Report Industry Investment Rating - The report expects PX, PTA, and PR to have a moderately strong and volatile trend [2]. Core Viewpoints - The prices of PX, PTA, and PR are expected to show a moderately strong and volatile trend. The PX market is in a tight - balance situation, with stable supply and limited demand - side drive. The PTA market is affected by cost and supply - side factors, and the supply pressure cannot be eliminated by short - term maintenance. The PR market follows cost trends, with sufficient supply and cautious downstream procurement [2]. Summary by Related Catalogs Price Information - **Upstream Prices**: On November 6, 2025, the futures settlement prices of WTI and Brent crude oil decreased by 0.29% and 0.22% respectively. The spot price of naphtha decreased by 0.30%, while the spot price of xylene (isomeric grade) increased by 0.65% [1]. - **PTA Prices**: The CZCE TA main - contract closing price increased by 1.91%, and the spot price of domestic PTA increased by 0.75%. The CCFEI price indices of PTA both increased [1]. - **PX Prices**: The CZCE PX main - contract closing price increased by 2.56%, and the spot price of domestic PX remained unchanged. The PXN and PX - MX spreads increased by 4.93% and 4.28% respectively [1]. - **PR Prices**: The CZCE PR main - contract closing price increased by 1.31%, and the market prices of polyester bottle - chips in the East and South China markets increased by 0.70% and 0.35% respectively [1]. - **Downstream Prices**: The CCFEI price indices of most downstream products remained unchanged, except for the polyester bottle - chip and polyester slice price indices, which increased, and the polyester short - fiber price index decreased by 0.32% [2]. Operating Conditions - **Operating Rates**: The operating rate of the PX in the polyester industry chain increased by 1.82%. The load rates of PTA factories decreased by 0.42%, while those of polyester factories and bottle - chip factories increased by 0.14% and 0.92% respectively. The load rate of Jiangsu and Zhejiang looms remained unchanged [1]. - **Sales Rates**: The sales rates of polyester filament, polyester short - fiber, and polyester slice increased by 17.41%, 31.62%, and 96.76% respectively [1]. Device Information - A 1.1 - million - ton PTA device in South China is under maintenance, and the restart date is undetermined. A 1 - million - ton PTA device in Southwest China is planned to be maintained this weekend and may be shut down for 45 days [2]. Market Analysis - **PX**: The international crude oil market is volatile, and the domestic PX devices operate stably. Although some PX factories' reforming devices are under maintenance, the market supply remains stable. The PX benefit is expected to be volatile and stable in the short term, and attention should be paid to the implementation of maintenance in the fourth quarter [2]. - **PTA**: The PTA price is pushed up by the cost of PX. Although there are many device maintenance plans, the supply is still sufficient. The domestic demand market is gradually weakening, but the foreign trade orders are increasing, and the short - term downstream demand is acceptable [2]. - **PR**: The polyester bottle - chip market in Jiangsu and Zhejiang is moderately strong and volatile. The supply is sufficient, and the downstream procurement is cautious [2].

