Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Asian PTA market is affected by the dual impacts of sharp fluctuations in crude oil and tight PX supply. The increase in naphtha prices is much higher than that of PX, leading to a significant contraction in profits. Although demand has recovered with the resumption of polyester plants after the Spring Festival, supply - side risks have significantly increased. Uncertainties in PX supply have led to more concerns about production halts. Due to supply - chain chaos and raw material bottlenecks, further production increases in polyester are restricted, and there may even be temporary production cuts. The extreme tightness on the supply side has led to concentrated force majeure at PTA plants. Asian countries' export restrictions have further exacerbated the raw material shortage. If Middle - East exports cannot resume in the near future, the Asian polyester industry chain is expected to face a severe risk of production decline in April due to the dual shortages of PX and MEG, and the physical supply in the Asian PX market is tight. The market shows obvious chaos, but the acceptance and purchasing willingness of downstream customers are increasing [2]. 3. Summary by Relevant Indicators 3.1 Price and Cost Indicators - PTA spot price decreased from 6810 to 6690, a decrease of 120; MEG inner - market price decreased from 5443 to 5339, a decrease of 104; PTA closing price decreased from 6768 to 6684, a decrease of 84; MEG closing price decreased from 5359 to 5218, a decrease of 141; 1.4D direct - spun polyester staple fiber price decreased from 8460 to 8320, a decrease of 140; short - fiber basis decreased from 83 to - 54, a decrease of 137; 4 - 5 spread increased from - 80 to - 40, an increase of 40; polyester staple fiber cash flow increased from 240 to 246, an increase of 6; 1.4D imitation large - chemical fiber price remained unchanged at 6220; the price difference between 1.4D direct - spun and imitation large - chemical fiber decreased from 2240 to 2100, a decrease of 140; East China water - bottle chip price increased from 8554 to 8594, an increase of 40; hot - filling polyester bottle chip price increased from 8554 to 8594, an increase of 40; carbonated - grade polyester bottle chip price increased from 8654 to 8694, an increase of 40; outer - market water - bottle chip price decreased from 1180 to 1175, a decrease of 5; bottle - chip spot processing fee increased from 908 to 1085, an increase of 177; T32S pure polyester yarn price remained unchanged at 12500; T32S pure polyester yarn processing fee increased from 4040 to 4180, an increase of 140; cotton - polyester yarn 65/35 45S price remained unchanged at 18500; cotton 328 price decreased from 16580 to 16470, a decrease of 110; cotton - polyester yarn profit increased from 1624 to 1758, an increase of 134; primary three - dimensional hollow (with silicon) price remained unchanged at 8945; hollow staple fiber 6 - 15D cash flow increased from an unknown value to 236, an increase of 137; primary low - melting - point staple fiber price remained unchanged at 9350 [2]. 3.2 Production and Sales Indicators - The weekly load of direct - spun staple fiber decreased from 76.98% to 84.13%, a decrease of 7.15%; the production and sales rate of polyester staple fiber decreased from 43.00% to 36.00%, a decrease of 7.00%; the weekly start - up rate of polyester yarn increased from 70.00% to 70.32%, an increase of 0.32%; the weekly load index of recycled cotton - type decreased from 55.44% to 54.81%, a decrease of 0.63% [2][3].

