市场分析 需求方面，聚酯开工率90.8%（环比+0.4%），织造负荷继续下滑，11月底后内贸订单开始加速转弱， 坯布库存也开始加速累积，价格难以传导让1月份下游开机率面临加速下降的可能，尤其是低位原料逐 步消化完之后，可能不少下游企业会选择顺势停机而不是承接高价原料。聚酯方面，本周聚酯工厂适度 落实减产，月均负荷有所下修，但长丝库存低位，整体检修不如预期，如果下游提前停产也会倒逼聚酯 企业提前减产或者加大过年检修力度。 PF方面，现货生产利润-4元/吨（环比+6元/吨）。因下游需求疲软拖累，涨幅不及期货，高位成交减 少，库存累加。 需求端，纯涤纱及涤棉纱跟随原料走高，但涨幅较弱、现金流亏损加大、库存去化。原料强势格局下， 下游被动跟涨，部分出现减产动作，原料高位风险加大，市场观望按需采购为主。 PR方面，瓶片现货加工费458元/吨(环比变动+10元/吨)。近期瓶片供应有回升，但1月三房巷计划检 修，短期聚酯瓶片加工费预计维持区间波动；由于价格短期上涨较快，下游客户观望居多，整体交投气 氛一般，成交大多为贸易商获利了结或是部分追高补货为主。 成本端，美国宣称将"代销"委内瑞拉原油，市场对2026年初供应过剩的预 ...

化工日报 | 2025-12-26 原料快速上涨，聚酯负荷下降 市场要闻与数据 至本周四，初步核算国内大陆地区聚酯负荷在89.7%附近，较上周下降1.4% 市场分析 成本端，地缘冲突升温下原油有所反弹，委内瑞拉成为短期的市场焦点，但明年Q1需求淡季，油价的下行压力依 然较大，不过近期由于海外节假日以及年初的商品指数基金调仓，流动性可能对阶段性行情产生扰动。 PX方面，上上个交易日PXN361美元/吨(环比变动+7.00美元/吨）。PX装置平稳运行。在明年上半年的良好预期下， PXN大幅上涨。依靠目前宽松的MX供应环境，即使部分工厂重整开工波动，PX负荷依旧能得到有效维持。近期 在PX交割逻辑支撑下月差明显走强，明年二季度PX检修较多，远端预期较好，同时聚酯开工坚挺下PXN有支撑； 调油方面，汽油裂解无明显起色，但近期美国芳烃备货启动，关注资金动向以及下游聚酯负荷变动。 TA方面，TA主力合约现货基差 -13元/吨 元/吨(环比变动+6元/吨），PTA现货加工费234元/吨（环比变动+39元/吨）， 主力合约盘面加工费328元/吨（环比变动+8元/吨），近期下游原料库存降至低位，价格低位聚醋工厂的补货需求大 幅 ...

化工日报 | 2025-12-17 原油走弱，PX相对抗跌 市场要闻与数据 无 市场分析 成本端，俄乌和平谈判继续释放积极信号，油价刷新阶段新低，Brent原油跌破60美元/桶。尽管欧盟就俄罗斯"影 子舰队"相关活动以及俄方"混合威胁"分别采取新一轮制裁措施，近期地缘层面多空交织，但总体朝偏空方向倾斜。 PX方面，上上个交易日PXN287美元/吨(环比变动+5.00美元/吨）。PX装置平稳运行。在明年上半年的良好预期下， PXN较为坚挺。依靠目前宽松的MX供应环境，即使部分工厂重整开工波动，PX负荷依旧能得到有效维持。近期 在PX交割逻辑支撑下1-5月差明显走强，明年二季度PX检修较多，远端预期较好，同时聚酯开工坚挺下PXN有支 撑，但调油无明显起色，需求季节性淡季下PXN反弹空间也受限。 TA方面，TA主力合约现货基差 -16元/吨 元/吨(环比变动+4元/吨），PTA现货加工费190元/吨（环比变动+2元/吨）， 主力合约盘面加工费262元/吨（环比变动-2元/吨），近端检修计划较多，且印度BIS取消提振PTA出口需求，聚酯负 荷支撑下，PTA小幅去库，基差反弹。但后续1月随着需求转弱累库压力将逐步体现。 ...