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The report predicts that PX, PTA, and PR will experience narrow - range oscillations. The view scores for PX, PTA, and PR are all 0 [2]. Summary by Relevant Catalogs Price Information - **Upstream**: On November 4, 2025, the futures settlement price of WTI crude oil was $60.56 per barrel, down 0.80% from the previous value; Brent crude oil was $64.44 per barrel, down 0.69%. The spot price of naphtha (CFR Japan) was $576.50 per ton, down 1.01%. The spot price of xylene (isomeric grade, FOB Korea) was $686.00 per ton, up 0.07%. The spot price of PX (CFR China Main Port) was $816.00 per ton, down 0.37% [1]. - **PTA**: The closing price of CZCE TA's main contract was 4,604 yuan per ton, up 0.17%; the settlement price was 4,596 yuan per ton, down 0.22%. The domestic PTA spot price was 4,524 yuan per ton, down 0.18%. The CCFEI price index of domestic PTA was 4,510 yuan per ton, down 0.55%, and the external price index was $613.00 per ton, down 0.49% [1]. - **PX**: The closing price of CZCE PX's main contract was 6,660 yuan per ton, up 0.30%; the settlement price was 6,648 yuan per ton, down 0.21%. The domestic PX spot price remained unchanged at 6,511 yuan per ton. The PXN spread was $239.50 per ton, up 1.22%, and the PX - MX spread was $130.00 per ton, down 2.62% [1]. - **PR**: The closing price of CZCE PR's main contract was 5,666 yuan per ton, down 0.14%; the settlement price was 5,672 yuan per ton, down 0.25%. The market price of polyester bottle - chips in East China was 5,715 yuan per ton, down 0.26%, and in South China it dropped 100% to 0 [1]. - **Downstream**: CCFEI price indices of various polyester products such as polyester DTY, POY, and FDY remained mostly unchanged on November 4, 2025, with only minor fluctuations in some products [2]. Purchase and Sales and Operating Rates - **Operating Rates**: On November 4, 2025, the operating rates of PX, PTA factories, polyester factories, bottle - chip factories, and Jiangsu - Zhejiang looms in the polyester industry chain remained unchanged, at 86.21%, 79.66%, 89.56%, 75.63%, and 72.28% respectively [1]. - **Purchase and Sales**: The sales - to - production ratio of polyester filament was 48.15%, down 4.89 percentage points; that of polyester staple fiber was 42.61%, down 5.80 percentage points; and that of polyester chips was 68.45%, up 0.33 percentage points [1]. Important Information and Market Analysis - **PX**: OPEC + decided to suspend production increases in the first quarter of next year, but the poor demand outlook due to macro - economic pressure limited the rise in oil prices. The domestic PX operating rate was high, and the market lacked confidence due to the balance between new output and maintenance plans of PTA devices. Although some PX plants' reforming devices were under maintenance, the market supply remained stable. The PX benefit was expected to oscillate steadily in the short term [2]. - **PTA**: The production - cut expectation was not fulfilled. With sufficient PTA spot and no new positive drivers, the PTA market declined slightly. An additional 2.7 million - ton PTA device of Dushan Energy was under trial operation, and it was expected to replace old devices after stable operation. The overall downstream demand was weak [2]. - **PR**: The mainstream negotiation price of polyester bottle - chips in Jiangsu and Zhejiang decreased. The market atmosphere was weak, with low downstream purchasing willingness. The supply was increasing, and the demand was flat [2]. Device Information - Dushan Energy's 4 2.7 - million - ton PTA device (design capacity) started trial operation on October 25, and it planned to shut down old devices after the new one operated stably [2]

