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Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the given content. 2. Core Viewpoints There is no clear core viewpoint presented in the provided content. It mainly shows various commodity prices, price changes, and industrial load rates. 3. Summary by Related Catalogs Commodity Prices and Changes - The current price of crude oil is $575.50 per ton on August 21, 2025, with a previous value of $574.50, a change of 0.1% [1]. - The price of the Northeast Asia ethylene price index is $831.00 per ton on August 21, 2025, with a previous value of $826.00, a change of 0.61% [1]. - The ex - factory price of ethylene oxide in the East China region is $6300.00 per ton on August 21, 2025, unchanged from the previous value [1]. - The price of methanol is $2275.00 per ton on August 21, 2025, unchanged from the previous value [1]. - The price of brown coal in Inner Mongolia is $290.00 per ton on August 20, 2025, unchanged from the previous value [1]. - The settlement price of the main contract of a certain commodity is $4452.00 per ton on August 20, 2025, with a previous value of $4363.00, a change of 2.04% [1]. - The settlement price of the nearby contract of a certain commodity is $4400.00 per ton on August 20, 2025, unchanged from the previous value [1]. - The price of ethylene glycol in the East China market is $4460.00 per ton on August 20, 2025, unchanged from the previous value [1]. - The price difference between the near - month and far - month contracts is $45.00 per ton on August 20, 2025, with a previous value of $44.00, a difference of -$89.00 [1]. - The price difference of another commodity is $38.00 per ton on August 20, 2025, with a previous value of $91.00, a difference of -$3.00 [1]. Industrial Load Rates - The plant load rate of the PTA industry is 83.0% on August 20, 2025, unchanged from the previous value [1]. - The load rate of textile machines in the Zhejiang and Jiangsu PTA industry is 57.80% on August 20, 2025, unchanged from the previous value [1]. Other Information - The external price of ethylene glycol made from naphtha is $903.8 per ton on August 19, 2025, with a previous value of $903.5, a difference of -$0.62 [1]. - The cash - flow situation shows a value of $111.9 on August 19, 2025, with a previous value of $114.9, a difference of -$3.00 [1]. - The post - tax gross profit of a certain coal - based synthesis gas method is $1425.38 per ton on August 20, 2025, with a previous value of $1422.83, a difference of -$2.55 [1]. - The price index of polyester fiber is $8650.00 per ton on August 20, 2025, unchanged from the previous value [1]. - The price index of polyester is $7100.00 per ton on August 20, 2025, with a previous value of $7125.00, a change of 0.3% [1]. - The price index of polyester staple fiber is $6490.00 per ton on August 20, 2025, unchanged from the previous value [1]. - The price index of bottle - grade chips is $5900.00 per ton on August 20, 2025, with a previous value of $5920.00, a change of 0.34% [1].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints No information provided. 3) Summary by Related Catalog - **Commodity Prices and Changes** - The CFR price of naphtha in Asia on August 20, 2022, was $557 per ton, up 0.66% from the previous day [1]. - The ethylene price index in North America on August 20, 2022, remained unchanged at $826 per ton [1]. - The average ex - factory price of ethylene oxide in East China on August 20, 2022, was 6,300 yuan per ton, unchanged from the previous day [1]. - The settlement price of the main contract of a certain commodity on August 19, 2022, was $436.3 per ton, up 0.23% [1]. - The price of methanol in the East China market on August 19, 2022, was 4,440 yuan per ton, unchanged [1]. - The price of polyester staple fiber on August 19, 2022, was 6,495 yuan per ton, up 0.31% [1]. - **Production and Operation Conditions** - The comprehensive operating rate of coal - to - ethylene glycol on August 19, 2022, was 61.09%, up 1.27 percentage points from the previous day [1]. - The operating rate of the PTA industry chain on August 19, 2022, was 87.30%, unchanged [1]. - The operating rate of textile machinery in Zhejiang's PTA industry on August 19, 2022, was 80.57%, unchanged [1]. - **Profit Conditions** - The after - tax gross profit of a coal - based synthesis device on August 19, 2022, was 461.95 yuan per ton [1].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The market is in a state of shock, with the macro - environment being weak and the demand outlook showing a slow recovery. The price of some products such as ethylene glycol is affected by factors like supply and inventory, and the market sentiment is relatively cautious [2] Group 3: Summary According to Related Catalogs Market Conditions - There are fluctuations in product prices and market volumes. For example, the price of ethylene glycol has changes, and the market supply and demand relationship is complex. The polyester market is also in a state of adjustment, with the macro - environment having an impact on market expectations [1][2] Product - related - Ethylene glycol is a key product in the report. Its production cost, inventory level, and market demand all affect its price. The low - level price and supply - demand imbalance in the short - term have led to market instability [2] Business and Market Participants - Merchants' inventory levels and trading activities are affected by market conditions. They face challenges such as low prices and weak demand, and their trading decisions are also influenced by macro - economic factors and market information [2]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - No relevant information provided. 