Report Industry Investment Rating - No information provided in the given text Core View of the Report - The report predicts that PX, PTA, and PR will operate in a volatile manner in the short - term [2] Summary by Relevant Catalogs Price Information - **Upstream**: On September 25, 2025, WTI crude oil futures settlement price was $64.98 per barrel, down 0.02% from the previous value; Brent crude oil futures settlement price was $69.42 per barrel, up 0.16%. Naphtha spot price (CFR Japan) was $608.50 per ton, up 0.41%. The spot price of isomeric xylene (FOB South Korea) was $676.00 per ton, up 0.52%. The spot price of p - xylene (PX) CFR China Main Port was $817.00 per ton, up 0.57% [1] - **PTA**: On September 25, 2025, the closing price of CZCE TA's main contract was 4,678 yuan per ton, up 1.12%; the settlement price was 4,658 yuan per ton, up 1.30%. The closing price of the near - month contract was 4,640 yuan per ton, up 1.18%; the settlement price was 4,630 yuan per ton, up 1.58%. The domestic PTA spot price was 4,597 yuan per ton, up 0.81%. The CCFEI price index of domestic PTA was 4,585 yuan per ton, up 1.44%; the external price index was $609.00 per ton, up 1.50% [1] - **PX**: On September 25, 2025, the closing price of CZCE PX's main contract was 6,674 yuan per ton, up 1.09%; the settlement price was 6,640 yuan per ton, up 1.10%. The closing price of the near - month contract was 6,678 yuan per ton, up 0.69%; the settlement price was 6,470 yuan per ton, down 2.03%. The domestic PX spot price remained unchanged at 6,382 yuan per ton. The spot price (CFR China Taiwan) was $813.00 per ton, up 1.12%; the spot price (FOB South Korea) was $796.00 per ton, up 1.02%. The PXN spread was $208.50 per ton, up 1.05%; the PX - MX spread was $141.00 per ton, up 0.84% [1] - **PR**: On September 25, 2025, the closing price of CZCE PR's main contract was 5,840 yuan per ton, up 0.97%; the settlement price was 5,816 yuan per ton, up 1.04%. The closing price of the near - month contract was 5,874 yuan per ton, up 1.31%; the settlement price was 5,856 yuan per ton, up 1.00%. The mainstream market price of polyester bottle chips in the East China market was 5,790 yuan per ton, up 0.70%; in the South China market, it was 5,870 yuan per ton, up 0.69% [1] - **Downstream**: On September 25, 2025, the CCFEI price index of polyester DTY was 8,475 yuan per ton, down 0.59%; the price index of polyester POY was 6,850 yuan per ton, down 0.72%; the price index of polyester FDY68D was 6,950 yuan per ton, down 1.42%; the price index of polyester FDY150D was 6,850 yuan per ton, down 1.44%; the price index of polyester staple fiber was 6,425 yuan per ton, up 0.23%; the price index of polyester chips was 5,755 yuan per ton, up 0.52%; the price index of bottle - grade chips was 5,790 yuan per ton, up 0.70% [2] Device Information - A 7 - million - ton PX plant in the Northeast has been under maintenance since September 18, with an expected maintenance period of about 45 days [2] Market Analysis - **PX**: Geopolitical and sanctions around Russia are the main factors driving international crude oil prices. The expected pressure of supply glut has not been reflected in the market, and oil prices were stagnant during the Asian session. The CFR China price of PX on September 25 was $817 per ton, and international oil prices continued to rise due to the decline in US crude oil inventories. The domestic PX operating load was stable, and the demand side was waiting for the implementation of the expected changes in PTA plants. The cost support led to a slight price recovery. The PX2511 contract closed at 6,674 yuan per ton (up 1.61%), with a trading volume of 185,500 lots. The increase in PX supply due to the increase in short - process production at home and abroad and the postponement of some plant maintenance was obvious, while the demand for PX decreased more than expected due to the delay of new PTA plant commissioning and multiple PTA plant maintenance. The supply - demand situation did not change significantly, and the PX profit would remain low in the short term [2] - **PTA**: The cost support slightly recovered, and the TA2601 contract closed at 4,678 yuan per ton (up 1.74%), with a trading volume of 701,000 lots. The sales of polyester filament on Wednesday evening were around 149% and 175% on Thursday, which was positive for the PTA market. The cost support was strengthened, and there was a strong expectation of PTA plant maintenance due to low processing fees. The leading polyester factories adjusted the production rhythm to stabilize market supply, but the production enterprises