对二甲苯：多PX空PTAPTA：长丝检修落地，多PX空PTA

1. Report Industry Investment Ratings Trend Intensity Ratings for Each Product - Weak or Bearish Trends (-1): Rubber, Synthetic rubber, LLDPE, PP, Benzene styrene, Soda ash, PVC, Double - offset paper [11][16][31][36][60][66][78][109] - Neutral Trends (0): PX, PTA, Asphalt, Caustic soda, Pulp, Glass, Urea, LPG, Fuel oil, Low - sulfur fuel oil, Container shipping index (European line), Staple fiber, Bottle chips [4][7][18][39][44][48][57][68][82][84][105] - MEG (-1): MEG shows a relatively bearish trend [4] 2. Report's Core Views Overall Market View - The market presents a mixed picture with different products showing various trends. Some are facing downward pressure due to factors like supply - demand imbalances, while others are range - bound or showing signs of stability [2]. Specific Product Views - PX and PTA: PX supply is tight and in a de - stocking phase. It's recommended to hold a long PX and short PTA position. PTA processing fee compression positions should also be held, and the PTA monthly spread is expected to remain strong [4][7]. - MEG: The upside space for MEG is limited. A strategy of long PTA and short MEG is suggested. Although the short - term monthly spread is strong, further chasing is not recommended [4][7]. - Rubber: It is expected to oscillate weakly due to factors such as decreased tire exports [9][12]. - Synthetic rubber: It is in a weak operation state. The cost of butadiene has adjusted, and the supply of butadiene rubber may decrease in the future [14][17]. - Asphalt: It will oscillate within a range, and the shipment is weakening. The production and inventory situation shows some changes [18][30]. - LLDPE and PP: Both are in a weak state. LLDPE is affected by factors like new capacity and weak demand. PP has seen a slight price decline and general trading volume [31][36]. - Caustic soda: There is still pressure in the later stage. Although there is short - term support from downstream replenishment, the market may still tend to short the chlor - alkali profit [39][41]. - Pulp: It will oscillate. The market is affected by factors such as weakening prices and uncertain demand [44][46]. - Glass: The price of the original sheet is stable. The market has weak demand and high inventory, but there is cost support [48][49]. - Methanol: It is in a weak operation. The spot price is declining, and the port inventory is showing different trends [52][55]. - Urea: It will oscillate. Domestic demand is weak, but exports provide some support [57]. - Benzene styrene: It will oscillate in the short term. The market is affected by factors such as terminal restocking and potential supply return [60][62]. - Soda ash: The spot market has little change. The market is weak, and enterprises' new order reception is general [64][66]. - LPG: The civil gas is stabilizing, and the support for the futures market is strengthening. The industrial chain's operating rate is changing [68][74]. - PVC: It is in a weak state. The high - production and high - inventory structure is difficult to change, and the export sustainability is uncertain [78][79]. - Fuel oil and Low - sulfur fuel oil: Fuel oil shows a short - term weak oscillation, and low - sulfur fuel oil had a significant night - session decline [82]. - Container shipping index (European line): It will oscillate at a high level. The freight rate is affected by factors such as supply and demand and shipping company strategies [84][97]. - Staple fiber and Bottle chips: Both will oscillate in the short term. Staple fiber is affected by raw material price fluctuations, and bottle chips' processing fees can be considered for long positions at low prices [105]. - Double - offset paper: It will oscillate weakly. The market has slow inventory consumption and weak trading [108][110]. 3. Summary by Related Catalogs PX, PTA, and MEG Fundamental Data - Price Changes: On May 27, 2025, PX, PTA, and PF prices increased by 0.5%, 0.3%, and 0.4% respectively, while MEG decreased by 0.1% and SC decreased by 0.5% [4]. - Monthly Spreads: The monthly spreads of PX (9 - 1), PTA (9 - 1), and MEG (9 - 1) all increased on May 27 compared to the previous day [4]. Market Overview - PX: Some PX devices in China, South Korea, etc., are planned to restart or increase production in June [6]. - MEG: A 400,000 - ton/year MEG device in Guangdong has restarted, and the planned arrival volume at major ports from May 26 to June 2 is about 76,000 tons [6]. - Polyester: The sales of polyester yarn in Jiangsu and Zhejiang on May 27 were differentiated, with an average sales rate of slightly over 50% [6]. Market Views - PX: Maintain a long PX and short naphtha/PTA strategy, and pay attention to the regression of the PX - MX spread [7]. - PTA: Hold the processing fee compression position, and the monthly spread is expected to be long - term bullish [7]. - MEG: The upside space is limited, and a long PTA and short MEG strategy is recommended [7]. Rubber Fundamental Data - The daily - session closing price of the rubber main contract on May 27 was 14,495 yuan/ton, an increase of 95 yuan from the previous day, while the night - session