Group 1: Report Summary - The report is a polyester data weekly report released on August 17, 2025, by Guotai Junan Futures, focusing on PX, PTA, and MEG [1][2] Group 2: PX Analysis Core View - PX supply increases while demand decreases, leading to a decline in processing fees. However, the gradual improvement in terminal demand may limit the downside space for the single - side price [3] Supply - China's PX operating rate is 84.3% (+2.3%), and Asia's overall operating rate is 74% (+0.4%). Domestic supply is abundant with some plants restarting or increasing loads. Overseas, there are both restarts and maintenance, with little impact on production [3][51] Demand - This week, the PTA operating rate is 76.0% (-0.2%), with some plants shutting down and others restarting [3][4] Valuation - The PX - naphtha spread is 253 US dollars/ton (-8), and the PX - MX spread is 117 US dollars/ton (-4) [3] Strategy - For single - side trading, reduce short positions; for inter - period trading, conduct 1 - 5 reverse spreads; for inter - variety trading, go long on PX and short on PTA, long on PX and short on EB, long on naphtha and short on PX in the 01 contract [3] Group 3: PTA Analysis Core View - Reduce short positions on dips and hold the 9 - 1 reverse spread [4] Supply - The PTA operating rate is 76.0% (-0.2%), with some plants shutting down and others restarting [4] Demand - The polyester operating rate is revised up to 89.4% (+0.6%). The recovery of the bottle - chip factory's operating rate is postponed to September. The downstream operating rate of polyester is slowly rising, and the speed of recovery will accelerate in September [4] Valuation - The PTA spot processing fee is 207 yuan/ton (+20), the 01 contract processing fee is 344 yuan/ton (+13) with a downward trend, and the 09 contract processing fee is 252 yuan/ton (-26). The basis is maintained at - 15 yuan/ton [4] Strategy - For single - side trading, reduce and exit short positions; for inter - period trading, hold the 9 - 1 month - spread reverse spread; for inter - variety trading, hold long PX and short PTA, long MEG and short PTA in the 01 contract [4] Group 4: MEG Analysis Core View - The single - side trend is weakly oscillating, and hold the mid - term long MEG and short PTA position [5] Supply - There were short - term shutdowns and restarts of some plants. The coal - based plant operating rate increased to 80% despite a decline in profits [5] Demand - The demand outlook is not optimistic, with the improvement of the operating rate waiting for the improvement of terminal manufacturing orders. Market attention is on the final decision of China - US tariffs on August 12 and the impact of the social security new policy on terminal production costs [5] Valuation - Considering the background, the far - end contract has some upward potential. Pay attention to the 1 - 5 reverse spread [5] Strategy - For single - side trading, conduct range trading and short on rallies; for inter - period trading, conduct range trading for the 9 - 1 month - spread between - 50 and 0, and conduct 1 - 5 reverse spreads; for inter - variety trading, hold long L and short MEG, long MEG and short PTA [5] Group 5: 2025 Polyester Raw Material Production Plan - PX: 300 million tons of Yulong Petrochemical are planned to be put into production at the end of the year [7] - PTA: 600 million tons are planned to be put into production throughout the year, with projects from Honggang Petrochemical, Sanfangxiang, etc. [7] - MEG: 100 million tons are planned to be put into production, including projects from Sichuan Zhengda Kai, Yulong Petrochemical, etc. [7] - Polyester: 305 million tons are planned to be put into production, with many projects from different companies [7]