faced great pressure to sell at the end of the month. The new orders of weaving enterprises improved, and the shipment speed of grey cloth continued to improve, but the overall inventory pressure in the grey cloth market still existed, leading to the lack of confidence of downstream enterprises in the future market. As the National Day holiday approached, the sentiment in the downstream market was clearly divided, and some enterprises expected the market to improve after the holiday [2] - **PR**: The mainstream negotiation price of polyester bottle chips in the Jiangsu - Zhejiang market was 5,800 - 5,900 yuan per ton, up 55 yuan per ton from the previous trading day. The prices of PTA and bottle - chip futures rose, and the supply - side quotation of bottle chips mainly increased, but the purchasing enthusiasm of downstream terminals was not high, and the trading atmosphere was light. The PR2511 contract closed at 5,840 yuan per ton (up 1.46%), with a trading volume of 28,600 lots. The operating rate of the bottle - chip industry was expected to gradually recover, and the market supply of goods was relatively abundant. The purchasing intention of downstream terminals was not high, and the market trading atmosphere was light [2] Production and Sales and Operating Conditions - **Operating Conditions**: On September 25, 2025, the operating rate of the PX in the polyester industry chain was 85.57%, unchanged from the previous value; the load rate of PTA plants in the PTA industry chain was 78.12%, unchanged; the load rate of polyester plants was 87.81%, up 0.08 percentage points; the load rate of bottle - chip plants was 69.37%, up 0.27 percentage points; the load rate of Jiangsu - Zhejiang looms was 69.19%, up 1.64 percentage points [1] - **Production and Sales**: On September 25, 2025, the sales rate of polyester filament was 175.16%, up 94.51 percentage points from the previous value; the sales rate of polyester staple fiber was 88.58%, up 21.54 percentage points; the sales rate of polyester chips was 152.51%, up 9.03 percentage points [1]

Report Summary 1. Report Industry Investment Rating - The report gives a negative view on PX, PTA, and PR, with a view score of -1 for each [3]. 2. Core View - The report predicts that PX, PTA, and PR will operate weakly [2]. 3. Summary by Related Catalogs Price Information - **Upstream**: On September 22, 2025, the prices of WTI crude oil, Brent crude oil, naphtha, xylene, and PX all declined. For example, the futures settlement price of WTI crude oil was $62.28 per barrel, down 0.64% from the previous value [1]. - **PTA**: The closing and settlement prices of CZCE TA's main and near - month contracts, as well as the domestic and index prices of PTA, decreased. The CCFEI price index of PTA's outer - plate dropped 1.29% to $610 per ton on September 19 [1]. - **PX**: The closing and settlement prices of CZCE PX's main and near - month contracts mostly declined, while the domestic spot price of PX remained unchanged. The PXN and PX - MX spreads also decreased [1]. - **PR**: The closing and settlement prices of CZCE PR's main and near - month contracts declined. The market prices of polyester bottle - chips in the East China and South China markets decreased [1]. - **Downstream**: The CCFEI price indices of various polyester products such as polyester DTY, POY, FDY, short - fiber, and slices all declined [2]. Spread and Basis - The near - far month spread of PTA increased by 2 yuan/ton to - 34 yuan/ton, and the basis decreased by 22 yuan/ton to - 71 yuan/ton. The basis of PX increased by 2 yuan/ton to - 17 yuan/ton. The basis of PR in the East China market decreased by 14 yuan/ton to - 16 yuan/ton, and in the South China market increased by 6 yuan/ton to 84 yuan/ton [1]. Operating Rate and Sales Rate - The operating rate of the PX in the polyester industry chain remained unchanged at 85.57%. The PTA factory's load rate decreased by 1.43 percentage points to 76.82%, while the polyester factory, bottle - chip factory, and Jiangsu - Zhejiang loom load rates remained unchanged. The sales rate of polyester filament increased by 14.44 percentage points to 57.68%, the sales rate of polyester short - fiber decreased by 2.28 percentage points to 48.81%, and the sales rate of polyester slices increased by 11.62 percentage points to 64.30% [1]. Device Information - A 700,000 - ton PX device in the Northeast has been under maintenance since September 18, with an expected maintenance period of about 45 days [2]. Important News and Logic - **PX**: Trump called on European countries to stop buying Russian oil, but without new