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]

Report Industry Investment Rating - PX: 11-01 positive spread, 1-5 negative spread. Long PX and short EB. Go long on dips before mid-September [7] - PTA: Bullish on the single-sided price with limited downside. Partially take profit on the long PTA and short MEG strategy [7] - MEG: Bearish on the single-sided price with neutral valuation. Reduce short positions. Hold the 1-5 negative spread [8] Core Viewpoints - In the last quarter of 2025, China's PTA factory capacity is expected to further increase, and the PX supply and demand will remain in a tight balance [5][7] - PTA producers are facing low profit margins, and inventory expansion may threaten the market again [5] - MEG has a clear pattern of increasing supply and decreasing demand after October, but the price may have limited short-term downside below 4300 [8] Summary by Related Catalogs Market Quotes - **Futures**: The closing prices of PX, PTA, MEG, PF, and SC were 6834, 4756, 4339, 6440, and 490.4 respectively, with changes of -0.47%, -0.34%, -1.99%, -0.71%, and 1.43% [2] - **Spot**: The prices of PX CFR China, PTA in East China, MEG spot, naphtha MOPJ, and Dated Brent were 846 dollars/ton, 4727 yuan/ton, 4453 yuan/ton, 600.5 dollars/ton, and 69.43 dollars/barrel respectively [2] - **Spot Processing Fees**: The PX-naphtha spread, PTA processing fee, short fiber processing fee, bottle chip processing fee, and MOPJ naphtha-Dubai crude oil spread were 251.29, 188.78, 137.74, -51.65, and -6.01 respectively [2] Market Dynamics - PX price declined on the 2nd, and the market is concerned about PTA operations [2][3] - PTA producers are struggling with low profit margins, and inventory may decline weekly but expand again [5] - The arrivals at major ports for MEG from September 1st - 7th were about 9.8 tons [6] - The sales of polyester and direct-spun polyester staple fiber were weak on the 2nd [6][7] Trend Intensity - PX trend intensity: 1 - PTA trend intensity: 1 - MEG trend intensity: 0 [7]

1. Report Industry Investment Rating - No information provided in the given text 2. Core View of the Report - The container shipping index (European Line) is expected to experience wide - amplitude fluctuations. The market supply - demand imbalance will continue until the end of September, and the freight rate trend in October is uncertain, with a small decline or stability being possible. The report suggests considering rolling into 02 - 04 and 12 - 04 calendar spreads on dips [10][12][14] 3. Summary by Relevant Catalogs 3.1 Market Performance - Yesterday, the container shipping index (European Line) rose and then fell. The main 2510 contract closed at 1340.7 points, up 3.62%, with an increase of 1886 lots in positions. The second - main 2512 contract closed at 1733.5 points, up 6.88%, with an increase of 178 lots in positions [10] 3.2 Freight Rate - The SCFIS European route index was 1,773.60 points, down 10.9% week - on - week; the SCFIS US West route index was 1,013.90 points, down 2.6% week - on - week. The SCFI European route index was $1,481/TEU, down 11.2% bi - weekly; the SCFI US West route index was $1,923/FEU, up 17.0% bi - weekly [1] - In the second week of September, the European basic port freight rate was maintained in the range of $1900 - 2200/FEU, with the FAK average around $2050/FEU. Shipping companies have successively lowered their freight rates [11] 3.3 Capacity - In September, the number of blank sailings remained unchanged at 6, and there were no pending voyages, with the weekly average capacity reaching 296,000 TEU/week, a decline of about 6% compared to August, significantly lower than the same period in 2024. In October, there are 2 pending voyages and 11 blank sailings. Without considering the pending voyages, the current weekly average capacity is 282,000 TEU/week, a 4.6% decline month - on - month and a 7% increase year - on - year [12] 3.4 Supply - Demand Pattern - In late August, the overall