对二甲苯：需求负反馈，单边趋势偏弱，PTA，需求淡季，单边趋势偏弱，MEG，低库存，月差逢低正套

Report Summary 1. Industry Investment Ratings - PX: Demand negative feedback, unilateral trend is weak [1] - PTA: In the off - season of demand, unilateral trend is weak [1] - MEG: Low inventory, go long on the nearby contract and short on the far - away contract when the spread is low [1] 2. Core Views - PX: Supply remains tight, don't chase short on the single - side, go long on the nearby contract and short on the far - away contract for the spread. Pay attention to the compression position of far - month PXN [9] - PTA: Uncertainty about the start - up progress of Sanfangxiang and Yisheng's production cut. Don't chase short on the single - side, go long on the nearby contract and short on the far - away contract for the spread. Long PX and short PTA, long PR and short PTA on the 01 contract [9] - MEG: Saudi and Singaporean ethylene glycol plant start - up rates decline, single - side shows a strong - biased oscillatory market, go long on the nearby contract and short on the far - away contract for the spread [10] 3. Summary by Related Catalogs Market Overview - PX: On July 15, the price of PX fell. The estimated price was 838 dollars/ton, down 14 dollars from the 14th. Asian crude oil futures declined. The demand slump of Asian polyester chains pressured upstream PX. Petronas plans to shut down its 550,000 - ton/year PX plant from mid - August for about a month [3][5] - PTA: On July 15, the spot price of PTA dropped to 4715 yuan/ton [5] - MEG: On July 15, the average spot price was 4408 yuan/ton. The planned arrival at major ports from July 14 - 20 was about 45,000 tons [6] - Polyester: On July 15, the sales of polyester yarn in Jiangsu and Zhejiang were weak, with an average sales rate of 4 - 5%. The average sales rate of direct - spun polyester staple fiber was 49% [7] Trend Intensity - PX trend intensity: 0 - PTA trend intensity: 0 - MEG trend intensity: 0 [8] Views and Suggestions - PX: The market focuses on Sanfangxiang's start - up progress. Supply is tight, don't chase short on the single - side, go long on the nearby contract and short on the far - away contract for the spread. Pay attention to the compression position of far - month PXN [9] - PTA: The market focuses on whether Sanfangxiang's start - up will be postponed and whether Yisheng will increase production cuts. Don't chase short on the single - side, go long on the nearby contract and short on the far - away contract for the spread. Long PX and short PTA, long PR and short PTA on the 01 contract [9] - MEG: Saudi and Singaporean ethylene glycol plant start - up rates decline. Supply increases while demand decreases, but inventory is low. Go long on the nearby contract and short on the far - away contract for the spread when the spread is low [10]