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].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, near - term TA has partial device maintenance, with开工 decreasing, polyester load dropping, inventory accumulating, and basis remaining weak. Spot processing fees improve slightly. PX has a good pattern, and opportunities for positive spreads and expanding processing fees should be noted [3]. - For MEG, near - term domestic oil - based production increases, coal - based production has partial maintenance and load reduction, overall operation decreases, and inventory accumulates. In the short - term, EG inventory accumulation is expected to continue, but the supply may decrease, and the long - term pattern is expected to weaken [3]. - For polyester staple fiber, near - term device operation is stable, production and sales are weak, and inventory accumulates. Although the downstream has no obvious improvement, short - fiber exports are growing, and opportunities for expanding processing fees and the situation of warehouse receipts should be noted [3]. - For natural rubber, the national explicit inventory is stable, and the Thai cup - rubber price is stable with rainfall affecting tapping. The strategy is to wait and see [6]. Summary by Product PTA - **Price and Margin Changes**: From November 11 - 17, crude oil decreased by $0.2, PTA internal - market spot decreased by $20, and polyester margin increased by 37. The average daily transaction basis of PTA spot is 2601(-71) [3]. - **Device Changes**: Sichuan Energy Investment's 1 million - ton device is under maintenance [3]. - **Outlook**: TA will maintain a high - maintenance state, downstream pressure is not obvious, and the inventory accumulation slope is not high. Opportunities for positive spreads and expanding processing fees should be noted [3]. MEG - **Price and Margin Changes**: From November 11 - 17, MEG outer - market price decreased by $3, and MEG coal - based profit remained unchanged. The basis of MEG spot is around 01(+40) [3]. - **Device Changes**: Hongsifang's 300,000 - ton device, Huayi's 200,000 - ton device are under maintenance, and Zhenhai's 800,000 - ton device restarts [3]. - **Outlook**: In the short - term, EG inventory accumulation is expected to continue, but the supply may decrease. The long - term pattern is expected to weaken [3]. Polyester Staple Fiber - **Price and Margin Changes**: From November 11 - 17, the price of 1.4D cotton - type staple fiber decreased by $15, and short - fiber profit remained unchanged. The spot price is around 6297, and the market basis is around 12 - 20 [3]. - **Device Changes**: No device maintenance information [3]. - **Outlook**: Although the downstream has no obvious improvement, short - fiber exports are growing, and opportunities for expanding processing fees and the situation of warehouse receipts should be noted [3]. Natural Rubber - **Price Changes**: From November 11 - 17, the price of Shanghai full - latex increased by 105, and the price of Thai cup - rubber remained unchanged. The weekly change of RU main contract is 205, and that of NR main contract is 190 [6]. - **Key Relationships**: The basis of mixed - RU main contract decreased by 125, and the processing profit of Thai standard remained at 15 [6]. - **Outlook**: The national explicit inventory is stable, and the Thai cup - rubber price is stable with rainfall affecting tapping. The strategy is to wait and see [6]. Styrene - **Price Changes**: From November 11 - 17, ethylene (CFR Northeast Asia) remained unchanged, and styrene (CFR China) increased by 2. The daily change of PS (East China transparent benzene) is 20, and that of styrene domestic profit is - 55 [9].

Report on Aromatic Hydrocarbons and Rubber 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Report's Core View - **PTA**: Near - term TA partial device load reduction,开工 slightly decreased, polyester load increased, inventory slightly accumulated, basis strengthened, and spot processing fee slightly repaired. With PX domestic start - up rising and overseas maintenance implemented, PXN widened, disproportionation benefit weakened, and the aromatics price difference between the US and Asia shrank. In the future, TA's low processing fee has lasted for a long time, and the improvement of terminal data supports the continuation of polyester start - up. Pay attention to additional maintenance, and the processing fee center may gradually repair due to limited far - month production[10]. - **MEG**: Near - term domestic oil - based restart, load increased, overseas partial device restarted, port inventory decreased at the beginning of the week, and the arrival forecast increased during the week, basis weakened, and coal - based benefit and ratio decreased. In the long - term, due to high existing start - up and new device production, it will enter a continuous inventory accumulation stage, with a bearish long - term pattern. However, after the weakening of coal - based benefit and ratio, there may be partial negative feedback on the supply side, and attention should be paid to coal - based cost support[10]. - **Polyester Staple Fiber**: Near - term Fujian Shanli restarted, start - up increased to 96.8%, sales decreased, and inventory remained stable. On the demand side, the start - up of polyester yarn remained stable, raw material inventory and finished product inventory increased, and the benefit weakened slightly. In the future, the benefit and start - up of polyester yarn have not improved significantly. The export of staple fiber maintains high growth, the start - up remains high due to good spot benefits, the overall inventory pressure is limited, and the disk processing fee is not high. Pay attention to the opportunity of expanding the spread at low prices and the situation of warehouse receipts[10]. - **Natural Rubber & 20 - grade Rubber**: The main contradictions are that the national explicit inventory remains stable at a relatively low level, and the price of Thai cup rubber remains stable while rainfall affects rubber tapping. The strategy is to wait and see[10]. 