Report Industry Investment Rating No relevant content provided. Core Viewpoints - PX, PTA, and MEG are expected to have short - term rebounds but remain weak in the medium term. For PX and PTA, 11 - 01 positive spreads should be held, and 1 - 5 reverse spreads should be used. For MEG, 1 - 5 reverse spreads are recommended. PXN compression positions should be stopped for profit below 220 US dollars. The overall price increase of PX is restricted by poor terminal demand. The PTA processing fee is in a downward channel, and the polyester demand is expected to weaken in the fourth quarter, which is negative for PTA. The MEG supply pressure is gradually emerging, and the valuation is expected to decline in the long - term [1][5][6][8] Summary by Relevant Catalogs Market Dynamics - **PX**: On September 16, the Platts - assessed Asian paraxylene price dropped by 1.50 US dollars/ton. The PX production profit margins are mixed, with non - integrated producers having higher margins and integrated producers seeing shrinking margins. The PX - naphtha spread reached a low on September 15. The Chinese PTA and polyester markets are weak, and an increase in PTA inventory is inevitable. The naphtha price was stable at the end of the session, and PX prices declined on September 16 [2][3] - **PTA**: The PTA spot price rose to 4,610 yuan/ton, with a mainstream basis of 01 - 80, a monthly average price of 4,632.5 yuan/ton, and a monthly settlement price of 4,675.63 yuan/ton [3] - **MEG**: The MEG domestic market was consolidating at a low level with a weak basis. The planned arrival volume at major ports from September 15 - 21 is about 9.4 tons [4] - **Polyester**: On September 16, the sales of polyester yarn in Jiangsu and Zhejiang were weak, with an average sales rate of about 40% by 3:45 pm. The sales of direct - spun polyester staple fibers were average, with an average sales rate of 64% by 3:00 pm [4] Trend Intensity - The trend intensities of PX, PTA, and MEG are all 0, indicating a neutral view [5] Views and Suggestions - **PX**: In the short - term, it will rebound following oil prices. After the terminal's last round of inventory replenishment at the end of September, it may remain weak in the medium - term. The domestic PX operating rate is 87.8% (+4.1%), and the PTA load is 76.8% (+4%). Attention should be paid to the commissioning of new PTA devices and the potential impact of device overhauls [5] - **PTA**: In the short - term, it will rebound following oil prices. After the terminal's inventory replenishment at the end of September, it may remain weak in the medium - term. The PTA processing fee is in a downward channel, and the polyester load is expected to reach a high of no more than 92% and then weaken in the fourth quarter [6] - **MEG**: The short - term valuation has recovered, but it may remain weak in the medium - term. The supply pressure is gradually emerging, and the polyester operating rate is 91.6% (+0.3%), with a high of no more than 92% and expected weakening demand in the fourth quarter [7][8]

Group 1: Investment Ratings - The investment ratings for p-xylene (PX), purified terephthalic acid (PTA) are short - term rebound and medium - term weakness; for monoethylene glycol (MEG), it is 1 - 5 spread reverse arbitrage [1] Group 2: Core Views - PX, PTA, and MEG are expected to have short - term rebounds but remain weak in the medium term. For PX and PTA, 11 - 01 positive spreads should be held and 1 - 5 reverse spreads should be taken. For PX, PXN compression positions should be stopped for profit below $220. For PTA, 01/05 contract PTA processing fees should be shorted on rebounds. MEG's valuation may recover in the short term but is weak in the medium term, and 1 - 5 reverse spreads are recommended [1][8][10][11] Group 3: Market Data Summary Futures - PX主力昨日收盘价6752, up 6712 with a 0.60% increase; PTA主力4672, up 24 with a 0.52% increase; MEG主力4288, up 16 with a 0.37% increase; PF主力6342, up 10 with a 0.16% increase; SC主力489.3, up 14 with a 2.95% increase [2] Spreads - PX11 - 1 spread yesterday's closing price was 46, unchanged; PTA11 - 1 was - 18, unchanged; MEG1 - 5 was - 45, up 2; PF11 - 12 was 16, down 2; SC11 - 12 was 1.6, up 1.7 [2] Spot - PX CFR China was $835.67/ton yesterday, up $3.67; PTA East China was 4610 yuan/ton, up 45; MEG spot was 4377 yuan/ton, down 1; Naphtha MOPJ was $608.5/ton, up 10; Dated Brent was $67.6/barrel, down 0.14 [2] Spot Processing Fees - PX - naphtha spread was $232.83 yesterday, down 1.5; PTA processing fee was 107.46 yuan/ton, down 16.52; Short - fiber processing fee was 239.06 yuan/ton, up 2.85; Bottle - chip processing fee was 82.22 yuan/ton, up 