Report Industry Investment Rating - Not provided in the content Core Viewpoints - The market focus is on the Iran situation, with rising crude oil prices due to tensions. PXN has been significantly compressed, and concerns about supply disruptions are pushing up naphtha prices, while PX's upward momentum is limited by poor downstream polyester demand. The situation's impact on PX load and inventory is expanding [1]. - PTA's cost is supported, but it's in a state of inventory accumulation. In the long - term, PTA processing fees are expected to improve after the end of the capacity expansion cycle. The polyester and weaving loads are stable, but downstream price increases are weak, and there are more voices of production cuts [2]. - PF has negative production profits, with heavy downstream wait - and - see mentality. PR's processing fees are still relatively high, and the inventory of bottle - chip factories remains low [3]. - For trading strategies, it is recommended to cautiously go long on PX/PTA/PF/PR for hedging. It is not advisable to chase up or sell down due to the complexity of the current market [4]. Summary by Directory Price and Basis - Figures show TA and PX's main contract trends, basis, and inter - period spreads, as well as PTA's East China spot basis and short - fiber basis [9][10][15] Upstream Profits and Spreads - Include PX processing fees, PTA spot processing fees, South Korean xylene isomerization profits, and South Korean STDP selective disproportionation profits [17][21] International Spreads and Import - Export Profits - Cover toluene's US - Asia spread, toluene's South Korean FOB - Japanese naphtha CFR spread, and PTA export profits [23][25] Upstream PX and PTA Start - up - Display the operating loads of PTA and PX in China, South Korea, and Taiwan [26][29][31] Social Inventory and Warehouse Receipts - Show PTA's weekly social inventory, PX's monthly social inventory, and various warehouse receipt inventories [36][38][39] Downstream Polyester Load - Include long - filament and short - fiber sales, polyester load, and various factory inventory days and operating rates in the downstream [46][48][56] PF Detailed Data - Provide information on polyester staple fiber load, inventory days, and related production data [68][77][80] PR Fundamental Detailed Data - Include polyester bottle - chip load, inventory days, processing fees, and export profits [87][89][93]

Group 1 - Domestic natural rubber prices for full latex dropped to 16,250 CNY/ton, a decrease of 150 CNY/ton from the previous day, while Thai mixed rubber prices fell to 15,350 CNY/ton, down by 50 CNY/ton [4] - As of February 8, 2026, China's natural rubber social inventory reached 1.296 million tons, an increase of 15,000 tons, or 1.2% from the previous period [4] - The total inventory of dark rubber in China increased to 864,000 tons, up by 1.4%, with specific increases in Qingdao and Yunnan [4] Group 2 - The recent volatility in the market has not been accompanied by significant changes in the fundamentals, with market expectations driving the price fluctuations of RU and NR [5] - Looking ahead, there is optimism regarding tire demand this year, suggesting potential upward price movement for RU and NR, although the timing of demand recovery remains uncertain [5] - With the upcoming Spring Festival holiday, which will last for 10 days, market expectations are unstable, leading to anticipated volatility on the first trading day after the holiday [5] Group 3 - The PX industry in China saw a 2.5 percentage point increase in operating rates to 92.0%, while the Asian industry increased by 1.3 percentage points to 83.7%, indicating a generally ample supply [30] - The PTA industry experienced a 2.8 percentage point decrease in operating rates to 74.8%, reaching a historical low for this time of year, with expectations of continued low supply levels due to maintenance schedules [32] - The EG market is facing increased supply with a 0.6 percentage point rise in operating rates to 76.8%, but demand is expected to weaken, leading to potential inventory pressures in February [34] Group 4 - The bottle-grade PET industry is experiencing a supply contraction, with operating rates remaining stable at 66.1%, and ongoing maintenance expected to support processing fees [39] - The soda ash market is seeing a slight decline in prices, with production increasing to 792,000 tons, but demand is softening, leading to a bearish market sentiment [40] - The glass market is facing weak supply and demand dynamics, with inventory levels rising and production decreasing, indicating a potential for price stabilization [41]

