focus on buying low for positive spread and expanding processing fees opportunities [2] - For MEG, supply reduction and high polyester operation may slow down inventory accumulation, coal - made profit is low, valuation compression space is limited, focus on short - term selling put options; long - term pattern is weak due to new device launch and warehouse receipt pressure [4] - For polyester staple fiber, short - term inventory pressure is limited due to high export, but long - term pattern may weaken as downstream enters off - season and new devices are approaching, current processing fee is neutral, focus on warehouse receipt situation [4] - For natural rubber and 20 - grade rubber, national explicit inventory is stable and at a low level, Thai cup - lump price is stable with rainfall affecting tapping, strategy is to wait and see [4] PTA - PTA spot average daily trading basis for 2601 is - 34, Honggang's 2.5 million - ton device restarts [2] - Near - end TA device restarts, operation rate rises, polyester load slightly increases, inventory decreases, basis strengthens, spot processing fee weakens; PX domestic operation rate drops, overseas devices reduce load, PXN strengthens, disproportionation benefit is weak, isomerization benefit is stable, US - Asia aromatic hydrocarbon spread shrinks [2] MEG - MEG spot basis for 01 is around - 2, Shenghong's 900,000 - ton device restarts [4] - Near - end domestic coal - chemical devices restart, operation rate rises, overseas devices are under maintenance, port inventory is stable at the beginning of the week with low arrival forecast, basis weakens, coal - made profit improves slightly [4] Polyester Staple Fiber - Spot price is around 6347, market basis for 01 is around - 100, no device maintenance information [4] - Near - end device operation is stable, operation rate is 97.5%, sales improve slightly, inventory decreases. Downstream yarn operation rate is stable, raw material inventory decreases and finished product inventory increases, profit is maintained [4] Natural Rubber and 20 - grade Rubber - There are daily and weekly changes in various prices such as spot prices of Thai standard and mixed rubber, Shanghai full - latex, etc. [4] - There are also changes in spreads and processing profits, and the Shanghai Futures Exchange RU warehouse receipt remains unchanged at 41,400 [4] Styrene - There are daily changes in prices of ethylene, pure benzene, styrene and its downstream products such as PS, ABS [7] - There are also changes in Asian spreads and domestic profits of styrene, EPS, PS, ABS [7]

Group 1: Report General Information - Report Title: Aromatics and Rubber Morning Report [2] - Report Date: December 1, 2025 [2] - Research Team: Energy and Chemicals Team of the Research Center [2] Group 2: PTA Analysis Market Data - From November 24 - 28, 2025, crude oil remained stable at 63.3, while PTA spot price was 4610, and POY 150D/48F was 6490. Naphtha cracking spread was 101.72, PX processing margin was 260, PTA processing margin was 162, and polyester gross profit was 92. PTA balance load was 78.2, and PTA load was 71.0. The change in仓单+有效预报was 324, and TA basis declined by 10, with sales-to-production ratio remaining unchanged [3]. - PTA's average daily trading basis was 2601(-36), and Honggang's 2.5 million - ton plant restarted [3]. Weekly View - Near - term TA: Some plants restarted, with开工 rate rising, polyester load slightly increasing, inventory decreasing, basis strengthening, and spot processing fee weakening. PX domestic开工 rate declined, some overseas plants reduced production, PXN strengthened, disproportionation efficiency was weak, and isomerization efficiency was stable. The US - Asia aromatics spread shrank [3]. - Future outlook: TA will maintain high - maintenance status, downstream (especially filaments and staple fibers) shows no obvious pressure. With India revoking BIS certification, TA inventory accumulation rate is low, far - month production capacity addition is limited, and PX situation is good. Attention should be paid to opportunities for long - short arbitrage at low prices and expanding processing fees [3]. Group 3: MEG Analysis Market Data - From November 24 - 28, 2025, Northeast Asian ethylene was 730. MEG's external price was 461, internal price was 3900, East China price was 3900, far - month price was 3907. MEG coal - based profit was - 478, internal cash flow (ethylene) was - 668, total load was 70.8, coal - based MEG load was 66.5, and port inventory was 73.2 [3]. - MEG's basis was around 01(+5), and Shenghong's 900,000 - ton plant restarted [3]. Weekly View - Near - term: There was concentrated restart of domestic coal - chemical plants,开工 rate increased, some overseas plants were under maintenance, port inventory was stable at the beginning of the week, and the forecast of weekly arrivals was low. Basis weakened, and coal - based efficiency improved slightly [3]. - Future outlook: With supply reduction and high polyester开工 rate, inventory accumulation speed is expected to slow down. Coal - based efficiency is at a low level, and the comparison with other olefins has weakened. The room for further compression of the current valuation is limited. Attention should be paid to short - term put - selling opportunities. In the long term, with new plant launches and warehouse receipts suppressing the market structure, the overall situation is expected to be weak [3]. Group 4: Polyester Staple Fiber Analysis Market Data - From November 24 - 28, 2025, the price of 1.4D cotton - type staple fiber was 6365, low - melting staple fiber was 7580, and other product prices remained stable. The开工 rate of virgin staple fiber was 98, recycled cotton - type was 51, and yarn - making开工 rate was 66. Short - fiber profit was 99, pure polyester yarn profit was 35, cotton - polyester staple fiber spread was 8115, and viscose - polyester staple fiber spread was 6485 [3]. - The spot price was around 6312, and the market basis was around 01 - 90 [3]. Weekly View - Near - term: Plant operation was stable,开工 rate was maintained at 97.5%, sales - to - production ratio improved slightly, and inventory decreased. On the demand side, the开工 rate of polyester yarn