PTA：宏观情绪偏强提振下 PTA短期受到支撑

Supply and Demand - As of July 18, PTA operating rates remain stable at 79.7% with no significant changes in production [3] - Polyester operating rates have slightly decreased to approximately 88.3%, down by 0.5% [3] - Demand for polyester continues to be weak due to the off-season and high temperatures, leading to increased inventory pressure in factories [3] - The cash flow for polyester yarn is limited, with only POY showing slight profitability while FDY is experiencing overall losses [3] Market Outlook - PTA operating rates are maintained around 80%, with expectations for new PTA production from Sanfangxiang (600370) [4] - Weak terminal demand is leading to further expectations of production cuts in downstream polyester [4] - Despite weak supply and demand expectations for PTA, the overall sentiment in the domestic commodity market is relatively strong, providing some support for PTA prices [4] - Short-term trading strategy for TA is expected to fluctuate between 4600-4800, with bearish sentiment above 4800 [4] Cost Analysis - As of July 21, PTA spot processing fees are around 239 CNY/ton, while the processing fee for TA2509 is 285 CNY/ton [2]