positive news, oil prices were weak. The cost of PX was weak due to the weak oil market, and the de - stocking prospect was not as expected, with a bearish sentiment in the market. The increase in PX supply and the decrease in demand affected the supply - demand situation and market sentiment, and short - term benefits would be under pressure [2]. - **PTA**: The cost support was insufficient as crude oil did not recover the previous day's decline. PTA supply was sufficient, and the downstream polyester filament sales were average. The market confidence was insufficient, and the inventory removal of the industrial chain was not smooth [2]. - **PR**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu - Zhejiang market decreased. The prices of polyester raw materials PTA and bottle - chip futures fluctuated weakly. The supply of bottle - chips was sufficient, and the downstream terminal had a certain demand for replenishment [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The report predicts that PX will operate weakly, PTA will operate weakly, and PR will operate in a volatile manner [2] Summary by Related Catalogs Price Information - **Upstream**: On September 19, 2025, the prices of WTI crude oil, Brent crude oil, naphtha, xylene, etc. all declined compared to the previous values, with decline rates ranging from -0.44% to -1.40% [1] - **PTA Futures and Spot**: The prices of CZCE TA contracts (including main and near - month contracts) and PTA spot prices all decreased, with decline rates between -1.33% and -1.58% [1] - **PX Futures and Spot**: The prices of CZCE PX contracts mostly declined, while the domestic spot price of p - xylene remained unchanged. The PXN and PX - MX spreads also decreased [1] - **PR Futures and Spot**: The prices of CZCE PR contracts and the market prices of polyester bottle - chips in East and South China decreased, with decline rates from -0.68% to -1.43% [1] - **Downstream Products**: The CCFEI price indices of most downstream products such as polyester fibers and slices decreased, with the decline rate of polyester bottle - chips reaching -1.03% [2] Production and Sales - The开工 rates of PX, PTA factories, polyester factories, bottle - chip factories, and Jiangsu - Zhejiang looms remained unchanged on September 19, 2025. The sales rates of polyester filaments increased by 2.43%, while those of polyester staple fibers and polyester chips decreased by 10.19% and 16.55% respectively [1] Device Information - A 700,000 - ton PX device in Northeast China has been under maintenance since September 18, with an expected maintenance period of about 45 days [2] PX Market Summary - **Important Information**: Last week, the PX price was stagnant and then declined. By Friday, the absolute price decreased by 1.9% to 816 dollars/ton CFR, and the weekly average price decreased by 0.5% to 830 dollars/ton CFR. Economic concerns led to a decline in international oil prices, squeezing the cost support of PX. The domestic PX operation remained at a high level, while the PTA factory maintenance increased and polyester demand was weak [2] - **Long - Short Logic**: The PX2511 contract closed at 6594 yuan/ton (-2.51%). The domestic PX operation remained high, overseas devices were relatively stable, and the short - term overseas operation would increase further. The PTA maintenance plans were gradually implemented, and the short - term benefits would be under pressure due to poor supply - demand [2] PTA Market Summary - **Long - Short Logic**: The TA2601 contract closed at 4604 yuan/ton (-2.21%). The cost support was insufficient, the PTA spot supply was abundant, and the market sentiment was weak. The polyester product sales were mediocre, and the demand peak season had not started [2] PR Market Summary - **Important Information**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu - Zhejiang market was 5750 - 5870 yuan/ton, a decrease of 40 yuan/ton compared to the previous trading day. The PTA and bottle - chip futures were weak, the supply - side quotes mostly declined, and the trading atmosphere was light [2] - **Long - Short Logic**: The 2511 contract closed at 5762 yuan/ton (-1.97%). The bottle - chip supply - side operation was stable, the market spot supply was abundant, and the downstream terminals made rigid purchases at low prices [2]

