1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The asphalt market is expected to show a strong and volatile trend in the short - term, and it is recommended to focus on reverse arbitrage. The supply is affected by the limited inflow of Venezuelan heavy - crude oil, and the demand will further slow down due to the end of construction projects. The price of Venezuelan oil in Asia has risen, and the supply of asphalt at the end of the month is tight [1]. 3. Summary by Directory 3.1 Market Analysis - Supply: Last week, the asphalt operating rate decreased by 0.4 percentage points to 26.8% week - on - week, 2.5 percentage points higher than the same period last year, at a relatively low level in recent years. In January 2026, the domestic asphalt production is expected to be 2 million tons, a decrease of 158,000 tons (7.3%) month - on - month and 276,000 tons (12.1%) year - on - year. Some local refineries in Shandong stopped asphalt production this week, and the asphalt operating rate remained low [1]. - Demand: Last week, the operating rates of most downstream industries of asphalt declined. The operating rate of road asphalt decreased by 1 percentage point to 14% week - on - week, restricted by funds and weather. With the decrease in temperature, road construction in the north is gradually ending, and rigid demand will further slow down. Southern projects are also gradually entering the final stage [1]. - Inventory: The inventory rate of asphalt refineries decreased slightly week - on - week and is still near the lowest level in recent years. As of the week of January 23, the inventory rate of asphalt refineries decreased by 0.5 percentage points to 13.6% compared with the week of January 16 [1][4]. - Price: The price of asphalt in Shandong increased slightly, and the basis is at a relatively low level. The price of Venezuelan oil sold in Asia has risen, and the supply of asphalt at the end of the month is tight [1]. 3.2 Futures and Spot Market Conditions - Futures: Today, the asphalt futures 2603 contract rose 3.96% to 3410 yuan/ton, above the 5 - day moving average, with a minimum price of 3266 yuan/ton and a maximum price of 3430 yuan/ton. The trading volume increased by 11,938 to 175,279 lots [2]. - Basis: The mainstream market price in Shandong rose to 3210 yuan/ton, and the basis of the asphalt 03 contract remained at - 200 yuan/ton, at a relatively low level [3]. 3.3 Fundamental Tracking - Supply - related indicators: Qilu Petrochemical and Dongming Petrochemical switched to producing residual oil, and the asphalt operating rate decreased by 0.4 percentage points to 26.8% week - on - week, 2.5 percentage points higher than the same period last year. From January to November, the investment in national highway construction decreased by 5.9% year - on - year, and the cumulative year - on - year growth rate increased by 0.1 percentage point compared with January - October 2025 but was still negative. In 2025, the cumulative year - on - year growth rate of the actual completed fixed - asset investment in the road transportation industry from January to December was - 6.0%, continuing to decline from - 4.7% from January to November 2025. The cumulative year - on - year growth rate of the fixed - asset investment in infrastructure construction (excluding electricity) from January to December 2025 was - 2.2%, continuing to decline from - 1.1% from January to November 2025 [4]. - Demand - related indicators: As of the week of January 23, the operating rates of most downstream industries of asphalt declined. The operating rate of road asphalt decreased by 1 percentage point to 14% week - on - week, restricted by funds and weather. From January to December 2025, the year - on - year growth rate of social financing stock was 8.3%, 0.2 percentage points lower than that from January to November, and the recovery of the medium - and long - term financing demand of enterprises was still weak [4]. - Inventory indicators: As of the week of January 23, the inventory rate of asphalt refineries decreased by 0.5 percentage points to 13.6% compared with the week of January 16, and the inventory rate of asphalt refineries was near the lowest level in recent years [4].