Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Gasoline profit and low benzene prices are jointly supporting PX. The gasoline crack spread has risen above $15, prompting refineries to prioritize gasoline production and reduce feedstock for aromatics units. PTA processing fees have been compressed to below 200. Industry profits are still constrained by over - capacity due to new plant commissions. Despite the end of the "Golden September and Silver October," export demand may improve under the easing of the Sino - US trade war. The current peak season for downstream weaving is expected to last until November. Attention should be paid to whether a reduction in Sino - US tariffs can further stimulate domestic exports. Bottle chips and short fibers follow cost trends [2] Group 3: Summary by Related Catalogs 1. Price and Index Changes - PTA spot price remained unchanged at 4600 yuan on November 11 and 12, 2025. MEG inner - market price decreased from 3981 yuan to 3961 yuan. PTA closing price increased from 4648 yuan to 4670 yuan, and MEG closing price rose from 3875 yuan to 3891 yuan. 1.4D direct - spun polyester staple fiber price increased from 6365 yuan to 6382 yuan, and short - fiber basis decreased from 123 yuan to 118 yuan. The 12 - 1 spread decreased from 56 yuan to 44 yuan. Polyester staple fiber cash flow increased from 240 yuan to 246 yuan. The price of 1.4D imitation large - chemical fiber remained unchanged at 5400 yuan. The price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 965 yuan to 985 yuan. The price of East China water - bottle chips decreased from 5712 yuan to 5709 yuan. The price of hot - filled polyester bottle chips decreased from 5712 yuan to 5709 yuan. The price of carbonated - grade polyester bottle chips decreased from 5812 yuan to 2806 yuan. The outer - market water - bottle chip price remained unchanged at 760 yuan. Bottle - chip spot processing fee increased from 445 yuan to 449 yuan. T32S pure - polyester yarn price remained unchanged at 10310 yuan. T32S pure - polyester yarn processing fee decreased from 3945 yuan to 3925 yuan. The price of polyester - cotton yarn 65/35 45S remained unchanged at 16300 yuan. The price of cotton 328 decreased from 14445 yuan to 14395 yuan. Polyester - cotton yarn profit increased from 1620 yuan to 1625 yuan. The price of primary three - dimensional hollow (with silicon) remained unchanged at 7020 yuan. The cash flow of hollow short fiber 6 - 15D increased from 553 yuan to 560 yuan. The price of primary low - melting - point short fiber remained unchanged at 7480 yuan [2] 2. Market Conditions - Short - fiber market: The main futures of polyester staple fiber fell 28 to 6242. The prices of polyester staple fiber production plants were stable, and the prices of traders were sorted out. Downstream buyers purchased on demand, and on - site transactions were cautious. The price of 1.56dtex*38mm semi - glossy natural white (1.4D) polyester staple fiber in the East China market was 6160 - 6460 yuan for cash - on - delivery, tax - included self - pick - up. In the North China market, it was 6280 - 6580 yuan for cash - on - delivery, tax - included delivery. In the Fujian market, it was 6180 - 6400 yuan for cash - on - delivery, tax - included delivery. Bottle - chip market: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5700 - 5800 yuan/ton, with the average price down 15 yuan/ton from the previous working day. PTA and bottle - chip futures fluctuated weakly. The supply - side offers were stable or falling. The market trading atmosphere was light, and downstream terminals mainly had rigid - demand orders. The bottle - chip price decreased slightly [2] 3. Load and Production - Sales Rates - The direct - spun short - fiber load (weekly) decreased from 85.63% to 85.14%. The polyester staple fiber production - sales rate increased from 37.00% to 38.00%. The polyester yarn startup rate (weekly) remained unchanged at 63.50%. The recycled cotton - type load index (weekly) increased from 51.00% to 51.50% [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Gasoline profit and low benzene price support PX. Gasoline crack spreads rising above $15 encourage refineries to prioritize gasoline production and reduce aromatics unit feedstock. PTA processing fees are compressed to below 200. Industry profits are still affected by over - capacity due to new plant commissioning. Despite the end of the peak seasons, export demand may improve with the easing of the Sino - US trade war. The current peak season is expected to last until November. Attention should be paid to whether the reduction of Sino - US tariffs can further stimulate domestic exports. Bottle chip and staple fiber costs follow these trends [2] Group 3: Summary by Related Catalog Price and Index Changes - PTA spot price increased from 4505 to 4540, PTA closing price rose from 4600 to 4688 [2] - MEG inner - market price decreased from 3974 to 3972, MEG closing price increased from 3914 to 3924 [2] - 1.4D direct - spun polyester staple fiber price increased from 6365 to 6380, short - fiber basis decreased from 140 to 135 [2] - Polyester bottle chip prices in the Jiangsu and Zhejiang markets increased, with the average price rising by 20 yuan/ton [2] - T32S pure - polyester yarn price decreased from 10320 to 10310, T32S pure - polyester yarn processing fee decreased from 3955 to 3930 [2] - Cotton 328 price increased from 14450 to 14490 [2] Market Conditions - In the staple - fiber market, the main futures of polyester staple fiber rose 70 to 6244. Factory prices decreased, trader prices had weak upward momentum, and downstream sentiment was cautious with limited transactions [2] - In the bottle - chip market, PTA and bottle - chip futures showed a warm - side shock. Market trading sentiment was cautious, and downstream terminals made cautious purchases. Cost pushed up bottle - chip prices [2] Production and Sales and Operating Rates - Direct - spun staple - fiber load (weekly) increased from 93.90% to 94.40%, polyester staple - fiber production and sales increased from 38.00% to 48.00% [3] - Polyester yarn operating rate (weekly) remained at 63.50%, recycled cotton - type load index (weekly) increased from 51.00% to 51.50% [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - OPEC+ plans to increase production, leading to a significant drop in crude oil prices. Domestic PTA plants are gradually resuming operations, resulting in a rise in PTA production and a rapid decline in PTA basis. The spread between PX and naphtha remains stable. With the recent improvement in sales and inventory reduction, especially the significant reduction in filament inventory, downstream profits have been significantly restored, and the operating load of polyester has rebounded to 91%. However, due to the decline in crude oil prices and the weakening of the basis, PTA has shown weak performance [2] Group 3: Summary of Related Catalogs Price Changes - PTA spot price increased from 4605 to 4625, a change of 20.00; PTA closing price rose from 4678 to 4698, a change of 20.00 [2] - MEG domestic price decreased from 4454 to 4439, a change of -15.00; MEG closing price dropped from 4322 to 4319, a change of -3.00 [2] - 1.4D direct-spun polyester staple fiber price increased from 6535 to 6540, a change of 5.00; short fiber basis decreased from 82 to 65, a change of -17.00 [2] - 10 - 11 spread decreased from 17 to 14, a change of -3.00; polyester staple fiber cash flow increased from 240 to 246, a change of 6.00 [2] - 1.4D imitation large chemical fiber price remained unchanged at 5700; the price difference between 1.4D direct-spun and imitation large chemical fiber increased from 835 to 840, a change of 5.00 [2] - East China water bottle chip price decreased from 5868 to 5856, a change of -9.00; hot-filled polyester bottle chip price dropped from 5887 to 5859, a change of -28.00 [2] - Carbonated polyester bottle chip price decreased from 5987 to 6966, a change of -28.00; foreign water bottle chip price increased from 765 to 766, a change of 1.00 [2] - Bottle chip spot processing fee decreased from 439 to 418, a change of -21.08; T32S pure polyester yarn price remained unchanged at 10300 [2] - T32S pure polyester yarn processing fee decreased from 3765 to 3760, a change of -5.00; polyester-cotton yarn 65/35 45S price remained unchanged at 16300 [2] - Cotton 328 price decreased from 14980 to 14955, a change of -25.00; polyester-cotton yarn profit increased from 1305 to 1311, a change of 6.13 [2] - Virgin three-dimensional hollow (with silicon) price remained unchanged at 7110; hollow staple fiber 6 - 15D cash flow decreased from 481 to 469, a change of -12.08 [2] - Virgin low-melting staple fiber price remained unchanged at 7450 [2] Load and Production and Sales - Direct-spun staple fiber load (weekly) increased from 90.60% to 91.10%, a change of 0.01 [3] - Polyester staple fiber production and sales increased from 45.00% to 54.00%, a change of 9.00% [3] - Polyester yarn startup rate (weekly) increased from 62.00% to 62.80%, a change of 0.01 [3] - Recycled cotton-type load index (weekly) increased from 49.00% to 49.50%, a change of 0.01 [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Domestic PTA production decreased slightly, and the port inventory of PTA increased by 20,000 tons this week [2] - The spread between PX and naphtha expanded to $260, and the weak benzene price restricted the further increase of PX production to some extent [2] - The spread between PX and MX recovered to around $140, and the repair of short - process profit was the main driving force for the recovery of PX load [2] - The downstream load of polyester remained at around 88%, and the inventory performance of polyester factories was optimistic [2] - The main polyester production - cut factories were concentrated in short - fiber and bottle - chip varieties [2] - With the recent improvement in production and sales and inventory reduction, and the recovery of PTA price, the load of the