对二甲苯：空 PX 多 SC PTA：多 PX 空 PTA MEG：多 PTA 空 MEG

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core Viewpoints of the Report - For PX/PTA, the upside space for the unilateral price is limited. Be vigilant about the negative impact of polyester production cuts and focus on positions where processing fees are compressed. The supply - demand balance sheet continues to reduce inventory, which is beneficial for near - month positive spread positions. There is a slight recovery in textile and clothing orders from the US during the 90 - day low - tariff window, driving a positive feedback process in the entire industry chain. However, with the rapid rise of raw materials such as PX, PTA, and MEG, polyester profits are quickly compressed. Also, as the PX - N spread rises to $280 per ton and the PX - MX spread rises above $120 per ton, the enthusiasm for PX production increases, and PTA supply also grows with the restart of multiple plants, weakening the upward momentum of the unilateral price and challenging the processing fees [5] - The trend intensities of p - xylene, PTA, and MEG are all - 1 [5] - Investment strategies: Short PX and long SC; long PX and short PTA; long PTA and short MEG [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Closing prices: On May 21, 2025, the closing prices of PX, PTA, MEG, PF, and SC were 6766, 4788, 4414, 6544, and 3571 respectively. The daily changes were 1.5%, 1.2%, 0.0%, 0.6%, and 0.4% [2] - Monthly spreads: On May 21, 2025, the monthly spreads of PX (9 - 1), PTA(6 - 9), MEG (9 - 1), PF(7 - 8), and PX - EB09 were 168, 118, 44, 30, and - 444 respectively, with daily changes of 26, 6, - 3, - 2, and 102 [2] - Inter - variety spreads: On May 21, 2025, the spreads of PTA09 - 0.65PX09, PTA09 - MEG09, PTA09 - PF09, PF07 processing margin, and PTA09 - LU09 were 390, 374, - 1698, 881, and 1332 respectively, with daily changes of - 8, 55, 8, - 14, and 45 [2] - Basis: On May 21, 2025, the basis of PX, PTA, MEG, PF, and PX - naphtha spread were 160, 110, 85, 6, and 259 respectively, with daily changes of - 31, - 40, - 14, - 48, and 1 [2] - Warehouse receipts: On May 21, 2025, the number of warehouse receipts for PTA, ethylene glycol, short - fiber, PX, and SC were 67714, 9775, 2692, 200, and 4029000 respectively. The daily changes of PTA and ethylene glycol warehouse receipts were - 102 and - 2289 respectively [2] 3.2 Market Overview - PX: A 400 - million - ton PX plant in East China has basically resumed normal operation after reducing its load due to front - end equipment maintenance around May 13 [4] - PTA: A 2.5 - million - ton PTA plant in East China is restarting and is expected to produce products tomorrow; a 3 - million - ton PTA plant in East China started maintenance today and is expected to last for about 2 weeks; a 1 - million - ton PTA plant in Southwest China has postponed its restart to around this weekend; a 1.2 - million - ton PTA plant in Northwest China has produced products and will maintain a load of 60% - 70% [4] - MEG: A 300,000 - ton/year syngas - to - ethylene glycol plant ended maintenance yesterday and is currently operating at a 50% load; a 500,000 - ton/year ethylene glycol plant in East China has recently switched from EG to EO production, and its ethylene glycol production load has dropped to 30% - 40%, with a plan to start full - epoxy production in July [4] - Polyester: The overall sales of polyester yarn in Jiangsu and Zhejiang were weak today, with an estimated average sales volume of about 40% by 4 pm. The sales of direct - spun polyester staple fibers improved compared to yesterday, with an average sales volume of 69% by 3 pm [5]