Introduction: This period saw an overall increase in prices along the industrial chain, primarily driven by geopolitical factors and costs. US-Iran relations alternate between tension and relaxation, maintaining a state of "conflict without collapse, talks without resolution." There are no major contradictions in the industrial direction. The overall supply-demand balance continues to destock, spot liquidity has slightly tightened, and the basis remains relatively strong.

Key Points:

1. Weekly domestic PTA output this period: 1,248,800 tons, up 70,500 tons from last week.
2. Weekly domestic PTA capacity utilization rate this period: 64.99%, up 3.60% from last week.
3. Weekly average operating rate of the polyester industry this period: 78.07%, down 2.14% from last week.
4. This week's PTA social inventory: approximately 3,260,200 tons, down 94,800 tons MoM.
5. This week's average PTA processing fee: 601.82 yuan/ton, up 71.06 yuan/ton from last week.

| Contents:
1: Favorable costs and supply push PTA price center upward
2: Cost-side concessions allow PTA processing fee recovery
3: Units restart as planned; balance sheet continues destocking
4: Geopolitical disagreements persist; social inventory continues to draw down |