Report Industry Investment Rating - The report expects PX, PTA, and PR to run strongly, with a view score of 1 for each [2] Core Viewpoints - International crude oil has risen to a seven - week high, and it is predicted that PX, PTA, and PR will run strongly [2] Summary by Related Catalogs Price Information - On September 24, 2025, the futures settlement price of WTI crude oil was $64.99 per barrel, up 2.49% from the previous value; Brent crude oil was $69.31 per barrel, up 2.48% [1] - The spot price of naphtha (CFR Japan) was $606 per ton, up 1.42%; the spot price of xylene (isomeric grade, FOB Korea) was $672 per ton, up 2.05% [1] - The spot price of PX (CFR China Main Port) was $812 per ton, up 0.95%; the closing price of CZCE TA main contract was 4,626 yuan per ton, up 1.54% [1] - The CCFEI price index of PTA inner - market was 4,520 yuan per ton, up 1.16%; the outer - market was $600 per ton, down 1.48% [1] - The closing price of CZCE PX main contract was 6,602 yuan per ton, up 1.10%; the closing price of CZCE PR main contract was 5,784 yuan per ton, up 1.15% [1] - The CCFEI price index of polyester bottle - grade chips was 5,750 yuan per ton, up 0.70%; the CCFEI price index of polyester chips was 5,725 yuan per ton, up 0.26% [2] Supply and Demand and Market Conditions - An 700,000 - ton PX plant in Northeast China has been under maintenance since September 18, expected to last about 45 days [2] - Geopolitical risks have increased, and overnight crude oil rebounded after a short adjustment. The cost - end oil market rebounded slightly, driving up PX cost momentum. However, there are still concerns about the domestic PX fundamentals, and the monthly spread is small [2] - The increase in PX supply due to short - process capacity increase and postponed maintenance is obvious, while the demand for PX has decreased more than expected due to the delay of new PTA plant commissioning and multiple PTA maintenance. The PX profit will remain low in the short term [2] - The cost support for PTA has recovered slightly. The typhoon has affected the operation of a PTA plant in Zhuhai, which is temporarily beneficial to the PTA market. But the end - of - month shipment pressure of production enterprises is large, and the polyester product sales are flat [2] - The polyester bottle - chip market has a warm - oscillating trend in terms of raw materials and futures. The supply - side quotation has risen, but the downstream terminal trading has weakened, and the trading atmosphere is light. Some bottle - chip plants have shut down briefly due to the typhoon, with limited impact on market supply [2] Production and Sales and Operating Rates - On September 24, 2025, the operating rate of the PX in the polyester industry chain was 85.57%, unchanged; the PTA plant load rate was 78.12%, down 1.26 percentage points; the polyester plant load rate was 87.73%, down 1.27 percentage points [1] - The sales rate of polyester filament was 80.65%, up 41.74 percentage points; the sales rate of polyester staple fiber was 67.04%, up 18.96 percentage points; the sales rate of polyester chips was 143.48%, up 85.45 percentage points [1]

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 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].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - This week, the PX price rose and then retraced. The absolute price on Friday was down 0.9% week - on - week to $849/ton CFR, but the weekly average price still increased slightly by 1.4% to $855/ton CFR. The PX inventory is at a historical low, providing strong support at the bottom. Whether the PX profit can continue to improve depends on more unexpected factors. PX is in an advantageous position in the industrial chain, and its social inventory is decreasing due to the rigid demand of new PTA production facilities. As the downstream demand peak season approaches, polyester production is gradually recovering [2]. - The PTA spot supply is sufficient, and the spot basis is weakening, which is negative for market sentiment. The PTA processing fee has entered a low - range, and unplanned device maintenance is difficult to continuously boost the price. As the traditional peak season approaches, the polyester production load may increase, and the de - stocking volume is expected to expand. The terminal demand is still weakly recovering, but the downstream's bullish expectation has increased. The industrial chain profit is shifting towards the raw material segment, and PTA will move in a volatile manner with cost as the dominant factor [2]. - The polyester bottle - chip market in Jiangsu and Zhejiang is trading at 5880 - 6030 yuan/ton, down 5 yuan/ton from the previous trading day. The bottle - chip supply side has a stable - to - falling price offer, and the downstream is cautious. The overall production reduction of the supply side has not changed significantly, and the market spot supply is abundant [2]. - Currently, the pricing logic is still cost - driven. It is expected that PX, PTA, and PR will operate in a volatile manner [2]. 