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

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

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - Crude oil is expected to strengthen significantly due to geopolitical influences. Northeast Asian refineries are facing tight crude oil supply and have to reduce their production loads because of the closure of the Strait of Hormuz. The speculative sentiment in the Asian PX market has rebounded, but the physical supply is tight, and PX physical goods are in short supply. Downstream replenishment is rapid, and the polyester operating load is lower than expected. South Korea, India, and Thailand may face significant operational difficulties. The floating spread of PX has reached +40, and the spread between PX and naphtha has rebounded to $300. Tensions in the Middle East have brought short - term energy price volatility risks, and the upstream price increase has begun to be transmitted downstream [2]. Group 3: Data Summary 1. Price Changes - PTA spot price increased from 6180 to 6320, a change of 140 [2]. - MEG inner - market price decreased from 4408 to 4400, a change of - 8 [2]. - PTA closing price increased from 6200 to 6660, a change of 460 [2]. - MEG closing price increased from 4305 to 4577, a change of 272 [2]. - 1.4D direct - spun polyester staple fiber price increased from 7805 to 7885, a change of 80 [2]. - Short - fiber basis decreased from 93 to 58, a change of - 35 [2]. - 4 - 5 spread decreased from 102 to 52, a change of - 50 [2]. - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2]. - 1.4D direct - spun and imitation large - chemical spread increased from 1655 to 1735, a change of 80 [2]. - East China water - bottle chip price increased from 7309 to 7955, a change of 646 [2]. - Hot - filling polyester bottle chip price increased from 7309 to 7955, a change of 646 [2]. - Carbonated - grade polyester bottle chip price increased from 7409 to 8055, a change of 646 [2]. - Outer - market water - bottle chip price increased from 1025 to 1080, a change of 55 [2]. - Bottle - chip spot processing fee increased from 548 to 1077, a change of 529 [2]. - T32S pure - polyester yarn price decreased from 12300 to 12250, a change of - 50 [2]. - T32S pure - polyester yarn processing fee decreased from 4495 to 4365, a change of - 130 [2]. - Polyester - cotton yarn 65/35 45S price increased from 17700 to 17800, a change of 100 [2]. - Cotton 328 price increased from 16430 to 16650, a change of 220 [2]. - Polyester - cotton yarn profit decreased from 1315 to 1279, a change of - 36 [2]. - Hollow short - fiber 6 - 15D cash flow decreased from 764 to 647, a change of - 117 [2]. 2. Operating Rate and Sales - Direct - spun staple fiber load (weekly) decreased from 84.13% to 76.98%, a change of - 7.15% [3]. - Polyester staple fiber sales increased from - 9.00% to 66.00%, a change of 57.00% [3]. - Polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, a change of 0.32% [3]. - Regenerated cotton - type load index (weekly) decreased from 55.44% to 54.81%, a change of - 0.63% [3].

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core Viewpoints of the Report - Weekend crude oil is affected by geopolitics with expected significant strengthening; Asian PX market speculative sentiment rebounds but physical supply is stable; despite upcoming March maintenance of some PTA devices, PX physical goods are not in short - supply; demand is in a calm period, downstream replenishment is not active, and polyester's operating load is lower than expected; domestic PX market supply is sufficient, but there will be a major turnaround season for refineries from March to May, and supply is expected to tighten; PX - crude oil price difference has rebounded to $310; Middle - East geopolitical tensions may bring short - term energy price volatility risks; bottle - chip profit expands, and short - fiber profit is expected to expand [2] Group 3: Summary by Related Catalogs 1. Price and Index Changes - PTA spot price decreased from 5235 to 5155, a change of - 80; MEG inner - market price decreased from 3641 to 3621, a change of - 20; PTA closing price decreased from 5260 to 5250, a change of - 10; MEG closing price increased from 3700 to 3703, a change of 3; 1.4D direct - spun polyester staple fiber price increased from 6685 to 6695, a change of 10; short - fiber basis decreased from 76 to 34, a change of - 42; 3 - 4 spread increased from - 86 to - 48, a change of 38; polyester staple fiber cash flow increased from 240 to 246, a change of 6; 1.4D direct - spun and imitation large - chemical difference increased from 1385 to 1395, a change of 10; East China water bottle - chip price increased from 6280 to 6331, a change of 51; hot - filling polyester bottle - chip price increased from 6280 to 6331, a change of 51; carbonated - grade polyester bottle - chip price increased from 6380 to 6431, a change of 51; outer - market water bottle - chip price decreased from 850 to 845, a change of - 5; bottle - chip spot processing fee increased from 584 to 710, a change of 126; T32S pure polyester yarn price increased from 10800 to 10900, a change of 100; T32S pure polyester yarn processing fee increased from 4115 to 4205, a change of 90; polyester - cotton yarn 65/35 45S price remained unchanged at 16900; cotton 328 price decreased from 16490 to 16435, a change of - 55; polyester - cotton yarn profit increased from 1235 to 1249, a change of 14; primary three - dimensional hollow (with silicon) price remained unchanged at 7295; hollow staple fiber 6 - 15D cash flow increased from 300 to 474, a change of 75; primary low - melting - point staple fiber price remained unchanged at 7895 [2] 2. Market Conditions - Short - fiber: Due to intensified Middle - East conflict and rising oil price expectations, polyester staple fiber production factory prices are running strongly, trader prices are rising, some downstream are replenishing, and on - site transactions are okay. