Supply and Demand - As of August 29, PTA operating rate is at 70.4%, a decrease of 2.5% [3] - As of August 29, polyester operating rate has increased to 90.3%, an increase of 0.3% [3] - Downstream polyester production has seen a decline due to lack of orders and high temperatures, with inventory levels being acceptable but overall stock being high [3] Price and Profitability - On September 1, PTA spot processing fee is around 170 CNY/ton, while TA2511 and TA2601 futures processing fees are 317 CNY/ton and 313 CNY/ton respectively [2] - The main spot trading range is between 4710 and 4735 CNY, with some transactions at a basis of 40 to 48 [1] Market Outlook - The low processing margin has led to increased unplanned maintenance of PTA facilities in August and September, improving supply-demand expectations, although the execution of maintenance is not meeting expectations [4] - There is still a demand expectation for September and October, with polyester and terminal loads recovering compared to previous periods, providing some support to demand [4] - Short-term strategies suggest focusing on support around 4700 CNY, with a short-term bullish outlook [4]

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]

Supply and Demand - As of August 15, PTA production capacity is at 76%, with a 1.3% increase due to the restart of several plants, including 1.5 million tons from Taiwan and 2.25 million tons from Yisheng [3] - Polyester factory load has slightly increased, with the overall polyester load rising to approximately 89.4%, a 0.6% increase [3] - There is a local improvement in the operating rate and shipment volume in Jiangsu and Zhejiang, although the overall market remains weak [3] Price and Profitability - On August 18, PTA spot processing fees are around 185 yuan/ton, with futures processing fees at 239 yuan/ton for TA2509 and 342 yuan/ton for TA2601 [2] - The spot market shows a trading range for PTA prices between 4650 and 4690 yuan, with some transactions occurring at lower prices [1] Market Outlook - The PTA supply-demand situation is expected to improve in the short term due to increased maintenance plans amid low processing margins, providing some support for the basis [4] - However, with the new PTA facility from Hailun Petrochemical coming online, the medium-term supply-demand outlook appears weak, limiting the upward potential of PTA basis [4] - The traditional demand peak in September and October may provide some support for PTA, with short-term price fluctuations expected between 4600 and 4800 yuan [4]

Core Viewpoint - The PTA market experienced fluctuations on August 6, influenced by multiple factors including a reduction in production by INEOS and a recovery in commodity sentiment, leading to a rapid rise in PTA futures followed by a volatile increase in prices [1] Group 1: Market Dynamics - On August 6, the PTA futures market saw a quick rise and subsequent fluctuations due to positive market sentiment and production cuts by INEOS [1] - The spot market showed a favorable trading atmosphere with a weak basis, and some polyester factories placed orders [1] - Main suppliers sold August cargoes with varying transaction discounts, with price negotiations ranging between 4650 - 4720 [1] Group 2: Production and Capacity - As of August 1, PTA operating rates decreased to 72.6%, while polyester operating rates slightly fell to around 88.1% [1] - The PTA processing fee reached approximately 130 CNY/ton, while the TA2509 futures processing fee was 274 CNY/ton [1] - The low processing fees have led to increased maintenance of PTA facilities in August, alongside production cuts by INEOS and a rebound in oil prices supporting market conditions [1] Group 3: Supply and Demand Outlook - Despite improvements in supply and demand in August, the commissioning of a new facility by Helun Petrochemical and weak terminal orders suggest a pessimistic medium-term supply-demand outlook [1] - The short-term PTA market may be affected by weak supply-demand expectations and a significant drop in overnight oil prices, although domestic commodity sentiment provides some support [1] - PTA futures are expected to fluctuate between 4600 - 4800, with strategies to hedge against high prices and low processing fees being considered [1]