27.77; MOPJ naphtha - Dubai crude spread was - 6.01, unchanged [2] Group 4: Market Dynamics Summary PX - Asian PX increased by $3.67/ton to $835.67/ton (CFR Unv1/China) and $814.67/ton (FOB Korea). A Chinese end - user said October demand is low. South Korea's August PX exports decreased 16.4% year - on - year to 426,317 tons but increased 4.7% from July. Hanwha Total shut its 1.2 million tons/year PX line in August for maintenance until end - September. Exports to China and Unv1 in August decreased 12.1% and 19% respectively compared to 2024, and exports to the US dropped to zero due to tariffs. Exports to Unv1 in August more than doubled month - on - month to 52,428 tons. South Korea's January - July exports decreased 0.36% year - on - year to 2.69 million tons. On September 15, PX price rose, with October and November Asian spot trades [3][4] PTA - On September 15, PTA spot price rose to 4600 yuan/ton, with a mainstream basis of 01 - 80, a monthly average price of 4634.55 yuan/ton, and a monthly settlement price of 4680 yuan/ton [5] MEG - On September 15, MEG spot prices were around 4362 - 4395 yuan/ton, 10 - month - later futures were around 4340 - 4365 yuan/ton. The inventory at East China main ports was about 46.5 million tons, up 0.6 million tons from the previous period [5][6] Polyester - A 600,000 - tons/year polyester bottle - chip plant in East China stopped recently with an undetermined restart time. On September 15, the sales of polyester filament in Jiangsu and Zhejiang were differentiated, with an average sales - to - production ratio of about 50% by 3:30 pm. The sales - to - production ratio of direct - spun polyester staple fiber was 63% on average by 3:00 pm [6][7] Group 5: Trends and Recommendations PX - Short - term: follow oil price rebounds, with policy support for consumption to be monitored. Hold 11 - 01 positive spreads and 1 - 5 reverse spreads, stop profit for PXN compression positions below $220. Domestic PX operating rate is 87.8% (+4.1%). Overseas, SK Incheon's fire didn't affect PX production, and some Japanese plants may restart. PTA demand load is 76.8% (+4%) [8][9] PTA - Short - term: follow oil price rebounds, hold 11 - 01 positive spreads and 1 - 5 reverse spreads, short 01/05 contract PTA processing fees on rebounds. Current PTA spot processing fee is falling. Some PTA plants may restart or be shut for maintenance. Polyester demand is expected to weaken in Q4 [10] MEG - Short - term: market focuses on anti - involution policy, coal price rebounds, and valuation recovers. Medium - term: weak, with 1 - 5 reverse spreads recommended. Supply pressure is emerging, and polyester demand is expected to weaken in Q4 [11]

Core Insights - JD.com reported strong Q1 2025 earnings, with both revenue and profit exceeding expectations, driven by enhanced profitability in its core retail business and significant growth in new business revenues, including food delivery, despite increased losses [2][4]. Financial Performance - Total revenue reached RMB 301.1 billion, a year-on-year increase of 15.8%, surpassing the forecast of RMB 289.4 billion [2][3]. - Operating profit was RMB 10.5 billion (approximately USD 1.5 billion), up from RMB 7.7 billion in the same period last year; adjusted EBITDA rose 27% to RMB 13.7 billion, exceeding the expected RMB 12.6 billion [2][3]. - Adjusted earnings per ADS were RMB 8.41, above the forecast of RMB 7.09; adjusted operating margin improved to 3.9% from 3.4% year-on-year [2][3]. Business Segments - JD Retail's revenue grew by 16.3%, with operating margin increasing from 4.1% to 4.9% year-on-year, indicating enhanced profitability [4][7]. - JD Logistics reported an 11.5% revenue increase, with international expansion highlighted by new routes and warehouse operations [4][7]. - New business revenue, including food delivery, reached RMB 5.8 billion, up 18.1% year-on-year, but losses expanded to RMB 1.3 billion from RMB 670 million in the previous year [5][6]. Strategic Initiatives - JD.com is focusing on deepening partnerships with brands like Xiaomi to leverage market opportunities arising from consumer support policies and AI advancements [4][5]. - The company launched an export-to-domestic sales initiative, aiming to procure at least RMB 200 billion worth of goods, enhancing its domestic market presence [4][5]. - JD's entry into the food delivery market is seen as a strategic move to capitalize on the growing demand for quality delivery services [5][6]. Technological Advancements - JD Health is making strides in the application of AI technology in healthcare services, indicating a commitment to innovation in the medical field [8].