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

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report -地缘冲突 persists, with Trump's meetings with leaders of Ukraine and major European countries yielding no clear results. South American oil supply increases and the production of sanctioned countries remains strong, pressuring oil prices to decline gradually. [2] - Two 800,000 - ton PX plants in South China will restart soon, restoring PX supply. PX inventory is at a historical low, providing strong support at the bottom. Whether PX profitability can continue to rise depends on unexpected factors. [2] - Recently, there are more PTA plant overhauls, and the low processing fee continues to be favorable. The PTA market has a small increase, and the spot offer basis strengthens. However, with new plant commissioning expected on the supply - side and weak demand in the off - season, it's difficult to boost prices. [2] - The polyester bottle - chip market in Jiangsu and Zhejiang regions is trading between 5880 - 5970 yuan/ton, up 15 yuan/ton from the previous trading day. The supply - side quotes mostly increase, and downstream demand is for rigid needs, with a general trading atmosphere. [2] - Without unexpected good news, it is expected that PX, PTA, and PR will run in a volatile manner. [2] 3. Summary by Related Content 3.1 Price Information - **Upstream**: On August 19, 2025, WTI crude oil futures settlement price was $62.35/barrel, down 1.69% from the previous value; Brent crude oil was $65.79/barrel, down 1.22%; naphtha spot price in CFR Japan was $574.50/ton, up 0.66%; isomeric xylene FOB Korea was $676.00/ton, down 0.66% [1] - **PTA Price**: CZCE TA main contract closing price was 4734 yuan/ton on August 19, 2025, down 0.25%; settlement price was 4746 yuan/ton, up 0.42%. Domestic PTA spot price was 4666 yuan/ton, up 0.15%. [1] - **PX Price**: CZCE PX main contract closing price was 6774 yuan/ton on August 19, 2025, up 0.21%; settlement price was 6792 yuan/ton, up 1.34%. Domestic p - xylene spot price on August 18 was 6609 yuan/ton, up 0.43%. [1] - **PR Price**: CZCE PR main contract closing price was 5906 yuan/ton on August 19, 2025, down 0.37%; settlement price was 5916 yuan/ton, up 0.34%. The market price of polyester bottle - chips in East China and South China remained unchanged at 5920 yuan/ton and 5940 yuan/ton respectively. [1] - **Downstream Price**: CCFEI price indices of most downstream products such as polyester filament and bottle - grade chips remained unchanged on August 19, 2025, while the price indices of polyester staple fiber and polyester chips increased slightly, up 0.31% and 0.34% respectively. [2] 3.2 Spread Information - On August 19, 2025, the PXN spread was $260.50/ton, down 0.79%; the PX - MX spread was $159.00/ton, up 4.04%. [1] - The PTA near - far month spread was - 50 yuan/ton, and the basis was - 44 yuan/ton, up 37 yuan/ton from the previous value. The PX basis was - 165 yuan/ton, up 14 yuan/ton from the previous value. The PR basis in East China and South China markets increased by 22 yuan/ton. [1] 3.3 Production and Sales Information - On August 19, 2025, the PX operating rate was 80.38%, unchanged; the PTA plant load rate was 75.09%, down 2.58 percentage points; the polyester plant load rate remained at 87.30%. [1] - The sales rates of polyester filament, polyester staple fiber, and polyester chips increased by 5.30%, 12.63%, and 11.05% respectively on August 19, 2025. [1] 3.4 Device Information - Ningbo Taihua's 1.5 million - ton PTA plant started maintenance on August 7, expected to last for 2 months; Yisheng Dalian's 2.25 million - ton PTA plant started maintenance on August 8, expected to last for 1 month; Yisheng Hainan's 2 million - ton PTA plant is planned for technical renovation from August 15 for 3 months. [2] 3.5 Transaction Strategy - After the price correction, it maintains a volatile trend. The TA2601 contract closed at 4734 yuan/ton (up 0.17%), with a daily trading volume of 549,300 lots; the PX2601 contract closed at 6774 yuan/ton (up 1.07%), with a daily trading volume of 222,000 lots; the PR2511 contract closed at 5906 yuan/ton (up 0.17%), with a daily trading volume of 42,600 lots. [2]