3. Summary by Related Catalogs Price Information - **Upstream**: On August 29, 2025, the futures settlement price of WTI crude oil was $64.01/barrel, down 0.91% from the previous value; the futures settlement price of Brent crude oil was $68.12/barrel, down 0.73%. The spot price of naphtha (CFR Japan) was $597.38/ton, up 0.59%; the spot price of xylene (isomeric grade, FOB Korea) was $691.50/ton, up 0.29%; the spot price of PX (CFR China Main Port) was $849.00/ton, up 0.04% [1]. - **PTA Futures and Spot**: The closing price of the CZCE TA main contract was 4784 yuan/ton, down 0.17%; the settlement price was 4774 yuan/ton, down 0.50%. The closing price of the CZCE TA near - month contract was 4722 yuan/ton, down 0.30%; the settlement price was 4718 yuan/ton, down 0.76%. The domestic PTA spot price was 4776 yuan/ton, down 1.34%. The CCFEI price index of domestic PTA was 4740 yuan/ton, down 0.73%; the CCFEI price index of overseas PTA was $634.00/ton, down 0.47% [1]. - **PX Futures and Spot**: The closing price of the CZCE PX main contract was 6878 yuan/ton, down 0.12%; the settlement price was 6844 yuan/ton, down 0.67%. The closing price of the CZCE PX near - month contract was 6702 yuan/ton, down 2.53%; the settlement price was 6866 yuan/ton, down 0.29%. The domestic PX spot price was 6738 yuan/ton, down 0.77%. The PXN spread was $251.63/ton, down 1.24%; the PX - MX spread was $157.50/ton, down 1.05% [1]. - **PR Futures and Spot**: The closing price of the CZCE PR main contract was 5956 yuan/ton, down 0.43%; the settlement price was 5954 yuan/ton, down 0.23%. The closing price of the CZCE PR near - month contract was 5836 yuan/ton, up 0.52%; the settlement price was 5832 yuan/ton, up 0.45%. The market price of polyester bottle - chips in the East China market was 5860 yuan/ton, unchanged; in the South China market, it was 5960 yuan/ton, unchanged [1]. - **Downstream**: On August 29, 2025, the CCFEI price index of polyester staple fiber was 6540 yuan/ton, down 0.53%; the CCFEI price index of polyester chips was 5885 yuan/ton, down 0.59%; the CCFEI price index of bottle - grade chips was 5860 yuan/ton, unchanged [2]. 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]. Production and Sales Information - On August 29, 2025, the operating rate of the PX in the polyester industrial chain was 82.59%, up 2.21 percentage points; the PTA industrial chain load rate of PTA factories was 70.76%, unchanged; the PTA industrial chain load rate of polyester factories was 87.15%, up 1.12 percentage points; the PTA industrial chain load rate of bottle - chip factories was 73.09%, up 1.16 percentage points; the PTA industrial chain load rate of Jiangsu and Zhejiang looms was 62.03%, unchanged [1]. - The sales rate of polyester filament was 41.62%, down 1.77 percentage points; the sales rate of polyester staple fiber was 45.86%, up 5.15 percentage points; the sales rate of polyester chips was 77.76%, up 35.24 percentage points [1]. Trading Strategy - The TA2601 contract closed at 4784 yuan/ton, down 0.29%, with an intraday trading volume of 602,600 lots; the PX2601 contract closed at 6878 yuan/ton, down 0.17%, with an intraday trading volume of 270,000 lots; the PR2511 contract closed at 5956 yuan/ton, down 0.20%, with an intraday trading volume of 60,500 lots [2]. - It is expected that PX, PTA, and PR will operate in a volatile manner (PX view score: 0, PTA view score: 0, PR view score: 0) [2].