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The asphalt market is expected to oscillate. The supply side shows a decline in the asphalt start - up rate, and the expected production in January 2026 is lower than the previous month and the same period last year. The downstream industry start - up rate mostly declined, and the inventory rate is at a relatively low level. With the impact of geopolitical situations on raw materials and the slowdown of demand due to weather, it is recommended to focus on the shortage of refining raw materials and adopt a reverse arbitrage strategy before March [1]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - Supply side: The asphalt start - up rate last week decreased by 0.4 percentage points to 26.8% week - on - week, 2.5 percentage points higher than the same period last year, and at a relatively low level in recent years. The expected domestic asphalt production in January 2026 is 2 million tons, a decrease of 158,000 tons (7.3%) month - on - month and 276,000 tons (12.1%) year - on - year. Some local refineries in Shandong stopped asphalt production this week, and the start - up rate remained low [1]. - Demand side: Most of the start - up rates of downstream asphalt industries decreased last week. The start - up rate of road asphalt decreased by 1 percentage point to 14% week - on - week, restricted by funds and weather. With the temperature drop, road construction in the north is gradually ending, and subsequent rigid demand will further slow down, and southern projects are also entering the final stage [1]. - Inventory: The asphalt refinery inventory rate decreased slightly week - on - week and is still near the lowest level in recent years [1]. - Geopolitical impact: The US military action in Venezuela restricts the flow of heavy - oil to domestic refineries, which will affect asphalt production and cost. Although the possibility of domestic refineries obtaining Venezuelan crude oil has increased, it is still expected to be significantly lower than before the US intervention [1]. 3.2 Futures and Spot Market Conditions - Futures: Today, the asphalt futures 2603 contract rose 0.31% to 3,279 yuan/ton, above the 5 - day moving average, with a minimum price of 3,260 yuan/ton and a maximum price of 3,299 yuan/ton, and the open interest decreased by 10,433 to 163,341 lots [2]. - Basis: The mainstream market price in Shandong area remained at 3,140 yuan/ton, and the basis of the asphalt 03 contract remained at - 139 yuan/ton, at a relatively low level [3]. 3.3 Fundamental Tracking - Supply side: Qilu Petrochemical and Dongming Petrochemical switched to producing residual oil, and the asphalt start - up rate decreased by 0.4 percentage points to 26.8% week - on - week, 2.5 percentage points higher than the same period last year, at a relatively low level in recent years. From January to November, the national highway construction investment decreased by 5.9% year - on - year, and the cumulative year - on - year growth rate increased by 0.1 percentage point compared with January - October 2025 but was still negative [4]. - Investment data: From January to December 2025, the actual completed fixed - asset investment in the road transport industry decreased by 6.0% year - on - year, continuing to decline compared with - 4.7% from January to November 2025. The completed fixed - asset investment in infrastructure construction (excluding electricity) from January to December 2025 decreased by 2.2% year - on - year, continuing to decline compared with - 1.1% from January to November 2025 [4]. - Downstream start - up rate: As of the week of January 23, most of the start - up rates of downstream asphalt industries decreased, and the start - up rate of road asphalt decreased by 1 percentage point to 14% week - on - week, restricted by funds and weather [4]. - Social financing: From January to December 2025, the social financing stock increased by 8.3% year - on - year, and the growth rate decreased by 0.2 percentage point compared with January - November, and the recovery of enterprises' medium - and long - term financing demand was still weak [4]. - Inventory: As of the week of January 23, the asphalt refinery inventory rate decreased by 0.5 percentage point to 13.6% compared with the week of January 16, and was near the lowest level in recent years [4].