3. Summaries Based on Related Catalogs Commodity Prices - The price of crude oil on August 15, 2025, was $572.50 per ton, up 0.26% from the previous value [1]. - The price of ethylene in Northeast Asia on August 15, 2025, was $826.00 per ton, with no change from the previous value [1]. - The ex - factory price of ethylene oxide in East China on August 18, 2025, was 6300 yuan per ton, with no change from the previous value [1]. - The price of methanol in East China on August 15, 2025, was 2347.50 yuan per ton, with no change from the previous value [1]. - The含税 price of lignite in Inner Mongolia on August 15, 2025, was 290 yuan per ton, with no change from the previous value [1]. - The settlement price of the main contract of CG on August 15, 2025, was 4374 yuan per ton, down 0.30% from the previous value [1]. - The settlement price of the nearby contract on August 15, 2025, was 4400 yuan per ton, with no change from the previous value [1]. - The price of ethylene glycol in the East China market on August 15, 2025, was 4460 yuan per ton, with no change from the previous value [1]. Price Differences - The price difference between the near - month and far - month contracts on August 15, 2025, was 33 yuan per ton, up from 20 yuan per ton previously [1]. - The basis difference on August 15, 2025, was 86 yuan per ton, up from 83 yuan per ton previously [1]. Operating Conditions - The operating rate of oil - based ethylene glycol on August 15, 2025, was 52.46%, and that of coal - based ethylene glycol was 9.22% [1]. - The operating rate of the PTA industry chain on August 15, 2025, was 86.88%, and that of the textile machinery industry in the Yangtze River Delta was 57.80% [1]. Financial Conditions - The after - tax gross profit of coal - based synthesis gas method on August 15, 2025, was 1512.98 yuan per ton, compared with 1536.66 yuan per ton previously [1]. Price Indexes - The price index of polyester on August 15, 2025, was 8650 yuan per ton, with no change from the previous value [1]. - The price index of polyester chips on August 15, 2025, was 7125 yuan per ton, with no change from the previous value [1]. - The price index of polyester staple fiber on August 18, 2025, was 6400 yuan per ton, up 0.8% from the previous value [1]. - The price index of bottle - grade chips on August 15, 2025, was 5900 yuan per ton, up 0.1% from the previous value [1].

Summary of Key Points from Conference Call Records Industry or Company Involved - **Express Delivery Industry** [4] - **Aviation Industry** [5] - **Chemical Industry** [7][9] - **Agricultural Chemicals** [8] - **Steel Industry** [3][11] - **Coal Industry** [15][17] Core Insights and Arguments Express Delivery Industry - Express delivery prices in Guangdong increased by 0.4 yuan on August 5, 2025, potentially leading to price hikes in other regions due to competitive pressures [4] - The increase in social security contributions starting September adds operational pressure on franchisees, further driving the need for price adjustments [4] - Historical data shows successful price increases in the past, indicating strong and reasonable demand for this round of price hikes, benefiting companies like Jitu, Shentong, Yunda, Yuantong, and Zhongtong [4] Aviation Industry - The aviation sector is currently implementing measures to counter competition, such as limiting low ticket prices and possibly introducing kilometer yield limits [5] - Despite weak demand during the summer travel season, the long-term supply-demand relationship in the aviation sector remains attractive, with companies like Huaxia Airlines and Spring Airlines being noteworthy [5] Chemical Industry - The chemical sector is in a seasonal lull, with supply and demand currently stagnant, awaiting recovery [7] - MDI prices were stable, while TDI prices saw a slight decline; polyester prices are expected to recover as the peak season approaches [7] - The chemical industry is anticipated to improve in the latter half of the year due to easing PPI deflation and supportive policies [9] Agricultural Chemicals - Chloride potassium prices rose slightly from 3,250 yuan to 3,285 yuan, with a decrease in inventory indicating a supply-demand imbalance [8] - Major global potassium fertilizer companies are optimistic about the second half of the year, with increased demand forecasts [8] - Glyphosate production rates have decreased, leading to a slight price increase, with expectations for further price rises due to low production rates and upcoming export seasons [8] Steel Industry - The steel sector is currently undervalued with low institutional holdings, making it susceptible to price increases [11] - Anticipated demand from the "Golden September and Silver October" season and production limits in the Beijing-Tianjin-Hebei region could catalyze price increases [11] Coal Industry - Coal prices have significantly increased due to supply constraints and declining