化工日报 | 2025-12-09 需求季节性走弱，市场震荡运行 市场要闻与数据 无 市场分析 成本端，Brent油价维持60~65美元/桶运行，聚焦于俄乌和谈进展，此外委内瑞拉局势也传递出不确定性。市场情 绪观望，油价维持震荡拉锯节奏。 PX方面，上上个交易日PXN275美元/吨(环比变动-10.75美元/吨）。PX装置平稳运行。在明年上半年的良好预期下， 周内PXN走扩至286美元/吨。依靠目前宽松的MX供应环境，即使部分工厂重整开工波动，PX负荷依旧能得到有效 维持。聚酯开工支撑下PXN有支撑，但远期预期下估值当前已处于季节性中高位水平。 TA方面，TA主力合约现货基差 -30元/吨 元/吨(环比变动+2元/吨），PTA现货加工费161元/吨（环比变动-35元/吨）， 主力合约盘面加工费266元/吨（环比变动-13元/吨），近端检修计划较多，且印度BIS取消提振PTA出口需求，聚酯 负荷支撑下，PTA小幅去库，基差反弹。中长期集中投放周期结束，PTA加工费预计将逐步改善。 需求方面，聚酯开工率91.8%（环比+0.3%），近期织造负荷有所下滑，11月底后内贸订单开始加速转弱，坯布库存 也开始加速累积，预 ...

化工日报 | 2025-12-04 市场震荡运行，PXN偏强 市场要闻与数据 无 市场分析 成本端，Brent油价维持60~65美元/桶运行，欧佩克+同意明年全集团保持产量稳定，八个主要产油国重申明年Q1 暂停增产，部分缓解油价压力，油价有所反弹。整体基本面对油价的驱动偏空。但制裁导致的市场分化依然存在， 需要考虑地缘与宏观事件对情绪面的扰动。 PX方面，上上个交易日PXN284美元/吨(环比变动+2.25美元/吨）。依靠目前宽松的MX供应环境，即使部分工厂重 整开工波动，PX负荷依旧能得到有效维持在高位，海外PX中高位持稳。聚酯开工支撑下PXN有支撑，但PX负荷高 位以及个别装置扩能下PXN反弹空间也受限，关注调油情况。 TA方面，TA主力合约现货基差 -35元/吨 元/吨(环比变动-2元/吨），PTA现货加工费173元/吨（环比变动-4元/吨）， 主力合约盘面加工费264元/吨（环比变动+0元/吨），近期PTA检修集中，且印度BIS取消提振PTA出口需求，聚酯负 荷支撑下，PTA供需好转，基差反弹。中长期集中投放周期结束，PTA加工费预计将逐步改善。 需求方面，聚酯开工率91.5%（环比+0.2%），近期 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report suggests a cautious and slightly bullish stance on PX, PTA, PF, and PR. However, due to fundamental pressures, the upside potential of the 01 contract may be limited. In the long - term, attention should be paid to the 05 contract. [4] - For PX, China's PX load has returned to a relatively high level. Supported by polyester production, PXN has support, but its upside space is restricted by high PX load and capacity expansion of some units. The focus is on the gasoline blending situation. [4] - Regarding TA, there are many maintenance plans in November, so the inventory accumulation pressure is not significant. But after December, as demand weakens, the inventory accumulation pressure will gradually emerge. The market has abundant spot supply, limiting the upside of the 01 contract. In the long - term, as the cycle of concentrated capacity release ends, PTA processing fees are expected to gradually improve. [4] - For PF, the load is high, factory inventories have been reduced to a low level, and the fundamentals provide some support. Processing fees are expected to remain stable. [4] - For PR, the fundamentals of bottle chips have not changed significantly. Maintenance continues, but the off - season demand is average. It is expected that the spot processing fees of bottle chips will fluctuate within a range, and attention should be paid to raw material price fluctuations. [4] Summary by Directory I. Price and Basis - The report presents figures on TA and PX's main contract, basis, and inter - period spread trends, as well as PTA's East China spot basis and short - fiber basis. [8][11][13] II. Upstream Profits and Spreads - It includes figures on PX processing fees (PXN), PTA spot processing fees, South Korean xylene isomerization profits, and South Korean STDP selective disproportionation profits. [16][19] III. International Spreads and Import - Export Profits - The report shows figures on toluene's US - Asia spread, toluene's South Korean FOB - Japanese naphtha CFR spread, and PTA export profits. [24][26] IV. Upstream PX and PTA Start - up - It provides figures on PTA load in China, South Korea, and Taiwan, as well as PX load in China and Asia. [27][30][32] V. Social Inventory and Warehouse Receipts - The report includes figures on PTA's weekly social inventory, PX's monthly social inventory, PTA's total warehouse receipts + forecast volume, PTA's warehouse receipt inventory, PX's warehouse receipt inventory, and PF's warehouse receipt inventory. [35][38][39] VI. Downstream Polyester Load - It presents figures on filament sales, short - fiber sales, polyester load, direct - spinning filament load, polyester bottle - chip load, filament factory inventory days, and the operating rates of weaving, texturing, and dyeing in Jiangsu and Zhejiang. [47][49][53] VII. PF Detailed Data - The report shows figures on polyester staple fiber load, factory equity inventory days, physical and equity inventories of 1.4D, recycled cotton - type staple fiber load, spreads between original and recycled fibers, and the operating rates and production profits of pure polyester yarn and polyester - cotton yarn. [68][72][79] VIII. PR Fundamental Detailed Data - It includes figures on polyester bottle - chip load, bottle - chip factory inventory days, bottle - chip spot and export processing fees, bottle - chip export profits, and bottle - chip inter - month spreads. [87][89][100]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Cost side: This week, oil prices rebounded. Tensions between the US and Venezuela, along with the US plan to purchase crude oil to replenish strategic reserves, supported the upward movement of oil prices. Subsequently, Trump's cancellation of the meeting with Putin and increased sanctions on Russia by Europe and the US affected crude oil supply expectations, driving a significant increase in oil prices. However, the contradiction of oversupply in the crude oil fundamentals has begun to materialize, and the