Report Industry Investment Rating - The investment rating for PX, PTA, PF, and PR is neutral [3] Core Viewpoints - The cost side fluctuates around the Iran situation, and the geopolitical situation needs attention. The PXN has significantly declined, and the floating price of PX remains weak. The Asian PX operating rate has reached a new high since late February 2019, increasing the supply expectation. The fundamentals are weak in the short - term, but the medium - term expectation is good [1] - The PTA spot basis is weak, and the near - term supply and demand tend to accumulate inventory due to the reduction in polyester production during the Spring Festival. In the long - term, as the cycle of concentrated capacity release ends, the PTA processing fee is expected to gradually improve [1] - The polyester operating rate is 78.2% (down 6.0% month - on - month), and the downstream is on holiday, with inventory starting to accumulate. The estimated average monthly loads for January and February are 88.5% and 80.5% respectively [2] - The PF production profit is 34 yuan/ton (up 17 yuan/ton month - on - month), and the load is gradually declining. The sales of polyester yarn are average, and the load continues to decline [2] - The bottle - chip spot processing fee is 642 yuan/ton (down 37 yuan/ton month - on - month). The pre - holiday inventory reduction is smooth, and the processing fee rebounds [2] Summary by Directory Price and Basis - Figures show the TA and PX main contract trends, basis, and inter - period spreads, PTA East China spot basis, and short - fiber basis [7][8][13] Upstream Profit and Spread - Figures show the PX processing fee (PXN), PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [15][19] International Spread and Import - Export Profit - Figures show the toluene US - Asia spread, toluene South Korea FOB - Japan naphtha CFR, and PTA export profit [21][23] Upstream PX and PTA Operation - Figures show the operating rates of PTA and PX in China, South Korea, and Taiwan, as well as the Asian PX operating rate [24][27][29] Social Inventory and Warehouse Receipts - Figures show the weekly PTA social inventory, monthly PX social inventory, PTA and PX warehouse receipt inventories, and PF warehouse receipt inventory [35][37][38] Downstream Polyester Load - Figures show the production and sales of filament and short - fiber, polyester operating rate, direct - spinning filament operating rate, polyester staple fiber operating rate, polyester bottle - chip operating rate, and related profit and inventory data [46][48][49] PF Detailed Data - Figures show the 1.4D physical and equity inventories, polyester staple fiber operating rate, factory equity inventory days, recycled cotton - type staple fiber operating rate, raw - recycled spread, and the operating rate and production profit of pure polyester yarn and polyester - cotton yarn [68][74][77] PR Fundamental Detailed Data - Figures show the polyester bottle - chip operating rate, bottle - chip factory inventory days, spot and export processing fees, export profit, and month - to - month spreads [85][87][95]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Cost side: Recently, it has been fluctuating around the Iran situation. On Monday, crude oil prices dropped significantly, with the geopolitical premium being reversed. Brent oil prices fell from around $70 per barrel at the end of last month to around $65 - $66 per barrel. There are signs of a cooling of geopolitical risks [1]. - PX: The PXN was $310 per ton in the previous trading session (a month - on - month change of -$6.88 per ton). The short - term fundamentals are weak, but the medium - term outlook is good. Attention should be paid to PX maintenance and import conditions [1]. - TA: The spot basis of the TA main contract is -68 yuan/ton (a month - on - month change of +3 yuan/ton), the PTA spot processing fee is 376 yuan/ton (a month - on - month change of -48 yuan/ton), and the processing fee on the main contract's disk is 423 yuan/ton (a month - on - month change of +21 yuan/ton). In the long - term, as the cycle of concentrated capacity release ends, the PTA processing fee is expected to gradually improve [2]. - Demand: The polyester operating rate is 84.2% (a month - on - month decrease of 2.0%). The weaving load has been accelerating its decline, and downstream enterprises will start to have concentrated holidays around the end of January. Polyester load is accelerating its decline, and the Spring Festival maintenance plans are being gradually implemented [2]. - PF: The spot production profit is 37 yuan/ton (a month - on - month increase of 41 yuan/ton). Demand is weak before the Spring Festival, and the load is gradually declining [2]. - PR: The spot processing fee for bottle chips is 619 yuan/ton (a month - on - month change of +35 yuan/ton). The Spring Festival maintenance plans of polyester bottle chip factories are being gradually implemented, inventory reduction before the Spring Festival is smooth, and the processing fee for polyester bottle chips has rebounded [2]. - Strategy: For PX/PTA/PF/PR, it is recommended to hold a light position and wait and see in the short term and go long on dips for hedging in the long term [3]. 