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market is 6530 - 6770 yuan for cash - on - delivery, tax - included self - pick - up; in the North China market, it is 6650 - 6890 yuan for cash - on - delivery, tax - included delivery; in the Fujian market, it is 6600 - 6850 yuan for cash - on - delivery, tax - included delivery. - Bottle - chip: The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets is 6300 - 6400 yuan/ton, with the average price rising 75 yuan/ton compared to the previous working day. PTA and bottle - chip futures are closed, supplier quotes are raised, market spot supply has increased, downstream terminal demand follows up with rigid needs, and the market negotiation center has risen [2] 3. Operating Rate and Sales - Direct - spun short - fiber load (weekly) decreased from 89.90% to 84.13%, a change of - 5.77%; polyester staple fiber sales decreased from 47.00% to 46.00%, then increased to 93.00%; polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, a change of 0.32%; recycled cotton - type load index (weekly) decreased from 55.44% to 54.81%, a change of - 0.63% [2][3]

Group 1: Report Information - The report is the daily data report of bottle chips and staple fibers by Guomao Futures Research Institute, dated February 9, 2026 [1][2] Group 2: Price and Index Changes - PTA spot price decreased from 5100 to 5085, a decrease of 15 [2] - MEG domestic price decreased from 3649 to 3630, a decrease of 19 [2] - PTA closing price increased from 5144 to 5166, an increase of 22 [2] - MEG closing price decreased from 3745 to 3743, a decrease of 2 [2] - 1.4D direct - spun polyester staple fiber price increased from 6525 to 6535, an increase of 10 [2] - Staple fiber basis increased from 38 to 39, an increase of 1 [2] - 3 - 4 spread remained unchanged at - 80 [2] - Polyester staple fiber cash flow increased from 240 to 246, an increase of 6 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5300 [2] - The price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 1225 to 1235, an increase of 10 [2] - East China water bottle chip price increased from 6196 to 6247, an increase of 51 [2] - Hot - filled polyester bottle chip price increased from 6196 to 6247, an increase of 51 [2] - Carbonated - grade polyester bottle chip price increased from 6296 to 6347, an increase of 51 [2] - Outer - market water bottle chip price remained unchanged at 835 [2] - Bottle chip spot processing fee increased from 613 to 683, an increase of 70 [2] - T32S pure polyester yarn price remained unchanged at 10700 [2] - T32S pure polyester yarn processing fee decreased from 4175 to 4165, a decrease of 10 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16800 [2] - Cotton 328 price decreased from 15640 to 15615, a decrease of 25 [2] - Polyester - cotton yarn profit increased from 1562 to 1565, an increase of 3 [2] - Primary three - dimensional hollow (with silicon) price decreased from 7300 to 7290, a decrease of 10 [2] - Hollow staple fiber 6 - 15D cash flow increased from 517 to 526 [2] - Primary low - melting - point staple fiber price remained unchanged at 7895 [2] Group 3: Market Conditions - Short fiber: The short - fiber main futures fell 16 to 6578. The price of polyester staple fiber production factories fluctuated slightly, the price of traders declined, downstream sporadic purchases were made, and the on - site transactions were few. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6370 - 6700 cash on the spot, tax - included self - pick - up; in the North China market, it was 6490 - 6820 cash on the spot, tax - included delivery; in the Fujian market, it was 6470 - 6750 cash on the spot, tax - included delivery [2] - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 6210 - 6320 yuan/ton, with the average price remaining the same as the previous working day. The futures prices of PTA and bottle chips fluctuated slightly, the cost - side support was average, most of the supply - side offers remained, the market spot supply was tight, the downstream terminal demand was mainly for rigid needs, and the market negotiation focus was temporarily stable [2] Group 4: Industry Analysis - The commodity market declined significantly. PX maintained fundamental resilience during the high - level correction. Due to the Iranian geopolitical risk, the risk of crude oil prices still existed. The downstream PTA industry continued to be strong. The domestic PTA output in January was expected to reach a new high, and there was no plan to reduce production during the Spring Festival. With no new PTA production capacity throughout the year, the existing devices would operate at full capacity to match the growth of polyester demand, providing a solid demand background for PX. The PX supply side was still tight. The South Korean TDP device increased its load, and a PX factory in the Middle East was scheduled to shut down before February, with limited global effective production capacity release. The