Huachuang Securities: The optimization of the supply and demand patterns for PTA and MEG drives the recovery of processing fees.

Hua Chuang Securities released a research report stating that there is a long-term mismatch between supply and demand for PTA, but there are no plans for new production capacity in 2026, and the conditions for supply-side restoration of processing fees are already in place. In terms of MEG, the supply-demand pattern has shifted from loose to rebalancing, and profit recovery will require more time. The supply-demand pattern for PTA is expected to accelerate the transition from structural balance to tight balance, with considerable elasticity for restoring processing fees. Currently, MEG prices and profits are under pressure, pessimistic expectations are relatively sufficient, and there is significant room for price elasticity release, leading to an undervaluation of related assets.