PTA：价格触底反弹；MEG：供应收缩，单边走强：对二甲苯：供应收缩，单边继续走强

1. Report's Industry Investment Rating - Not available in the provided content 2. Core Views of the Report - PX: Supply will contract, and the unilateral price will continue to strengthen. Cost provides support, and it hits a new high. Don't chase high in the short - term, buy on dips in the medium - term, and use the strategy of positive spreads on dips [2][9] - PTA: The price rebounds from the bottom. Cost support is strong, and the previous reverse spread position is risky. It's recommended to use the positive spread strategy on dips [2][10] - MEG: Supply contracts, and the unilateral price strengthens. Due to raw material supply issues, multiple domestic MEG plants reduce the load, and the supply contraction expectation makes the unilateral trend continue to be strong [2][10] 3. Summary by Related Catalogs 3.1 Futures Market - PX: The closing price of the main contract is 9532, up 630 with a growth rate of 7.08%. The PX5 - 9 spread's closing price is 562, up 78 [4] - PTA: The closing price of the main contract is 6660, up 460 with a growth rate of 7.42%. The PTA5 - 9 spread's closing price is 366, up 66 [4] - MEG: The closing price of the main contract is 4577, up 272 with a growth rate of 6.32%. The MEG5 - 9 spread's closing price is 143, up 137 [4] - PF: The closing price of the main contract is 7990, up 370 with a growth rate of 4.86%. The PF3 - 4 spread's closing price is - 188, down 40 [4] - SC: The closing price of the main contract is 662, down 4.3 with a decline rate of - 0.65%. The SC2 - 3 spread's closing price is 5.4, up 4.7 [4] 3.2 Spot Market - PX: The CFR China price is 1216.33 dollars/ton, up 59 dollars/ton. The PX - naphtha spread is 297.3, up 17 [4] - PTA: The East China price is 6320 yuan/ton, down 40 yuan/ton. The PTA processing fee is 274.69, down 35.45 [4] - MEG: The spot price is 4475 yuan/ton, up 287 yuan/ton. [4] - Naphtha: The MOPJ price is 875.25 dollars/ton, up 33.75 dollars/ton. The MOPJ naphtha - Dubai crude oil spread is - 4.34, unchanged [4] - Brent: The Dated Brent price is 91.46 dollars/barrel, up 3.52 dollars/barrel [4] 3.3 Fundamental Data - PX: On March 10, the PX price rose, and the 4 - month and 5 - month quotes had no transactions. On March 11, the Asian PX price rose due to concerns about supply disruptions in China. The upstream ICE Brent futures fell, and the naphtha index rose [5] - PTA: On March 10, the PTA futures rose sharply. An IPA device in East China plans to stop for maintenance for about 10 days [7][8] - MEG: Affected by raw material supply, the operating rates of domestic ethylene - cracking glycol enterprises in Zhejiang, Jiangsu, Hainan, Fujian and other regions have declined [8] - Polyester: On March 10, the sales of polyester yarn in Jiangsu and Zhejiang were cold, with an average sales rate of less than 10%. The sales of direct - spinning polyester staple fiber factories were highly differentiated, with an average sales rate of 57% [8] 3.4 Trend Intensity - The trend intensity of PX, PTA, and MEG is 2, indicating the most bullish view [9] 3.5 Views and Suggestions - PX: Cost supports and supply contracts. Don't chase high in the short - term, buy on dips in the medium - term, and use the positive spread strategy on dips. The passage in the Strait of Hormuz is poor, and some refineries may reduce the load. China suspends the export of toluene, and a Japanese PX factory declares force majeure [9] - PTA: Cost support is strong, avoid the previous reverse spread position, and use the positive spread strategy on dips [10] - MEG: Multiple domestic MEG plants reduce the load due to raw material supply shortages, some declare force majeure, and the supply contraction makes the unilateral trend strong [10]