对二甲苯：供需仍偏紧，滚动正套，PTA：聚酯产销放量，原料趋势偏强，MEG：单边趋势偏强，月差反套

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views - PX has a tight supply - demand situation, with a unilateral trend of being oscillatingly strong and a strategy of rolling long on the monthly spread. PTA's unilateral trend is strong, and one should pay attention to the spread between going long on PTA and shorting PF. MEG's 9 - 1 monthly spread should be in a reverse spread strategy, and its unilateral trend has turned strong [1][6][7]. Summary According to Related Catalogs Market Overview - PX: On the 23rd, the PX price was weakly maintained. The price of naphtha at the end of the session was weakly stalemated. The PX - naphtha spread on the 23rd was 274.30 dollars/ton, down 2.66 dollars/ton from the previous closing price. The market participants attributed the weakness to concerns about the progress of global trade negotiations between the US and its major Asian partners [3][5]. - MEG: A 700,000 - ton/year MEG plant in the US has been shut down for maintenance recently, and the restart time is to be determined [5]. - Polyester: On the 23rd, the sales of direct - spun polyester staple fiber were average, with an average sales - to - production ratio of 58%. The sales of polyester yarn in Jiangsu and Zhejiang were differentiated, with an average sales - to - production ratio estimated at 7 - 80% by 3:30 pm. On the 22nd, the sales of polyester yarn in Jiangsu and Zhejiang at the end of the session were booming, with an average sales - to - production ratio estimated at over 700% [5][6]. Trend Intensity - The trend intensity of PX is 0, PTA is 0, and MEG is 1. The range of trend intensity is an integer in the [-2, 2] interval, where -2 means most bearish and 2 means most bullish [6]. Views and Suggestions - PX: The supply - demand remains tight. Domestic plant operating rates have declined, and some plants have unplanned load reductions. In the second half of the month, attention should be paid to the possible maintenance of Tianjin Petrochemical. PX has a unilateral oscillatingly strong trend, and one should roll long on the monthly spread [6]. - PTA: The unilateral trend is strong. One should pay attention to the spread of going long on PTA and shorting PF. The inventory of downstream polyester has decreased, the probability of production cuts has declined, the inventory accumulation speed of PTA has slowed down, and one should conduct interval operations on the monthly spread [6]. - MEG: The 9 - 1 monthly spread should be in a reverse spread strategy. The unilateral trend has turned strong. The continuous rise in coal prices provides cost support for coal - chemical varieties, and the long - term trend is expected to be strong [7].