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].