对二甲苯：成本支撑偏弱，但终端需求改善，月差仍偏强，PTA：弱现实强预期，月差反套 MEG：本周到港偏低，基差走强

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - PX cost support is weak, but terminal demand improves, and the month - spread remains strong. PX is expected to be stronger than oil prices, but the overall upside space may be limited, and the 9 - 1 month - spread will continue to strengthen [1][7]. - PTA is in a situation of weak reality and strong expectation, with a 9 - 1 month - spread reverse arbitrage. The unilateral price is in a volatile market with limited downside space for now [1][8]. - MEG has a low arrival volume this week, and the basis strengthens. The unilateral price is mainly in a volatile market, and the 9 - 1 month - spread should be operated in the range of - 50 to 0, with a 1 - 5 reverse arbitrage [1][8]. 3. Summary According to Related Catalogs Market Dynamics - PX: The price of naphtha at the end of the session remained strong, and the PX price increased. However, the low start - up of downstream PTA and the weak crude oil market restricted the rise of the PX market. Some October cargoes were traded at 836.5 - 837 dollars/ton [4]. - PTA: The spot price rose to 4,690 yuan/ton. The sentiment in the Asian PTA market remained sluggish due to concerns about over - capacity. A 760,000 - ton/year PTA plant in Taichung was shut down for planned maintenance [5]. - MEG: From August 18th to August 24th, the total planned arrival volume at major ports was about 54,000 tons [6]. - Polyester: The sales of polyester yarn in Jiangsu and Zhejiang were still weak, with an average sales rate of slightly less than 50% by 3:30 pm. The sales of direct - spun polyester staple fiber were average, with an average sales rate of 57% by 3:00 pm [6]. Trend Intensity - The trend intensity of p - xylene, PTA, and MEG is all 0, indicating a neutral trend [7]. Views and Suggestions - PX: Cost support is weak, but the PX fundamentals are tight. The 8 - month polyester start - up reached the bottom, and the 9 - month supply - demand is still tight. Pay attention to the restart progress of Fuhua Group [7]. - PTA: The unilateral price is in a volatile market. The supply is marginally tightened, and the demand improves month - on - month. The 9 - 1 month - spread reverse arbitrage should be maintained. Pay attention to the impact of the peak season on the industrial chain [8]. - MEG: The import arrival volume decreases, and the supply and demand both increase. The 9 - 1 month - spread should be operated in the range of - 50 to 0, with a 1 - 5 reverse arbitrage. Pay attention to the position reduction speed of the 09 contract [8].