Report Summary 1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - **PX**: Go long on PX and short on PTA01 contract, and short PXN on rallies. Cost end strengthens significantly, and there is a marginal decrease in supply. Consider a rolling positive spread arbitrage for the monthly spread [1][6]. - **PTA**: With the new device of Sanfangxiang gradually coming into operation, the supply pressure continues to increase. Pay attention to going long on PX and short on PTA for the 01 contract. The basis maintains a weak state, and continue the reverse spread operation for the basis. The monthly spread is approaching parity. Considering the reduced inventory accumulation in August due to the maintenance of multiple Yisheng Petrochemical devices, pay attention to the positive spread arbitrage for the 9 - 1 monthly spread [1][6]. - **MEG**: Conduct basis positive spread arbitrage and monthly spread reverse spread arbitrage. The market is concerned about the supply pressure brought by non - mainstream warehouse receipts. The port inventory is continuously decreasing, but the monthly spread remains weak due to the delivery pressure of the 09 contract. The trend of ethylene glycol is weak. Pay attention to the arbitrage of shorting ethylene glycol and going long on L. The supply is slightly loose, and the profit of coal - based ethylene glycol devices has rebounded [1][7]. 3. Summary by Related Catalogs Market Overview - **PX**: On the 30th, the PX price rose, with the end - of - session spot for September at 868/871 in negotiation and October at 860/864 in negotiation, but no transactions. A 1.34 - million - ton PX device in the Middle East has produced products recently and is currently increasing its load [3]. - **PTA**: A new 3.2 - million - ton PTA device in East China has one line put into production recently and is in product debugging. A 50,000 - ton IPA device in North China is restarting and is expected to produce products next week [3]. - **MEG**: On the 30th, the average daily price of MEG spot was 4,527 yuan/ton, and the average daily price of futures for the end of August was 4,528 yuan/ton. The average spot price in Ningbo market was 4,542 yuan/ton, and the average non - coal - based spot price in South China market was 4,510 yuan/ton [4]. - **Polyester**: On the 30th, the sales of polyester yarn in Jiangsu and Zhejiang partially increased, with the average sales volume estimated at 6 - 70%. The sales of direct - spun polyester staple fiber were average, with an average sales volume of 43% as of 3:00 p.m [4][5]. Trend Intensity - The trend intensity of p - xylene is 0, the trend intensity of PTA is - 1, and the trend intensity of MEG is - 1 [5]. Futures and Spot Data | Futures | PX Main | PTA Main | MEG Main | PF Main | SC Main | | --- | --- | --- | --- | --- | --- | | Yesterday's Closing Price | 6,984 | 4,856 | 4,450 | 6,500 | 528.6 | | Change | 6,942 | 18 | - 17 | 0 | 13.6 | | Change Rate | 0.61% | 0.37% | - 0.38% | 0.00% | 2.64% | | Monthly Spread | PX9 - 1 | PTA9 - 1 | MEG9 - 1 | PF9 - 1 | SC9 - 10 | | Yesterday's Closing Price | 106 | 2 | - 28 | - 54 | 7.1 | | Previous Day's Closing Price | 108 | 6 | - 25 | - 32 | 6.6 | | Change | - 2 | - 4 | - 3 | - 22 | 0.5 | | Spot | PX CFR China ($/ton) | PTA East China (yuan/ton) | MEG Spot | Naphtha MOPJ | Dated Brent ($/barrel) | | Yesterday's Price | 866.33 | 4,858 | 4,525 | 608.25 | 73.56 | | Previous Day's Price | 857.33 | 4,830 | 4,518 | 589.25 | 71.48 | | Change | 9 | 28 | 7 | 19 | 2.08 | | Spot Processing Fee | PX - Naphtha Spread | PTA Processing Fee | Staple Fiber Processing Fee | Bottle Chip Processing Fee | MOPJ Naphtha - Dubai Crude Spread | | Yesterday's Price | 292.5 | 192.67 | 84.81 | - 22.45 | - 6.01 | | Previous Day's Price | 279.55 | 198.31 | 115.62 | - 28.79 | - 6.01 | | Change | 12.96 | - 5.64 | - 30.82 | 6.34 | 0 | [2]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - PX: Short - term sideways market, month - to - month positive spread arbitrage. Long PX and short SC, long PX and short EB. The geopolitical conflict drives the rebound of crude oil, supporting PX valuation. The recovery of polyester terminal demand boosts the valuation of the aromatic polyester chain [10]. - PTA: Month - to - month positive spread arbitrage, long PTA and short SC. PTA supply decreases while demand increases, maintaining a de - stocking pattern. It is recommended to maintain the 6 - 9 positive spread arbitrage. Due to high processing fees, some device overhauls are postponed, so a short - on - rallies strategy is advisable [10]. - MEG: Unilateral trend is weak, long PTA and short MEG. Do not chase high on month spreads. Ethylene glycol supply will continue to increase, with difficulties in reducing port inventories [11]. Summary by Relevant Catalogs 1. Fundamental Tracking - **Price and Change**: On May 6, 2025, PX, PTA, MEG, PF, and SC had daily changes of - 1.3%, - 1.6%, - 0.6%, - 0.4%, and - 1.9% respectively compared to the previous day [2]. - **Month Spread**: On May 6, 2025, PX (9 - 1), PTA(6 - 9), MEG (9 - 1), PF(7 - 8), and PX - EB09 had daily changes of - 6, - 10, - 1, 12, and 24 respectively [2]. - **Inter - variety Spread**: On May 6, 2025, PTA09 - 0.65PX09, PTA09 - MEG09, PTA09 - PF09, PF07 processing fees, and PTA09 - LU09 had daily changes of - 19, - 47, 8, 9, and - 44 respectively [2]. - **Basis and Spread**: On May 6, 2025, PX basis, PTA basis, MEG basis, PF basis, and PX - naphtha spread had daily changes of 170, - 8, 4, 46, and 2 respectively [2]. - **Warehouse Receipts**: On May 6, 2025, PTA, ethylene glycol, short - fiber, PX, and SC warehouse receipts had daily changes of no change, - 3, - 80, 247, and no change respectively [2]. 2. Market Overview - **Crude Oil**: Israel plans to expand military operations in Gaza, and the geopolitical situation remains unstable. Iran is committed to diplomatic dialogue with the US, but the fourth - round nuclear negotiation is postponed [4]. - **PX**: On May 6, PX price rose, with two June Asian spot transactions at 745 and 746 respectively. A 210,000 - ton PX device in Japan stopped unexpectedly, and a 190,000 - ton device is under maintenance. A 2.5 - million - ton PX device in East China restarted. South Korea exported about 439,000 tons of PX in April, with 390,000 tons to China and 49,000 tons to Taiwan, China [4]. - **PTA**: A 1.5 - million - ton PTA device in East China stopped for planned maintenance and is expected to restart by the end of the month. A northwest PTA supplier's April settlement price was 4824.77 yuan/ton, and the May advance payment price is 4800 yuan/ton [8]. - **MEG**: From May 6 - 11, the planned arrivals at major ports are about 59,000 tons. A 400,000 - ton/year ethylene glycol device in Guangdong stopped for maintenance on the 6th, expected to last about 20 days. On the 6th, the MEG inventory at East China's major ports was about 790,000 tons, a decrease of 10,000 tons [8][9]. - **Polyester**: On May 6, the sales of direct - spinning polyester staple fiber factories were average, with an average sales - to - production ratio of 77%. The sales of polyester yarn in Jiangsu and Zhejiang were weak, with an average sales - to - production ratio of less than 40% in the afternoon [9][10]. 3. Trend Intensity - The trend intensities of p - xylene, PTA, and MEG are all 0 [11].