Group 1 - The Xinjiang Uygur Autonomous Region is celebrating its 70th anniversary with a major project launch event in Urumqi, where the integrated refining and chemical project by Sinopec in Kucha has commenced construction [1][3] - The Tarim Refining and Chemical Integration Project is a key initiative for Sinopec to promote integrated industrial chain development in Xinjiang, featuring advanced green and low-carbon technology with a total of 16 refining production units planned [3][5] - The project aims to increase annual output value by approximately 20.2 billion yuan and generate about 3.5 billion yuan in tax revenue, while creating around 10,000 jobs and facilitating local resource utilization [5] Group 2 - Upon completion, the Tarim Refining Company will have a crude oil processing capacity of 8.5 million tons per year, producing ethylene and paraxylene, thus supporting the development of oil and gas processing and textile industries [5] - Currently, the Tarim Refining Company is the only refining enterprise in Northwest China, with an existing crude oil processing capacity of 5 million tons per year, supplying over 70 million tons of products to regions including Xinjiang, Gansu, Qinghai, and Tibet over the past 20 years [5]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The report predicts that PX will operate weakly, PTA will operate in a volatile manner, and PR will also operate in a volatile manner. The PX view is rated -1, while the PTA and PR views are rated 0 [2][3]. Summary by Relevant Catalogs Price Information - **Upstream**: On September 18, 2025, the prices of WTI and Brent crude oil futures decreased by 0.75%. The spot price of naphtha in CFR Japan dropped by 1.56%, and the spot price of xylene (isomeric grade) in FOB Korea decreased by 0.67%. The spot price of para - xylene (PX) in CFR China Main Port fell by 1.10% [1]. - **PTA Price**: The closing price of the CZCE TA main - contract decreased by 0.98%, while the settlement price increased by 0.21%. The spot price of domestic PTA increased by 0.09%, and the CCFEI price index of domestic and foreign PTA also showed slight increases [1]. - **PX Price**: The closing price of the CZCE PX main - contract decreased by 1.30%, and the settlement price decreased by 0.27%. The domestic spot price of PX remained unchanged, and the PXN spread increased by 0.15%, while the PX - MX spread decreased by 2.92% [1]. - **PR Price**: The closing price of the CZCE PR main - contract decreased by 0.89%, and the settlement price increased by 0.38%. The market prices of polyester bottle - chips in the East and South China markets decreased [1]. - **Downstream Price**: The CCFEI price indices of most polyester products remained stable or decreased slightly, such as the price index of polyester bottle - chips decreased by 0.51% [2]. Operating Conditions - The operating rate of the PX in the polyester industry chain decreased by 1.59%. The PTA factory load rate remained unchanged, the polyester factory load rate increased by 0.22%, the bottle - chip factory load rate remained unchanged, and the load rate of Jiangsu and Zhejiang looms increased by 2.01% [1]. - The sales rate of polyester filament decreased by 1.61%, the sales rate of polyester staple fiber increased by 8.96%, and the sales rate of polyester chips decreased by 33.45% [1]. Device Information - The 1.2 - million - ton PTA device of Ningbo Taihua stopped operating on September 5 [2]. Important News and Market Analysis - **PX**: On September 17, due to Ukraine's harassment of Baltic ports, Russia's weekly crude oil exports plummeted, and the overall positive impact on the crude oil supply - demand situation was limited. The cost support for PX was insufficient. The domestic PX operating load was at a high level, and some device maintenance plans were postponed. The demand - side PTA factory maintenance expectations increased, and there was only one transaction heard during the day. The supply of PX increased, and although it was the peak season for downstream polyester, the new orders and load did not exceed expectations, and the PXN was expected to operate weakly [2]. - **PTA**: The fundamentals did not change significantly. The influence of the Fed's interest - rate cut was overdrawn, the crude oil market declined during the session, the sales of polyester filament were flat, and the PTA market increase was limited. The supply of PTA was expected to increase in the short term, and the new PTA device maintenance plans from October to November had limited impact on the current market [2]. - **PR**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets decreased. The prices of polyester raw materials PTA and bottle - chip futures first rose and then fell. The supply - side quotations were mostly stable, and some were lowered in the afternoon. The downstream terminals were cautious and the trading atmosphere was cold [2].