macro - situation remains unclear. Attention should be paid to the progress of China - US negotiations and whether the Brent crude oil resistance level can be broken [1] - PX: This week, the operating rate of PX in China was 85.9% (a 1.0% increase from last week), and in Asia it was 78.5% (a 0.5% increase from last week). The load of domestic PX plants increased, mainly due to the fluctuating increase in the load of some domestic PX plants, while the overseas PX situation changed little. Recently, the PX load in China has gradually recovered to a relatively high level. Although the floating price has rebounded in the short term, the rebound space of PXN is limited due to fewer maintenance plans in the fourth quarter and the expansion of individual plants [1] - TA: The operating rate of PTA in China was 78.8% (a 2.1% increase from last week), and the spot processing fee was 67 yuan/ton (a decrease of 59 yuan from last week). The load of PTA increased slightly this week. With the expectation of new plant commissioning, the processing fee was compressed again. The near - term inventory accumulation pressure is not large, but it is reported that new plants are expected to be commissioned soon, and the inventory accumulation pressure will gradually appear after November. The long - term expectation is weak, and the current market spot supply is relatively abundant. Although the demand side has improved recently, the improvement of the long - term inventory accumulation expectation in the fundamentals is limited [2] - Demand: This week, the operating rate of looms in Jiangsu and Zhejiang was 75.0% (a 6.0% increase from last week), and the polyester operating rate was 91.4% (unchanged from last week). With the cooling weather and the start of the Double Eleven sales, domestic orders improved significantly this week. The load of looms and texturing machines rebounded sharply, and the raw material price rebound also drove concentrated restocking. The inventory of filament yarns decreased significantly. However, since the inventory is still at a seasonal high, the current raw material inventory of weaving factories is not high. Attention should be paid to whether there will be positive news from the China - US tariff negotiations at the end of the month to boost external demand. Currently, the inventory of polyester factories is not high, and the cash - flow profit is acceptable. The average load expectation for polyester in October and November is slightly increased [2] - PF: This week, the operating rate of direct - spinning polyester staple fiber was 94.3% (unchanged from last week). The inventory days of polyester staple fiber factories' equity were 7.7 days (a decrease of 1.4 days from last week), the operating rate of polyester yarn was 66.0% (unchanged from last week), the physical inventory of 1.4D was 15.0 days (a decrease of 0.8 days from last week), and the equity inventory of 1.4D was 3.4 days (a decrease of 1.6 days from last week). This week, the increase in the spot price of factories was less than that of futures, the basis and the price difference in the market narrowed, the sales of staple fiber factories were smooth, the inventory continued to decrease, and the load remained stable. The processing margin of staple fiber was moderately compressed to the range of 1100 - 1200. On the demand side, the sales of pure polyester yarn and polyester - cotton yarn were stable, and the operating rate remained stable [3] - PR: The operating rate of bottle - chip factories (based on maximum capacity) was 73.2% (an increase of 0.8%), the inventory of bottle - chip factories was 17.8 days (a decrease of 0.2 days from last week), and the spot processing fee of bottle - chips was 471 yuan/ton (a decrease of 77 yuan from last week). This week, the prices of upstream polyester raw materials increased, and the prices of polyester bottle - chip factories mostly followed the increase of raw materials. The overall processing range was slightly compressed. The low - end market transactions were acceptable, but the transactions were weak after the price increase in the second half of the week. Fundamentally, the load of bottle - chips remained stable this week, and large factories generally maintained production cuts. The inventory of polyester bottle - chip factories remained stable. With the improvement of processing efficiency, attention should be paid to whether the plant load will increase in the future and the progress of new capacity investment. In the future, as the demand gradually enters the off - season, the processing fee of polyester bottle - chips is expected to remain volatile overall, following the fluctuations of raw materials [3] - Strategy: Unilateral: Neutral for PX/PTA/PF/PR. The demand has improved due to the cooling weather, and the crude oil price has rebounded. Attention should be paid to the progress of China - US trade negotiations and geopolitical changes. For PX, the PX load in China has recently recovered to a relatively high level, and the rebound space of PXN is limited