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The market anticipates a general cooling of the geopolitical situation, with the cease - fire between Russia and Ukraine progressing gradually, causing oil prices to give back gains and continue weak operation. PX supply is recovering, and it is at an advantageous position in the industrial chain with stable bottom support. Whether PX benefits can continue to rise depends on unexpected factors. PTA is expected to move in a volatile manner, with cost being the dominant factor. Polyester bottle - chip supply is sufficient, and the market sentiment is cautious. PX, PTA, and PR are all expected to run in a volatile manner [2] Group 3: Summary by Related Catalogs Price Information - **Upstream**: On August 20, 2025, the futures settlement price of WTI crude oil was $62.71 per barrel, up 0.58%; Brent crude oil was $66.84 per barrel, up 1.60%. The spot price of naphtha (CFR Japan) was $575.50 per ton, up 0.17%. The spot price of xylene (isomeric grade, FOB Korea) was $679.00 per ton, up 0.37%. The spot price of PX (CFR China Main Port) was $837.00 per ton, up 0.22% [1] - **PTA**: The closing price of the CZCE TA main contract was 4,778 yuan per ton, up 0.93%, and the settlement price was 4,742 yuan per ton, down 0.08%. The domestic spot price of PTA was 4,689 yuan per ton, up 0.49%. The CCFEI price index of domestic PTA was 4,686 yuan per ton, down 0.09%, and the foreign price index was $624.00 per ton, up 0.16% [1] - **PX**: The closing price of the CZCE PX main contract was 6,844 yuan per ton, up 1.03%, and the settlement price was 6,782 yuan per ton, down 0.15%. The domestic spot price of PX remained unchanged at 6,654 yuan per ton. The PXN spread was $261.50 per ton, up 0.32%, and the PX - MX spread was $158.00 per ton, down 0.42% [1] - **PR**: The closing price of the CZCE PR main contract was 5,964 yuan per ton, up 0.98%, and the settlement price was 5,914 yuan per ton, down 0.03%. The mainstream market price of polyester bottle - chips in the East China market was 5,900 yuan per ton, down 0.34%, and in the South China market was 5,950 yuan per ton, up 0.17% [1] - **Downstream**: The CCFEI price index of polyester DTY remained unchanged at 8,650 yuan per ton, the price index of polyester POY was 7,100 yuan per ton, down 0.35%, and the price index of polyester FDY68D and FDY150D remained unchanged at 7,150 yuan per ton [2] Device Information - Ningbo Taihua's 1.5 - million - ton PTA device started maintenance on August 7, expected to last 2 months. Yisheng Dalian's 2.25 - million - ton PTA device started maintenance on August 8, expected to last 1 month. Yisheng Hainan's 2 - million - ton PTA device is planned for technical transformation from August 15 for 3 months [2] Production and Sales Situation - The operating rate of the PX in the polyester industrial chain, PTA factories, polyester factories, bottle - chip factories, and Jiangsu and Zhejiang looms all remained unchanged on August 20, 2025. The sales rate of polyester filament was 74.19%, up 23.15 percentage points; the sales rate of polyester staple fiber was 48.70%, down 4.34 percentage points; and the sales rate of polyester chips was 103.06%, up 17.01 percentage points [1] Trading Strategy - The TA2601 contract closed at 4,778 yuan per ton (up 0.67%) with a daily trading volume of 790,700 lots; the PX2601 contract closed at 6,844 yuan per ton (up 0.77%) with a daily trading volume of 308,800 lots; the PR2511 contract closed at 5,964 yuan per ton (up 0.81%) with a daily trading volume of 73,600 lots. PX, PTA, and PR are all expected to run in a volatile manner (PX view score: 1, PTA view score: 1, PR view score: 1) [2]

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年7月11日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 1、基本面：昨日PTA期货跟随成本端震荡收涨，现货市场商谈氛围一般，日内伴随个别主流供应商出货及聚酯大厂减产消息， 现货基差走弱，贸易商商谈为主，零星聚酯工厂递盘，7月货在09+0~20有成交，个别略低，价格商谈区间在4720~4750附近。 今日主流现货基差在09+7。