Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Views - The unilateral trend of p-xylene (PX), purified terephthalic acid (PTA), and monoethylene glycol (MEG) remains strong. The trend intensity of PX and PTA is rated 2 (most bullish), while that of MEG is 1 (bullish) [1][6]. - PX: The supply side has seen short - stops and reduced loads at domestic plants, and there will likely be a decline in imports due to overseas force majeure. Cost support is strong as crude oil prices rise above $100 per barrel. PX is expected to accelerate destocking from April to May [6]. - PTA: The price of its raw material PX has risen strongly, increasing PTA's valuation. Supply reduction of raw materials has led to PTA plant cut - backs, and with the continuous recovery of polyester demand, PTA will enter a destocking phase from April to May [6]. - MEG: Domestic cracking units have cut production, leading to a significant drop in the ethylene glycol operating rate. The downstream polyester operating rate has continued to rise, and MEG has started to accelerate destocking this week. However, spot trading remains weak [7]. 3. Summary by Related Catalogs Futures Market Data | Futures | Yesterday's Closing Price | Change | Change Rate | Month - Spread (Yesterday's Closing Price) | Month - Spread (Change) | | --- | --- | --- | --- | --- | --- | | PX Main | 10218 | 686 | 7.20% | 736 | 174 | | PTA Main | 6998 | 338 | 5.08% | 392 | 26 | | MEG Main | 4653 | 76 | 1.66% | 117 | - 26 | | PF Main | 8322 | 332 | 4.16% | - 166 | 22 | | SC Main | 722.3 | 60.3 | 9.11% | 9.1 | 3.7 | [2] Spot Market Data | Spot | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX CFR China ($/ton) | 1305.33 | 1216.33 | 89 | | PTA East China (Yuan/ton) | 7040 | 6320 | 720 | | MEG Spot | 4733 | 4475 | 258 | | Naphtha MOPJ ($/ton) | 977.25 | 875.25 | 102 | | Dated Brent ($/barrel) | 100.66 | 91.46 | 9.2 | [2] Spot Processing Fee Data | Spot Processing Fee | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX - Naphtha Spread | 297.3 | 280.3 | 17 | | PTA Processing Fee | 274.69 | 310.14 | - 35.45 | | Short - Fiber Processing Fee | 30.98 | - 8.22 | 39.2 | | Bottle - Chip Processing Fee | 207.78 | 233.18 | - 25.39 | | MOPJ Naphtha - Dubai Crude Spread | - 4.34 | - 4.34 | 0 | [2] Fundamental Data of PX, PTA, and MEG - **PX**: ICE Brent futures rose by $7.86 per barrel, and Platts - assessed naphtha C + F Japan rose by $102 per ton. Due to the Middle - East conflict and ship attacks in the Persian Gulf, crude oil futures rose. The operating rate of PX in China decreased by 5.5% week - on - week to 84.7%, and the Asian PX operating rate was 76.9% [3][4]. - **PTA**: This week, some PTA plants reduced their loads, and the domestic PTA load was adjusted to 80.1%. An East - China 360 - million - ton PTA plant started to reduce its load on March 12, and the recovery time is undetermined [4]. - **MEG**: As of March 12, the overall operating load of ethylene glycol in mainland China was 66.77% (down 7.18% from the previous period), and a 40 - million - ton/year synthetic - gas - to - ethylene - glycol plant in Shaanxi stopped for maintenance on March 12, expected to last about 40 days [5]. - **Polyester**: As of this Thursday, the polyester load in mainland China was around 87.2%. The operating load of the polyester industrial yarn industry remained stable at around 74%. A 25 - million - ton polyester plant in Tongxiang plans to restart tomorrow, while a 20 - million - ton polyester bottle - chip plant in East China advanced its shutdown for maintenance by one week [5]. - **Sales of Polyester Products**: On March 12, the sales of polyester yarn in Jiangsu and Zhejiang were still weak, with an average sales rate of 10 - 20%. The average sales rate of direct - spinning polyester staple fiber plants was 54% [5][6].