Market Overview - On August 6, the market was boosted by the news of INEOS reducing production, alongside a recovery in commodity sentiment, leading to a rapid increase in PTA futures prices, which ultimately closed with gains [1] - The trading atmosphere in the spot market was relatively positive, with a weak basis for spot prices and limited offers from polyester factories [1] Pricing and Supply - Main suppliers offered August cargoes, with transactions for early August at a discount of 20-25 against September futures, and later in August at a discount of 15-20, with price discussions around 4650-4720 [1] - As of August 1, PTA operating rates decreased to 72.6%, down by 7.3%, while polyester operating rates slightly fell to 88.1%, down by 0.6% [3] Profitability - As of August 6, the PTA spot processing fee was around 130 yuan/ton, while the processing fee for TA2509 futures was 274 yuan/ton [2] Demand and Inventory - On August 6, the price of polyester staple fiber remained stable, with local sales volume increasing, and current inventory levels at fiber factories were manageable [3] - The terminal operating rates are expected to remain steady as the market awaits the peak season in September and October [3] Future Outlook - Despite a better-than-expected supply-demand situation for PTA in August, the market outlook remains weak due to the upcoming commissioning of new PTA facilities and continued weak demand for new orders [4] - The overall sentiment in the domestic commodity market has improved, providing some short-term support, but the PTA market is expected to face downward pressure from weak supply-demand expectations and recent declines in oil prices [4] - Short-term price range for PTA is anticipated to be between 4600-4800, with low processing fees suggesting potential for expansion [4]

Market Overview - On August 5, PTA futures experienced low-level narrow fluctuations, with a slight improvement in the spot trading atmosphere. The basis was weak, and trading was mainly based on negotiations, with a small number of polyester factories making sales. Mainstream suppliers had some sales, with August cargo trading at a discount of 12 to 25 yuan/ton, and prices negotiated in the range of 4650 to 4660 yuan/ton. September transactions were at par and slightly above the September futures [1] Profitability - As of August 5, the PTA spot processing fee was around 140 yuan/ton, while the processing fee for TA2509 futures was 271 yuan/ton [2] Supply and Demand - Supply: As of August 1, PTA operating load decreased to 72.6%, a drop of 7.3%. - Demand: As of August 1, polyester operating load slightly decreased to approximately 88.1%, a decline of 0.6%. On August 5, the price of polyester filament showed a slight downward adjustment, with overall sales being sluggish. Current inventory levels at filament factories are manageable, and prices are mainly adjusting slightly with raw materials. Terminal loads are temporarily maintained, awaiting the "Golden September and Silver October" period. Future attention will be on crude oil prices and the initiation of the peak season [3] Market Outlook - With low processing fees, there will be an increase in PTA plant maintenance in August. The supply and demand situation for PTA is expected to improve compared to previous expectations. However, with the commissioning of new PTA facilities by Helun Petrochemical and continued weak new orders from terminals, the medium-term supply and demand outlook for PTA is weak. Additionally, oil prices are under pressure due to OPEC+ production increase expectations. Short-term PTA is expected to experience weak fluctuations, but as market macro sentiment gradually stabilizes, there may be emotional support for PTA. Strategies include exiting TA short positions and monitoring support around 4600, as well as rolling back TA9-1 operations and expanding low PTA processing fees around 250 [4]

Supply and Demand - As of July 18, PTA operating rates remain stable at 79.7% with no significant changes in production [3] - Polyester operating rates have slightly decreased to approximately 88.3%, down by 0.5% [3] - Demand for polyester continues to be weak due to the off-season and high temperatures, leading to increased inventory pressure in factories [3] - The cash flow for polyester yarn is limited, with only POY showing slight profitability while FDY is experiencing overall losses [3] Market Outlook - PTA operating rates are maintained around 80%, with expectations for new PTA production from Sanfangxiang (600370) [4] - Weak terminal demand is leading to further expectations of production cuts in downstream polyester [4] - Despite weak supply and demand expectations for PTA, the overall sentiment in the domestic commodity market is relatively strong, providing some support for PTA prices [4] - Short-term trading strategy for TA is expected to fluctuate between 4600-4800, with bearish sentiment above 4800 [4] Cost Analysis - As of July 21, PTA spot processing fees are around 239 CNY/ton, while the processing fee for TA2509 is 285 CNY/ton [2]

