1. Report Industry Investment Rating - No information provided in the text 2. Core Viewpoints of the Report - For PTA, the TA has turned to inventory accumulation, with its processing fees and PXN compressed. Considering the improved cash - flow in downstream sectors, limited further increase in PX supply, and no obvious increase in TA device load, the valuation is becoming reasonable. One can focus on phased positive spreads and long - position opportunities [1] - For MEG, after the EG valuation is compressed again, the reduction in supply increases. Although short - term inventory accumulation continues, the certainty of future inventory reduction is increasing. During the production cycle, the overall elasticity is limited, and one can focus on short - term put - selling opportunities [2] - For polyester staple fiber, the downstream seasonality is expected to continue to weaken, and it has entered the pre - holiday load - reduction stage. The absolute inventory pressure is not large, with medium - low valuation and weak driving force, and the overall contradiction is limited. One should pay attention to the situation of warehouse receipts [2] - For natural rubber and 20 - number rubber, the strategy is to wait and see [3] 3. Summary by Related Catalogs PTA - **Market Data**: From February 12 to February 26, 2026, the price of PTA spot, PX, and other related products changed. For example, the PTA spot price fluctuated, and the PX - naphtha spread changed. The daily average transaction basis of PTA spot was 2605(-57). The Yisheng New Material's 3.6 - million - ton device restarted [1] - **Industry Situation**: Some TA devices in the plate were under maintenance, the start - up rate decreased month - on - month, the polyester load continued to decline, the inventory continued to accumulate, the basis was basically stable, and the spot processing fee improved month - on - month. The domestic restart of PX continued, the overseas load was stable, the PXN spread widened month - on - month, the disproportionation and isomerization benefits were stable, and the aromatics spread between the US and Asia improved month - on - month [1] MEG - **Market Data**: From February 12 to February 26, 2026, the prices of MEG in different forms (such as coal - based MEG, MEG in ports, etc.) changed. The basis of MEG spot was around 05(-94). The 300,000 - ton device of Shanxi Wonen restarted [2] - **Industry Situation**: The domestic oil - based production was stable, while the coal - based production restarted, and the overall start - up rate increased slightly. The arrival at ports was stable, and the port inventory continued to be obvious at the beginning of next week. The holiday arrival forecast was neutral, the basis strengthened slightly, and the coal - based production efficiency shrank [2] Polyester Staple Fiber - **Market Data**: The spot price was around 6660, and the market basis was around 04 - 120. From February 1 to February 6, 2026, the prices of relevant products such as polyester staple fiber and pure polyester yarn changed [2] - **Industry Situation**: The pre - holiday maintenance of the plate - end devices continued, the start - up rate further decreased to 68.3%, the sales were weak, the inventory increased month - on - month, and the spot processing fee was stable month - on - month. On the demand side, the start - up rate of the polyester yarn end continued to decline, the raw material inventory and finished - product inventory were stable, and the efficiency was stable month - on - month [2] Natural Rubber and 20 - number Rubber - **Market Data**: From February 1 to February 26, 2026, the prices of various types of natural rubber (such as US - dollar - denominated Thai mixed rubber, Thai standard rubber, etc.) changed. The daily and weekly changes of relevant spreads (such as the spread between mixed rubber and RU main contract) were also provided [3] - **Industry Situation**: The main contradiction is not clearly stated in the text, and the strategy is to wait and see [3] Styrene - **Market Data**: From February 12 to February 26, 2026, the prices of styrene - related products (such as ethylene, pure benzene, etc.) changed. The daily changes of the prices of ABS, EPS, PS, and their production profits were also provided [5] - **Industry Situation**: The production profits of PS, EPS, and ABS changed, and the start - up rates of EPS, ABS, and PS also showed different trends [5]