芳烃橡胶早报-20250902

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For PTA, after the recent TA maintenance, the start - up rate decreased, polyester load remained stable, inventory decreased, basis weakened, and spot processing fees weakened. In the future, TA unexpected maintenance may increase, polyester start - up will continue to rise, and PX supply will gradually return. There is an opportunity to expand processing fees by buying at low prices, and attention should be paid to the restart progress of Hengli Huizhou [2]. - For MEG, the recent domestic oil - based production increased load, coal - based start - up decreased slightly, overall load increased, overseas unexpected maintenance increased, port inventory decreased, and basis strengthened. In the short term, EG port inventory is expected to continue to decrease, but in the long - term, there is an expectation of inventory accumulation. It is expected to fluctuate widely, and attention should be paid to the restart progress of Satellite and Xinrun [2]. - For polyester staple fiber, the start - up rate increased slightly, sales weakened, and inventory remained stable. The demand side has a slowdown in the speed of increasing load after the accumulation of finished product inventory. The start - up rate is expected to remain high, and the processing fee is expected to fluctuate [2]. - For natural rubber and 20 - number rubber, the national explicit inventory remained stable, the Thai cup - lump price remained stable, and rainfall affected rubber tapping. The strategy is to wait and see [2]. 3. Summaries According to Related Catalogs PTA - Data Changes: From August 26 to September 1, crude oil price increased by 0.1, PX processing difference decreased by 1.35, PTA load remained unchanged, and TA basis decreased by 12 [2]. - Device Changes: Taihua's 1.5 - million - ton device restarted, and a 1.2 - million - ton device planned to be under maintenance [2]. MEG - Data Changes: From August 26 to September 1, the Northeast Asian ethylene price remained unchanged, MEG external price decreased by 3, and MEG coal - based profit decreased by 23 [2]. - Device Changes: Xinjiang Tianying's 150,000 - ton device restarted; Shaanxi Weihua's 300,000 - ton device was under maintenance [2]. Polyester Staple Fiber - Data Changes: From August 26 to September 1, the price of 1.4D cotton - type staple fiber decreased by 5, and the short - fiber profit remained unchanged [2]. - Device Changes: Xiamen Xinhongxiang's low - melting - point device restarted, and the start - up rate increased to 92.1% [2]. Natural Rubber and 20 - number Rubber - Data Changes: From August 26 to September 1, the US - dollar Thai standard spot price remained unchanged, and the RU main contract price decreased by 15 [2]. - Key Ratios: The difference between mixed rubber and RU main contract remained unchanged, and the difference between US - dollar Thai standard and NR main contract increased by 13 [2]. Styrene - Data Changes: From August 26 to September 1, the ethylene price remained unchanged, the pure benzene (CFR China) price remained unchanged, and the styrene (CFR China) price decreased by 10 [5]. - Profit Changes: The styrene domestic profit remained at - 352, the EPS domestic profit decreased by 30, and the PS domestic profit increased by 19 [5].