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].

Core Viewpoint - The glass futures market has transitioned from a downward trend to a phase of low-level consolidation, influenced by cost support and geopolitical factors, despite weak demand from the real estate sector [1][2]. Supply Side - As of July 4, the daily melting capacity of domestic float glass remained stable at 157,800 tons, with production expected to increase due to ongoing ignition plans for production lines [1]. - There is a strong resistance against excessive cost-cutting and low-quality competition, with calls for orderly market practices [1]. - The overall supply of float glass may continue to rise, which could limit price increases without strong policy measures [1]. Demand Side - The demand for float glass is weak, primarily driven by poor real estate data, with most orders concentrated in a short timeframe of 3-7 days [2]. - The market is awaiting potential policy measures such as interest rate cuts or incentives for the real estate sector, which could stimulate demand and lead to price increases [2]. Profitability - As of last week, the weekly profit margins for float glass varied significantly based on fuel type, with negative profits for natural gas and petroleum coke, while coal gas showed a positive margin [2]. - Float glass prices are currently undervalued, and with costs stabilizing, the downside potential for prices is limited [2]. Inventory Levels - As of July 3, the total inventory of float glass in sample enterprises was 69.085 million heavy boxes, indicating a historically high level, while downstream inventories remain low [3]. - A shift in market sentiment could lead to speculative replenishment in the downstream sector, potentially triggering a price increase [3]. Overall Market Outlook - The trend of declining float glass prices appears to have paused, supported by cost factors and improved macroeconomic sentiment, but sustained price increases lack strong drivers [3]. - The supply and demand dynamics are unlikely to undergo fundamental changes, but there is potential for policy support and speculative inventory replenishment to create short-term price fluctuations [3].