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Futures: The main asphalt contract (BU2603) closed at 3279 yuan/ton, rising about 1.33% from the previous day. The intraday fluctuation was between 3239 - 3295 yuan/ton with active trading. In February, the scheduled production decreased slightly month - on - month, refinery start - up increased slightly, but both social and factory inventories increased slightly. Demand is in the off - season, and the cold wave restricts terminal consumption. Downstream buyers mainly stockpile for arbitrage rather than for rigid demand, and the capacity utilization rate of modified asphalt declined. - Spot: The price remained stable, downstream buyers were cautious about purchasing, actual transactions were weak, and refineries mainly executed previous contracts and stored products in warehouses. The overall supply - demand situation was loose. In the short term, the market focuses on the inventory accumulation speed under weak demand, and the market is expected to oscillate strongly. Investors can pay attention to reverse arbitrage [3] 3. Summary of Related Catalogs 3.1. Spot Market - In the spot market, prices in different regions showed different trends. In the East China region, the current price is 3200 yuan/ton, up 10 yuan/ton from the previous value; in the Northeast region, the price remained at 3440 yuan/ton; in the North China region, it was 3200 yuan/ton with no change; in the South China region, it rose 30 yuan/ton to 3220 yuan/ton; in the Northwest region, it stayed at 3430 yuan/ton; and in Shandong, it increased 50 yuan/ton to 3140 yuan/ton [1] 3.2. Futures Market - For futures, the current values of BU2602 and BU2603 were 3262 yuan/ton and 3279 yuan/ton respectively, with increases of 1.24% and 1.33% compared to the previous values [1] 3.3. International News - According to German media, the tension between the US and Iran is at its peak, and the Iranian regime is preparing for an attack. Iran's Supreme Leader Khamenei has entered a fortified bunker in Tehran. The Russia - Ukraine war continues with talks and battles, and the Abu Dhabi peace talks mediated by the US ended without results. US President Trump said that any meeting between the US, Ukraine, and Russia is a good thing [1][2]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The asphalt market is experiencing an upward trend, but there are potential risks due to geopolitical issues and seasonal factors. It is recommended to focus on the shortage of raw materials for domestic refineries and adopt a reverse arbitrage strategy before March [3]. 3. Summary by Relevant Catalogs 3.1 Supply - Last week, the asphalt operating rate decreased by 0.4 percentage points to 26.8% week-on-week, 2.5 percentage points higher than the same period last year, and at a relatively low level in recent years [3][21]. - In January 2026, the domestic asphalt production is expected to be 2 million tons, a decrease of 158,000 tons (7.3%) month-on-month and 276,000 tons (12.1%) year-on-year [3]. - This week, some local refineries in Shandong stopped producing asphalt, and the asphalt operating rate remained at a low level [3]. 3.2 Demand - As of the week of January 23, most of the operating rates of downstream industries of asphalt decreased. The operating rate of road asphalt decreased by 1 percentage point to 14% week-on-week, restricted by funds and weather [3][31]. - From January to November, the national highway construction investment decreased by 5.9% year-on-year. The cumulative year-on-year growth rate increased by 0.1 percentage point compared with that from January to October 2025 but was still negative [31]. - In 2025, from January to December, the actual completed fixed - asset investment in the road transport industry decreased by 6.0% year-on-year, continuing to decline compared with - 4.7% from January to November 2025 [31]. - In 2025, from January to December, the cumulative year-on-year growth rate of fixed - asset investment in infrastructure construction (excluding electricity) decreased by 2.2%, continuing to decline compared with - 1.1% from January to November 2025 [31]. 3.3 Market Price and Ratio - The asphalt/ crude oil ratio rose to 7.32 [13]. - The mainstream market price in Shandong region remained at 3,090 yuan/ton, and the basis of the asphalt 03 contract fell to - 146 yuan/ton, at a relatively low level [16]. 3.4 Inventory - As of the week of January 23, the inventory rate of asphalt refineries decreased by 0.5 percentage points to 13.6% week-on-week, and was near the lowest level in the same period in recent years [36]. 3.5 Shipment - As of the week of January 23, driven by international oil prices, the downstream procurement enthusiasm of marine fuel and coking increased. The shipment of low - sulfur asphalt in Northeast China was relatively large, and the national shipment volume increased by 1.82% to 227,700 tons week-on-week, at a moderately low level [26].