inventories, with expectations for further price rises [15][17] - Factors such as rainfall, production checks, and safety inspections are limiting supply, contributing to price increases [16] - The forecast for thermal coal prices could reach 710 yuan or higher, with companies like Shaanxi Coal benefiting from this trend [17] Other Important but Possibly Overlooked Content - The express delivery industry's price adjustments are seen as a necessary response to operational pressures and historical precedents [4] - The aviation sector's long-term attractiveness despite short-term challenges suggests potential investment opportunities [5] - The chemical industry's future outlook is supported by anticipated policy changes aimed at addressing overcapacity and improving supply-demand dynamics [9] - The agricultural chemicals market is experiencing a shift in demand, particularly for potassium fertilizers, which could benefit leading companies [8] - The steel industry's potential for recovery is linked to broader economic conditions and seasonal demand patterns [11] - The coal industry's price dynamics are influenced by both supply-side constraints and demand recovery, indicating a complex market environment [15][17]

Group 1: Price Information - The current price of crude oil is $84.63 per ton, with a previous price of $83.88 and a change of 1.9% [1] - The price of ethylene in Northeast Asia is $821 per ton, with no change [1] - The ex - factory price of ethylene oxide in East China is $6300 per ton, with no change [1] - The price of methanol is $2377.5 per ton, with no change [1] - The price of brown coal in Inner Mongolia is $290 per ton, with no change [1] - The closing price of the main contract of a certain product is $4389 per ton, with a previous price of $4400 and a change of - 0.36% [1] - The settlement price of the main contract is $4375 per ton, with a previous price of $4406 and a change of 0% [1] - The closing price of the near - month contract is $4400 per ton, with no change [1] - The settlement price of the near - month contract is $4400 per ton, with no change [1] - The intermediate price of ethylene glycol in the domestic market is $4480 per ton, with no change [1] - The price index of ethylene glycol in the domestic market is $4460 per ton, with a previous price of $4480 and a change of - 0.33% [1] - The price difference between the near - month and far - month contracts is $32 per ton, with a previous difference of $31 and a change of $1 [1] - The comprehensive price of ethylene glycol is $76 per ton, with a previous price of $75 and a change of $1 [1] - The price index of polyester is $8625 per ton, with no change [1] - The price index of polyester staple fiber is $6100 per ton, with a previous price of $6600 and a change of - 7.6% [1] - The price index of bottle - grade chips is $5900 per ton, with a previous price of $5950 and a change of - 0.84% [1] Group 2: Production and Operation Information - The operating rate of oil - based ethylene glycol is 59.42%, with no change [1] - The operating rate of coal - based ethylene glycol is 93%, with no change [1] - The production chain load rate of PTA factories is 86.1%, with no change [1] - The production chain load rate of weaving machines in the Jiangsu and Zhejiang PTA industry is 57.83%, with no change [1] Group 3: External Market Information - The price of oil - based ethylene glycol in the external market is $1114.1 per ton, with a previous price of $1106.85 and a certain situation [1] - The price of ethylene in the external market is $111.6 per ton, with a previous price of $108.65 and a certain situation [1] Group 4: Profit Information - The post - tax gross profit of a certain coal - based synthetic gas method device is $1533.05 per ton, with a previous profit of $1545.27 and a change of - $12.22 [1]

Report Highlights - Since no investment rating for the industry is provided, this part is skipped. - As there is no clear core view presented, this part is skipped. Price and Market Information - On July 31, 2025, the price of refined naphtha was $608.30 per ton, up 3.23% from the previous day [1] - As of July 29, 2025, the price index of Northeast Asia ethylene was $821.00 per ton, showing no change [1] - On July 31, 2025, the ex - factory price of East China ethylene oxide was 6,450 yuan per ton, with no change [1] - As of July 30, 2025, the spot price of methanol was 2,405 yuan per ton, remaining unchanged [1] - As of July 30, 2025, the pit - mouth price of Inner Mongolia lignite (Q3500) was 290 yuan per ton, showing no change [1] - As of July 30, 2025, the closing price of the main contract of GD was 4,450 yuan per ton, down 0.38% [1] - As of July 30, 2025, the settlement price of the main contract of GD was 4,465 yuan per ton, up 0.34% [1] - As of July 30, 2025, the closing price of the nearby contract of GD was 4,423 yuan per ton, up 0.02% [1] - As of July 30, 2025, the settlement price of the nearby contract of GD was 4,420 yuan per ton, up 0.07% [1] - As of July 30, 2025, the mid - market price of ethylene glycol in East China was 4,520 yuan per ton, with no change [1] - As of July 30, 2025, the CFEI price index of ethylene glycol was 4,515 yuan per ton, down 0.33% [1] - As of July 30, 2025, the price difference between far and near months was - 45 yuan per ton, a decrease