market loading rate was around 95%. Shipping companies have relaxed restrictions on low - price contract bookings and large - volume special offers, which helps short - term shipments but intensifies price competition. The supply - demand imbalance in the market will continue until at least the end of September, and the freight rate trend in October is uncertain [12] 3.5 Historical Market Review - In 2024, the weighted European Line index stopped falling on September 10. In late September, there was a short - term speculation on the US West port strike, but the strike was resolved during the National Day holiday. After the holiday, the market first gave back the "strike" premium and then traded on the shipping company's price increase announcements [13] 3.6 Strategy - Consider rolling into 02 - 04 and 12 - 04 calendar spreads on dips [14]

1. Report Industry Investment Ratings - p - Xylene: Long the spread between November and January contracts, short the spread between January and May contracts. Long PX and short EB. Go long on dips before mid - September [7] - PTA: Long the spread between November and January contracts, long PTA and short MEG [1] - MEG: Long PTA and short MEG. Do not chase long positions, consider the valuation high above 4550 [1][9] 2. Core Views - The supply - demand of p - Xylene is in a tight - balance pattern. The overnight oil price rebound supports PX. In September, supply will marginally increase, but PX demand from new PTA projects keeps the balance tight [7][8] - PTA's unilateral price is oscillating strongly with limited downside. Polyester开工率 is rising. After some PTA device incidents, it turns to a de - stocking pattern. PTA basis and spread are supported, but factory hedging may suppress the price [8] - MEG is in a unilateral oscillating market. Supply and demand both increase, and ports turn to a stocking pattern. The overall unilateral price support is limited. High coal - based profits impact the valuation of oil - based sources [9] 3. Summary by Relevant Catalogs Market Data - **Futures Prices**: PX, PTA, MEG, PF, and SC futures prices had different changes. For example, PX主力期货昨日收盘价 was 6866, down 0.17%; PTA主力 was 4772, down 0.25% [2] - **Futures Spreads**: PX11 - 1 spread yesterday closed at 72, up 4; PTA11 - 1 was - 10, down 2; MEG1 - 5 was - 39, down 1 [2] - **Spot Prices**: PX CFR China was 848 dollars/ton yesterday, down 0.67 dollars; PTA in East China was 4727 yuan/ton, down 13 yuan; MEG spot was 4507 yuan/ton, down 27 yuan [2] - **Spot Processing Margins**: PX - naphtha spread was 251.29 dollars/ton yesterday, down 3.5 dollars; PTA processing margin was 188.78 yuan/ton, down 32.89 yuan [2] Market Dynamics - **PX**: An East China factory postponed the restart of its PX and PTA devices. On September 1, Asian p - Xylene prices were basically stable, but concerns about upstream demand pressured the market. The Asian contract price negotiation for September p - Xylene cargoes failed to end by the end of August [2][3][4] - **PTA**: A 70 - ton PTA device in Taiwan, China restarted at the end of August; a 55 - ton and a 150 - ton device are restarting, and a 120 - ton device is expected to stop on September 4 [5] - **MEG**: The inventory at East China main ports was about 44.9 tons, down 5.1 tons. Different ports had different inventory changes [5] - **Polyester**: A 50 - ton polyester bottle - chip device in South China restarted, and a 35 - ton device in Northeast China stopped. Some polyester devices in other regions restarted or are expected to restart. The sales of polyester yarn and staple fiber were weak today [5][6] Trend Intensity - p - Xylene trend intensity: 1 - PTA trend intensity: 1 - MEG trend intensity: 0 [6]