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The asphalt futures price is expected to fluctuate, and it is recommended to focus on reverse arbitrage. The supply is affected by refinery production adjustments and raw material supply, and the demand will further slow down due to seasonal factors. The current inventory is at a relatively low level, and the base price is also low [1]. Group 3: Summary by Relevant Catalogs 1. Market Analysis - **Supply**: This week, the asphalt operating rate decreased by 0.4 percentage points to 26.8% week - on - week, 2.5 percentage points higher than the same period last year, at a relatively low level in recent years. In January 2026, the domestic asphalt production is expected to be 2 million tons, a decrease of 158,000 tons (7.3%) month - on - month and 276,000 tons (12.1%) year - on - year. Next week, some local refineries in Shandong will stop producing asphalt, and the operating rate will remain low [1]. - **Demand**: This week, the operating rates of most downstream industries of asphalt declined. The road asphalt operating rate decreased by 1 percentage point to 14% week - on - week, restricted by funds and weather. With the decrease in temperature, the northern road construction is gradually ending, and the subsequent rigid demand will further slow down, and the southern projects are also entering the final stage [1]. - **Inventory**: As of the week of January 23, the asphalt refinery inventory rate decreased by 0.5 percentage points to 13.6% week - on - week, near the lowest level in recent years [5]. - **Price and Basis**: The price of asphalt in Shandong increased slightly, and the basis of the 03 contract rose to - 146 yuan/ton, at a relatively low level [1][3]. 2. Futures and Spot Market Conditions - **Futures**: Today, the asphalt futures 2603 contract rose 0.68% to 3236 yuan/ton, above the 5 - day moving average, with a minimum price of 3210 yuan/ton, a maximum price of 3256 yuan/ton, and the open interest decreased by 16,693 to 186,664 lots [2]. 3. Fundamental Tracking - **Supply - Side Operating Rate**: Qilu Petrochemical and Dongming Petrochemical switched to producing residual oil, causing the asphalt operating rate to decline by 0.4 percentage points to 26.8% week - on - week, 2.5 percentage points higher than the same period last year, at a relatively low level in recent years [5]. - **Investment Data**: From January to November, the national highway construction investment decreased by 5.9% year - on - year. In 2025, from January to December, the fixed - asset investment in road transportation decreased by 6.0% year - on - year, and the fixed - asset investment in infrastructure construction (excluding electricity) decreased by 2.2% year - on - year [5]. - **Social Financing Data**: From January to December 2025, the year - on - year growth rate of social financing stock was 8.3%, 0.2 percentage points lower than that from January to November, and the recovery of medium - and long - term financing demand of enterprises was still weak [5].

1. Report Industry Investment Ratings - PX: Short - term high - level volatile market [1] - PTA: High - level volatile market [1] - MEG: Limited upside space, medium - term pressure remains [1] 2. Core Views - PX: Cost support is relatively strong, hold long spreads. Supply is gradually loosening, and attention should be paid to the reduction scale caused by Zhejiang Petrochemical's maintenance [4] - PTA: Unilateral high - level volatile market, maintain long spreads. The PTA segment is still in continuous de - stocking [5] - MEG: The medium - term trend is still weak, conduct short spreads on the calendar spread. The supply of domestic ethylene glycol is still at a high level, and the rigid demand is declining [5] 3. Summary by Related Contents 3.1 Market Data - **Futures Prices**: PX主力昨日收盘价7336, up 126 (1.75%); PTA主力5150, up 104 (2.06%); MEG主力3838, up 106 (2.84%); PF主力6532, up 70 (1.08%); SC主力428.2, up 6.5 (1.54%) [2] - **Calendar Spreads**: PX5 - 9 yesterday's closing price was 112, down 12; PTA5 - 9 was 90, unchanged; MEG5 - 9 was - 86, up 4; PF12 - 1 was - 54, up 16; SC11 - 12 was - 0.7, down 2.2 [2] - **Spot Prices**: PX CFR China was 902.67 dollars/ton, up 19; PTA in East China was 5080 yuan/ton, up 50; MEG spot was 3680 yuan/ton, up 40; Naphtha MOPJ was 534.25 dollars/ton, up 11.75; Dated Brent was 62.91 dollars/barrel, down 0.04 [2] - **Spot Processing Margins**: PX - naphtha spread was 363.88, up 7.92; PTA processing margin was 361.63, up 6.66; Staple fiber processing margin was 120.64, down 21.37; Bottle chip processing margin was 43.68, down 25.41; MOPJ naphtha - Dubai crude