Report Summary 1) Report Industry Investment Ratings - PX: 11 - 01 positive spread trading, 1 - 5 negative spread trading. Go long on dips before mid - September [6][7] - PTA: Focus on 11 - 1 positive spread trading for the month spread, and long PTA short PX for the processing fee [7] - MEG: 1 - 5 month spread may be strong, and the unilateral price has limited downside [7] 2) Core Viewpoints - Due to the expected increase in OPEC+ production, crude oil prices have fallen for two consecutive days, weakening PX valuation, but the downside of PX's unilateral price is limited. PTA follows the decline of crude oil prices. MEG's valuation drops as coal and crude oil prices fall, but its supply - demand remains tight in September [6][7] 3) Summary by Relevant Catalogs Market Dynamics - On September 4th, Asian paraxylene prices dropped significantly due to falling oil prices and the pressure of PTA over - capacity. Crude oil futures continued to decline as investors anticipated a possible increase in OPEC+ production. OPEC+ will hold a meeting on September 7th to determine October's production level [3][4] Fundamental Data - **PX**: On September 4th, Platts' assessment of Asian paraxylene CFR Unv1/China and FOB Korea was 828 and 807 dollars/ton respectively, down 15 dollars/ton. The PX - naphtha spread was 251.29 dollars/ton, down 3.5 dollars/ton [2][3] - **PTA**: As of Thursday, PTA load was 72.8%. The PTA processing fee was 188.78 yuan/ton, down 32.89 yuan/ton [2][5] - **MEG**: As of September 4th, the overall ethylene glycol operating load in mainland China was 74.12% (down 1.01% from the previous period). The operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) was 74.68% (down 3.06% from the previous period) [5] - **Polyester**: As of Thursday, the polyester load in mainland China was around 91%. The overall theoretical operating load of domestic polyester industrial yarn was around 75% [5] Sales Volume - On September 4th, the sales of polyester yarn in Jiangsu and Zhejiang were weak, with an average sales rate of 3 - 40%. The average sales rate of direct - spun polyester staple fiber was 39% [6] Trend Intensity - PX trend intensity: - 1; PTA trend intensity: - 1; MEG trend intensity: 0 [6]

Report Summary 1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - **PX**: Go long on PX and short on PTA01 contract, and short PXN on rallies. Cost end strengthens significantly, and there is a marginal decrease in supply. Consider a rolling positive spread arbitrage for the monthly spread [1][6]. - **PTA**: With the new device of Sanfangxiang gradually coming into operation, the supply pressure continues to increase. Pay attention to going long on PX and short on PTA for the 01 contract. The basis maintains a weak state, and continue the reverse spread operation for the basis. The monthly spread is approaching parity. Considering the reduced inventory accumulation in August due to the maintenance of multiple Yisheng Petrochemical devices, pay attention to the positive spread arbitrage for the 9 - 1 monthly spread [1][6]. - **MEG**: Conduct basis positive spread arbitrage and monthly spread reverse spread arbitrage. The market is concerned about the supply pressure brought by non - mainstream warehouse receipts. The port inventory is continuously decreasing, but the monthly spread remains weak due to the delivery pressure of the 09 contract. The trend of ethylene glycol is weak. Pay attention to the arbitrage of shorting ethylene glycol and going long on L. The supply is slightly loose, and the profit of coal - based ethylene glycol devices has rebounded [1][7]. 3. Summary by Related Catalogs Market Overview - **PX**: On the 30th, the PX price rose, with the end - of - session spot for September at 868/871 in negotiation and October at 860/864 in negotiation, but no transactions. A 1.34 - million - ton PX device in the Middle East has produced products recently and is currently increasing its load [3]. - **PTA**: A new 3.2 - million - ton PTA device in East China has one line put into production recently and is in product debugging. A 50,000 - ton IPA device in North China is restarting and is expected to produce products next week [3]. - **MEG**: On the 30th, the average daily price of MEG spot was 4,527 yuan/ton, and the average daily price of futures for the end of August was 4,528 yuan/ton. The average spot price in Ningbo market was 4,542 yuan/ton, and the average non - coal - based spot price in South China market was 4,510 yuan/ton [4]. - **Polyester**: On the 30th, the sales of polyester yarn in Jiangsu and Zhejiang partially increased, with the average sales volume estimated at 6 - 70%. The sales of direct - spun polyester staple fiber were average, with an average sales volume of 43% as of 3:00 p.m [4][5]. Trend Intensity - The trend intensity of p - xylene is 0, the trend intensity of PTA is - 1, and the trend intensity of MEG is - 1 [5]. Futures and Spot Data | Futures | PX Main | PTA Main | MEG Main | PF Main | SC Main | | --- | --- | --- | --- | --- | --- | | Yesterday's Closing Price | 6,984 | 4,856 | 4,450 | 6,500 | 528.6 | | Change | 6,942 | 18 | - 17 | 0 | 13.6 | | Change Rate | 0.61% | 0.37% | - 0.38% | 0.00% | 2.64% | | Monthly Spread | PX9 - 1 | PTA9 - 1 | MEG9 - 1 | PF9 - 1 | SC9 - 10 | | Yesterday's Closing Price | 106 | 2 | - 28 | - 54 | 7.1 | | Previous Day's Closing Price | 108 | 6 | - 25 | - 32 | 6.6 | | Change | - 2 | - 4 | - 3 | - 22 | 0.5 | | Spot | PX CFR China ($/ton) | PTA East China (yuan/ton) | MEG Spot | Naphtha MOPJ | Dated Brent ($/barrel) | | Yesterday's Price | 866.33 | 4,858 | 4,525 | 608.25 | 73.56 | | Previous Day's Price | 857.33 | 4,830 | 4,518 | 589.25 | 71.48 | | Change | 9 | 28 | 7 | 19 | 2.08 | | Spot Processing Fee | PX - Naphtha Spread | PTA Processing Fee | Staple Fiber Processing Fee | Bottle Chip Processing Fee | MOPJ Naphtha - Dubai Crude Spread | | Yesterday's Price | 292.5 | 192.67 | 84.81 | - 22.45 | - 6.01 | | Previous Day's Price | 279.55 | 198.31 | 115.62 | - 28.79 | - 6.01 | | Change | 12.96 | - 5.64 | - 30.82 | 6.34 | 0 | [2]