对二甲苯：多PX空PTA，PTA：持续去库，但盘面上方空间有限，多PTA空MEG

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - For PX, hold the strategy of going long on PX and short on PTA, and maintain the operation of going long on PX and short on naphtha/PTA as the supply - demand pattern is tight [8]. - For PTA, it is in a high - level volatile market on a single - side basis. Hold the position of compressing PTA processing fees. Adopt the idea of going long on the spread when it is low in the medium - term. The PTA market is still in a de - stocking pattern and the spread will remain strong [8]. - For MEG, although the inventory is continuously decreasing and the basis is rising, due to further production cuts by polyester factories, go long on PTA and short on MEG. The month - spread is strong in the short - term but not recommended for further chasing [8]. Summary by Related Catalogs 1. Fundamental Tracking - Prices and Changes: On May 29, 2025, PX主力收盘 was 6788, PTA主力收盘 was 4814, MEG主力收盘 was 4359, PF主力收盘 was 6500, and SC主力收盘 was 3558, with daily changes of 3.0%, 3.0%, 1.1%, 1.8%, and 2.6% respectively [2]. - Month - spreads: The PX (9 - 1) month - spread on May 29 was 248, with a daily change of 62; PTA (9 - 1) was 198, with a daily change of 50; MEG (9 - 1) was 79, with a daily change of 14; PF(7 - 8) was 22, with a daily change of - 2; PX - EB07 was - 304, with a daily change of 12 [2]. - Inter - variety Spreads: The PTA09 - 0.65PX09 spread on May 29 was 402, with a daily change of 13; PTA09 - MEG09 was 455, with a daily change of 94; PTA07 - PF07 was - 1562, with a daily change of 34; PF07盘面加工费 was 801, with a daily change of - 26; PTA09 - LU09 was 1350, with a daily change of 59 [2]. - Basis and Other Spreads: On May 29, the PX basis was 145, PTA basis was 195, MEG basis was 147, PF basis was - 50, and PX - naphtha spread was 274. The daily changes of PX, PTA, MEG, and PF bases were - 198, 10, - 5, and - 10 respectively [2]. - Warehouse Receipts: On May 29, PTA仓单数 was 56248, 乙二醇仓单数 was 10239, 短纤仓单数 was 0, PX仓单数 was 0, and SC仓单数 was 4029000 [2]. 2. Market Overview - PX Market: On May 29, the PX price rose. Three July Asian spot transactions were at 857, 857, 857.5 respectively. The PX valuation was 852 dollars/ton, up 16 dollars from the 28th. The rise was due to the market's optimistic attitude after the US trade court blocked Trump's tariff policy and short - term supply tightness [4][5]. - PTA Market: In the Chinese mainland, the Nengtou 100 - million - ton and Taihua 150 - million - ton PTA plants restarted, while the Dushan Energy 300 - million - ton plant was under maintenance. By Thursday, the PTA load dropped to 75.7%, and the current PTA operating rate was around 81.6% [5]. - MEG Market: As of May 29, the overall operating load of ethylene glycol in the Chinese mainland was 59.83% (up 1.58% from the previous period), and the operating load of ethylene glycol produced by the oxalic acid catalytic hydrogenation method (syngas) was 57.19% (down 4.06% from the previous period) [6]. - Polyester Market: The operating load of large - scale polyester filament factories remained stable this week. By Thursday, the overall theoretical operating load of domestic polyester filament was around 72%. The overall polyester load in the Chinese mainland dropped to around 91.8%. The sales of polyester yarn in Jiangsu and Zhejiang on the 29th were differentiated, with an average sales rate of 6 - 70% by 3:30 pm. The sales of direct - spun polyester staple fiber in Fujian were better than those in Jiangsu and Zhejiang, with an average sales rate of 111% by 3:00 pm [6][7].