3. Summary According to the Catalog Price and Basis - Figures include TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber 1.56D*38mm semi - bright natural white basis [8][9][11] Upstream Profits and Spreads - Figures cover PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [17][21] International Spreads and Import - Export Profits - Figures involve toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [23][25] Upstream PX and PTA Start - up - Figures show China's PTA load, South Korea's PTA load, Taiwan's PTA load, China's PX load, and Asia's PX load [26][29][31] Social Inventory and Warehouse Receipts - Figures include PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [36][39][40] Downstream Polyester Load - Figures cover filament production and sales, short - fiber production and sales, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle chip load, filament DTY factory inventory days, filament FDY factory inventory days, filament POY factory inventory days, Jiangsu and Zhejiang loom operating rate, Jiangsu and Zhejiang texturing machine operating rate, and Jiangsu and Zhejiang printing and dyeing operating rate [46][48][56] PF Detailed Data - Figures include 1.4D physical inventory, 1.4D equity inventory, polyester staple fiber load, polyester staple fiber factory equity inventory days, recycled cotton - type staple fiber load, original - recycled spread, pure polyester yarn operating rate, pure polyester yarn production profit, polyester - cotton yarn operating rate, polyester - cotton yarn processing fee, pure polyester yarn factory in - house inventory available days, and polyester - cotton yarn factory in - house inventory available days [71][76][84] PR Fundamental Detailed Data - Figures involve 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, East China water bottle chips - recycled 3A - grade white bottle chips, bottle chip next - month spread, and bottle chip next - next - month spread [88][90][96]

Group 1: PX Industry - The PX industry in China has seen a load increase of 0.3 percentage points to 89.2%, while the Asian industry load increased by 0.6 percentage points to 81.6%, indicating a stable supply outlook [4][14] - The demand side is affected by significant maintenance plans for downstream PTA facilities in the first quarter, with a notable recovery in PTA processing fees to a six-month high, which could impact PX demand if maintenance schedules are delayed [4][14] - The overall supply-demand balance for PX is expected to shift towards a looser condition in the first quarter, with potential pressure on the polyester industry due to seasonal demand weakness [4][14] Group 2: PTA Industry - The PTA industry load remains stable at 76.6%, which is below historical levels, and supply is expected to tighten due to numerous maintenance plans in the first quarter [5][15] - Demand for PTA is weak, with a continuous decline in the operating rates of terminal factories in the Jiangsu and Zhejiang regions, leading to a reduction in polyester industry load by 2.0 percentage points to 84.2% [5][15] - The PTA spot basis is weakening, and the industry faces inventory accumulation pressure in the first quarter, with short-term price expectations for TA in May projected to fluctuate weakly [5][15] Group 3: EG Industry - The ethylene glycol (EG) industry load increased by 1.2 percentage points to 74.3%, with synthetic gas production load rising to 81.0%, indicating a high level compared to historical data [6][16] - Despite potential import reductions due to maintenance in North America and the Middle East, domestic supply remains ample, leading to overall weak pressure on the market [6][16] - The EG price is expected to fluctuate within a range, with support levels projected between 3850-3900 [6][16] Group 4: PF Industry - The direct-spun polyester short fiber load decreased by 3.1 percentage points to 96.0%, with some factories executing production cuts as per the Spring Festival plan [7][17] - Demand remains weak, with a reduction in polyester yarn load by 2.5 percentage points to 56.5%, leading to insufficient purchasing intentions and pressure on processing margins [7][17] - Short-term price expectations for PF in March are projected to fluctuate weakly, with support levels between 6500-6600 [7][17] Group 5: PR Industry - The bottle-grade resin industry load decreased by 0.3 percentage points to 66.1%, with ongoing maintenance expected to support processing fees [8][18] - Demand is weak due to the traditional off-season for beverage consumption, limiting production recovery potential in February [8][18] - The industry is in a continuous destocking phase, with significant strengthening of the spot basis and processing fees reaching a near one-year high [8][18] Group 6: Soda Ash Industry - Recent soda ash futures have seen slight