局势仍紧，EG延续偏强

Report Industry Investment Rating No relevant content provided. Core View - The situation remains tense, and EG continues to be strong. The EG load continues to decline, and the port starts to destock. The domestic supply of ethylene glycol has decreased due to concerns about the stability of upstream raw material supply, and overseas supply is at a low level. The demand side shows that the polyester and weaving loads are difficult to further increase, and downstream acceptance of high - priced raw materials is low. The strategy includes cautious bottom - fishing for long hedging, 5 - 9 positive spreads in the inter - period, and no cross - variety strategy [1][2][3]. Summary by Related Catalogs Price and Basis - Yesterday, the closing price of the EG main contract was 5,574 yuan/ton (a change of +221 yuan/ton from the previous trading day, a change rate of +4.13%), the EG spot price in the East China market was 5,470 yuan/ton (a change of +390 yuan/ton from the previous trading day, a change rate of +7.68%), and the EG East China spot basis was - 45 yuan/ton (a month - on - month decrease of - 3 yuan/ton) [1]. Production Profit and Operating Rate - According to Longzhong data, the production gross profit of ethylene - based EG was - 260 US dollars/ton (a month - on - month decrease of - 25 US dollars/ton), and the production gross profit of coal - based syngas - based EG was 406 yuan/ton (a month - on - month decrease of - 86 yuan/ton) [1]. International Price Difference No specific data or analysis provided other than the mention of the chart "EG international price difference: US FOB - China CFR". Downstream Sales and Production and Operating Rate - The polyester and weaving loads are difficult to further increase, downstream acceptance of high - priced raw materials is low, there are more voices of production cuts, the sales of filament have been continuously sluggish recently, the inventory of filament and staple fiber has rapidly accumulated, and the polyester load is lower than that of the same period last year. If the downstream does not replenish inventory continuously, the load may decline [2]. Inventory Data - According to CCF data released every Monday, the inventory of the main ports in East China for MEG was 1.039 million tons (a month - on - month increase of 28,000 tons); the main ports had a small inventory increase last week. This week, the total planned arrivals at the main ports in East China are 117,000 tons, and the arrivals at the secondary ports are 10,000 tons, and the inventory is expected to remain stable [1].