中性 2、基差：现货4735，09合约基差-7，盘面升水 中性 3、库存：PTA工厂库存3.95天，环比减少0.14天 偏多 4、盘面：20日均线向下，收盘价收于20日均线之下 偏空 5、主力持仓：净空 空减 偏空 6、预期：从基本面来看，7月检修不多，另 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The geopolitical risk in the international crude oil market is basically eliminated, and the oil price has given back all the geopolitical premium. The PX price has returned to near the pre - rally level. PX has a tight - balance expectation due to some upcoming device maintenance, and its bottom support is relatively stable. PTA is facing new device commissioning in the third quarter, resulting in a mismatch with PX. PTA inventory's absolute value is decreasing, but the relative value is at a five - year high, and the situation of strong near - term and weak far - term is hard to change. The polyester industry chain follows cost fluctuations, and it is expected that PX, PTA, and PR will all operate in a volatile manner [2] 3. Summary According to Relevant Catalogs 3.1 Price Information - **Upstream**: On June 25, 2025, the futures settlement price of WTI crude oil was $64.92 per barrel, up 0.85%; Brent crude oil was $67.68 per barrel, up 0.80%. The spot price of naphtha (CFR Japan) was $579.25 per ton, down 1.19%. The spot price of xylene (isomeric grade, FOB South Korea) was $726 per ton, down 0.34% [1] - **PTA Futures and Spot**: The closing price of CZCE TA's main contract was 4,790 yuan per ton, up 0.29%; the settlement price was 4,780 yuan per ton, down 1.12%. The spot price of PTA in the domestic market was 5,050 yuan per ton, down 0.94% [1] - **PX Futures and Spot**: The closing price of CZCE PX's main contract was 6,758 yuan per ton, down 0.03%; the settlement price was 6,752 yuan per ton, down 1.69%. The domestic spot price of p - xylene was 7,218 yuan per ton, unchanged [1] - **PR Futures and Spot**: The closing price of CZCE PR's main contract was 5,960 yuan per ton, up 0.03%; the settlement price was 5,954 yuan per ton, down 1.39%. The market price of polyester bottle chips in the East China market was 6,060 yuan per ton, unchanged [1] - **Downstream Products**: The CCFEI price index of polyester staple fiber was 6,785 yuan per ton, down 0.51%; the CCFEI price index of polyester chips was 5,935 yuan per ton, down 0.25% [2] 3.2 Spread Information - The near - far month spread of PTA was 234 yuan per ton, an increase of 8 yuan; the basis was 258 yuan per ton, a decrease of 61 yuan. The PXN spread was $269.75 per ton, down 0.98%; the PX - MX spread was $123 per ton, down 5.51% [1] 3.3 Operating Rate Information - On June 25, 2025, the operating rate of the PX in the polyester industry chain was 82.7%, unchanged; the PTA industry chain load rate of PTA factories was 78.56%, unchanged; the load rate of polyester factories was 90.01%, unchanged [1] 3.4 Production and Sales Information - The sales rate of polyester filament was 22%, down 4 percentage points; the sales rate of polyester staple fiber was 55%, up 10 percentage points; the sales rate of polyester chips was 46%, up 11 percentage points [1] 3.5 Device Information - A 1.2 - million - ton PTA device in the northwest is planned to restart between May 15 and 20 [2] 3.6 Trading Strategy - PTA started to correct, with the TA2509 contract closing at 4,790 yuan per ton (- 0.91%), and the intraday trading volume was 902,000 lots. PX was greatly affected by crude oil and followed the decline, with the PX2509 contract closing at 6,736 yuan per ton (- 0.24%), and the intraday trading volume was 225,200 lots. PR followed the cost operation, with the 2509 contract closing at 5,960 yuan per ton (- 1.29%), and the intraday trading volume was 46,000 lots. It is expected that PX, PTA, and PR will all operate in a volatile manner [2]

Report Industry Investment Rating - The report predicts that PX, PTA, and PR will show a strong trend, with PX having a view score of 1, PTA a view score of 1, and PR a view score of 1 [2] Core View - The international oil price fluctuates around geopolitical risks, and the recent significant fluctuations in oil prices affect the PX trend. Although the overall PX supply capacity has increased, the medium - term supply - demand pattern is still in a state of inventory reduction. The PTA market has a slight increase, but the supply will increase in the month, and the downstream polyester factories resist high basis prices. The polyester bottle - chip market has a weak trading atmosphere, with stable and falling supply - side quotations. The polyester industry chain currently has an unoptimistic demand and generally fluctuates with costs [2] Summary by Relevant Catalogs Price Information - **Upstream**: On June 17, 