PTA：供需预期好转但成本端走势偏弱 短期PTA震荡偏弱

Supply and Demand - As of August 14, PTA operating rates are at 76.4%, an increase of 1.7% due to the restart of facilities from Weilian Chemical (2.5 million tons) and Jiaxing Petrochemical (2.2 million tons) [3] - Polyester operating rates have slightly increased to 89.4%, up by 0.6%, with local improvements in Jiangsu and Zhejiang regarding terminal operating rates and shipment volumes [3] - New orders for grey fabric show mixed results, with some local "hot-selling" products performing well, while overall procurement remains average [3] Pricing and Profitability - On August 14, PTA spot processing fees are around 212 RMB/ton, with processing fees for TA2509 and TA2601 futures at 258 RMB/ton and 331 RMB/ton respectively [2] - The spot market for PTA is experiencing a general trading atmosphere, with prices ranging from 4620 to 4680 RMB, and a main spot basis around 09-14 [1][4] Market Outlook - The PTA supply-demand situation is expected to improve due to increased maintenance plans amid low processing margins, but medium-term expectations remain weak with the new PTA facility from Helen Petrochemical coming online [4] - Overall, PTA prices are anticipated to remain weak due to supply-demand concerns and crude oil trends, although the low processing fees and limited pressure from raw material PX may limit downward movement [4] - Strategies include monitoring support around 4600 RMB for TA01 and considering high-level hedging for TA1-5, while focusing on expanding low processing fees around 250 RMB [4]