对二甲苯：短期震荡市，中期仍偏强，PTA：短期震荡市，中期仍偏强PTA

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - PX, PTA, and MEG are in a short - term volatile market, and their medium - term trends are still strong. The supply of MEG is tight, and its medium - term trend is also strong [2] - For PX, due to the contradiction between high raw material costs and weak downstream demand, the unilateral price is volatile and strong. It is recommended to go long on SC and short on PX, and go long on BZ and short on PX. When the 5 - 9 spread is below 100 yuan/ton, consider positive arbitrage [8] - For PTA, with the game between cost and demand, it is not advisable to chase high prices. Instead, buy on dips. The unilateral price is volatile and strong. When the 5 - 9 spread is below 50 yuan/ton, maintain positive arbitrage. It is recommended to go long on EB and short on PTA [9] - For MEG, due to the direct lack of supply, the trend is relatively strong. The unilateral price is still strong, and the 5 - 9 spread maintains positive arbitrage [9] Summary by Related Catalogs PX - Price Information: The PX futures' yesterday's closing price was 9840, with a decline of 76 and a drop - rate of 0.77%. The 5 - 9 spread's yesterday's closing price was 242, up 32 from the previous day. The PX CFR China's yesterday's price was 1275.67 dollars/ton, up 12 dollars from the previous day. The PX - naphtha spread's yesterday's price was 120.67, down 14.5 from the previous day [4] - Device Conditions: A 100 - million - ton PX device in East China is expected to stop for maintenance tomorrow as planned and restart in early May. Another 70 - million - ton PX device's maintenance plan has been postponed, and the specific time is to be followed up [5] - Market Situation: The naphtha price rose at the end of the session. On March 30, the PX price increased, with three May Asian spot orders成交 at 1281, 1282, and 1282 respectively. The PX valuation on March 30 was 1276 dollars/ton, up 13 dollars from last Friday [4] PTA - Price Information: The PTA futures' yesterday's closing price was 6768, with a decline of 108 and a drop - rate of 1.57%. The 5 - 9 spread's yesterday's closing price was 88, down 32 from the previous day. The PTA's East China spot price was 6830 yuan/ton yesterday, up 100 yuan from the previous day. The PTA processing fee's yesterday's price was 133.46, up 11.12 from the previous day [4] - Device Conditions: A 70 - million - ton PTA device in Taiwan, China restarted last weekend [5] - Market Situation: The PTA supply is sufficient, with the operating rate rising to around 82%. The downstream polyester operating rate has dropped to 86.9%. In the short term, the oversupply will affect the April contract and the early - April trend. However, in April, the PTA inventory will decline rapidly due to the reduction of PX supply [9] MEG - Price Information: The MEG futures' yesterday's closing price was 5359, with an increase of 80 and a rise - rate of 1.52%. The 5 - 9 spread's yesterday's closing price was 125, down 21 from the previous day. The MEG spot price was 5429 yesterday, up 259 from the previous day [4] - Device Conditions: On March 30, the MEG port inventory in some main ports in East China was about 1.075 billion tons, up 360,000 tons from the previous period. A 60 - million - ton unit of a 1.8 - billion - ton/year syngas - to - ethylene - glycol device in Shaanxi restarted and produced normally recently, and the second 60 - million - ton unit is planned to stop for maintenance on April 15 for about 20 days [5][6] - Market Situation: The ethylene - glycol supply will decrease significantly in April. The import volume will shrink, and the export from China will increase. The domestic ethylene - glycol device operating rate has dropped from 80% before the holiday to around 66%, and the coal - based devices are in the spring - maintenance stage, so the port inventory is expected to be depleted faster [9] Polyester - Device Conditions: The maintenance plan of a 30 - million - ton polyester device in a factory in Fujian was cancelled [6] - Market Situation: The sales of polyester yarn in Jiangsu and Zhejiang on March 30 were generally weak, with an average sales - to - production ratio of about 20% by 4 pm. The sales of direct - spun polyester staple fiber factories were also weak, with an average sales - to - production ratio of 43% by 3 pm. However, the sales of polyester yarn in Jiangsu and Zhejiang were strong over the weekend, with an average sales - to - production ratio of about 200% [6][7]