due to fewer maintenance plans in the fourth quarter and the expansion of individual plants. For TA, the near - term inventory accumulation pressure is not large, but it is reported that a 3 - million - ton new plant is expected to be commissioned in late October, and the inventory accumulation pressure will gradually appear after November, with a weak long - term expectation. The current market spot supply is relatively abundant, the PTA processing fee and valuation are at a low level, and the demand side has marginally improved with the cooling weather. Subsequently, attention should be paid to the China - US tariff game at the end of the month and the crude oil fluctuations under geopolitical changes. For PF, the demand for PF has slightly improved, the factory inventory has decreased to a low level, the short - term supply - demand situation of direct - spinning polyester staple fiber is better than that of raw materials, and the processing fee is expected to be volatile and slightly stronger. For PR, the fundamentals of bottle - chips have changed little, maintenance continues but demand is average, and the spot processing fee of bottle - chips is expected to fluctuate within a range. Attention should be paid to the fluctuations of raw material prices. Cross - variety: Go long on the PF processing fee at low prices: PF2512 - 0.855PTA2601 - 0.332MEG2601. Cross - term: None [4] Summary by Directory 1. Price and Spread - Figures show the trends of TA, PX, PF, and PR's main contracts, their basis, and cross - term spreads, as well as various processing fees, profits, and price differences [9][10][11] 2. PX and PTA Supply - Illustrate the operating rates of PTA in China, South Korea, and Taiwan, as well as the loads of PX in China and Asia [45][46][49] 3. Inventory - Present the weekly social inventory of PTA, monthly social inventory of PX, and various types of warehouse inventories of PTA, PX, and PF [54][56][66] 4. Demand - Include the production and sales of filament and staple fiber, the loads of polyester, direct - spinning filament, polyester staple fiber, and polyester bottle - chips, the inventory days of filament factories, and the operating rates of looms, texturing machines, and printing and dyeing factories in Jiangsu and Zhejiang, as well as the profits of filament [62][67][74] 5. PF Supply, Demand, and Inventory - Show the load of polyester staple fiber, the equity inventory days of polyester staple fiber factories, the physical and equity inventories of 1.4D, the load of recycled cotton - type staple fiber, the price difference between original and recycled fibers, and the operating rates and production profits of pure polyester yarn and polyester - cotton yarn [87][91][93] 6. PR Supply, Demand, and Inventory - Display the load of polyester bottle - chips, the inventory days of bottle - chip factories, the spot and export processing fees of bottle - chips, the export profit of bottle - chips, and the price difference between East China water bottle - chips and recycled 3A - grade white bottle - chips [110][111][115]

Report Industry Investment Rating No relevant content provided. Core View of the Report The polyester industry chain continues to be weak due to a weak cost side. There is an imbalance between China's import demand and US exports after the National Day, along with increased Middle - East exports, leading to a supply - surplus situation. In the short term, the combination of macro and fundamental factors is pressuring the fundamentals, with no obvious drivers for a rebound. PX, TA, and demand - side conditions all face various challenges, and corresponding investment strategies are proposed [2]. Summary by Related Catalogs Market News and Data - It's currently in the Sino - US trade war negotiation period, and the leaders of both sides will meet around the end of the month. Attention should be paid to the progress. Also, the Fourth Plenary Session of the 20th Central Committee will be held from October 20th to 23rd, 2025, discussing the "15th Five - Year Plan", studying the current economic situation, and planning the second - half economic work [1]. Market Analysis Cost Side - After the National Day, there is a significant gap between China's slowing import demand and the increasing US exports, combined with increased Middle - East exports, resulting in a supply - surplus situation. The combination of macro and fundamental factors is pressuring the fundamentals, with no signs of a rebound [2]. - PX: The PXN was 246 dollars/ton in the previous trading session (a 5.50 - dollar/ton increase from the previous period). China's PX operating rate has gradually recovered to a relatively high level. With fewer PX maintenance plans in the fourth quarter and capacity expansion of some plants, PXN remains under pressure. The downstream PTA plants have many maintenance plans after a significant compression of profits, so the PX supply - demand support is limited [2]. - TA: The TA main - contract spot basis was - 88 yuan/ton (a 3 - yuan/ton decrease from the previous