oil spread was - 4.34, unchanged [2] 3.2 Market Dynamics - Crude oil: The market is worried about the long - term oversupply pressure, and the geopolitical situation has not shown new intensification, so international oil prices have fallen [2] - PX: In the afternoon, PX negotiation prices were stalemate. May paper goods were negotiated at 903/905, and there were buy - orders for June at 900 [3] - PTA: Turkey launched an investigation at the request of local PTA producers, focusing on the sharp increase in PTA imports, industrial damage and causal relationships. No interim measures have been proposed yet, and the investigation period is generally 6 - 12 months [3] - MEG: From January 5th to January 11th, the arrival quantity in Zhangjiagang was about 6.2 tons, in Taicang Port about 7.9 tons, in Ningbo about 3.7 tons, and in Shanghai about 0 tons. The planned arrival quantity at the main ports was about 17.8 tons [3] - Polyester: The sales of direct - spun polyester staple fibers improved moderately today. As of around 3:00 pm, the average sales - to - production ratio was 77%. The sales - to - production ratios of some factories were 80%, 80%, 60%, 90%, 80%, 60%, 100%, 30%, 80%, 30%. The sales of polyester yarn in Jiangsu and Zhejiang showed individual differentiation. As of around 3:30 pm, the average sales - to - production ratio was estimated to be about 50% [3][4] 3.3 Trend Intensity - PX trend intensity: 0 [4] - PTA trend intensity: 0 [4] - MEG trend intensity: 0 [4] 3.4 Supply and Demand - **PX Supply**: Fushun Petrochemical's 1 million - ton PX unit was restarted, and India's GAIL purchased Middle - East PX supplies for startup in March - April. The domestic PX operating rate increased to 90%. Attention should be paid to the maintenance plan of Yisheng New Materials' 3.6 million - ton unit [4] - **PTA Supply and Demand**: The processing fee of the 05 contract on the disk rose to over 300 yuan/ton. New Fengming's 2.5 million - ton Phase 1 and Zhongtai Chemical's 1.2 million - ton units were restarted, and the operating rate is expected to recover. The overall operating rate will remain at around 78%. Polyester filament factories cut production, while the operation of bottle chips and staple fibers remained stable. PTA is still in de - stocking [4][5] - **MEG Supply and Demand**: The domestic ethylene glycol supply is still at a high level of 73.73%, and Guangxi Huayi's 200,000 - ton unit was restarted. Overseas units such as China Taiwan's Nan Ya Plastics 720,000 - ton, Kuwait's 530,000 - ton, and Iran's 400,000 - ton units were under maintenance. The arrival volume this week rebounded to over 170,000 tons. The polyester unit operating rate is 90%, and the rigid demand for ethylene glycol is declining [5]

Report Core View - The egg market shows a pattern of near - term weakness and long - term strength, with an inverse spread situation [1] Fundamental Tracking Futures Data - The closing price of egg2512 is 2,987 yuan/500 kilograms, with a daily decline of 1.84%, a trading volume change of - 41,269, and an open interest change of - 14,044 [1] - The closing price of egg2601 is 3,499 yuan/500 kilograms, with a daily decline of 0.68%, a trading volume change of 18,793, and an open interest change of 10,793 [1] Spread Data - The egg12 - 1 spread is - 242 (previous day: - 202) [1] - The egg12 - 5 spread is - 512 (previous day: - 444) [1] Spot Price Data - The spot prices in Liaoning, Shanxi are 3.00 yuan/jin, remaining unchanged from the previous day; the spot price in Hebei is 2.69 yuan/jin (previous day: 2.71 yuan/jin); the spot price in Hubei is 3.11 yuan/jin (previous day: 3.18 yuan/jin) [1] Industrial Chain Data - The corn spot price is 2,154 yuan/ton (previous day: 2,176 yuan/ton); the soybean meal spot price is 3,040 yuan/ton (previous day: 3,060 yuan/ton) [1] - The pig price in Henan is 11.68 yuan/kg (previous day: 11.98 yuan/kg) [1] Trend Intensity - The trend intensity is 0, with a neutral view, and the value range is within the [- 2,2] integer interval [1]

