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]

Industry Investment Rating - No relevant information provided Core Viewpoints - Gasoline profit and low benzene prices jointly support PX. The gasoline crack spread has risen above $15, prompting refineries to prioritize gasoline production and reduce feedstock for aromatics units. The processing fee of PTA has been compressed to less than 200 again. Industry profits are still constrained by overcapacity due to new plant commissions. Although the peak seasons of "Golden September and Silver October" are over, export demand may improve under the background of the easing of the Sino - US trade war. The downstream weaving has performed well recently, and the current peak season is expected to last until November. It is necessary to pay attention to whether the reduction of Sino - US tariffs can further stimulate domestic exports. Bottle chips and staple fibers follow the cost [2] Summary by Related Indicators Spot Price Changes - PTA spot price increased from 4540 to 4575, up 35 [2] - MEG internal price increased from 3972 to 4013, up 41 [2] - PTA closing price decreased from 4688 to 4664, down 24 [2] - MEG closing price increased from 3924 to 3942, up 18 [2] - 1.4D direct - spun polyester staple fiber price increased from 6380 to 6415, up 35 [2] - Short - fiber basis decreased from 135 to 122, down 13 [2] - 12 - 1 spread decreased from 34 to 38, down 4 [2] - Polyester staple fiber cash flow increased from 240 to 246, up 6 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5400 [2] - The price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 980 to 1015, up 35 [2] - East China water bottle chip price decreased from 5700 to 5698, down 2 [2] - Hot - filled polyester bottle chip price decreased from 5700 to 5698, down 2 [2] - Carbonated - grade polyester bottle chip price decreased from 5800 to 5798, down 2 [2] - Outer - market water bottle chip price remained unchanged at 760 [2] - Bottle chip spot processing fee decreased from 488 to 442, down 45.66 [2] - T32S pure polyester yarn price remained unchanged at 10310 [2] - T32S pure polyester yarn processing fee decreased from 3930 to 3865, down 35 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300 [2] - Cotton 328 price decreased from 14490 to 14465, down 25 [2] - Polyester - cotton yarn profit decreased from 1593 to 1579, down 13.75 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7020 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 608 to 564, down 43.66 [2] - Primary low - melting - point staple fiber price remained unchanged at 7480 [2] Operating Rate and Sales Rate - Direct - spun staple fiber load (weekly) increased from 93.90% to 94.40%, up 0.01 [3] - Polyester staple fiber sales rate decreased from 86.00% to 48.00%, down 38.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 63.50% [3] - Regenerated cotton - type load index (weekly) increased from 51.00% to 51.50%, up 0.01 [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]

Core Viewpoint - The short fiber futures market is experiencing a weak fluctuation, with the main contract showing a decline of 1.50% as of the latest update, indicating a bearish sentiment in the market [1][2]. Group 1: Market Performance - As of October 10, the main short fiber futures contract reached a low of 6176.00 yuan and is currently priced at 6180.00 yuan, reflecting a drop of 1.50% [1]. - The trading range for direct-spun polyester short fiber is maintained between 6300 to 6550 yuan, with limited inventory increase during the holiday period [2]. Group 2: Institutional Insights - New Lake Futures suggests that the absolute price of short fiber will follow cost trends, with a stable factory quotation and a sales average of 67% [2]. - Donghai Futures indicates that the short fiber market will continue to follow the polyester sector's adjustments, with limited upward potential due to seasonal order increases being modest [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]

Core Viewpoint - The short fiber futures market is experiencing a significant upward trend, with the main contract reaching a peak of 6610.00 yuan, reflecting a 1.89% increase [1] Group 1: Market Analysis - New Lake Futures suggests that short fiber is gradually realizing production cuts, indicating a potential opportunity to go long on processing fees [2] - Donghai Futures anticipates that short fiber will maintain a strong oscillating pattern in the medium term, following the polyester sector [2] - Ruida Futures highlights that the main short fiber contract faces resistance around 6650 yuan, with support expected near 6300 yuan [3] Group 2: Supply and Demand Dynamics - The production of polyester short fiber in China is reported at 163,500 tons, a slight decrease of 30 tons or 0.18% month-on-month, with an average capacity utilization rate of 86.42%, down 0.19% [3] - The average operating rate in the pure polyester yarn industry is at 72.42%, reflecting a decrease of 1.46% [3] - Inventory levels in the pure polyester yarn sector have increased, with weekly average inventory rising to 23.08 days, up 0.17 days from the previous week [3]

Supply and Demand - As of July 18, some factories have reduced production, leading to a decline in short fiber operating rates to approximately 89.5%, a decrease of 2.8% [3] - Downstream demand for polyester yarn is weak, with reduced orders for sewing thread and an accelerated pace of inventory accumulation in factories [3] - Polyester-cotton yarn sales remain stable, but inventory levels are high [3] Profitability - As of July 22, the cash processing fee for short fibers is around 987 CNY/ton, while the processing fees for PF2509 and PF2510 contracts are 895 CNY/ton and 960 CNY/ton, respectively [2] Market Outlook - Despite short fiber factories planning production cuts in July, weak terminal demand, high temperatures, and elevated finished goods inventory are leading to increased production cuts among downstream yarn factories [4] - The overall supply and demand for short fibers are weak, with no significant drivers, and absolute prices are fluctuating with raw material prices [4] - The processing fee for PF contracts is expected to fluctuate within the range of 800-1100 CNY/ton, with limited upward or downward drivers [4] Spot Market - On July 22, the short-term futures for direct-spun polyester saw a slight increase, with factory quotes remaining stable and transactions being negotiated at discounts [1] - The average sales rate for direct-spun polyester was 55% by 3:00 PM, with some factories reporting rates of 70%, 20%, 50%, and others [1]

Group 1: Industry Development - Xinjiang Yuanfeng Textile Co., Ltd. is constructing its second phase project, expected to be operational by October, making it the first blended polyester enterprise in Xinjiang [1] - The region's GDP grew by 7% year-on-year in Q1, with fixed asset investment increasing by 20% and industrial added value rising by 6% [1] Group 2: Green Energy Initiatives - The Kuqa Green Hydrogen Demonstration Project, the largest of its kind in the country, has a photovoltaic capacity of 300 MW and an annual hydrogen production capacity of 20,000 tons, reducing CO2 emissions by 485,000 tons annually [2] - The integration of green hydrogen into traditional oil refining processes enhances the environmental sustainability of the industry [2][3] Group 3: Project Synergies - The oxygen produced during hydrogen production will be supplied to the 40,000-ton polyoxymethylene project, optimizing production costs and enhancing overall efficiency [3] - The region is focusing on developing a comprehensive hydrogen industry chain, including production, transportation, storage, and utilization [3] Group 4: Strategic Project Layout - The local government emphasizes the importance of introducing projects that enhance the quality of the industrial chain and drive upstream and downstream enterprises [4] - Xinjiang Yuanfeng Textile Co., Ltd. aims to create a production base for blended yarns, leveraging local cotton and energy resources [4][5] Group 5: Investment and Economic Growth - Kuqa plans to implement 219 fixed asset investment projects this year, with a total investment of 91.887 billion yuan, and an annual planned investment of 16.665 billion yuan, reflecting an 11.8% year-on-year increase [5]