芳烃橡胶早报-20250805

Group 1: Report Industry Investment Rating - No information provided Group 2: Report Core Views - For PTA, it maintains a state of inventory accumulation but the absolute inventory level is not high. With low spot processing fees persisting and considering the limited inventory pressure of filament and the continuous inventory reduction of bottle - grade chips, polyester operation is expected to stabilize and has upward potential. Opportunities to expand processing fees on dips can be considered [2]. - For MEG, short - term inventory accumulation pressure is low, and port inventory is expected to remain at a low level. The situation is good and the profit is not low. However, there is an inventory accumulation expectation in the far - term due to overseas plant restarts and further increase in coal - based operation load. It should be viewed with wide - range fluctuations, and attention should be paid to the restart progress of satellite plants [5]. - For polyester staple fiber, as the finished - product inventory of polyester yarn is reduced, downstream operation may increase. Although the supply of staple fiber itself may also increase, considering the low - level processing fees on the futures market, opportunities to expand processing fees on dips can be considered [5]. - For natural rubber and 20 - grade rubber, the national explicit inventory remains stable at a non - high level but shows no seasonal reduction. The price of Thai cup rubber rebounds due to rainfall affecting tapping. The strategy is to wait and see [5]. Group 3: Summary by Related Catalogs PTA - Device Changes: Yisheng New Materials increased the load of its 7.2 - million - ton plant, and Taihua restarted its 1.5 - million - ton plant [2]. - Data Changes: From July 29 to August 4, crude oil decreased by 0.9, TA basis decreased by 8, and PTA processing fee decreased by 9, etc. [2]. MEG - Device Changes: The 300,000 - ton plant in Tongliao, Inner Mongolia restarted [5]. - Data Changes: From July 29 to August 4, MEG outer - market price decreased by 1, MEG inner - market price decreased by 25, and MEG coal - based profit decreased by 25, etc. [5]. Polyester Staple Fiber - Device Changes: The small - line of Xianglu stopped for maintenance, and the operation rate decreased slightly to 90.3% [5]. - Data Changes: From July 29 to August 4, the price of 1.4D cotton - type staple fiber decreased by 25, short - fiber profit increased by 35, etc. [5]. Natural Rubber & 20 - grade Rubber - Data Changes: From July 29 to August 4, the price of US - dollar Thai standard rubber decreased by 65 in weekly change, the price of Shanghai full - latex decreased by 700 in weekly change, etc. [5]. Styrene - Data Changes: From July 29 to August 4, the price of pure benzene (CFR China) decreased by 35 in daily change, the price of PS (East China transparent benzene) decreased by 30 in daily change, etc. [8]