Report Industry Investment Rating - The report does not provide an industry investment rating. Core Viewpoints - It is expected that PX, PTA, and PR will operate in a volatile manner [2]. Summary by Related Catalogs Price Information - **Crude Oil**: On September 16, 2025, the futures settlement price (continuous) of WTI crude oil was $64.52 per barrel, up 1.93% from the previous value; the futures settlement price (continuous) of Brent crude oil was $68.47 per barrel, up 1.53% [1]. - **Naphtha and Xylene**: The spot price (mid - price) of naphtha CFR Japan was $604.88 per ton, down 0.60%; the spot price (mid - price) of xylene (isomeric grade) FOB Korea was $680.00 per ton, down 0.66% [1]. - **PX**: The spot price of p - xylene CFR China Main Port was $834.00 per ton, down 0.24%. The domestic spot price of p - xylene was unchanged at 6617 yuan per ton. The PXN spread was $229.13 per ton, up 0.71%, and the PX - MX spread was $154.00 per ton, up 1.65% [1]. - **PTA**: The CZCE TA main - contract closing price was 4688 yuan per ton, up 0.34%. The domestic spot price of PTA was 4618 yuan per ton, up 0.39% [1]. - **PR**: The CZCE PR main - contract closing price was 5846 yuan per ton, up 0.24%. The mainstream market price of polyester bottle chips in the East China market was 5850 yuan per ton, up 0.34% [1]. Supply and Demand Information - **PX**: International crude oil has cost support for PX, but the improvement of domestic PX supply capacity and poor demand follow - up have pressured market confidence. The domestic and overseas PX device loads are on the rise, and the downstream polyester season has not seen an over - expected increase in new orders and loads [2]. - **PTA**: The fundamentals have no obvious changes. Crude oil provides cost support under low processing fees, but the sufficient PTA spot restricts the increase. A 4.5 - million - ton PTA device in South China will restart, increasing supply. The polyester raw material end starts to pick up significantly, while the polyester and downstream starts to pick up slowly, and the demand for the peak season is expected to weaken [2]. - **PR**: The downstream demand is average. The supply of bottle chips is stable, and the market spot is sufficient. Downstream terminals purchase on demand with a cautious attitude [2]. Device Information - The 1.2 - million - ton PTA device of Ningbo Taihua stopped on September 5 [2]. Trading Volume Information - The trading volume of the PX2511 contract was 173,400 lots, the trading volume of the TA2601 contract was 640,200 lots, and the trading volume of the PR2511 contract was 34,100 lots [2]. Operating Rate Information - The operating rates of the PX, PTA factory, polyester factory, bottle chip factory, and Jiangsu - Zhejiang looms in the polyester industry chain remained unchanged on September 16, 2025, at 87.16%, 78.25%, 88.78%, 74.19%, and 65.54% respectively [1]. Sales Rate Information - On September 16, 2025, the sales rate of polyester filament was 40.95%, down 12.43 percentage points from the previous value; the sales rate of polyester staple fiber was 65.07%, up 14.44 percentage points; the sales rate of polyester chips was 120.74%, up 40.47 percentage points [1].

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - Geopolitical tensions drive up oil prices, but macro - level financial market shocks cause wide - range oil price fluctuations. PX prices return to normal after the hype of domestic PX device maintenance news. With low PX inventory, the price has strong bottom support, and its future performance depends on unexpected factors. PX is in an advantageous position in the industrial chain due to the rigid demand of new PTA production devices. As the downstream demand peak season approaches, polyester start - up is gradually increasing [2]. - Crude oil is weakly oscillating. PTA has sufficient spot supply, and its spot average price drops while the spot basis weakens. PTA processing fees are in a low - level range, and unplanned device maintenance can't continuously boost prices. As the traditional peak season approaches, the polyester start - up load may increase, and the de - stocking volume is expected to expand. The downstream polyester factories' procurement enthusiasm for PTA spot is low, and the polyester inventory is transferred downward, but the equity inventory is expected to change little. The overall sales of downstream polyester products are dull, and there is no clear signal for the start of the demand peak season. PTA will move in an oscillating manner, with cost as the dominant factor [2]. - The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets remains stable. Polyester raw materials and bottle - chip futures fluctuate slightly. The supply - side quotes of bottle - chips are mostly stable, and downstream terminals follow up cautiously with a light trading atmosphere. The supply - side start - up of bottle - chips is stable, with sufficient market spot supply, and market demand is weakening [2]. - With the weakening of cost support, TA2601, PX2511, and PR2511 contracts all closed lower. OPEC and its production - limiting allies are expected to dominate the overnight crude oil market. As the downstream peak season has not started, PX, PTA, and PR are expected to run weakly [2]. Summary by Related Catalogs Price Information - **Crude Oil**: On September 3, 2025, the futures settlement price (continuous) of WTI crude oil was $63.97 per barrel, down 2.47% from the previous value; the futures settlement price (continuous) of Brent crude oil was $67.60 per barrel, down 2.23% [1]. - **Upstream Products**: The spot price (mid - price) of naphtha (CFR Japan) was $605.00 per ton, up 0.75%; the spot price (mid - price) of xylene (isomeric grade, FOB Korea) was $687.00 per ton, up 0.37%; the spot price of p - xylene (PX, CFR China Main Port) was $843.00 per ton, down 0.35% [1]. - **PTA**: The closing price of the CZCE TA main contract was 4,732 yuan per ton, down 0.50%; the settlement price was 4,754 yuan per ton, down 0.46%. The closing price of the CZCE TA near - month contract was 4,660 yuan per ton, down 0.94%; the settlement price was 4,692 yuan per ton, down 0.47%. The domestic PTA spot price was 4,720 yuan per ton, down 0.17%. The CCFEI price index of domestic PTA was 4,700 yuan per ton, down 0.57%; the CCFEI price index of external PTA was $632.00 per ton, down 0.16% [1]. - **PX**: The closing price of the CZCE PX main contract was 6,810 yuan per ton, down 0.35%; the settlement price was 6,834 yuan per ton, down 0.47%. The closing price and settlement price of the CZCE PX near - month contract were both 6,714 yuan per ton, with no change. The domestic PX spot price was 6,742 yuan per ton, with no change. The spot price (mid - price) of PX (CFR China Taiwan) was $844.00 per ton, down 0.35%; the spot price (mid - price) of PX (FOB Korea) was $819.00 per ton, down 0.36% [1]. - **PR**: The closing price of the CZCE PR main contract was 5,892 yuan per ton, down 0.30%; the settlement price was 5,924 yuan per ton, down 0.17%. The closing price and settlement price of the CZCE PR near - month contract were both 5,818 yuan per ton, with no change. The market price (mainstream price) of polyester bottle - chips in the East China market was 5,860 yuan per ton, down 0.34%; in the South China market, it was 5,940 yuan per ton, down 0.17% [1]. - **Downstream Products**: The CCFEI price index of polyester DTY, POY, FDY68D, FDY150D, and polyester chips remained unchanged on September 3, 2025. The CCFEI price index of polyester staple fiber was 6,510 yuan per ton, down 0.15%; the CCFEI price index of bottle - grade chips was 5,860 yuan per ton, down 0.34% [2]. Production and Sales Information - **开工率**: On September 3, 2025, the start - up rate of the PX in the polyester industrial chain was 82.59%, with no change; the PTA industrial chain load rate of PTA factories was 74.26%, with no change; the PTA industrial chain load rate of polyester factories was 87.99%, with no change; the PTA industrial chain load rate of bottle - chip factories was 73.27%, with no change; the PTA industrial chain load rate of Jiangsu and Zhejiang looms was 62.03%, with no change [1]. - **产销率**: The sales rate of polyester filament was 50.83%, up 12.80 percentage points; the sales rate of polyester staple fiber was 41.19%, down 1.06 percentage points; the sales rate of polyester chips was 45.48%, down 15.56 percentage points [1]. Device Information - A 2.2 - million - ton PTA device of Jiaxing Petrochemical restarted on August 22, 2025. Two 5 - million - ton PTA devices of Hengli Huizhou unexpectedly shut down from August 21 to August 23, and the restart time is to be determined [2].

证券代码：600378 证券简称：昊华科技 公告编号：临 2025-062 说明：氟碳化学品受配额政策影响，市场供需情况改善，价格持续上涨；含氟锂 电材料受市场供需错配影响，价格走低；橡胶制品规格型号较多，价格变化大； 特种轮胎系产品销售结构变化，均价下降；催化剂价格变动主要系减少了低附加 值产品销售占比。 说明：受化工大宗原材料波动影响，部分主要原材料价格波动较大。 主要产品 2025 年 1-6 月平均售 价（元/吨） 2024 年 1-6 月平均售 价（元/吨） 变动比率（%） 氟碳化学品 43,765.74 30,220.44 44.82 含氟锂电材料 18,272.52 27,214.01 -32.86 含氟聚合物 38,362.24 39,697.62 -3.36 含氟精细化学品 41,193.44 45,415.26 -9.30 含氟气体 95,460.20 99,637.13 -4.19 橡胶制品（万件） 456,918.40 318,437.29 43.49 特种轮胎（条） 4,235.35 6,320.35 -32.99 特种涂料 52,387.80 46,429.52 12.83 聚氨酯 ...

