Report Industry Investment Rating No relevant content provided. Core Viewpoints - The EG price fluctuated and declined under the influence of polyester production cut intentions. In the short - term, it is cautiously bullish. There are maintenance plans for several large devices such as Satellite, the liquidity is tightened under the solidification of warehouse receipts, and the short - term price is supported by the low arrival volume [1][3]. - The supply side has an increase in warehouse receipts and several large devices have maintenance plans. The demand side has a high and rising polyester load, and the US orders for textiles and clothing are recovering. The de - stocking amplitude of ethylene glycol is enlarged, and the liquidity may tighten from June to July [2]. Summary by Directory Price and Basis - The closing price of the EG main contract was 4,414 yuan/ton (up 1 yuan/ton, +0.02% compared with the previous trading day), the spot price in the East China market was 4,516 yuan/ton (up 6 yuan/ton, +0.13% compared with the previous trading day), and the East China spot basis (based on the 2509 contract) was 88 yuan/ton (down 7 yuan/ton month - on - month) [1]. Production Profit and Operating Rate - The production profit of ethylene - made EG was - 23 US dollars/ton (down 4 US dollars/ton month - on - month), and the production profit of coal - made syngas - made EG was 181 yuan/ton (down 48 yuan/ton month - on - month) [1]. International Spread No relevant content provided. Downstream Production, Sales and Operation - The near - end polyester load has increased at a high level, and the average monthly polyester load in May may rise instead of fall. The US orders for textiles and clothing are recovering [2]. Inventory Data - According to CCF data, the inventory of the main ports in East China was 74.3 tons (down 0.8 tons month - on - month); according to Longzhong data, it was 66.4 tons (down 2.8 tons month - on - month). The actual arrival volume at the main ports last week was 6.4 tons, and the planned arrival volume at the East China main ports this week is 10.9 tons [1].

Report Summary 1. Investment Rating - Short - term cautious bullish on the unilateral strategy; no suggestions for cross - period and cross - variety strategies [3] 2. Core View - The polyester production cut intention led to a decline in the EG market. However, in the short term, due to the maintenance plans of several large devices such as Satellite, the tightening of liquidity under the solidification of warehouse receipts, and the low arrival volume, the price has support. In the long - term, under the background of continuous destocking, the liquidity of ethylene glycol may still tighten from June to July. Attention should be paid to the realization of negative feedback on the demand side when raw materials rise rapidly [1][2][3] 3. Summary by Directory Price and Basis - The closing price of the EG main contract was 4413 yuan/ton (down 62 yuan/ton or 1.39% from the previous trading day), the spot price in the East China EG market was 4510 yuan/ton (down 63 yuan/ton or 1.38% from the previous trading day), and the spot basis in East China EG (based on the 2509 contract) was 95 yuan/ton (up 3 yuan/ton month - on - month) [1] Production Profit and Operating Rate - The production profit of ethylene - based EG was - 19 US dollars/ton (up 3 US dollars/ton month - on - month), and the production profit of coal - based syngas - based EG was 229 yuan/ton (up 5 yuan/ton month - on - month) [1] International Spread - No specific data was provided in the text Downstream Production, Sales and Operating Rate - The near - end polyester load increased at a high level, and the average monthly polyester load in May may increase instead of decrease. The US orders for Chinese textile and clothing resumed shipping due to the significant reduction of US tariffs on Chinese textile and clothing [2] Inventory Data - According to CCF data, the inventory at the main ports in East China was 74.3 tons (down 0.8 tons month - on - month); according to Longzhong data, it was 66.4 tons (down 2.8 tons month - on - month). The actual arrival volume at the main ports last week was 6.4 tons, and the planned arrival volume at the main ports in East China this week was 10.9 tons [1]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - After the Trump administration's tariff exemption on electronic products, panic sentiment was significantly repaired, and commodity prices rebounded sharply following a slight relaxation of tariffs. Polyester downstream may cut production, with FDY, short - fiber, and bottle - chip all experiencing production cuts [2]. - The domestic polyester operating rate has recovered to over 90%. The spread between PX and naphtha is stable at $207, while the spread between PX and MX has further decreased to $65, making short - process unprofitable. Currently, short - process profits are below the acceptable profit range of integrated plants, and overseas plants show signs of shutting down [2]. 3. Summary by Related Data Price and Spread Changes - PTA spot price increased from 4270 to 4295, a change of 25; MEG inner - market price decreased from 4211 to 4193, a change of - 18; PTA closing price rose from 4222 to 4294, a change of 72; MEG closing price increased from 4112 to 4113, a change of 1 [2]. - 1.4D direct - spun polyester staple fiber price increased from 6335 to 6360, a change of 25; short - fiber basis increased from 356 to 406, a change of 50; the 5 - 6 spread decreased from 62 to 44, a change of - 18 [2]. - Polyester staple fiber cash flow increased from 240 to 246, a change of 6; the price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 485 to 510, a change of 25 [2]. - The price of East China water bottle chips increased from 5520 to 5663, a change of 143; the price of hot - filled polyester bottle chips increased from 5520 to 5663, a change of 143; the price of carbonated - grade polyester bottle chips increased from 5620 to 5763, a change of 143; the price of outer - market water bottle chips increased from 730 to 735, a change of 5 [2]. - Bottle - chip spot processing fee increased from 458 to 586, a change of 127.66; T32S pure polyester yarn price remained unchanged at 10650; T32S pure polyester yarn processing fee decreased from 4315 to 4290, a change of - 25 [2]. - The price of polyester - cotton yarn 65/35 45S remained unchanged at 16600; cotton 328 price increased from 13715 to 13765, a change of 50; polyester - cotton yarn profit decreased from 2216 to 2180, a change of - 35.47 [2]. - The price of primary three - dimensional hollow (with silicon) remained unchanged at 6930; the cash flow of hollow staple fiber 6 - 15D decreased from 668 to 653, a change of - 15.34; the price of primary low - melting - point staple fiber remained unchanged at 7230 [2]. Operating Rate and Production and Sales - The direct - spun short - fiber load (weekly) increased from 84.80% to 88.60%, a change of 0.04; polyester staple fiber production and sales increased from 60.00% to 88.00%, a change of 28.00% [3]. - The polyester yarn startup rate (weekly) remained unchanged at 66.00%; the recycled cotton - type load index (weekly) increased from 37.10% to 43.80%, a change of 0.07 [3].