PX - mixed xylene toluene price difference remained at about 150 US dollars. In terms of the profit structure, although the PX - naphtha price difference fell to 335 US dollars/ton, it was still at a healthy level. Domestic PTA maintained high - level operation, domestic demand declined, and the production reduction of polyester factories had a limited negative feedback on PTA. The profit of bottle chips expanded, and the profit of short fibers declined [2] Group 5: Operating Rate and Sales - The direct - spun staple fiber load (weekly) increased from 86.77% to 88.84%, an increase of 2.07% [3] - The polyester staple fiber production and sales rate increased from 46.00% to 52.00%, an increase of 6.00% [3] - The polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, an increase of 0.32% [3] - The recycled cotton - type load index (weekly) decreased from 54.81% to 55.44%, a decrease of 0.63% [3]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View - The PX market has experienced a rapid increase, driven mainly by speculative funds rather than fundamental changes. The futures market dominates price discovery, creating an "irrational boom" with self - reinforcing trends. Despite concerns about bubbles, the PX fundamentals are supported, and the market is expected to remain tight in 2026. The PX - naphtha spread has widened to $360, and the PX - mixed xylene spread has reached $155, improving aromatics extraction economics. The PX market is at a critical juncture between speculative sentiment and fundamental tension. Domestic PTA maintains high - level operations, benefiting from stable domestic demand and the resumption of exports to India since the end of November. The high gasoline spread supports aromatics, and new polyester installations keep polyester load and PTA consumption high, with increasing inventory willingness and strengthening basis. Although domestic polyester demand weakens seasonally, polyester factory production cuts are insufficient to form a negative feedback [2] Group 3: Summary by Indicators Price and Spread Indicators - PTA spot price decreased from 5100 on 2026/1/12 to 5060 on 2026/1/13, a decline of 40 [2] - MEG inner - market price dropped from 3734 on 2026/1/12 to 3686 on 2026/1/13, a decrease of 48 [2] - PTA closing price fell from 5142 to 5140, a decline of 2 [2] - MEG closing price decreased by 65, from 3880 to 3815 [2] - 1.4D direct - spinning polyester staple fiber price remained unchanged at 6520 [2] - Short - fiber basis decreased from 38 to 34, a drop of 4 [2] - The 2 - 3 spread increased from 18 to 16, an increase of 2 [2] - 1.4D imitation large - fiber price decreased from 5275 to 5250, a decline of 25 [2] - The price difference between 1.4D direct - spinning and imitation large - fiber increased from 1245 to 1270, an increase of 25 [2] - East - China water - bottle chip price decreased from 6125 to 6097, a decline of 28 [2] - Hot - filling polyester bottle chip price decreased from 6125 to 6097, a decline of 28 [2] - Carbonated - grade polyester bottle chip price decreased from 6225 to 6197, a decline of 28 [2] - Outer - market water - bottle chip price remained unchanged at 810 [2] - T32S pure polyester yarn price remained unchanged at 10600 [2] - T32S pure polyester yarn processing fee remained unchanged at 4080 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16600 [2] - Cotton 328 price increased from 15365 to 15610, an increase of 245 [2] - Polyester - cotton yarn profit decreased from 1469 to 1377, a decline of 93 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7210 [2] - Primary low - melting - point short - fiber price remained unchanged at 7775 [2] Cash Flow and Processing Fee Indicators - Polyester staple fiber cash flow increased from 240 to 246, an increase of 6 [2] - Bottle - chip spot processing fee increased from 514 to 536, an increase of 22 [2] - Hollow short - fiber 6 - 15D cash flow increased from 399 to 449, an increase of 50 [2] Market and Production Indicators - Direct - spinning short - fiber load (weekly) increased from 86.77% to 88.84%, an increase of 2.07 percentage points [3] - Polyester staple fiber production and sales decreased from 87.00% to 80.00%, a decline of 7.00 percentage points [3] - Polyester yarn startup rate (weekly) remained unchanged at 66.00% [3] - Recycled cotton - type load index (weekly) remained unchanged at 51.10% [3] Market Conditions - Short - fiber: The short - fiber main - contract futures decreased by 24 to 6506. In the spot market, polyester staple fiber production factory prices were stable, while trader prices slightly declined. Downstream buyers purchased on - demand, and on - site transactions were limited. The price of 1.56dtex*38mm semi - bright natural - white (1.4D) polyester staple fiber in the East - China market was 6380 - 6650 yuan for cash - on - delivery, tax - included self - pick - up; in the North - China market, it was 6500 - 6770 yuan for cash - on - delivery, tax - included delivery; and in the Fujian market, it was 6440 - 6630 yuan for cash - on - delivery, tax - included delivery [2] - Bottle - chip: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 6100 - 6180 yuan/ton, with the average price increasing by 10 yuan/ton compared to the previous working day. PTA and bottle - chip futures fluctuated upward. The cost - side support was strong. Most supply - side quotes remained stable, with local supplies being slightly tight. The low - end price center shifted slightly upward. The overall market trading atmosphere was light, and the market negotiation center shifted slightly upward [2]