Report Summary 1. Investment Ratings - PX: Long PX and short EB, 11 - 01 calendar spread long, 1 - 5 calendar spread short [6] - PTA: Unilateral price is expected to be oscillating with an upward bias, focus on long PTA and short PX for the November contract [7] - MEG: Unilateral oscillating market, avoid chasing long positions, overvalued above 4550, long PTA and short MEG [8] 2. Core Views - PX prices fluctuated this week, with the decline faster and larger than expected due to the halt of the positive feedback of terminal fabric price increases. Asian PX operating rate changed little, and domestic supply is expected to increase marginally in September [6] - PTA prices also fluctuated this week, with the decline exceeding expectations because of concerns about the peak - season performance and slow recovery of polyester operating rate. PTA has shifted to a destocking pattern, and its basis and calendar spread are supported [7] - MEG is in a situation of increasing supply and demand, with ports shifting to a stocking pattern. The 09 contract has limited support for the overall price, and the current polyester operating rate expectations are lowered [8] 3. Summary by Related Catalogs Market Data - **Futures Prices**: PX closed at 6878 with a - 0.12% change, PTA at 4784 (-0.17%), MEG at 4466 (0.02%), PF at 6500 (-0.40%), and SC at 485.2 (0.73%) [1] - **Calendar Spreads**: PX9 - 1 closed at - 108, down 156 from the previous day; PTA9 - 1 at - 62 (-6); MEG9 - 1 at - 37 (+4); PF9 - 1 at - 106 (-10); SC9 - 10 at - 8.2 (+0.5) [1] - **Spot Prices**: PX CFR China was 848.67 (unchanged), PTA in East China at 4740 (-35), MEG at 4534 (+9), naphtha MOPJ at 597.38 (+3.5), and Dated Brent at 67.85 (+0.4) [1] - **Spot Processing Margins**: PX - naphtha spread was 254.79 (-9), PTA processing margin at 221.67 (-29.59), staple fiber processing margin at 137.74 (-18.09), bottle - chip processing margin at - 51.65 (+38.94), and MOPJ naphtha - Dubai crude spread at - 6.01 (unchanged) [1] Market Dynamics - PX spot prices remained unchanged as there were no clear bullish or bearish drivers. The bearish sentiment in the crude oil market limited the increase in Asian PX prices due to concerns about potential consumer price inflation related to US tariff policies [1][2] - In the polyester industry, some polyester bottle - chip plants had restarted, shut down, or adjusted production in September. The sales of polyester yarn in Jiangsu and Zhejiang on the 29th were weak, and the sales of direct - spun polyester staple fibers were average [4][5] Trend Intensity - PX trend intensity: 1 - PTA trend intensity: 1 - MEG trend intensity: 0 [5]

Report Investment Rating - PX: Long PX short EB, 11 - 01 calendar spread long, 1 - 5 calendar spread short [7] - PTA: Long PTA short MEG, long PTA 11 - contract short PX [8] - MEG: Long PTA short MEG, 09 - 01 calendar spread long, avoid chasing long positions above 4550 [9] Core Viewpoints - The PX market is in a tight supply - demand balance, with prices having a short - term pullback. The PTA price is expected to be oscillating with a slight upward trend, while the MEG price is in a sideways market [7][8][9] Market Data Summary Futures - PX主力合约昨日收盘价6878，涨跌 - 8，涨跌幅 - 0.12%；月差PX9 - 1昨日收盘价 - 108，较前日跌156 [1] - PTA主力合约昨日收盘价4784，涨跌 - 8，涨跌幅 - 0.17%；月差PTA9 - 1昨日收盘价 - 62，较前日跌6 [1] - MEG主力合约昨日收盘价4466，涨跌1，涨跌幅0.02%；月差MEG9 - 1昨日收盘价 - 37，较前日涨4 [1] Spot - PX CFR中国昨日价格848.67美元/吨，较前日持平 [1] - PTA华东昨日价格4740元/吨，较前日跌35 [1] - MEG现货昨日价格4534元/吨，较前日涨9 [1] Processing Margin - PX - 石脑油价差昨日价格254.79，较前日跌9 [1] - PTA加工费昨日价格221.67，较前日跌29.59 [1] Market Dynamics Summary - PX现货价格因缺乏多空驱动因素保持不变，看跌的原油情绪限制亚洲PX价格涨幅，且美国关税政策引发消费者价格通胀担忧 [1][2] - 9月初聚酯装置有开停变化，江浙涤丝29号产销整体偏弱，直纺涤短销售一般 [5][6] Trend Intensity - PX趋势强度为1，PTA趋势强度为1，MEG趋势强度为0 [6] Supply and Demand Analysis PX - 亚洲其他地区对二甲苯开工率75.6%（ - 0.7%），国产PX装置开工率83.3%（ - 1.3%），9月福佳大化70计划检修，福化集团160计划重启，供应边际回升 [7] PTA - PTA负荷70.4%（ - 1.2%），恒力惠州装置意外停车后转为去库格局，但工厂套保盘压制盘面，基差回落，聚酯开工90.3%（ + 0.3%） [8] MEG - MEG装置开工率75.1%（ + 2%），港口转为累库格局，供应端负荷整体处于高位，进口到港预计回升，需求端聚酯装置负荷维持在90.3%（ + 0.3%），9月聚酯开工预期下调 [9]