closing price was 14,105 yuan/ton, a decrease of 270 yuan [11]. Industry News - In April 2025, China's small - passenger - car tire exports decreased both month - on - month and year - on - year, with a cumulative increase in exports from January to April [12]. Synthetic Rubber Fundamental Data - On May 27, the daily - session closing price of the butadiene rubber main contract was 11,645 yuan/ton, an increase of 100 yuan from the previous day [14]. Industry News - The cost of butadiene has adjusted, with a decline in speculative demand and a decrease in production enterprise and port inventories [14][16]. - The supply of butadiene rubber may decrease in the future as processing profits approach the break - even point [17]. Asphalt Fundamental Data - On May 27, the closing price of BU2506 was 3,523 yuan/ton, a decrease of 0.45%, and the closing price of BU2507 was 3,516 yuan/ton, a decrease of 0.28% [18]. Market News - In June 2025, China's total asphalt production is expected to be 2.309 billion tons, a decrease of 0.4% month - on - month and an increase of 8.5% year - on - year [30]. - From May 20 to May 26, 2025, China's weekly asphalt production decreased by 8.9% month - on - month and 3.5% year - on - year [30]. LLDPE Fundamental Data - On May 27, the closing price of L2509 was 7,007 yuan/ton, a decrease of 1.03% [31]. Market Analysis - The LLDPE market price has declined. The supply pressure is large due to new capacity, and demand is weak, especially after the peak season for agricultural films [31][32]. PP Fundamental Data - On May 27, the closing price of PP2509 was 6,896 yuan/ton, a decrease of 0.68% [36]. Market News - The domestic PP market has declined slightly, with weak market trading [37]. Caustic Soda Fundamental Data - On May 28, the 09 - contract futures price was 2,449 yuan/ton, and the spot price of 32% ion - exchange membrane caustic soda in Shandong was 880 yuan/ton, an increase of 2.33% [39][40]. Market Analysis - Although there is short - term support from downstream replenishment, the market may still tend to short the chlor - alkali profit due to factors such as potential weakening of demand after replenishment [41]. Pulp Fundamental Data - On May 27, the daily - session closing price of the pulp main contract was 5,274 yuan/ton, a decrease of 128 yuan from the previous day [45]. Industry News - The pulp market was weak on May 27, with a general decline in the spot price of softwood pulp and an increase in the decline of hardwood pulp [46]. Glass Fundamental Data - On May 27, the closing price of FG509 was 1,031 yuan/ton, an increase of 1.18% [49]. Market News - The price of domestic float glass original sheets was stable with a slight downward trend, with weak demand and high inventory [49]. Methanol Fundamental Data - On May 27, the closing price of the methanol main contract was 2,208 yuan/ton, a decrease of 16 yuan from the previous day [53]. Market News - The methanol spot price index decreased, and most cities' prices declined. The port inventory showed a slight accumulation, and the market is expected to continue its weak operation [55]. Urea Fundamental Data - On May 27, the closing price of the urea main contract was 1,814 yuan/ton, a decrease of 2 yuan from the previous day [57]. Market News - Domestic urea demand is weak, and the inventory of production enterprises is expected to increase. However, exports may provide some support [57][59]. Benzene Styrene Fundamental Data - On May 27, the price of benzene styrene 2505 was 7,699 yuan/ton, unchanged from the previous day [60]. Market News - The market was supported by downstream restocking, but new orders have not yet landed. High profits may stimulate an increase in supply, and attention should be paid to future supply return and port basis changes [61][63]. Soda Ash Fundamental Data - On May 27, the closing price of SA2509 was 1,231 yuan/ton, a decrease of 2.30% [66]. Market News - The domestic soda ash market is weak, with some enterprises reducing prices and slow new - order reception [66]. LPG Fundamental Data - On May 27, the closing price of PG2507 was 4,090 yuan/ton, an increase of 0.69% [68]. Market News - The civil LPG is stabilizing, and the operating rates of PDH, MTBE, and alkylation have changed [68][74]. PVC Fundamental Data - On May 27, the 09 - contract futures price was 4,793 yuan/ton, and the East China spot price was 4,700 yuan/ton, with a basis of - 93 yuan [78]. Market Analysis - The PVC market is weak. The high - production and high - inventory structure is difficult to change, and export sustainability is uncertain [78][79]. Fuel Oil and Low - sulfur Fuel Oil Fundamental Data - On May 27, the closing price of FU2507 was 2,972 yuan/ton, a decrease of 2.14%, and the closing price of LU2507 was 3,512 yuan/ton, a decrease of 0.51% [82]. Market News - The prices of fuel oil and low - sulfur fuel oil in the international market declined on May 27 [82]. Container Shipping Index (European Line) Fundamental Data - On May 27, the closing price of EC2506 was 1,782.0 points, a decrease of 4.31%, and the closing price of EC2508 was 2,048.4 points, a decrease of 3.67% [84].