对二甲苯：单边震荡偏强，PTA，单边震荡偏强，MEG，中东地缘风险加剧，趋势偏强

Report Industry Investment Ratings - PX: Unilateral shock is on the strong side [1] - PTA: Unilateral shock is on the strong side [1] - MEG: The geopolitical risk in the Middle East intensifies, and the trend is on the strong side [1] Core Views - PX: The trend remains strong. The Asian PX operating rate drops slightly, and the supply in the Middle East is tight. The PX - naphtha spread narrows, and the aromatics blending oil economy recovers [7]. - PTA: Supported by costs, the short - term trend remains strong. The PTA operating rate drops, and downstream orders are cautious. The 05 contract processing fee on the disk falls, and the spot processing fee fluctuates greatly [8]. - MEG: The import reduction is expected to expand, and the trend is strong. The domestic and overseas operating rates decrease, and the import volume drops sharply. The prices of spot and futures rise with costs [9]. Summary by Related Content Futures Market - Prices and Changes: The closing prices of PX, PTA, PF, and SC futures yesterday were 9874, 6790, 8182, and 735.4 respectively, with changes of - 144, - 128, - 96, and - 25.8, and the corresponding percentage changes were - 1.44%, - 1.85%, - 1.16%, and - 3.39%. The MEG futures price rose by 23, with a percentage change of 0.48% [2]. - Month - to - Month Spreads: For PX5 - 9, PTA5 - 9, MEG5 - 9, PF3 - 4, and SC2 - 3, the closing prices yesterday were 488, 242, 67, - 166, and 3.2 respectively, with changes of - 8, - 6, 0, 22, and 5.1 [2]. Spot Market - PX: On March 18, the PX price dropped, and the valuation was 1250 dollars/ton, a decrease of 25 dollars compared to the previous day. The 4 - 5 and 5 - 9 month - to - month spreads in the derivatives market showed some trading interest [3]. - PTA: On March 18, the PTA spot price rose to 6805 yuan/ton, with a mainstream basis of 05 - 88 [5]. - MEG: The high - price and low - price transactions of MEG spot this week and next week were around 4920 yuan/ton and 4694 yuan/ton respectively, with an average daily price of 4807 yuan/ton. The high - price and low - price transactions of April futures were around 4960 yuan/ton and 4760 yuan/ton respectively, with an average daily price of 4860 yuan/ton [5]. Polyester Market - A 250,000 - ton/year polyester bottle - chip device in Fujian reduced its load by 50% due to raw material shortages [6]. - The sales of polyester yarn in Jiangsu and Zhejiang on March 18 were still sluggish, with an average sales rate of 10% - 20% by 4 pm [6]. - The sales of direct - spun polyester staple fiber factories on March 18 were highly differentiated, with an average sales rate of 46% by 3 pm [6]. Strategy Suggestions - PX: Unilateral attention should be paid to the 9000 - 12000 range, 5 - 9 month - to - month spread positive arbitrage, and long PX short PTA [7]. - PTA: Unilateral operations should be carried out in the 6200 - 8000 range, 5 - 9 month - to - month spread positive arbitrage, and long PX short PTA [8]. - MEG: Unilateral operations should be carried out in the 4500 - 6000 range and 5 - 9 month - to - month spread positive arbitrage [9].