Market Overview - On July 9, PTA futures experienced a slight increase, with the spot market showing general trading activity primarily driven by traders, while some polyester factories made offers. The spot basis quickly weakened but stabilized afterward, with transactions occurring in the range of 4720 to 4770, and some higher at 09+60. The mainstream spot basis was at 09+36 [1] Cost Analysis - As of July 9, the PTA spot processing fee was around 159 yuan/ton, while the TA2509 market processing fee was 314 yuan/ton [2] Supply and Demand Dynamics - Supply: Last week, PTA operating rates rose to 78.2%, an increase of 0.5% - Demand: The polyester comprehensive operating rate continued to decline to 90.2%, a decrease of 1.2%. On July 9, the price of polyester filament saw a localized decrease, with overall sales remaining weak. The recent decline in filament prices, coupled with the off-season and hot weather, has led to subdued sales and an increase in fabric inventory. There is a high probability that filament prices will continue to trend downward, with filament factory inventories increasing. Attention should be paid to the production cuts by filament enterprises and adjustments in filament price levels [3] Market Outlook - In July, the maintenance of PTA facilities is moderate, and there is an expectation for the commissioning of the PTA facility at Sanfangxiang (600370). There is a strong expectation of production cuts in downstream polyester factories and continued weak terminal demand, leading to a weakening of PTA supply and demand expectations. The PTA basis has further weakened recently. In terms of absolute prices, short-term oil prices are expected to trend strong, and the supply-demand outlook for raw material PX is tight, combined with PTA processing fees compressed to very low levels, providing strong short-term cost support for PTA. However, with signs of accelerated negative feedback at the terminal, the rebound in PTA absolute prices remains limited. The strategy suggests that TA will oscillate in the range of 4600-4900, with a short position favored below 4700; the focus will be on rolling short positions in TA9-1 [4]

Market Overview - On July 7, PTA futures showed a weak fluctuation, with a quiet spot market and weak basis, primarily driven by traders' negotiations, with sporadic offers from polyester factories [1] - The mainstream spot basis was reported at 09+103, with transaction prices ranging from 4790 to 4830 RMB/ton [1] Cost Analysis - As of July 7, the PTA spot processing fee was around 265 RMB/ton, while the TA2509 contract processing fee was 332 RMB/ton [2] Supply and Demand Dynamics - Supply: Last week, Yisheng New Materials increased its load to 3.6 million tons, Hengli restarted 2.2 million tons, and Weilian Chemical had 2.5 million tons offline, resulting in PTA load rising to 78.2% (+0.5%) [3] - Demand: Some polyester facilities were under maintenance, while others increased their load, leading to a decline in polyester's overall load to 90.2% (-1.2%). On July 7, the price of polyester filament decreased by 50-150 RMB, indicating weak overall sales [3] - The current market is in the off-season with rising fabric inventory, and there is a high probability of continued downward pressure on filament prices [3] Price Outlook - The repair intensity of PTA facilities in July is moderate, and with new PTA facilities operating stably, there are expectations of reduced production in downstream polyester factories and continued weak terminal demand, leading to a bearish supply-demand outlook for PTA [4] - Despite short-term support from strong oil prices and tight PX supply-demand expectations, the absolute price rebound for PTA remains limited due to accelerating negative feedback from the terminal [4] - The strategy suggests that TA will fluctuate in the range of 4600-4900, with a bearish bias at the upper end [4]

Supply and Demand - PTA supply decreased as Yisheng New Materials reduced production to 3.6 million tons, resulting in a PTA operating rate of 77.7% (down 1.4%) [3] - Demand for polyester also saw a slight decline, with operating rates dropping to approximately 91.2% (down 0.8%) [3] - The price of polyester filament has been adjusted downwards by 50-100, with overall sales remaining sluggish due to the off-season and high temperatures, leading to increased inventory levels [3] Market Outlook - Despite maintenance at Fuhai Chuang and Hengli facilities, the stable operation of new PTA units and expectations of reduced production in downstream polyester factories have weakened PTA supply-demand outlook [4] - The recent decline in oil prices has limited support for PTA, leading to short-term price resistance, although absolute prices remain supported by raw material costs [4] - The strategy suggests that TA will fluctuate within the range of 4600-4900, with a bearish bias at the upper end; some PTA units in South China are expected to undergo maintenance starting in August for three months [4] Cost Analysis - As of July 1, PTA processing fees reached approximately 330 yuan/ton, while TA2509 processing fees were at 350 yuan/ton [2]