period), the PTA spot processing fee was 106 yuan/ton (a 23 - yuan/ton decrease from the previous period), and the main - contract on - screen processing fee was 307 yuan/ton (a 5 - yuan/ton decrease from the previous period). The processing fee has been further compressed due to news of new plant launches. There are many near - term maintenance plans, so the inventory - accumulation pressure is not large. However, a new plant is expected to start production next week, and the inventory - accumulation pressure will gradually appear after November. The long - term outlook is weak, the market spot supply is abundant, and the cost - side support has weakened. The demand side is not in the peak season due to tariffs [2]. Demand Side - The polyester operating rate was 91.4% (a 0.1% decrease from the previous period). After the National Day, the market calmed down, and filament inventory increased again. Terminal raw - material procurement remains mostly cautious. The weaving and texturing load decreased again this week due to high tariffs. It's expected that the average polyester load in October can still be maintained above 91%, and there is still support from the cooling weather. Attention should be paid to whether bottle - chip production will restart when the processing fee recovers [3]. - PF: The spot production profit was 326 yuan/ton (an 18 - yuan/ton decrease from the previous period). The direct - spinning polyester staple fiber load remained stable. Due to the narrowing price gap in the market, the factory price advantage became prominent, and inventory decreased. The current factory inventory is low, and the quantity of goods held by traders has decreased. In the short term, the supply - demand situation of direct - spinning polyester staple fiber is better than that of the raw - material side, and the processing margin has expanded to over 1200. On the demand side, the production of pure - polyester yarn and polyester - cotton yarn was mostly stable, with some offering moderate discounts. Sales were average, inventory decreased slightly, and the load increased slightly [3]. - PR: The bottle - chip spot processing fee was 530 yuan/ton (an 11 - yuan/ton decrease from the previous period). Fundamentally, the bottle - chip load remained stable with a slight increase this week. Large factories generally maintained production cuts. The bottle - chip factory inventory decreased. As the processing efficiency improves, attention should be paid to whether the plant load will increase and the progress of new - capacity launches [3]. Strategy Single - Side Strategy - For PX/PTA/PF/PR, cautious short - selling hedging at high prices is recommended. Currently in the Sino - US trade war negotiation period, attention should be paid to the progress. For PX, China's PX operating rate has gradually recovered to a relatively high level, with fewer fourth - quarter maintenance plans and capacity expansion of some plants, weakening the fourth - quarter supply - demand support. For TA, there are many near - term maintenance plans, and the inventory - accumulation pressure is not large, but a new plant is expected to start production soon, and the inventory - accumulation pressure will gradually appear after November. The long - term outlook is weak, the market spot supply is abundant, and the demand side is not in the peak season due to tariffs. For PF, the demand has slightly improved, and the factory inventory has decreased to a low level. In the short term, the supply - demand situation of direct - spinning polyester staple fiber is better than that of the raw - material side, and the processing fee is expected to fluctuate strongly. For PR, the bottle - chip fundamentals have not changed much, maintenance continues, and the demand is average. The bottle - chip spot processing fee is expected to fluctuate within a range, and attention should be paid to raw - material price fluctuations [4]. Cross - Variety Strategy - Go long on the PF processing fee at low prices: PF2512 - 0.855PTA2601 - 0.332MEG2601 [4]. Cross - Period Strategy - PX/PTA2601 - 2605 reverse spread [4].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The polyester industry chain is operating weakly, and attention should be paid to macro - changes. The current situation is affected by the Sino - US trade war, and the meeting between the leaders of the two countries around the end of the month should be continuously monitored. The 4th Plenary Session of the 20th Central Committee will discuss the "15th Five - Year Plan" and economic work, which also needs attention [2]. - In terms of the cost side, there is a supply - surplus contradiction due to the slowdown in China's import demand after the National Day and the increase in US and Middle - East exports. The macro and fundamentals are in resonance, putting pressure on the fundamentals without a clear rebound driver [3]. - PX is under pressure due to the recovery of China's PX load to a relatively high level, few fourth - quarter maintenance plans, and capacity expansion of