对二甲苯：单边震荡市，空PX多SC，PTA：长丝计划检修，单边转弱

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - PX: The monthly spread remains strong. Hold the position of going long on PX and short on PTA. Pay attention to the regression of the PX - MX spread. As the demand for PX remains tight and the PX - MX spread has expanded during the PX price increase, it is recommended to lock in the PX - MX spread at high levels and go short on PX while going long on SC [6]. - PTA: Continue to hold the position of compressing PTA processing fees. The mid - term view on the monthly spread is to go long on dips. Due to the planned production cuts by filament factories, there may be a short - term unilateral correction [6]. - MEG: Due to the planned production cuts by filament factories, there may be a short - term unilateral correction [6][7]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price Data: On May 19, 2025, the closing prices of PX, PTA, MEG, PF, and SC were 6752, 4776, 4475, 6544, and 3563 respectively. The daily changes were 0.1%, 0.0%, 0.3%, - 0.1%, and - 0.3% respectively [2]. - Monthly Spread: The monthly spreads (9 - 1) of PX, PTA, and MEG on May 19 were 168, 116, and 77 respectively, with daily changes of 24, 30, and 32 respectively [2]. - Inter - variety Spread: On May 19, the PTA09 - 0.65PX09 spread was 387, with a daily change of - 3 [2]. - Basis: On May 19, the PX basis was 216, with a daily change of 5 [2]. - Warehouse Receipts: On May 19, the PTA warehouse receipts were 68831, showing a daily decrease of 1215 [2]. 3.2 Market Overview - PX: On May 19, the PX price rose. The 6 - month MOPJ was estimated at $564/ton CFR. One July Asian spot was traded at 843, and one August Asian spot was traded at 836. The PX spot price strengthened in the Asian opening session due to tight supply and healthy downstream polyester activities. Some producers may increase production as profit margins improve, but market participants are cautious about over - supply [4][5]. - Crude Oil: On May 19, Asian afternoon crude oil futures fell as traders focused on the US - Iran nuclear negotiation and the economic prospects of the US and China. Although the agreement to suspend some tariffs for 90 days supported the crude oil price, concerns about potential economic slowdown persisted [4]. - MEG: On May 19, the MEG port inventory in the main ports of East China was about 74.3 tons, a decrease of 0.8 tons compared to the previous period. The inventory in different regions showed different changes, and the shipments in some main warehouses were also provided [5]. - Polyester: A 200,000 - ton polyester plant in Fujian will start maintenance tonight for about 20 days, mainly producing polyester filament. On May 19, the sales of polyester filament in Jiangsu and Zhejiang were weak, with an average sales rate of 30% - 40% by 3:30 pm. The sales of direct - spun polyester staple fiber were mainly for刚需, with an average sales rate of 45% by 3:00 pm [6]. 3.3 Trend Intensity - The trend intensity of PX and PTA is - 1, while the trend intensity of MEG is 0 [8].