对二甲苯：供需压力增加，趋势偏弱，PTA：加工费低位，关注计划外减产 MEG：多，MEG 空 PTA/PX

Industry Investment Rating - No information provided Core Viewpoints - PX has a weak unilateral trend, with the main contract shifting positions. The 1 - 5 month - spread is in a reverse arbitrage. Although weekend sales volume boosts the overall price of the industrial chain, it doesn't change the medium - term weak trend. PXN has short - term support starting from late August [7]. - PTA has a weak unilateral trend. Hold the mid - term position of long MEG and short PTA. Under low processing fees, pay attention to the support of unplanned production cuts on PTA processing fees, and conduct 1 - 5 reverse arbitrage. PTA supply decreases while demand increases, but high坯布 inventory and weak crude oil prices affect its performance [8]. - MEG has a weak and oscillating unilateral trend. Hold the mid - term position of long MEG and short PTA. Keep the 9 - 1 spread in the range of - 50 to 0 and pay attention to 1 - 5 reverse arbitrage. This week, both supply and demand of ethylene glycol increase, but the near - end driving force for the industrial chain is weak [9]. Market Dynamics PX - On the 12th, the price of PX decreased, with an Asian spot for October trading at 834. There was no negotiation for September at the end of the session, and the negotiation ranges for October and November were 833/840 and 821/837 respectively. The 9/10 swap changed from +5 to -1 on the 12th. The news of a 90 - day extension of the Sino - US tariff truce buffered the loss in the PX market, and crude oil futures rose during the session. The PX - naphtha price spread narrowed to 263.67 dollars/ton [5]. PTA - A 700,000 - ton PTA plant in Taiwan, China, stopped on the weekend, and the restart time is to be tracked. A 2.2 - million - ton PTA plant in East China is currently restarting after a maintenance starting around August 1st [6]. MEG - From August 11th to 17th, the expected arrival quantities at Zhangjiagang, Taicang, Ningbo, and Shanghai ports are 46,000 tons, 95,000 tons, 0 tons, and 0 tons respectively, with a total expected arrival at major ports of about 141,000 tons [6]. Polyester - On the 12th, the sales of direct - spun polyester staple fibers were average, with an average sales - to - production ratio of 52%. The sales of polyester yarns in Jiangsu and Zhejiang were weak, with an estimated average sales - to - production ratio of 30% - 40% [6][7]. Trend Intensity - PX trend intensity is -1, indicating a weak trend [7]. - PTA trend intensity is -1, indicating a weak trend [7]. - MEG trend intensity is 0, indicating a neutral trend [7]. Futures and Spot Data Futures - PX, PTA, MEG, PF, and SC had price increases of 0.80%, 0.42%, 0.41%, 0.37%, and 1.19% respectively. The 9 - 1 month - spreads of PX, PTA, MEG, PF, and SC changed by 18, -8, -3, -14, and -1.3 respectively [4]. Spot - The prices of PX CFR China, PTA in East China, MEG spot, naphtha MOPJ, and Dated Brent changed by -1, 10, 18, 2, and -0.49 respectively. The PX - naphtha price spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread changed by -7.5, 25.77, 24.14, 23.07, and 0 respectively [4].