Group 1: Investment Ratings - The investment ratings for p-xylene (PX) are short-term bullish with a long/short spread strategy, for purified terephthalic acid (PTA) are long/short spread strategy and long PTA short PX, and for monoethylene glycol (MEG) are long/short spread strategy and short at high prices [7][8] Group 2: Core Views - The report believes that the supply and demand of p-xylene will be in a tight balance, PTA will be driven by the seasonal peak demand, and MEG will see a long/short spread in the month and a high-level shock in the single side [1] Group 3: Market Data Summary Futures - PX, PTA, MEG, PF, and SC futures closed at 6940, 4824, 4481, 6572, and 479.7 respectively yesterday, with changes of -0.77%, -0.94%, -0.20%, -0.76%, and -3.31% [2] - The PX9 - 1, PTA9 - 1, MEG9 - 1, PF9 - 1, and SC9 - 10 month spreads closed at 86, -40, -46, -68, and -7.3 respectively yesterday, with changes of 6, 0, 4, 22, and 0 [2] Spot - PX CFR China, PTA East China, MEG spot, naphtha MOPJ, and Dated Brent closed at 854.17, 4837, 4550, 600, and 67.44 respectively yesterday, with changes of -9.83, -28, -2, 7.5, and -0.79 [2] - The PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude spread closed at 270.33, 248.5, 102.62, -88.83, and -6.01 respectively yesterday, with changes of 1.16, 13.1, 16.36, -47.62, and 0 [2] Group 4: Market Dynamics Summary - An issue occurred in a reforming unit of a factory in East China, and whether the reforming and supporting PX units will stop for maintenance needs further follow - up [2] - On August 27, the PX price dropped, and the PX - naphtha spread continued to narrow [3][5] - On August 27, the PTA futures fluctuated and declined, and the spot market negotiation atmosphere was average [5] - A 300,000 - ton/year syngas - to - ethylene glycol unit in Shanxi is restarting, and a cracking unit in Singapore had an accident during maintenance [5] - On August 27, the sales of direct - spun polyester staple fiber and polyester yarn in Jiangsu and Zhejiang were weak [5][6] Group 5: Trend Intensity - The trend intensities of p - xylene, PTA, and MEG are all 1, indicating a neutral to slightly bullish trend [7] Group 6: Views and Suggestions PX - Short - term shock is bullish, do not chase long on a single side, focus on the 11 - 1 long/short spread position, and long PTA short PX (November contract) [7] PTA - Do not chase long on a single side, hold the basis and month - spread long/short spread, and long PTA short PX (November contract) [7] MEG - 9 - 1 long/short spread, there is significant pressure above 4600 for the 01 contract, hedge at high prices [8]

Report Industry Investment Ratings - **Positive Ratings**: PTA (Seasonal demand peak driving, strong - side oscillatory market); PX (Short - term oscillatory and strong - side, focus on positive spreads) [2][8] - **Neutral Ratings**: Rubber (Oscillatory operation); Synthetic rubber (Fundamentals are neutral, follow the macro - environment); LLDPE (Range - bound oscillation); PP (Medium - term oscillatory market); LPG (Crude oil cost rebounds); Propylene (Supply - demand tightens, spot price rises); Fuel oil (Broad - based oscillation, short - term price weakness); Low - sulfur fuel oil (Night session rebounds, high - low sulfur spread in the overseas spot market stabilizes temporarily) [2][10][16] - **Negative Ratings**: Asphalt (Decline following oil prices); Methanol (Short - term weakness, medium - term oscillatory pattern); Urea (Oscillatory and under pressure); Styrene (Medium - term bearish); Soda ash (Spot market with little change); PVC (Trend under pressure); Container shipping index (European route) (May continue weak - side oscillation) [2][19][55] Core Views of the Report - The report provides a comprehensive analysis of various energy and chemical futures. For each product, it combines fundamental data, market news, and trend strength to give investment suggestions. Market factors such as supply - demand relationships, inventory levels, and external policy impacts are considered [2][4][8] Summary by Related Catalogs 1. PX, PTA, MEG - **PX**: Short - term oscillatory and strong - side, with high profits