3. Summary by Related Catalogs PTA - **Price and Index Changes**: From October 30 to November 5, 2025, crude oil decreased by 0.9, naphtha increased by 1, PX CFR Taiwan remained unchanged, PTA inner - market spot decreased by 15, and other related indicators also had corresponding changes. The average daily transaction basis of PTA spot was 2601(-76). The 2.5 - million - ton device of Shandong Weilian reduced its load[10]. MEG - **Price and Index Changes**: From October 30 to November 5, 2025, Northeast Asia ethylene remained unchanged, MEG outer - market price decreased by 2, MEG inner - market price decreased by 28, and other related indicators also changed. The basis of MEG spot was around 01(+72). The 300,000 - ton device of Tongliao restarted[10]. Polyester Staple Fiber - **Price and Index Changes**: From October 30 to November 5, 2025, the price of 1.4D cotton - type staple fiber decreased by 30, and other related prices remained unchanged. The spot price was around 6321, and the market basis was around 12 - 10. Fujian Shanli restarted, and the start - up increased to 96.8%[10]. Natural Rubber & 20 - grade Rubber - **Price and Index Changes**: From October 30 to November 5, 2025, the price of US - dollar Thai standard decreased by 65 on a weekly basis, and other related prices also had corresponding changes. The daily and weekly changes of some indicators such as the price difference between different types of rubber and the processing profit were also given[10]. Styrene - **Price and Index Changes**: From October 30 to November 5, 2025, prices of ethylene, pure benzene, styrene and related products changed. For example, the price of pure benzene (East China) decreased by 70 on a daily basis, and the price of PS (East China transparent benzene) decreased by 50 on a daily basis[3].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, the near - end TA partial device load reduction, start - up slightly decreased, polyester load increased month - on - month, inventory slightly accumulated, basis strengthened month - on - month, and spot processing fee slightly repaired. With the subsequent low processing fee for a long time and better terminal data, the processing fee center may gradually repair [2]. - For MEG, the near - end domestic oil - based restarted, load increased month - on - month, overseas partial devices restarted, port inventory decreased month - on - month at the beginning of next week, but the arrival forecast increased during the week, basis weakened month - on - month, and coal - based benefits and price ratios decreased. In the long - term, it is in a continuous inventory accumulation stage with a bearish pattern, but there may be partial negative feedback on the supply side after the weakening of coal - based benefits and price ratios [2]. - For polyester staple fiber, the near - end Fujian Shanli restarted, start - up increased, production and sales weakened month - on - month, and inventory remained stable. With the overall inapparent improvement in the benefits and start - up of the polyester yarn end, high export growth of staple fiber itself, and high start - up due to good spot benefits, the overall inventory pressure is limited, and attention should be paid to the opportunity of expanding the spread and the situation of warehouse receipts [2]. - For natural rubber and 20 - number rubber, the national explicit inventory remained stable at a relatively low absolute level, and the Thai cup - lump rubber price remained stable with rainfall affecting tapping. The strategy is to wait and see [2]. Summary by Commodity PTA - Price data: From October 29 to November 4, 2025, crude oil decreased from $64.9 to $64.4, PTA internal - market spot decreased from 4535 to 4520, and polyester POY 150D/48F increased from 6415 to 6515. The PTA processing fee increased from 119 to 94, and polyester gross profit increased from - 3 to 160 [2]. - Device change: Shandong Weilian's 2.5 - million - ton device reduced load [2]. MEG - Price data: From October 29 to November 4, 2025, Northeast Asian ethylene remained at 740, MEG external - market price decreased from 490 to 471, and MEG internal - market price decreased from 4152 to 4002. MEG coal - based profit decreased from - 171 to - 286 [2]. - Device change: Tongliao's 300,000 - ton device restarted [2]. Polyester Staple Fiber - Price data: From October 29 to November 4, 2025, the price of 1.4D cotton - type staple fiber decreased from 6440 to 6395, and short - fiber profit decreased from 154 to 132 [2]. - Device change: Fujian Shanli restarted, and the start - up increased to 96.8% [2]. Natural Rubber & 20 - Number Rubber - Price data: From October 29 to November 4, 2025, the US - dollar Thai standard spot decreased from 1865 to 1800, and the Shanghai whole - latex decreased from 14925 to 14175 [2]. - Key indicators: The national explicit inventory remained stable, and the Thai cup - lump rubber price remained stable with rainfall affecting tapping [2]. Styrene - Price data: From October 29 to November 4, 2025, ethylene (CFR Northeast Asia) remained at 740, pure benzene (CFR China) remained at 681, and styrene (CFR China) decreased from 800 to 780. EPS domestic profit increased from 275 to 395 [5].