个别装置预防性降负，关注供应影响

Report Industry Investment Rating - The report suggests a cautiously bullish stance on the unilateral trading of ethylene glycol (EG), indicating a positive outlook for the industry in March [3]. Core Viewpoints - Due to concerns about the stability of upstream raw material supply, some domestic EG production facilities have implemented preventive production cuts, resulting in a daily EG output loss of around 900 - 1000 tons. This has contributed to the continued rise in EG prices [1]. - The overall fundamental supply - demand logic shows that the domestic EG production load is at a high level, but the preventive production cuts may expand. Overseas EG production load has dropped to a low level, reducing import pressure. On the demand side, post - holiday demand is gradually recovering, and the inventory of domestic and foreign textile and clothing products is not high. Attention should be paid to downstream restocking actions and textile and clothing export orders after the reduction of nominal tariffs [2]. Summary by Directory Price and Basis - The closing price of the EG main contract was 4025 yuan/ton, up 100 yuan/ton (2.55%) from the previous trading day. The spot price of EG in the East China market was 3928 yuan/ton, up 178 yuan/ton (4.75%). The basis of EG in the East China spot market was - 56 yuan/ton, up 13 yuan/ton month - on - month [1]. Production Profit and Operating Rate - According to Longzhong data, the production profit of ethylene - based EG was - 63 US dollars/ton (up 2 US dollars/ton month - on - month), and the production profit of coal - based syngas - to - EG was - 965 yuan/ton (up 136 yuan/ton month - on - month) [1]. International Price Difference - The report mentions the international price difference of EG: US FOB - China CFR, but no specific data is provided [20]. Downstream Sales and Operating Rate - The report provides information on the sales and production rates of filaments, short fibers, and the operating rates of polyester, direct - spun filaments, polyester staple fibers, and polyester bottle chips, but no specific data is given [21][26][27]. Inventory Data - According to CCF data, the inventory of the main ports in East China was 100.2 tons (up 2.0 tons month - on - month). The planned arrivals at the main ports in East China this week totaled 10.8 tons, and the arrivals at the secondary ports were 1.6 tons, showing a decrease. It is expected that the inventory at the main ports will remain stable [1].