Group 1 - The core viewpoint of the news is that the domestic futures market for non-ferrous metals is showing mixed performance, with lithium carbonate futures experiencing a significant increase of 4.42%, reaching 118,940.0 yuan/ton [1][2] Group 2 - The Guangxi Futures Exchange announced the addition of designated delivery warehouses for lithium carbonate and polysilicon futures, increasing the maximum volume of standard warehouse receipts for lithium carbonate and polysilicon [2] - From the supply side, Southwest Futures indicated that lithium carbonate production remains high, reflecting significant elasticity in lithium resources, which supports profitability and production enthusiasm in the supply chain [2] Group 3 - On the demand side, Ruida Futures analyzed that the robust performance of the new energy vehicle and energy storage markets provides consumption support for downstream material manufacturers, suggesting that lithium carbonate demand may remain stable at high levels [2] Group 4 - Looking ahead, Jinrui Futures stated that under the premise of no resumption of production at the Jiangxia Wokou site, the destocking pattern is expected to continue, with the fundamentals supporting the current high volatility of lithium prices, particularly monitoring the pressure around 120,000 yuan/ton [2] - As the end of the month approaches, the market is once again speculating on the January downstream production schedule, with preliminary expectations indicating a month-on-month decline of 5-8% [2]

Report Summary 1. Report Industry Investment Ratings No information provided in the given content. 2. Core Views of the Report - **PX**: Short - term sideways market, engage in calendar spread positive arbitrage; go long on PX and short on SC, go long on PX and short on EB. Cost - end factors like eased international trade relations and rebounding crude oil support PX valuation. The recovery of polyester terminal demand and increased operating rates drive up the valuation of the aromatic hydrocarbon - polyester chain [7]. - **PTA**: Eased international trade relations push up valuation through cost factors. Reduce positions in the strategy of going long on PTA and short on SC, hold the strategy of going long on PTA and short on MEG. Supply is decreasing while demand is increasing, maintaining a de - stocking pattern. With the possible loosening of US tariffs on Chinese textiles and high polyester operating rates, the market trend is short - term strong [8]. - **MEG**: Sideways market, implement the strategy of going long on PTA and short on MEG. Supply continues to increase. Although demand expectation improves and de - stocking efforts increase in the second quarter, maintain basis positive arbitrage operations [8]. 3. Summary by Related Catalogs **Fundamental Tracking** - **Price Data**: On May 8, 2025, PX, PTA, MEG, PF, and SC closed at 6404, 4546, 4222, 6290, and 3406 respectively, with daily changes of 1.8%, 1.8%, 0.5%, 1.5%, and 0.2%. The monthly spreads, varietal spreads, and basis also had corresponding changes [3]. - **Inventory Data**: On May 8, 2025, PTA, ethylene glycol, short - fiber, PX, and SC warehouse receipts were 97724, 10389, 2587, 894, and 4644000 respectively, with daily changes of - 1254, 200, unchanged, - 417, and unchanged [3]. **Market Overview** - **PX**: On May 8, PX price rose, with the valuation at 778 dollars/ton, up 10 dollars from the previous day. The 6 - month MOPJ was estimated at 543 dollars/ton CFR [5]. - **PTA**: Some PTA plants in mainland China had planned shutdowns and restarts. By Thursday, the PTA operating rate dropped to 70.3% and was expected to rise above 73% on Friday. A 150 - million - ton PTA plant in Taiwan, China, was scheduled for maintenance in early June [5]. - **MEG**: As of May 8, the overall operating rate of ethylene glycol in mainland China was 68.99% (a 0.56% increase from the previous period), and a 12 - million - ton/year MEG plant in South Korea and a 10 - million - ton/year synthetic - gas - made MEG plant in Shaanxi restarted [5][6]. - **Polyester**: The operating rate of major domestic polyester industrial yarn manufacturers remained stable, with the overall theoretical operating rate at around 72% by Thursday. Since May 1, 2025, the polyester production capacity in mainland China was revised up to 8739 million tons, and the polyester operating rate increased recently. The sales of polyester yarn and direct - spun polyester staple fiber on May 8 were weak [6]. - **Weaving**: After the May Day holiday, the restart of production was better in texturing than in weaving. Due to weak terminal orders, the operating rate was under pressure. In foreign trade, some US orders resumed shipment, and there were new orders from North Africa, Russia, and Europe. In domestic sales, the new order intake declined after the holiday [7]. **Trend Intensity** The trend intensities of p - xylene, PTA, and MEG are all 1 [9].