Report Summary 1) Report Industry Investment Rating - The trend strength is -2, indicating the most bearish view [3] 2) Core View of the Report - The contradiction in the pig market begins to be released, and a large reverse spread strategy is proposed [1] 3) Summary by Relevant Catalogs Fundamental Tracking - **Spot Prices**: The Henan spot price is 11,980 yuan/ton, down 250 yuan; the Sichuan spot price is 11,650 yuan/ton, down 350 yuan; the Guangdong spot price is 12,760 yuan/ton, down 300 yuan [1] Market Information - New delivery warehouses have been added by Yuexiu and Yangxiang - In September, the national feed output was 3.036 million tons, with a month - on - month increase of 3.4% and a year - on - year increase of 5% [2] Futures Research - **Trading Data**: For the pig 2601 contract, the trading volume is 127,723 lots, an increase of 11,299 lots from the previous day, and the open interest is 146,297 lots, an increase of 1,618 lots from the previous day; for the pig 2603 contract, the trading volume is 35,679 lots, an increase of 11,172 lots from the previous day, and the open interest is 109,568 lots, an increase of 418 lots from the previous day; for the pig 2605 contract, the trading volume is 22,729 lots, an increase of 9,491 lots from the previous day, and the open interest is 59,103 lots, an increase of 934 lots from the previous day [4] - **Basis and Spreads**: The basis of pig 2601 is -95 yuan/ton; the basis of pig 2603 is -500 yuan/ton; the basis of pig 2605 is -15 yuan/ton; the 1 - 3 spread is 295 yuan/ton, down 200 yuan; the 3 - 5 spread is 620 yuan/ton, down 295 yuan; the 1 - 5 spread is 120 yuan/ton, down 310 yuan; the 3 - 1 spread is 325 yuan/ton [4] - **Futures Prices**: The price of pig 2601 is 11,685 yuan/ton, down 50 yuan; the price of pig 2603 is 11,360 yuan/ton, up 45 yuan; the price of pig 2605 is 11,860 yuan/ton, up 60 yuan [4]

Report Industry Investment Rating - Not provided Core Views - The crude oil market has become pessimistic after OPEC+ plans to increase production, and traders generally expect lower oil prices. PX valuation has weakened, but the supply-demand pattern is tight due to upcoming new PTA plant launches and high polyester factory operation rates. It is recommended to partially close positions and focus on long PX short Brent. For PX, 11-01 calendar spread is in contango, and 1-5 is in backwardation. Also, for 01/05, long PX short PTA is suggested [10]. - For PTA, the cost side is weakening, and the valuation has declined. The support for PTA processing margin is weak. Despite the high polyester operation rate, PTA is in a destocking pattern, but there is significant future supply pressure. It is advisable to continue monitoring the 11-01 contango position and the PTA01/05 processing margin compression position [10]. - The market is focusing on the commissioning progress of Yulong Petrochemical. The 01 contract faces significant pressure. It is recommended to focus on the 1-5 backwardation. Near - month spot has low inventory and strong basis. The unilateral price is in a weak and volatile market [11]. Summary by Related Catalogs Futures Prices - The closing prices of PX, PTA, MEG, PF, and SC futures were 6778, 4688, 4302, 6370, and 489.2 respectively. The price changes were 6770, -10, -17, 6, and 3, with percentage changes of 0.12%, -0.21%, -0.39%, 0.09%, and 0.62% [2]. - The 11-1 spread of PX was 60, PTA 11-1 was -14, MEG 1-5 was -48, PF 11-12 was 14, and SC 11-12 was 1.7 [2]. Spot Prices - The spot price of PX CFR China was 838.33 dollars/ton, PTA in East China was 4620 yuan/ton, MEG spot was 4422 yuan/ton, naphtha MOPJ was 604 dollars/ton, and Dated Brent was 66.3 dollars/barrel [2]. - The PX - naphtha spread was 233.75 dollars/ton, PTA processing margin was 131.77 yuan/ton, short - fiber processing margin was 208.61 yuan/ton, bottle - chip processing margin was 69.09 yuan/ton, and MOPJ naphtha - Dubai crude spread was -6.01 dollars/ton [2]. Market Dynamics - PX: The naphtha price declined slightly. PX prices were stable, with some spot transactions. The supply from the Middle East is limited due to strong gasoline demand. China's Fujia Dahua plans to shut down its 700,000 - ton/year No. 2 PX production line for maintenance [4][6]. - PTA: Some PTA plants in China restarted, and the PTA load reached 76.8%. A 110 - million - ton PTA plant in South China plans to conduct maintenance in mid - to - late October [7]. - MEG: The overall operating load in China was 74.91%, with the syngas - to - MEG operating load at 76.69%. An Xinjiang 150,000 - ton/year syngas - to - MEG plant shut down, and an Iranian 400,000 - ton/year MEG plant is restarting [7][8]. - Polyester: The operating load of domestic polyester industrial yarn was about 75%, and the overall polyester load in China reached about 91.6%. The sales of polyester filaments in Jiangsu and Zhejiang were weak, and the sales of direct - spun polyester staple fibers were mixed [8]. Trend Intensity - The trend intensities of PX, PTA, and MEG were all 0, indicating a neutral view [9].