remained stable, raw material inventory decreased, and finished - product inventory increased, with efficiency maintained [3]. - Future outlook: Short - fiber demand remains basically the same as before. Although the efficiency and开工 rate of polyester yarn have not improved significantly, short - fiber exports maintain high growth, and short - term inventory pressure is limited. In the far - month, downstream enters the off - season, and with new plant launches approaching, the situation may weaken. The current processing fee is relatively neutral, and attention should be paid to warehouse receipt conditions [3]. Group 5: Natural Rubber and 20 - grade Rubber Analysis Market Data - From November 24 - 28, 2025, the price of US - dollar Thai standard rubber increased by 5 to 1830, Thai mixed rubber increased by 10 to 1825, RMB mixed rubber increased by 70 to 14630, Shanghai full - latex increased by 170 to 14710, and Shanghai 3L remained unchanged at 15200 [6]. - The weekly change in the difference between mixed rubber and RU main contract was - 100, between US - dollar Thai standard rubber and NR main contract was - 11, between RU09 and RU01 was 0, and between RU main contract and NR main contract was 180. The上期所RU仓单 remained unchanged at 41400 [6]. Main Contradictions - National explicit inventory is stable, and the absolute level is not high [6]. - Thai cup - lump rubber price is stable, and rainfall affects rubber tapping [6]. Strategy - Adopt a wait - and - see strategy [6]. Group 6: Styrene Analysis Market Data - From November 24 - 28, 2025, ethylene (CFR Northeast Asia) was 730, pure benzene (CFR China) increased from 664 to 665, pure benzene (East China) increased by 35 to 5355, and styrene (CFR China) increased by 5 to 820 [10]. - The daily change in PS (East China transparent benzene) was 0, ABS (0215A) was 0, Asian spread was 0, pure benzene - naphtha spread was 0, styrene domestic profit decreased by 50 to 25, EPS domestic profit decreased by 50, and PS and ABS domestic profits remained unchanged at - 926 [10].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - For PTA, with some near - end TA device maintenance,开工 decreasing, polyester load dropping, and inventory accumulating, the basis is weak but the spot processing fee improves slightly. PX has a good pattern, and opportunities for long - short spreads and expanding processing fees should be noted [3]. - For MEG, short - term inventory accumulation is expected to continue, but the supply may decrease due to low profitability. In the long term, the overall pattern may weaken due to new device launches and warehouse receipt pressure [3]. - For polyester staple fiber, although the performance of the yarn end is not significantly improved, the high export growth of staple fiber results in no obvious inventory accumulation. Opportunities for expanding processing fees and the situation of warehouse receipts should be noted [3]. - For natural rubber, with stable national explicit inventory and rainfall affecting rubber tapping in Thailand, the strategy is to wait and see [6]. 3. Summary by Product PTA - **Price and Margin Changes**: From November 13 - 19, 2025, the price of crude oil decreased by 1.4, PTA internal - market spot price increased by 30, and polyester margin decreased by 15. The PTA balance load and PTA load remained unchanged at 77.5 and 75.7 respectively, and the warehouse receipt + effective forecast increased by 2604 [3]. - **Device Changes**: Yisheng Ningbo's 2.2 million - ton device was under maintenance [3]. - **Outlook**: TA will maintain a high - maintenance state, and with no obvious pressure from downstream products and the revocation of BIS certification by India, the inventory accumulation slope is not high. There are limited new investments in the far - month, and PX has a good pattern [3]. MEG - **Price and Margin Changes**: From November 13 - 19, 2025, the MEG external - market price decreased by 4, the MEG internal - market price decreased by 33, and the MEG coal - making profit decreased by 33. The MEG total load and coal - made MEG load remained unchanged at 71.6 and 68.0 respectively, and the MEG port inventory remained at 73.2 [3]. - **Device Changes**: Hongsifang's 300,000 - ton device, Huayi's 200,000 - ton device were under maintenance, and Zhenhai's 800,000 - ton device restarted [3]. - **Outlook**: Short - term inventory accumulation is expected to continue, but the supply may decrease due to low profitability. In the long term, the overall pattern may weaken due to new device launches and warehouse receipt pressure [3]. Polyester Staple Fiber - **Price and Margin Changes**: From November 13 - 19, 2025, the price of 1.4D cotton - type staple fiber increased by 20, and the short - fiber profit increased by 6 while the pure - polyester yarn profit decreased by 20 [3]. - **Device Status**: Near - end devices ran smoothly, and the operating rate was maintained at 97.5%. The production and sales were weak, and the inventory increased month - on - month [3]. - **Outlook**: Although the performance of the yarn end is not significantly improved, the high export growth of staple fiber results in no obvious inventory accumulation. There are relatively limited new capacity investments in the short term [3]. Natural Rubber - **Price Changes**: From November 13 - 19, 2025, the price of RU main contract increased by 145, and the price of NR main contract increased by 135. The weekly changes of the mixed - RU main contract, US - dollar Thai standard - NR main contract, etc. also showed certain fluctuations [6]. - **Main Contradictions**: The national explicit inventory is stable, and the absolute level is not high. The price of Thai cup - lump rubber is stable, and rainfall affects rubber tapping [6]. - **Strategy**: Wait and see [6]. Styrene - **Price Changes**: From November 13 - 19, 2025, the price of styrene (CFR China) increased by 8, and the price of styrene (Jiangsu) increased by 60. The price of PS (East China transparent benzene) increased by 50, while the price of ABS (0215A) decreased by 50 [10]. - **Margin Changes**: The domestic profit of styrene decreased by 85, and the domestic profit of EPS decreased by 34 [10].