对二甲苯：多PX空PTA，PTA：单边逢高空，多PTA空MEG

Report Industry Investment Ratings - Not provided in the given content Core Views - PX: Unilateral weakness, strong monthly spread, hold long PX and short PTA, focus on PX - MX spread regression, maintain long PX and short naphtha/PTA due to tight supply - demand [4] - PTA: Unilateral weakness, hold PTA processing fee compression positions, mid - term monthly spread is to buy on dips, de - stocking pattern in June - July, monthly spread remains strong [5] - MEG: Limited upside for unilateral price, long PTA and short MEG, short - term monthly spread is strong but not recommended to chase higher [5] Summary by Related Catalogs Fundamental Tracking - Price Data: On May 26, 2025, PX closed at 6674, PTA at 4724, MEG at 4393, PF at 6430, and SC at 3530. Daily changes were 0.3%, 0.2%, - 0.2%, - 0.3%, and 0.6% respectively [1] - Monthly Spread: On May 26, 2025, PX (9 - 1) was 188, PTA (9 - 1) was 146, MEG (9 - 1) was 60, PF(7 - 8) was 10, and PX - EB07 was - 355. Daily changes were 4, - 2, 8, - 2, and 162 respectively [1] - Inter - variety Spread: On May 26, 2025, PTA09 - 0.65PX09 was 386, PTA09 - MEG09 was 331, PTA07 - PF07 was - 1604, PF07盘面加工费 was 811, and PTA09 - LU09 was 1293. Daily changes were - 6, 18, 34, - 35, and - 18 respectively [1] - Basis: On May 26, 2025, PX basis was 231, PTA basis was 165, MEG basis was 135, PF basis was - 40, and PX - naphtha spread was 268. Daily changes were 33, 15, 10, - 90, and 2 respectively [1] - Warehouse Receipts: On May 26, 2025, PTA warehouse receipts were 56308, ethylene glycol were 10630, short - fiber were 0, PX were 0, and SC were 4029000. Daily changes were - 258, - 20, - 1109 respectively [1] Market Overview - PX: A 700,000 - ton PX unit in the Northeast is restarting, a 9 - million - ton PX unit of a major factory in East China is expected to resume soon, PX price rose, and the valuation on May 26 was 834 dollars/ton, up 8 dollars from last Friday [3] - PTA: A 50,000 - ton IPA unit in North China is under maintenance, a 1 - million - ton PTA unit in Southwest China has restarted [3] - MEG: A 1 - million - ton/year EO - EG co - production unit in East China has restarted, a 300,000 - ton/year synthetic gas - to - ethylene glycol unit in Anhui has reduced load, a 150,000 - ton/year ethylene glycol unit in East China stopped, and a 300,000 - ton/year unit in Guizhou is restarting [3][4] - Polyester: A 200,000 - ton polyester unit in Wujiang is restarting, a 200,000 - ton polyester bottle - chip unit in East China is under maintenance, Jiangsu and Zhejiang polyester yarn sales were weak with an average sales rate of about 30%, and direct - spun polyester staple fiber sales were also weak with an average sales rate of 45% [4] Trend Intensity - PX trend intensity: - 1, PTA trend intensity: - 1, MEG trend intensity: - 1 [5]