Report Industry Investment Ratings - PX: 11 - 01 positive spread trading, 1 - 5 negative spread trading. Long on dips before mid - September for single - side price. Focus on 11 - 1 positive spread trading due to tight supply - demand [7] - PTA: Follow the downward trend of crude oil. Focus on 11 - 1 positive spread trading for monthly spread and long PTA short PX for processing fees [7] - MEG: Short - term trend is weak due to the decline of coal and crude oil prices [7] Core Viewpoints - Due to weakening demand clues, Asian paraxylene prices declined on September 3. Spot PX prices may continue to fall, which may prompt producers to cut production in the short term [3][4] - PTA's profit margin is in trouble, and its price dropped on September 3. Its monthly spread is recommended to focus on 11 - 1 positive spread trading [5][7] - MEG's internal market continued to be weak in the afternoon of September 3, and its short - term trend is weak [6][7] - Polyester's sales on September 3 were generally weak [6] Summary by Relevant Catalogs Market Dynamics - PX: On September 3, PX price fell. The estimated price was 843 dollars/ton, down 3 dollars from September 2. One 10 - month Asian spot was traded at 844, and three 11 - month Asian spots were traded at 842, 842, 841.5 respectively. The end - of - session physical goods were negotiated at 844/846 for October and 841/844 for November [2] - PTA: On September 3, PTA spot price dropped to 4705 yuan/ton, with the mainstream basis at 01 - 51 [5] - MEG: In the afternoon of September 3, MEG's internal market continued to be weak, with the current spot basis at a premium of 86 - 91 yuan/ton over the 01 contract [6] - Polyester: On September 3, the sales of polyester filaments in Jiangsu and Zhejiang were weak overall, with an average sales rate of 3 - 4% by 3:30 pm. The sales of direct - spun polyester staple fibers were average, with an average sales rate of 41% by 3:00 pm [6] Trend Intensity - The trend intensity of paraxylene, PTA, and MEG is - 1, indicating a weak trend [6] Fundamental Data - **Futures**: The closing prices of PX, PTA, MEG, PF, and SC futures were 6810, 4732, 4331, 6410, and 493.2 respectively, with changes of - 0.35%, - 0.50%, - 0.18%, - 0.47%, and 0.57% [2] - **Monthly Spread**: The closing prices of PX11 - 1, PTA11 - 1, MEG1 - 5, PF11 - 12, and SC11 - 12 were 48, - 12, - 38, 12, and 0.5 respectively, with changes of - 4, 4, 3, - 4, and - 0.3 [2] - **Spot**: The prices of PX CFR China, PTA in East China, MEG spot, naphtha MOPJ, and Dated Brent were 843 dollars/ton, 4700 yuan/ton, 4434 yuan/ton, 605 dollars/ton, and 69.43 dollars/barrel respectively, with changes of - 3 dollars/ton, - 27 yuan/ton, - 19 yuan/ton, 4.5 dollars/ton, and 0.52 dollars/barrel [2] - **Spot Processing Fee**: The PX - naphtha price difference, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil price difference were 251.29, 188.78, 137.74, - 51.65, and - 6.01 respectively, with changes of - 3.5, - 32.89, - 18.09, 38.94, and 0 [2]