declines, with stable spot prices amid a weakening market sentiment [9][18] - Soda ash production increased by 11,000 tons to 783,000 tons, leading to increased supply pressure [9][18] - Downstream demand has slightly decreased, with inventory levels rising, indicating a potential for low-level fluctuations in the market [9][18] Group 7: Glass Industry - Glass futures have experienced slight declines, with stable spot prices and a weak supply-demand balance [10][19] - Recent glass production remained stable, with a slight increase in downstream purchasing activity leading to a minor reduction in inventory [10][19] - The industry faces seasonal demand weakness, with price expectations projected to remain low [10][19]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overnight crude oil price increase has widened, and it has been in a strong and volatile stalemate during the Asian session. The escalation of geopolitical risks in Iran continues to support the upward movement of oil prices. The US will impose a 25% tariff on goods from countries doing business with Iran, and Trump may authorize new military strikes against Iran [2]. - The PXN was at $338/ton (a month-on-month change of -$1.25/ton). After the recent significant improvement in PX profitability, domestic and foreign PX plants have increased their operations. The PXN has retreated due to weakening fundamentals, but the medium - term outlook remains positive, and the short - term decline in polyester operation rate is limited [2]. - The spot basis of the TA main contract was -70 yuan/ton (a month - on - month change of -1 yuan/ton), the PTA spot processing fee was 350 yuan/ton (a month - on - month change of +23 yuan/ton), and the processing fee on the main contract's futures price was 331 yuan/ton (a month - on - month change of -7 yuan/ton). The short - term decline in polyester is limited, and the inventory accumulation pressure in January is not significant. In the long - term, PTA processing fees are expected to improve further [2]. - The polyester operation rate was 90.8% (a month - on - month increase of 0.9%). The weaving load continued to decline, domestic orders weakened after the end of November, and坯布 inventory began to accumulate. The polyester load will decline to around 88% in January [3]. - The spot production profit of PF was -25 yuan/ton (a month - on - month change of -35 yuan/ton). The demand is weak, and the processing difference is maintained in the range of 900 - 1000 yuan/ton. The Spring Festival maintenance plan has been announced, but the maintenance intensity is limited [3]. - The spot processing fee of PR was 563 yuan/ton (a month - on - month change of +26 yuan/ton). The processing fee is expected to maintain range - bound fluctuations [3]. Summary by Directory Price and Basis - Figures include the TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber 1.56D*38mm semi - bright natural white basis [9][12][14] Upstream Profits and Spreads - Figures cover PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [17][21] International Spreads and Import - Export Profits - Figures include the toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [23][25] Upstream PX and PTA Operation - Figures show the operation rates of Chinese, South Korean, and Taiwanese PTA plants, as well as Chinese and Asian PX plants [26][29][31] Social Inventory and Warehouse Receipts - Figures include 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 [36][39][40] Downstream Polyester Load - Figures cover filament sales, short - fiber sales, polyester load, direct - spun filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, Jiangsu and Zhejiang loom operation rate, Jiangsu and Zhejiang texturing machine operation rate, Jiangsu and Zhejiang dyeing operation rate, and filament profit [48][50][58] PF Detailed Data - Figures include polyester staple fiber load, polyester staple fiber factory equity inventory days, recycled cotton - type staple fiber load, difference between original and recycled fibers, pure polyester yarn operation rate, pure polyester yarn production profit, polyester - cotton yarn operation rate, polyester - cotton yarn processing fee, pure polyester yarn factory inventory available days, and polyester - cotton yarn factory inventory available days [72][78][80] PR Fundamental Detailed Data - Figures cover polyester bottle - chip load, bottle - chip factory 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 [87][91][93] Strategy - Unilateral: Cautiously go long on PX/PTA/PF/PR for hedging, and pay attention to the impact of the Iran situation on crude oil prices. Although there are expectations of increased supply and demand - side maintenance plans, the decline in polyester load is limited, and the medium - term outlook for PX remains positive [4]. - Cross - variety: No relevant strategy provided. - Cross - period: No relevant strategy provided.