of 12 yuan [1] - As of July 30, 2025, the basis was 65 yuan per ton, an increase of 2 yuan [1] Operating Conditions - As of July 30, 2025, the comprehensive operating rate of ethylene glycol was 58.13%, showing no change [1] - As of July 30, 2025, the operating rate of ethylene glycol from naphtha was 58.98%, with no change [1] - As of July 30, 2025, the operating rate of ethylene glycol from coal was 56.89%, remaining unchanged [1] - As of July 30, 2025, the production load rate of polyester plants in the APT industry chain was 86.28%, showing no change [1] - As of July 30, 2025, the production load rate of textile machines in Zhejiang in the APT industry chain was 58.75%, with no change [1] Cash Flow and Profitability - As of July 29, 2025, the external market profit of ethylene glycol from naphtha was - $95.29 per ton, a decrease of $12.09 [1] - As of July 29, 2025, the external market profit of ethylene glycol from ethylene was - $103.65 per ton, an increase of $3.00 [1] - As of July 30, 2025, the post - tax gross profit of G produced by MMT was - 1,573.30 yuan per ton, a decrease of 2.79 yuan [1] - As of July 30, 2025, the post - tax gross profit of the coal - based synthesis gas unit was 667.70 yuan per ton, with no change [1] Polyester Price Index - As of July 30, 2025, the CFEI price index of polyester yarn was 8,625 yuan per ton, up 0.29% [1] - As of July 30, 2025, the CFEI price index of POY polyester yarn was 7,150 yuan per ton, up 0.35% [1] - As of July 30, 2025, the CFEI price index of polyester staple fiber was 6,610 yuan per ton, up 0.23% [1] - As of July 30, 2025, the CFEI price index of bottle - grade chips was 6,000 yuan per ton, showing no change [1]

Industry Investment Rating - No information provided Core Viewpoints - No information provided Summary by Relevant Catalog Price Information - The current price of crude oil is $578.50 per ton, with a previous price of $580.50, a decrease of 0.34% [1] - The price of the Northeast Asia ethylene is $821.00 per ton, unchanged from the previous value [1] - The ex - factory price of ethylene oxide in the East China region is $640.00 per ton, unchanged from the previous value [1] - The settlement price of the main contract is $4469.00 per ton, with a previous price of $4529.00, an increase of 1.32% [1] - The market price of ethylene glycol in the East China region is $4580.00 per ton, unchanged from the previous value [1] - The price index of polyester is $8600.00 per ton, unchanged from the previous value; the price of polyester staple fiber is $6600.00 per ton; the price of bottle - grade chips is $6010.00 per ton, with a previous price of $6080.00, a decrease of 1.1% [1] Operating Rate and Load Rate - The operating rate of oil - based ethylene glycol is 58.98%; the operating rate of coal - based ethylene glycol is 94.94% [1] - The load rate of the PTA polyester industry factory is 86.66%, and the load rate of the weaving machine industry in the Jiangsu and Zhejiang PTA chain is 58.63% [1] Other Information - The external - market price of oil - based ethylene glycol is $832.1 per ton; the external - market price of ethylene - based ethylene glycol is $966.1 per ton [1] - The post - tax gross profit of coal - based synthesis gas method is $1594.03 per ton, with a previous value of $1687.46, a decrease of $93.43 [1]

Commodity Price Information - The current price of crude oil is $580.50 per ton, with a previous value of $576.13, showing an increase of 0.6% [1] - The price of the Northeast Asia ethylene price index remains unchanged at $821.00 per ton [1] - The ex - factory price of ethylene oxide in the East China region is $640.00 per ton, unchanged from the previous value [1] - The price of methanol is $2462.50 per ton, unchanged [1] - The含税 price of lignite in Inner Mongolia is $290.00 per ton, unchanged [1] - The settlement price of the main contract of a certain commodity is $4529.00 per ton, up 1.34% from the previous value; the closing price of the nearby contract is $4226.00 per ton [1] - The price index of domestic ethylene glycol in the inner market is $4580.00 per ton, up 0.88% from the previous value of $4540.00 [1] - The nearby - far month price difference is $303.00 per ton, with a change of -$60.00; the basis difference is $50.00 per ton, with a change of -$0.00 [1] Production and Operation Data - The operating rate of oil - based ethylene glycol production is 58.98%, and the operating rate of coal - based ethylene glycol production is 94.62% [1] - The load rate of the PTA industry chain is 80.18%, and the load rate of the textile machinery industry in the Zhejiang and Jiangsu PTA industry chain is 58.63% [1] External Market and Profit Data - The price of foreign - market oil - based ethylene glycol is $828.92 per ton [1] - The after - tax gross profit of a certain production method is $1687.46 per ton, with a change of -$46.31 compared to the previous value [1] Price Index Data - The price index of polyester is $8600.00 per ton, unchanged; the price index of polyester staple fiber is $6600.00 per ton, down 2.3% compared to the previous value of $6800.00; the price index of bottle - grade chips is $6080.00 per ton, up 1.2% compared to the previous value of $6005.00 [1] - The price of polyester is $7125.00 per ton, up 0.3% from the previous value of $7100.00 [1]