Core Insights - The report by Zhiyan Consulting highlights the growth in China's paraxylene imports, with a significant increase in both volume and value in June 2025 compared to the previous year [1] Group 1: Import Data - In June 2025, China's paraxylene import volume reached 770,000 tons, representing a year-on-year increase of 35.4% [1] - The import value for the same period was $631 million, showing a year-on-year growth of 6% [1] Group 2: Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1] - The firm has over a decade of experience in the industry research field, focusing on delivering tailored solutions for investment decision-making [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The pricing logic is still cost - driven. It is expected that PX, PTA, and PR will operate weakly (PX view score: - 1, PTA view score: - 1, PR view score: - 1) [2] - The terminal demand is still weakly recovering, but the downstream bullish expectation is rising. The polyester inventory is shifting downward, and the PTA will move in a volatile manner with cost as the dominant factor [2] Summary by Related Catalogs Price Information - **Crude Oil**: On August 27, 2025, the futures settlement price (continuous) of WTI crude oil was $64.15 per barrel, up 1.42% from the previous value; that of Brent crude oil was $68.05 per barrel, up 1.23% [1] - **Upstream Products**: The spot price (mid - price) of naphtha: CFR Japan on August 27, 2025, was $590.38 per ton, down 1.60%. The spot price (mid - price) of xylene (isomeric grade): FOB South Korea on August 26, 2025, was $694.50 per ton, up 0.58% [1] - **PX**: The spot price of p - xylene PX: CFR China's main port on August 27, 2025, was $854 per ton, down 1.16%. The CZCE PX main contract closing price was 6940 yuan per ton, down 0.77% [1] - **PTA**: The CZCE TA main contract closing price on August 27, 2025, was 4824 yuan per ton, down 0.94%. The spot price of PTA in the domestic market was 4877 yuan per ton, up 0.06% [1] - **PR**: The CZCE PR main contract closing price on August 27, 2025, was 5994 yuan per ton, down 0.66%. The market price (mainstream price) of polyester bottle chips in the East China market was 5920 yuan per ton, down 0.50% [1] - **Downstream Products**: The CCFEI price index of polyester staple fiber on August 27, 2025, was 6580 yuan per ton, down 0.08%. The CCFEI price index of polyester chips was 5930 yuan per ton, down 0.50% [2] Spread Information - The PXN spread on August 27, 2025, was $263.63 per ton, down 0.14%. The PX - MX spread was $159.50 per ton, down 8.07% [1] - The basis of PTA on August 27, 2025, was 13 yuan per ton, up 18 yuan from the previous value. The basis of PX was - 97 yuan per ton, up 54 yuan [1] - The basis of PR in the East China market on August 27, 2025, was - 74 yuan per ton, up 10 yuan. The basis in the South China market was - 4 yuan per ton, up 10 yuan [1] Operating Rate and Sales - to - Production Ratio - The operating rate of the polyester industry chain: PX on August 27, 2025, was 80.38%, unchanged. The PTA industry chain load rate of PTA factories was 72.16%, unchanged [1] - The sales - to - production ratio of polyester filament on August 27, 2025, was 40.00%, down 10.15 percentage points. The sales - to - production ratio of polyester staple fiber was 39.12%, down 1.90 percentage points [1] Device Information - A 2.2 - million - ton PTA device of Jiaxing Petrochemical restarted on August 22. Two 5 - million - ton PTA devices of Hengli Huizhou unexpectedly shut down from August 21 to August 23, and the restart time is to be determined [2] Important Information - After the US imposed a 50% tax rate on India, the market was bearish on crude oil demand. The API inventory data showed that US crude oil stocks increased more than expected, and the lower - than - expected demand pressured oil prices to give back previous gains [2] - The domestic device changes were small, mainly with an increase in load fluctuations. Overseas, the load increase was relatively obvious, mainly due to the restart of Rabigh and Thai Petroleum devices [2] - The current PX inventory is at a historical low, so the bottom support is relatively stable. Whether the PX profit can continue to rise depends on whether there are more unexpected factors [2]