对二甲苯：多PX空PTA，PTA：长丝检修落地，多 PX 空 PTA，MEG：单边逢高空，多 PTA 空 MEG

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - For PX, supply is tight, inventory is decreasing, and the monthly spread remains strong. Hold a long PX and short PTA position. Pay attention to the return of the PX - MX spread. With an increase in the load of a certain PX plant in East China in June and the upcoming commissioning of a new PTA plant of Honggang Petrochemical, the PX supply - demand pattern is tight, so continue the long PX and short naphtha/PTA operation [4]. - For PTA, continue to hold the position of compressing processing fees. The mid - term idea for the monthly spread is to go long on dips. With filament factories reducing loads and overall polyester load dropping to 91%, the production cut exceeds expectations. However, due to the planned maintenance of plants such as Fuhai Chuang in June - July, the inventory is still in a decreasing pattern, and the PTA monthly spread will remain strong [4]. - For MEG, the upside space for the single - side is limited. Go long on PTA and short MEG. There are more unplanned shutdowns and maintenance of MEG plants, and the MEG operating rate has dropped to 58%. As the single - side price of ethylene glycol rebounds and the prices of upstream coal and crude oil fall, especially the profit of coal - based MEG recovers quickly, the willingness to start coal - based MEG plants in the future will significantly increase. The short - term monthly spread is still strong, but further chasing the high is not recommended [4]. Group 3: Summary by Related Catalogs 3.1 Fundamental Tracking - Daily Closing Prices and Changes: On May 27, 2025, the PX main contract closed at 6706 with a daily change of 0.5%, PTA at 4740 (0.3% change), MEG at 4387 (- 0.1% change), PF at 6456 (0.4% change), and SC at 3512 (- 0.5% change) [1]. - Monthly Spreads and Changes: On May 27, 2025, the PX (9 - 1) monthly spread was 216 with a daily change of 28, PTA (9 - 1) was 162 (16 change), MEG (9 - 1) was 71 (11 change), PF(7 - 8) was 24 (14 change), and PX - EB07 was - 291 (64 change) [1]. - Inter - variety Spreads and Changes: On May 27, 2025, the PTA09 - 0.65PX09 spread was 381 with a daily change of - 5, PTA09 - MEG09 was 353 (22 change), PTA07 - PF07 was - 1608 (- 4 change), PF07 processing fee on the disk was 825 (14 change), and PTA09 - LU09 was 1325 (32 change) [1]. - Basis and Changes: On May 27, 2025, the PX basis was 199 with a daily change of - 32, PTA basis was 165 (15 change), MEG basis was 135 (10 change), PF basis was - 40 (- 90 change), and the PX - naphtha spread was 268 [1]. - Warehouse Receipt Numbers and Changes: On May 27, 2025, the PTA warehouse receipt number was 56308 with a daily change of - 258, ethylene glycol was 10630 (- 20 change), short - fiber was 0 (- 1109 change), PX was 0, and SC was 4029000 [1]. 3.2 Market Overview - PX: A 300,000 - ton PX plant in Taiwan, China is restarting after a 45 - day maintenance from April 9. A 1 - million - ton PX plant in East China plans to increase its load to about 90% in June after reducing the load in mid - April. A 400,000 - ton PX plant in South Korea plans to restart around mid - June after shutting down in early February [3]. - MEG: A 400,000 - ton/year MEG plant in Guangdong has restarted normally after a maintenance in early May. From May 26 to June 2, the expected arrival volume at Zhangjiagang is about 10,000 tons, at Taicang Pier about 42,000 tons, at Ningbo about 24,000 tons, and at Shanghai about 0 tons, with a total planned arrival at major ports of about 76,000 tons [3]. - Polyester: On the 27th, the sales of polyester yarn in Jiangsu and Zhejiang were differentiated, with the average sales estimated at just over 50% by 3:30 pm. The sales of several factories were 50%, 45%, 20%, 750%, 50%, 40%, 50%, 30%, 50%, 0%, 200%, 30%, 80%, 40%, 40%, 70%, 30%, 20%, 50%, 40%, 20%, 80% respectively. The sales of direct - spun polyester staple fiber on the 27th improved slightly compared with the 26th, with an average sales of 55% by 3:00 pm, and the sales of some factories were 100%, 60%, 60%, 100%, 30%, 30%, 30%, 40%, 60% [3][4]. 3.3 Trend Intensity - The trend intensity of p - xylene is 0, PTA is 0, and MEG is - 1 [5].