and increased production enthusiasm. There are some uncertainties in supply due to equipment issues, and demand is gradually recovering. Suggestions include positive spreads and a strategy of long PTA and short PX [4][8] - **PTA**: Driven by seasonal demand, it is in a strong - side oscillatory market. Supply is affected by new device launches and maintenance, and demand is improving. Hold positive spreads and consider long PTA and short PX [8] - **MEG**: 9 - 1 positive spreads are recommended. There is pressure above 4600 for the 01 contract. Port inventory is decreasing, but there is supply pressure in the future [9] 2. Rubber - Oscillatory operation. The EU's anti - dumping investigation affects exports, and there is a differentiation in domestic demand. The overall inventory may increase, and production may decline [10][13][14] 3. Synthetic Rubber - Fundamentals are neutral, following the macro - environment. The inventory of butadiene in ports has decreased, and the inventory of high - cis polybutadiene has increased. In the medium - term, it is in a range - bound oscillation [16][17][18] 4. Asphalt - Decline following oil prices. The capacity utilization rate of domestic heavy - traffic asphalt enterprises has decreased, and the volume of equipment maintenance has increased. The shipment volume in some regions has changed [20][33] 5. LLDPE - Range - bound oscillation. Demand is improving due to the approaching peak - season stocking of the agricultural film industry. Supply pressure may be alleviated in September. Inventory is relatively low, so it may remain range - bound in the medium - term [35][36] 6. PP - Medium - term oscillatory market. Short - term demand has improved, and the cost has rebounded. However, supply pressure will increase in the future, and there is uncertainty in the cost [39][40] 7. Caustic Soda - Not advisable to chase short positions, and be bullish in the fourth quarter. The futures price has corrected due to near - month warehouse receipts and weak exports. Domestic demand is stable, and the key lies in the alumina production schedule [43][45] 8. Pulp - Oscillatory operation. The price of the pulp futures has declined, and the market for household paper is flat. The key is to monitor changes in raw material pulp prices and paper mill shipments [48][50][51] 9. Glass - The price of the original glass sheet is stable. Futures prices have declined slightly, and spot prices are mostly stable. The market trading atmosphere is average, with mainly rigid - demand purchases [52][53] 10. Methanol - Short - term weakness, medium - term oscillatory pattern. Spot prices are declining, and port inventory has reached a new high. There is a risk of further price decline in ports and inland areas [55][58] 11. Urea - Oscillatory and under pressure. The inventory of urea enterprises has increased, and in the short - term, the price is weak. In the medium - term, there may be fluctuations due to macro - factors, but the long - term fundamentals are still the main contradiction [60][62][63] 12. Styrene - Medium - term bearish. Although the downstream has entered the seasonal bottom - fishing stage, the inventory is at a medium - high level, and the momentum for continuous replenishment is insufficient [64][65] 13. Soda Ash - Spot market with little change. The market is in a weak - side oscillation, with stable supply and lackluster demand. It is expected to remain weakly stable in the short - term [66][68] 14. LPG, Propylene - **LPG**: Crude oil cost rebounds. There are changes in futures prices, trading volume, and positions, and attention should be paid to CP paper prices and PDH device maintenance plans [71][77] - **Propylene**: Supply - demand tightens, spot price rises. The supply - demand relationship has led to an increase in the spot price [2][71] 15. PVC - Trend under pressure. The supply is at a high level, demand is weak, and inventory is accumulating. The high - production and high - inventory