weaving end increased slightly [2] Group 3: Summary of Related Indexes Price and Price Changes - PTA spot price rose from 4670 to 4690, an increase of 20 [2] - MEG domestic price rose from 4441 to 4458, an increase of 17 [2] - PTA closing price dropped from 4746 to 4734, a decrease of 12 [2] - MEG closing price rose from 4346 to 4384, an increase of 38 [2] - 1.4D direct - spun polyester staple fiber price rose from 6550 to 6555, an increase of 5 [2] - Short - fiber basis dropped from 153 to 126, a decrease of 27 [2] - 9 - 10 spread decreased from 94 to 88, a decrease of 6 [2] - Polyester staple fiber cash flow rose from 240 to 246, an increase of 6 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5700 [2] - The spread between 1.4D direct - spun and imitation large - chemical fiber rose from 850 to 855, an increase of 5 [2] - East China water bottle chip price dropped from 5897 to 5880, a decrease of 17 [2] - Hot - filling polyester bottle chip price dropped from 5897 to 5880, a decrease of 17 [2] - Carbonated - grade polyester bottle chip price dropped from 5997 to 5980, a decrease of 17 [2] - Outer - market water bottle chip price remained unchanged at 770 [2] - Bottle - chip spot processing fee dropped from 416 to 377, a decrease of 39.8 [2] - T32S pure polyester yarn price remained unchanged at 10300 [2] - T32S pure polyester yarn processing fee dropped from 3750 to 3745, a decrease of 5 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300 [2] - Cotton 328 price dropped from 15080 to 15075, a decrease of 5 [2] - Polyester - cotton yarn profit dropped from 1257 to 1256, a decrease of 1.42 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7060 [2] - Hollow staple fiber 6 - 15D cash flow dropped from 379 to 357, a decrease of 22.79 [2] - Primary low - melting - point staple fiber price remained unchanged at 7330 [2] Market Conditions - Polyester staple fiber production and sales increased from 43% to 14%, an increase of 57% [3] - Polyester yarn startup rate (weekly) rose from 61.5% to 62%, an increase of 0.01 [3] - Recycled cotton - type load index (weekly) dropped from 49.5% to 49%, a decrease of 0.01 [3] - Direct - spun staple fiber load (weekly) rose from 90.3% to 90.6%, an increase of 0 [3]

Report Industry Investment Rating - Not provided Core View - The Sino-US high-level economic and trade talks from May 10th to 11th in Geneva, Switzerland were candid, in-depth, and constructive, reaching important consensus and making substantial progress. The two sides agreed to establish a Sino-US economic and trade consultation mechanism, and significantly reduce reciprocal tariffs. 24% of the tariffs will be suspended for the initial 90 days, and the remaining 10% of the tariffs on these goods will be retained as stipulated in the executive order. The additional tariffs on these goods under Executive Order No. 14259 on April 8, 2025, and Executive Order No. 14266 on April 9, 2025, will be cancelled. PX maintenance is intensive, and the internal and external price difference of PX has been significantly repaired. Coupled with the maintenance of domestic PTA plants, the basis of PTA has strengthened significantly. Some traders' concentrated restocking has led to a certain tension in the market. Due to the contraction of the supply side of PTA and PX, the positive spread in the market has emerged, and the PTA monthly spread has significantly increased. Polyester factories' inventory reduction is close to two weeks, and downstream restocking is concentrated, so the inventory of polyester has improved [2]. Summary by Relevant Catalogs Price and Index Changes - PTA spot price increased from 4935 to 5095, with a change of 160 [2]. - MEG domestic price increased from 4475 to 4635, with a change of 160 [2]. - PTA closing price increased from 4750 to 4874, with a change of 124 [2]. - MEG closing price increased from 4349 to 4506, with a change of 157 [2]. - 1.4D direct-spun polyester staple fiber price increased from 6650 to 6815, with a change of 165 [2]. - Short fiber basis increased from 80 to 136, with a change of 56 [2]. - 6 - 7 spread increased from 30 to 54, with a change of 24 [2]. - Polyester staple fiber cash flow increased from 240 to 246, with a change of 6 [2]. - 1.4D imitation large chemical fiber price increased from 5975 to 6000, with a change of 25 [2]. - The price difference between 1.4D direct-spun and imitation large chemical fiber increased from 675 to 815, with a change of 140 [2]. - East China water bottle chip price increased from 2039 to 6198, with a change of 159 [2]. - Hot - filled polyester bottle chip price increased from 6039 to 6198, with a change of 159 [2]. - Carbonated polyester bottle chip price increased from 6139 to 6198, with a change of 59 [2]. - Outer - market water bottle chip price increased from 795 to 815, with a change of 20 [2]. - Bottle chip spot processing fee decreased from 320 to 289, with a change of -31.40 [2]. - T32S pure polyester yarn price increased from 10650 to 10680, with