Report Industry Investment Rating The report does not mention the industry investment rating. Core Viewpoints - The recent rebound in crude oil is mainly driven by passive buying of crude oil due to commodity index rebalancing, with geopolitical sentiment premiums also contributing. Attention should be paid to the situation in Iran [1]. - In the PX market, after a significant improvement in PX profitability, domestic and foreign PX plants have increased production. PXN has retreated due to a weakening fundamental outlook, but the medium - term outlook remains positive and is currently difficult to disprove [1]. - For TA, the inventory build - up pressure in January is not significant. In the long - term, as the cycle of concentrated capacity expansion ends, PTA processing fees are expected to further improve [1]. - In terms of demand, the polyester operating rate is 90.8% (a 0.9% month - on - month increase), while the weaving load continues to decline. The polyester load will decrease around the Spring Festival, and the average load in January is expected to drop to around 88% [2]. - For PF, production profit is weak, and the processing margin fluctuates weakly under weakening demand [2][3]. - For PR, bottle - chip processing fees are expected to maintain range - bound fluctuations [2][3]. Summary by Directory I. Price and Basis - The report presents figures on TA and PX main contract trends, basis, and inter - period spreads, as well as PTA East China spot basis and short - fiber basis [9][10][12]. II. Upstream Profits and Spreads - Figures show PX processing fees (PXN), PTA spot processing fees, South Korean xylene isomerization profits, and South Korean STDP selective disproportionation profits [17][21]. III. International Spreads and Import - Export Profits - The report includes figures on toluene spreads between the US and Asia, toluene spreads in South Korea and Japan, and PTA export profits [23][25]. IV. Upstream PX and PTA Operation - Figures display the operating rates of PTA and PX plants in China, South Korea, and Taiwan [26][29][31]. V. Social Inventory and Warehouse Receipts - Data on PTA weekly social inventory, PX monthly social inventory, and various types of warehouse receipts are provided [36][39][40]. VI. Downstream Polyester Load - Information on filament and short - fiber sales, polyester load, and related factory profits and inventory days is presented [47][49][57]. VII. PF Detailed Data - Figures cover 1.4D physical and equity inventories, polyester staple fiber load, and related production data and spreads [71][72][77]. VIII. PR Fundamental Detailed Data - Data on polyester bottle - chip load, inventory days, processing fees, export profits, and inter - period spreads are provided [87][89][94].

Core Viewpoint - The market anticipates an oversupply of oil by early 2026 due to the U.S. declaring it will "market" Venezuelan crude oil, while progress in negotiations between Ukraine and Russia may lead to the end of the conflict in the first half of 2026, causing a short-term drop in oil prices [1] PX Market Summary - PX prices have recently surged to seasonal highs, supported by a favorable MX supply environment and increased overseas restart plans due to improved profitability [1] - Domestic and international PX facilities are operating smoothly, with expectations of increased supply despite some fluctuations in factory operations [1] - Upcoming maintenance plans for PX in Q2 next year may support prices, but risks of supply increases and declining polyester demand are emerging [1] TA Market Summary - TA main contract spot basis is at -48 CNY/ton, with PTA spot processing fees at 390 CNY/ton, reflecting a positive change [2] - PTA processing fees are expected to improve in the medium term as the capacity expansion cycle ends, with a focus on potential device restarts due to recent improvements in processing fees [2] - Polyester operating rates are at 90.8%, but there are signs of weakening demand, with potential for accelerated production cuts in January [2] PF and PR Market Summary - PF production profits are at -4 CNY/ton, with weak downstream demand leading to increased inventory [3] - Bottle chip processing fees are at 458 CNY/ton, with supply recovering but short-term fluctuations expected due to planned maintenance [3] Strategy Overview - The strategy for PX/PTA/PF/PR is neutral, with expectations of increased supply and potential price corrections in the short term [4] - Monitoring of downstream polyester load changes and financial movements is crucial, as the market faces risks from increased supply and declining demand [4] - The medium-term outlook for PTA processing fees is positive, with a focus on device restart situations as the market stabilizes [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Cost side: Due to the escalation of geopolitical conflicts, crude oil has rebounded. Although the downward pressure on oil prices is still significant in Q1 next year, recent factors such as overseas holidays and commodity index fund rebalancing at the beginning of the year may cause disturbances to the market. The PXN of PX has increased significantly, and the load can be effectively maintained. The contango has strengthened recently, and the outlook for Q2 next year is good. The gasoline cracking spread has not improved significantly, but the US aromatics stockpiling has started [1]. - TA: The basis of the spot market has gradually strengthened. The December balance sheet shows inventory reduction, and there is no pressure for inventory accumulation in January. In the long run, the PTA processing fee is expected to gradually improve [2]. - Demand: The polyester开工率 is 91.1% (down 0.1% month - on - month). The weaving load is accelerating its decline. It is expected that the starting rate will further decline in mid - December. The polyester load is expected to remain around 91% in the short term and is expected to decline around January [2]. - PF: The spot production profit is 90 yuan/ton (down 17 yuan/ton month - on - month). The fundamentals have not changed much, but the processing margin is facing compression. The demand side shows average sales [3]. - PR: The spot processing fee is 476 yuan/ton (down 43 yuan/ton month - on - month). The processing range has been compressed. The load has rebounded as the inventory has decreased. The supply may increase in the future, and the short - term processing range is expected to be limited [3]. - Strategy: Be cautiously bullish on PX/PTA/PF/PR, but be vigilant against the risk of price pull - back due to capital reduction. For PX/PTA/PF/PR, pay attention to the change in polyester load. For PTA, conduct a 5 - 9 contango arbitrage [4][5]. Summary by Directory Price and Basis - Include TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber basis [10][11][13] Upstream Profits and Spreads - Include PX processing fee (PXN), PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [19][24] International Spreads and Import - Export Profits - Include toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [27][29] Upstream PX and PTA Startup - Include China's PTA load, South Korea's PTA load, Taiwan's PTA load, China's PX load, and Asia's PX load [30][33][37] Social Inventory and Warehouse Receipts - Include 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 [39][41][42] Downstream Polyester Load - Include filament sales, short - fiber sales, polyester load, direct - spun filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, Jiangsu and Zhejiang loom starting rate, Jiangsu and Zhejiang texturing starting rate, and Jiangsu and Zhejiang dyeing starting rate [50][52][61] PF Detailed Data - Include 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, raw - recycled spread, pure polyester yarn starting rate, pure polyester yarn production profit, polyester - cotton yarn starting rate, polyester - cotton yarn processing fee, pure polyester yarn factory inventory available days, and polyester - cotton yarn factory inventory available days [70][74][79] PR Fundamental Detailed Data - Include 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, East China water bottle - chip - recycled 3A - grade white bottle - chip spread, bottle - chip next - month spread, and bottle - chip next - next - month spread [88][95][96]

Report Industry Investment Rating - The report suggests a cautious and moderately bullish stance on PX/PTA/PF/PR, with a focus on the 05 contract [4]. Core Viewpoints - Crude oil is weakening, while PX is relatively resilient. The geopolitical situation is mostly bearish, and the PXN is firm due to good expectations for the first half of next year. The 1 - 5 month spread of PX has strengthened, but the rebound space of PXN is limited in the seasonal demand off - season [1]. - For TA, the basis has rebounded, and there is a slight inventory reduction in the short term, but there will be inventory accumulation pressure in January. In the long term, the PTA processing fee is expected to gradually improve after the end of the concentrated production capacity release cycle [2]. - The polyester start - up rate is 91.2% (down 0.6% month - on - month). The weaving load has declined, and the start - up rate is expected to further decline in mid - December. The polyester load is expected to remain stable in the short term but may decline around January [2]. - For PF, the production profit has increased, the factory inventory is decreasing, but the demand from downstream yarn mills is weak, and the willingness to stock up is low [3]. - For PR, the processing fee has increased, the load is stable, the inventory has decreased, and the processing interval is expected to slightly expand [3]. Summary by Directory Price and Basis - Figures show the TA and PX main contract trends, basis, and inter - period spreads, as well as the PTA East China spot basis and short - fiber basis [9][10][13]. Upstream Profits and Spreads - Figures display the PX processing fee (PXN), PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [16][21]. International Spreads and Import - Export Profits - Figures present the toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR spread, and PTA export profit [24][26]. Upstream PX and PTA Start - up - Figures show the PTA and PX loads in China, South Korea, and Taiwan, as well as in Asia [27][30][34]. Social Inventory and Warehouse Receipts - Figures display the PTA weekly social inventory, PX monthly social inventory, PTA and PX warehouse receipt inventories, and PF warehouse receipt inventory [36][38][39]. Downstream Polyester Load - Figures show the long - filament and short - fiber sales, polyester load, direct - spinning long - filament load, polyester bottle - chip load, long - filament factory inventory days, and the start - up rates of Jiangsu and Zhejiang weaving, texturing, and dyeing [47][49][55]. PF Detailed Data - Figures show the polyester staple fiber load, factory equity inventory days, 1.4D physical and equity inventories, pure polyester yarn and polyester - cotton yarn start - up rates, production profits, and processing fees, as well as the factory inventory available days [69][73][78]. PR Fundamental Detailed Data - Figures show the polyester bottle - chip load, bottle - chip factory inventory days, spot and export processing fees, export profit, price difference with recycled bottle - chips, and month - on - month spreads [90][92][98].