SFX(SH:600370) Guo Tai Jun An Qi Huo·2025-08-26 03:02Report Industry Investment Ratings - PX: Positive set-up, trend is on the stronger side [2][7] - PTA: Positive set-up with the commissioning of Sanfangxiang's new facility [2][8] - MEG: Trend is on the stronger side [2][7][8] Core Views - PX is expected to be short-term strong due to tight supply and demand, with polyester demand gradually recovering in the peak season [7] - PTA's unilateral price is on the stronger side, with a de-stocking pattern in August and improving demand seasonally [8] - MEG is short-term strong, suitable for 9 - 1 positive set-up, but faces supply pressure on the 01 contract in October [8] Summary by Relevant Catalogs Market Dynamics - PX: Asian ICE 10 - month Brent crude futures rose, but PX's increase was limited by weak Chinese PX and PTA futures. Sanfangxiang launched a new 150 -万吨/year PTA line, and the PX - naphtha spread narrowed on August 25 [4] - PTA: A 320 -万吨 PTA new facility's second line produced products over the weekend, and its load is being adjusted [6] - MEG: The planned arrival volume at major ports from August 25 - 31 is about 5.4 million tons [6] - Polyester: The sales of polyester yarn in Jiangsu and Zhejiang on August 25 were weak, with an average sales rate of about 40%. The sales of direct - spun polyester staple fibers were also weak, with an average sales rate of 45% [6][7] Futures and Spot Data - Futures: PX, MEG had price increases, while PTA, PF, and SC had price decreases. The price differences between months also showed various changes [3] - Spot: PX, MEG, and naphtha MOPJ had price increases, while PTA and Dated Brent had price decreases. The processing fees also changed accordingly [3] Trend Intensity - PX, PTA, and MEG all have a trend intensity of 1, indicating a relatively strong trend [7] Views and Suggestions - PX: Go long on pull - backs, focus on the 11 - 1 positive set - up. The restart of Fuhai Chuang's PX devices is postponed to September [7] - PTA: Go long on pull - backs, focus on basis and monthly spread positive set - up, and long PTA short PX (11 contract). Pay attention to potential maintenance plans of Xin凤鸣 [8] - MEG: Short - term positive set - up for 9 - 1, but there is significant pressure above 4600. Pay attention to the 1 - 5 reverse set - up due to potential supply increase in October [8]