对二甲苯：供需仍偏紧，滚动正套，PTA：聚酯库存下降，原料趋势偏强，MEG：单边趋势偏强

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Views of the Report - PX: The supply - demand situation remains tight. It is expected to be in a state of unilateral shock and strengthening, and the monthly spread is recommended to be rolled for long positions [8]. - PTA: The raw material trend is strong, with a unilateral upward trend. Attention should be paid to the spread between going long on PTA and shorting PF [8]. - MEG: The unilateral trend turns strong [8]. 3. Summary by Related Catalogs Market Overview - PX: The price of naphtha rose at the end of the session. The price of PX increased today, with a September Asian spot deal at 859. Geopolitical tensions drove up crude oil prices, providing additional support for PX. The new PTA factory of Sanfangxiang is expected to start production, boosting the market sentiment in the PX field. However, new tariffs will take effect on August 1st, bringing uncertainty to the PX price [3][5]. - PTA: There were no significant changes in PTA devices in the Chinese mainland this week. As of Thursday, the PTA load was 79.7%, and the calculated operating rate was around 85.8%. The PTA production capacity base in the Chinese mainland has been adjusted to 8851.5 million tons since July 1, 2025 [6]. - MEG: As of July 24, the overall operating load of ethylene glycol in the Chinese mainland was 68.35% (a 2.14% increase from the previous period). A 300,000 - ton/year syngas - to - ethylene glycol device in Shanxi plans to shut down for maintenance around August 7th. Two MEG devices in Saudi Arabia with capacities of 450,000 and 700,000 tons/year have resumed operation [7]. - Polyester: The operating load of large - scale domestic polyester industrial yarn manufacturers remained stable this week. As of Thursday, the overall theoretical operating load of domestic polyester industrial yarn was around 74%. The sales of direct - spun polyester staple fibers improved moderately today, while the sales of polyester yarn in Jiangsu and Zhejiang weakened overall [7][8]. Trend Intensity - The trend intensity of p - xylene, PTA, and MEG is all 1, indicating a moderately strong trend [8]. Views and Suggestions - PX: Unilateral shock and strengthening, with a strategy of rolling long on the monthly spread. The supply - demand is tight due to factors such as the maintenance of Tianjin Petrochemical and the planned production of Sanfangxiang's PTA factory [8]. - PTA: Unilateral strengthening. Pay attention to the spread strategy of going long on PTA and shorting PF. The inventory pressure of polyester factories has been greatly relieved, and the overall operating rate is expected to continue to rise [8]. - MEG: The unilateral trend turns strong, benefiting from the continuous rise in coal prices [8].