structure is difficult to change, and export growth may slow down [79] 16. Fuel Oil, Low - Sulfur Fuel Oil - **Fuel Oil**: Broad - based oscillation, short - term price weakness. Futures prices have declined, and there are changes in trading volume, positions, and inventory [82] - **Low - sulfur Fuel Oil**: Night session rebounds, high - low sulfur spread in the overseas spot market stabilizes temporarily. There are changes in futures prices and spreads [82] 17. Container Shipping Index (European Route) - May continue weak - side oscillation. Futures prices have declined, and shipping rates in European and US - West routes have decreased [84]

Report Summary 1. Report Industry Investment Ratings - PX: Bullish, suggesting a long spread strategy (11 - 1) and a long PTA short PX (11 contract) strategy [1][6] - PTA: Bullish on basis and calendar spread, suggesting a long spread strategy (10/11 - 1) and a long PTA short PX (11 contract) strategy [1][6] - MEG: Bullish in the short - term, suggesting a 9 - 1 long spread strategy and a 1 - 5 reverse spread strategy [1][7] 2. Core Views - PX is expected to be short - term bullish due to increased开工 from high profits and upcoming PTA demand, but avoid chasing long positions on the single - side. Instead, focus on spread strategies [6] - PTA should not be chased long on the single - side. Hold basis and calendar spread long positions and consider a long PTA short PX (11 contract) strategy, as supply is adjusted by new production and maintenance while demand is seasonally improving [6] - MEG is short - term bullish with a 9 - 1 long spread strategy, but faces supply pressure above 4600. Consider a 1 - 5 reverse spread strategy [7] 3. Summary by Related Catalogs Market Dynamics - PX: Naphtha prices rose slightly. On the 26th, PX prices increased, with 10 - month and 11 - month negotiations but no deals. The PX valuation on the 26th was 864 USD/ton, up 5 USD from the 25th [3] - PTA: A 2.5 - million - ton PTA plant in East China started scheduled maintenance on the 26th, expected to restart in early September [3] - MEG: From August 25th to 31st, the planned arrival at major ports is about 44,000 tons [3] - Polyester: The sales of polyester yarn in Jiangsu and Zhejiang on the 26th were weak, with an average sales rate of about 50% as of 3:30 pm [3] - Spun - bonded staple fiber: Sales were weak on the 26th, with an average sales rate of 40% as of 3:00 pm [5] Price and Spread Data | Futures | Yesterday's Closing Price | Change | Change Rate | Month Spread | Yesterday's Closing | Previous Closing | Change | | --- | --- | --- | --- | --- | --- | --- | --- | | PX | 6994 | 6970 | 0.34% | PX9 - 1 | 80 | 122 | - 42 | | PTA | 4870 | 8 | 0.16% | PTA9 - 1 | - 40 | - 34 | - 6 | | MEG | 4490 | - 19 | - 0.42% | MEG9 - 1 | - 50 | - 59 | 9 | | PF | 6622 | 26 | 0.39% | PF9 - 1 | - 90 | - 90 | 0 | | SC | 496.1 | 3.2 | 0.65% | SC9 - 10 | - 7.3 | - 7.3 | 0 | | Spot | Yesterday's Price | Previous Price | Change | | --- | --- | --- | --- | | PX CFR China | 864 | 859 | 5 | | PTA East China | 4865 | 4860 | 5 | | MEG | 4552 | 4550 | 2 | | Naphtha MOPJ | 600 | 592.5 | 7.5 | | Dated Brent | 67.44 | 68.23 | - 0.79 | | Spot Processing Margin | Yesterday's Price | Previous Price | Change | | --- | --- | --- | --- | | PX - Naphtha | 270.33 | 269.17 | 1.16 | | PTA | 248.5 | 235.4 | 13.1 | | Staple Fiber | 102.62 | 86.27 | 16.36 | | Bottle Chip | - 88.83 | - 41.2 | - 47.62 | | MOPJ - Dubai Crude | - 6.01 | - 6.01 | 0 | [2] Trend Intensity - PX, PTA, and MEG all have a trend intensity of 1, indicating a moderately bullish outlook [5] Views and Suggestions - PX: Short - term bullish, avoid single - side long chasing, focus on 11 - 1 long spread and long PTA short PX (11 contract) [6] - PTA: Avoid single - side long chasing, hold basis and calendar spread long positions, consider long PTA short PX (11 contract) [6] - MEG: Short - term bullish, 9 - 1 long spread, face pressure above 4600, consider 1 - 5 reverse spread [7]