a change of 30 [2]. - T32S pure polyester yarn processing fee decreased from 4000 to 3865, with a change of -135 [2]. - Polyester - cotton yarn 65/35 45S price remained unchanged at 16500 [2]. - Cotton 328 price increased from 14330 to 14400, with a change of 70 [2]. - Polyester - cotton yarn profit decreased from 1674 to 1538, with a change of -135.86 [2]. - Primary three - dimensional hollow (with silicon) price increased from 7040 to 7175, with a change of 135 [2]. - Hollow staple fiber 6 - 15D cash flow decreased from 121 to 66, with a change of -55.40 [2]. - Primary low - melting point staple fiber price increased from 7170 to 7230, with a change of 60 [2]. Market Conditions - Short fiber: Polyester staple fiber prices of production enterprises increased, traders' prices were warm, but downstream procurement willingness was low, and on - site transactions were scarce. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6600 - 6800 yuan for cash on delivery, tax - included self - pick - up; in the North China market, it was 6750 - 6950 yuan for cash on delivery, tax - included delivery; in the Fujian market, it was 6750 - 6950 yuan for cash on delivery, tax - included delivery [2]. - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 6160 - 6300 yuan/ton, with an average price increase of 200 yuan/ton compared to the previous working day. Polyester raw materials and bottle chip futures fluctuated strongly during the day. The offer on the supply side of bottle chips followed the increase, but the downstream chasing sentiment was not high, and market transactions were cautious. The price center of bottle chips rose today [2]. Load and Production and Sales - Direct - spun short fiber load (weekly) increased from 88.90% to 91.30%, with a change of 0.02 [3]. - Polyester staple fiber production and sales increased from 58.00% to 64.00%, with a change of 6.00% [3]. - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3]. - Regenerated cotton - type load index (weekly) remained unchanged at 50.40% [3].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - After the Trump administration's tariff exemption on electronic products, panic sentiment was significantly repaired, and commodity prices rebounded sharply following a slight relaxation of tariffs. Polyester downstream may cut production, with FDY, short - fiber, and bottle - chip all experiencing production cuts [2]. - The domestic polyester operating rate has recovered to over 90%. The spread between PX and naphtha is stable at $207, while the spread between PX and MX has further decreased to $65, making short - process unprofitable. Currently, short - process profits are below the acceptable profit range of integrated plants, and overseas plants show signs of shutting down [2]. 3. Summary by Related Data Price and Spread Changes - PTA spot price increased from 4270 to 4295, a change of 25; MEG inner - market price decreased from 4211 to 4193, a change of - 18; PTA closing price rose from 4222 to 4294, a change of 72; MEG closing price increased from 4112 to 4113, a change of 1 [2]. - 1.4D direct - spun polyester staple fiber price increased from 6335 to 6360, a change of 25; short - fiber basis increased from 356 to 406, a change of 50; the 5 - 6 spread decreased from 62 to 44, a change of - 18 [2]. - Polyester staple fiber cash flow increased from 240 to 246, a change of 6; the price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 485 to 510, a change of 25 [2]. - The price of East China water bottle chips increased from 5520 to 5663, a change of 143; the price of hot - filled polyester bottle chips increased from 5520 to 5663, a change of 143; the price of carbonated - grade polyester bottle chips increased from 5620 to 5763, a change of 143; the price of outer - market water bottle chips increased from 730 to 735, a change of 5 [2]. - Bottle - chip spot processing fee increased from 458 to 586, a change of 127.66; T32S pure polyester yarn price remained unchanged at 10650; T32S pure polyester yarn processing fee decreased from 4315 to 4290, a change of - 25 [2]. - The price of polyester - cotton yarn 65/35 45S remained unchanged at 16600; cotton 328 price increased from 13715 to 13765, a change of 50; polyester - cotton yarn profit decreased from 2216 to 2180, a change of - 35.47 [2]. - The price of primary three - dimensional hollow (with silicon) remained unchanged at 6930; the cash flow of hollow staple fiber 6 - 15D decreased from 668 to 653, a change of - 15.34; the price of primary low - melting - point staple fiber remained unchanged at 7230 [2]. Operating Rate and Production and Sales - The direct - spun short - fiber load (weekly) increased from 84.80% to 88.60%, a change of 0.04; polyester staple fiber production and sales increased from 60.00% to 88.00%, a change of 28.00% [3]. - The polyester yarn startup rate (weekly) remained unchanged at 66.00%; the recycled cotton - type load index (weekly) increased from 37.10% to 43.80%, a change of 0.07 [3].