Huachuang Securities released a research report saying that PTA supply and demand have been mismatched for a long time, but there are no plans to add additional production capacity in 2026, and supply-side conditions for processing fee repair are already in place. On the MEG side, the supply and demand pattern is shifting from easing to rebalancing, and profit recovery will take more time. The PTA supply and demand pattern is expected to evolve from an accelerated structural balance to a tight balance, and processing cost recovery is more flexible. Currently, MEG prices and profits are under pressure. Pessimistic expectations are sufficient, there is plenty of room for price flexibility, and the value of related targets is undervalued.

Huachuang Securities released a research report saying that PTA supply and demand have been mismatched for a long time, but there are no plans to add additional production capacity in 2026, and supply-side conditions for processing fee repair are already in place. On the MEG side, the supply and demand pattern is shifting from easing to rebalancing, and profit recovery will take more time. The PTA supply and demand pattern is expected to evolve from an accelerated structural balance to a tight balance, and processing cost recovery is more flexible. Currently, MEG prices and profits are under pressure. Pessimistic expectations are sufficient, there is plenty of room for price flexibility, and the value of related targets is undervalued.