2025, the futures settlement price of WTI crude oil was $74.84 per barrel, up 4.28%; Brent crude oil was $76.45 per barrel, up 4.40%. The spot price of naphtha (CFR Japan) was $625.63 per ton, up 0.24%; the spot price of xylene (isomeric grade, FOB Korea) was $745 per ton, up 1.98%; the spot price of p - xylene (PX, CFR China Main Port) was $884 per ton, up 2.08% [1] - **PTA**: The closing price of the CZCE TA main contract was 4,782 yuan per ton, up 0.34%; the settlement price was 4,750 yuan per ton, down 0.54%. The closing price of the near - month contract was 5,020 yuan per ton, up 0.16%; the settlement price was 4,956 yuan per ton, down 0.88%. The domestic spot price of PTA was 5,018 yuan per ton, up 0.26%. The CCFEI price index of domestic PTA was 5,020 yuan per ton, up 0.30%; the external price index was $651 per ton, up 0.77%. The near - far month spread was 206 yuan per ton, a decrease of 18 yuan; the basis was 238 yuan per ton, a decrease of 1 yuan [1] - **PX**: The closing price of the CZCE PX main contract was 6,776 yuan per ton, up 0.27%; the settlement price was 6,730 yuan per ton, down 0.62%. The closing price of the near - month contract was 6,960 yuan per ton, down 2.41%; the settlement price was 6,922 yuan per ton, down 2.94%. The domestic spot price of p - xylene was 6,868 yuan per ton, unchanged. The spot price (mid - price) of p - xylene (CFR China Taiwan) was $862 per ton, up 0.82%; the spot price (mid - price) of p - xylene (FOB Korea) was $863 per ton, up 3.11%. The PXN spread was $258.38 per ton, up 6.82%; the PX - MX spread was $139 per ton, up 2.58%. The basis was 92 yuan per ton, a decrease of 18 yuan [1] - **PR**: The closing price of the CZCE PR main contract was 5,982 yuan per ton, up 0.03%; the settlement price was 5,960 yuan per ton, down 0.37%. The closing price of the near - month contract was 6,082 yuan per ton, up 0.23%; the settlement price was 6,048 yuan per ton, down 0.33%. The market price (mainstream price) of polyester bottle - chips in the East China market was 6,050 yuan per ton, unchanged; in the South China market was 6,170 yuan per ton, unchanged. The basis in the East China market was 68 yuan per ton, a decrease of 2 yuan; in the South China market was 188 yuan per ton, a decrease of 2 yuan [1] - **Downstream**: The CCFEI price index of polyester products such as DTY, POY, FDY68D, FDY150D, and short - fiber remained unchanged on June 17, 2025. The price index of polyester chips was 5,970 yuan per ton, down 0.83%; the price index of bottle - grade chips was 6,050 yuan per ton, unchanged [2] Operating Conditions - The operating rate of PX in the polyester industry chain was 83.07%, unchanged. The PTA industry chain load rate of PTA factories was 83.80%, up 2.23%; of polyester factories was 89.99%, up 0.25%; of bottle - chip factories was 82.46%, unchanged; of Jiangsu and Zhejiang looms was 68.33%, unchanged [1] Production and Sales - The sales rate of polyester filament was 31.00%, up 1.00%; the sales rate of polyester staple fiber was 53.00%, unchanged; the sales rate of polyester chips was 48.00%, up 7.00% [1] Important Information - A 1.2 - million - ton PTA plant in the Northwest plans to restart between May 15 and 20. The international oil price fluctuates around geopolitical risks. The PX supply capacity has increased, but the medium - term inventory is still decreasing. The PTA market has a slight increase, but the supply will increase in the month. The polyester bottle - chip market has a weak trading atmosphere [2] Trading Strategy - The PTA is in a high - level shock, with the TA2509 contract closing at 4,782 yuan per ton (up 0.13%), and the intraday trading volume being 1.42 million lots. The PX is greatly affected by crude oil, with the PX2509 contract closing at 6,776 yuan per ton (up 0.06%), and the intraday trading volume being 292,600 lots. The PR follows the cost, with the 2509 contract closing at 5,982 yuan per ton (unchanged), and the intraday trading volume being 54,900 lots. Due to the intensification of geopolitical tensions in the Middle East, the polyester industry chain is expected to have PX, PTA, and PR showing a strong trend [2]