对二甲苯：高位震荡市，多PX空PTA，PTA，高位震荡市，MEG，高位震荡市

1. Report's Investment Ratings for the Industry - PX: High-level volatile market, with a strategy of going long on PX and short on PTA [1] - PTA: High-level volatile market [1] - MEG: High-level volatile market [1] 2. Core Views of the Report - PX: Geopolitical conflicts have raised costs. Without a significant further increase in oil prices, some long positions around 8200 - 8300 can be reduced, and the May - September spread can be reduced on rallies. In the medium term, the trend remains strong with increasing volatility, so position control is necessary. PX imports and domestic production cuts will gradually materialize in the second quarter. If the Iran issue persists for more than two weeks, the PX valuation may rise further. The strategy of going long on PX and short on PTA can be continued [7] - PTA: Some long positions around 5800 can be reduced, and the May - September positive spread can be reduced. The PTA operating rate has increased instead of decreased, and the spot basis has reacted slowly. During the current off - season of demand, the May - September positive spread can be exited. The strategy of going long on PX and short on PTA should be continued [8] - MEG: Long positions around 4200 - 4300 can be exited, and there is still support below 4000. The May - September positive spread can be exited. The navigation situation in the Strait of Hormuz is still poor, which will interfere with ethylene glycol imports. The overall supply of ethylene glycol has tightened, supporting its valuation [9] 3. Summary by Related Contents PX - Price and Market Structure: On March 5, the PX price rose, with a May Asian spot trading at 1052. The PX valuation on March 5 was 1055 dollars/ton, up 28 dollars from March 4. The market structure strengthened, with the April/May physical spread widening from 5.50 dollars/metric ton to 8 dollars/ton [3][5] - Operating Rate: As of Thursday this week, the domestic PX plant operating rate was 90.4%, and the Asian PX operating rate was 83.2%. This week, the domestic PX plant operating load dropped to around 90%, a year - on - year decrease of 2%. South Korean GS 550,000 - ton and Soil 770,000 - ton plants are under maintenance as planned [3][7] - Upstream Situation: The ICE Brent futures contract rose 35 cents/dollar to 84.25 dollars/dollar on the trading day, while the Platts - assessed naphtha C + F Japan index fell 2.125 dollars/ton to 774.375 dollars/ton [3] PTA - Price: The PTA2605 contract on the Zhengzhou Commodity Exchange closed at 5820 yuan/ton, up 126 yuan/ton from the previous day [5] - Operating Rate: This week, some PTA plants had changes, such as Yisheng New Materials ramping up to full capacity, some plants restarting, and some undergoing maintenance. As of Thursday, the domestic PTA load was adjusted to 81% [6] MEG - Price: The MEG spot price was 4170 yuan/ton, up 196 yuan from the previous day [2] - Operating Rate: As of March 5, the overall ethylene glycol operating load in mainland China was 74.14% (a 4.88% decrease from the previous period), and the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) was 83.03% (a 1.00% decrease from the previous period). Two South Korean MEG plants are under planned maintenance, and another is planning to reduce its load to around 70% [6] Polyester - Operating Rate: This week, the operating load of the polyester filament industry has increased. As of now, the overall theoretical operating load of domestic polyester filaments is around 74%. As of Thursday this week, the polyester load in mainland China is around 83.5%. There is still a possibility of multiple plants restarting in the future, and the polyester load will continue to increase [7]