Group 1: Report Industry Investment Rating - No relevant information found Group 2: Core Viewpoints of the Report - Gasoline crack spreads are declining, but PX prices are strong, supporting the PX - naphtha spread. Despite no significant fundamental changes, PTA units maintain high - load operation, and PX consumption remains stable. Korean manufacturers plan to cut STDP operation and shut down relevant units in the second half of December due to the widened PX - mixed xylene spread. PX costs are high while PTA profits are under pressure, but integrated enterprises' economic benefits improve. New polyester installations keep the polyester load high, increasing PTA consumption and market inventory intention, and strengthening the basis. Although domestic demand is seasonally weak, polyester factories have low inventories and low willingness to cut production, and the cancellation of India's BIS certification may drive export growth [2] Group 3: Summary by Related Catalogs Price and Market Conditions - PTA spot price increased from 5015 to 5050, MEG inner - market price rose from 3573 to 3653, and PTA closing price went up from 5094 to 5152. The price of 1.4D direct - spun polyester staple fiber increased from 6550 to 6575. Polyester bottle - chip prices in the Jiangsu and Zhejiang markets rose, with the average price up 30 yuan/ton. Cotton 328 price increased from 14910 to 15000 [2] Market Transaction - In the short - fiber market, downstream purchasing is cautious, and the market is mainly bought by futures - spot traders with scarce transactions. In the bottle - chip market, the trading atmosphere is cautious, and downstream terminals are on the sidelines [2] Industry Operation Indicators - The direct - spun short - fiber load increased from 88.37% to 89.32%, and the polyester short - fiber production and sales rate decreased from 80.00% to 56.00%. The polyester yarn startup rate and the recycled cotton - type load index remained unchanged [2][3] Profit and Cost - The polyester short - fiber cash flow increased from 240 to 246, the bottle - chip spot processing fee decreased from 527 to 469, the T32S pure - polyester yarn processing fee decreased from 3800 to 3775, and the polyester - cotton yarn profit decreased from 1321 to 1271. The cash flow of 6 - 15D hollow short - fiber decreased from 465 to 408 [2]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - Recently, the PX market has rebounded due to multiple factors. Despite the end of some planned maintenance and the gradual recovery of production capacity, PX output is still limited, driven by two key factors: the soaring gasoline profit margin, which prompts refineries to reduce raw material input in aromatic units and increase gasoline production, and the drop in benzene prices to a near three - year low, leading refineries to lower the load of reforming and STDP units to limit benzene output and thus PX supply [2] - PTA supply has slightly shrunk, polyester operation remains stable with a load of over 90%, and domestic polyester exports are still optimistic. Although the "Golden September and Silver October" period has ended, downstream weaving has performed well, and export demand may improve. The costs of bottle chips and short fibers follow these trends [2] Group 3: Summary of Related Data Price Data - PTA spot price increased from 4610 to 4630, a change of 20; MEG inner - market price decreased from 3919 to 3885, a change of - 34; PTA closing price decreased from 4712 to 4696, a change of - 16; MEG closing price decreased from 3903 to 3822, a change of - 81 [2] - 1.4D direct - spun polyester staple fiber price remained at 6370; short - fiber basis decreased from 128 to 110, a change of - 18; 12 - 1 spread decreased from 48 to 50, a change of - 2; polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2] - 1.4D imitation large - denier fiber price remained at 5400; the price difference between 1.4D direct - spun and imitation large - denier fiber remained at 970; East China water bottle chip price decreased from 5758 to 5716, a change of - 42; hot - filled polyester bottle chip price decreased from 5758 to 5716, a change of - 42; carbonated - grade polyester bottle chip price decreased from 5858 to 5816, a change of - 42; outer - market water bottle chip price remained at 760; bottle - chip spot processing fee decreased from 504 to 456, a change of - 48 [2] - T32S pure polyester yarn price remained at 10300; T32S pure polyester yarn processing fee remained at 3930; polyester - cotton yarn 65/35 45S price remained at 16300; cotton 328 price increased from 14320 to 14340, a change of 20; polyester - cotton yarn profit decreased from 1664 to 1656, a change of - 8 [2] - Primary three - dimensional hollow (with silicon) price increased from 7020 to 7035, a change of 15; hollow short - fiber 6 - 15D cash flow increased from 566 to 575, a change of 9; primary low - melting - point short fiber price remained at 7480 [2] Operating Rate and Sales Data - Direct - spun short - fiber load (weekly) increased from 88.37% to 89.32%, a change of 0.95%; polyester staple fiber sales decreased from 65.00% to 35.00%, a change of - 30.00%; polyester yarn startup rate (weekly) remained at 66.00%; recycled cotton - type load index (weekly) remained at 51.10% [3]

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]