some devices. The downstream PTA plants have many maintenance plans, and the PX supply - demand support is limited [3]. - TA has a new device expected to be put into operation next month, with increasing inventory pressure after November. The cost - side support is weakening, and the demand is not strong during the peak season due to tariffs [3]. - The polyester start - up rate is 91.4% (down 0.1% month - on - month). After the National Day, the market calmed down, and filament inventory increased again. Terminal raw material procurement is mainly cautious. The weaving and texturing load decreased this week under high tariffs [4]. - PF has improved demand, with factory inventory reduced to a low level. The short - term supply - demand situation of direct - spun polyester staple fiber is better than that of the raw material end, and the processing fee is expected to be strong [4][5]. - PR's fundamentals have little change, with maintenance continuing but general demand. The spot processing fee of bottle chips is expected to fluctuate within a range, and attention should be paid to raw material price fluctuations [5]. Summary by Relevant Catalogs Price and Basis - The report includes figures such as the TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread trends; PTA East China spot basis; and short - fiber 1.56D*38mm semi - bright natural white basis [10][11][13]. Upstream Profit and Spread - Figures cover PX processing fee PXN (PX China CFR - naphtha Japan CFR), PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [18][21]. International Spread and Import - Export Profit - It involves figures like the toluene US - Asia spread (FOB US Gulf - FOB South Korea), toluene South Korea FOB - Japan naphtha CFR, and PTA export profit [26][28]. Upstream PX and PTA Start - up - Figures show the operating rates of China, South Korea, and Taiwan's PTA, as well as China's and Asia's PX [29][32][34]. Social Inventory and Warehouse Receipts - It includes figures of PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [37][40][41]. Downstream Polyester Load - Figures cover filament production and sales, short - fiber production and sales, polyester load, direct - spun filament load, polyester staple fiber load, polyester bottle chip load, filament factory inventory days, and the operating rates of Jiangsu and Zhejiang weaving, texturing, and dyeing [50][52][54]. PF Detailed Data - It includes figures of polyester staple fiber load, polyester staple fiber factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, difference between raw and recycled fibers, pure polyester yarn operating rate, pure polyester yarn production profit, polyester - cotton yarn operating rate, and polyester - cotton yarn processing fee [71][82][86]. PR Fundamental Detailed Data - Figures cover polyester bottle chip load, bottle chip factory bottle chip inventory days, bottle chip spot processing fee, bottle chip export processing fee, bottle chip export profit, difference between East China water bottle chips and recycled 3A - grade white bottle chips, bottle chip next - month spread, and bottle chip next - next - month spread [89][91][99].

Report Industry Investment Rating - PX/PTA/PF/PR are rated neutral in the short term and cautiously bearish in the medium term [5] Core Viewpoints - The terminal demand of the polyester industry chain has improved, leading to a rebound in the market. However, there are still various factors affecting the industry, including cost - side fluctuations, supply - demand imbalances in different segments, and uncertain future demand [1][2][3][4][5] Summary Based on Relevant Catalogs I. Price and Basis - Figures show TA and PX's main contract price, basis, and inter - period spread trends, as well as PTA's East China spot basis and short - fiber basis [10][11][16] II. Upstream Profits and Spreads - This section includes PX processing fee, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [18][21] III. International Spreads and Import - Export Profits - Covers toluene's US - Asia spread, toluene's South Korean FOB - Japanese naphtha CFR spread, and PTA export profit [26][28] IV. Upstream PX and PTA Startup - Presents the operating rates of PX and PTA in China, South Korea, and Taiwan [29][32][34] V. Social Inventory and Warehouse Receipts - Includes PTA's weekly social inventory, PX's monthly social inventory, and various warehouse receipt data of PTA, PX, and PF [37][40][46] VI. Downstream Polyester Load - Covers the production and sales of filaments and short - fibers, polyester load, and inventory days of filament factories, as well as the operating rates of weaving, texturing, and dyeing in Jiangsu and Zhejiang [50][52][61] VII. PF Detailed Data - Contains data on polyester staple fiber load, factory inventory days, physical and equity inventory, and the operating rates and profits of related yarns [73][79][87] VIII. PR Fundamental Detailed Data - Presents polyester bottle - chip load, factory inventory days, processing fees, export profits, and month - to - month spreads [91][95][102]