1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Yesterday, the closing price of the main EG contract was 5,218 yuan/ton, down 141 yuan/ton or 2.63% from the previous trading day; the spot price of EG in the East China market was 5,275 yuan/ton, down 154 yuan/ton or 2.84% from the previous trading day; the spot basis of EG in East China was 6 yuan/ton, up 6 yuan/ton month-on-month. Due to the tense situation in Iran, the expectation of reduced EG imports and increased exports has fermented, leading to a tight supply outlook and a rapid increase in the basis [1]. - According to Longzhong data, the production gross profit of ethylene-based EG was -$258/ton, down $3/ton month-on-month; the production gross profit of coal-based syngas EG was 684 yuan/ton, up 259 yuan/ton month-on-month [1]. - According to CCF data, the inventory of MEG at the main ports in East China was 1.075 million tons, up 36,000 tons month-on-month; the main ports had a slight inventory build last week. The planned arrivals at the main ports in East China this week totaled 78,000 tons, and the arrivals at the secondary ports were 5,000 tons. With the reduced arrivals, the inventory is expected to decline [1]. - On the domestic supply side, the domestic ethylene glycol load has decreased due to concerns about the stability of upstream raw material supply. Overseas, the load of overseas ethylene glycol plants has decreased significantly. After the delivery of Middle Eastern cargoes in March, there will be a phased supply gap from the Middle East in April, and the import arrivals are expected to drop significantly, making inventory reduction a reality. On the demand side, the loads of polyester and weaving have started to decline, the downstream prices have difficulty rising, the inventories of filaments and staple fibers have started to accumulate, and a negative feedback of production cuts has emerged. If the cost prices remain high, more downstream production cuts may occur [2]. - For the trading strategy, for the single - side, it is advisable to cautiously go long on hedging at low prices. Inventory reduction will start in mid - March, and the inventory reduction at ports is expected to be realized in April. Recently, the inquiries from some Asian countries to China have increased. With the low import volume and exports, the reduction of ethylene glycol social inventory will accelerate significantly. Attention should be paid to the passage situation of the Strait of Hormuz and the changes in ethylene glycol plants. For the inter - period, a long position in the 7 - 9 spread is recommended under the influence of supply. There is no recommendation for the inter - variety strategy [3]. 3. Summary According to the Directory Price and Basis - The report includes figures on the ethylene glycol spot price in East China and the ethylene glycol spot basis in East China, with data sources from Longzhong and CCF, and the research institute of Huatai Futures [1][6][8] Production Profit and Operating Rate - The report presents figures on the gross profit of ethylene - based ethylene glycol, coal - based syngas ethylene glycol, naphtha - integrated ethylene glycol, and methanol - based ethylene glycol, as well as the total load of ethylene glycol and the load of syngas - based ethylene glycol. The data sources are from Flush, Longzhong, and CCF, and the research institute of Huatai Futures [10][12][18] International Price Difference - The report shows a figure on the international price difference of ethylene glycol (US FOB - China CFR), with data from Longzhong and the research institute of Huatai Futures [21] Downstream Production, Sales, and Operating Rate - The report includes figures on the production and sales of filaments and staple fibers, as well as the loads of polyester, direct - spun filaments, polyester staple fibers, and polyester bottle chips. The data sources are from CCF and the research institute of Huatai Futures [22][25][27] Inventory Data - The report provides figures on the ethylene glycol inventory at ports in East China, including the total inventory, inventory at Zhangjiagang, Ningbo Port, Jiangyin + Changzhou Port, and Shanghai + Changshu Port, as well as the inventory days of MEG raw materials in Chinese polyester factories and the daily outbound volume at ports in East China. The data sources are from Longzhong, CCF, and the research institute of Huatai Futures [33][36][41]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The supply of EG is tightening, and the basis has risen rapidly. The closing price of the EG main contract was 5,359 yuan/ton (up 80 yuan/ton or 1.52% from the previous trading day), and the spot price in the East China market was 5,429 yuan/ton (up 279 yuan/ton or 5.42% from the previous trading day). The basis of EG East China spot was 0 yuan/ton (up 42 yuan/ton month-on-month). Due to the tense situation in Iran, the expectation of reduced imports and increased exports of EG has fermented, leading to a tightening supply and a rapid rise in the basis [1]. - In terms of production profit, the production profit of ethylene-based EG was -$255/ton (up $23/ton month-on-month), and the production profit of coal-based syngas EG was 425 yuan/ton (up 176 yuan/ton month-on-month) [1]. - In terms of inventory, the inventory at the main ports in East China was 1.075 million tons (up 36,000 tons month-on-month). The planned arrival volume at the main ports in East China this week is 78,000 tons, and the arrival volume at the secondary ports is 5,000 tons. The arrival volume is expected to decrease, and the inventory is expected to decline [1]. - On the supply side, the domestic ethylene glycol load has decreased due to concerns about the stability of upstream raw material supply. Overseas, the load of ethylene glycol plants has also decreased significantly. After the delivery of Middle Eastern cargoes in March, there will be a phased shortage of supplies from the Middle East in April, and the import volume is expected to drop significantly, making inventory reduction possible. On the demand side, the load of polyester and weaving has started to decline, the downstream price increase is weak, the inventory of filaments and staple fibers has begun to accumulate, and a negative feedback of production reduction has emerged. If the cost price remains high, downstream production cuts may increase further [2]. 3. Strategies - Unilateral: Cautiously go long on hedging at low prices. Inventory reduction at ports is expected to be realized in April. Recently, inquiries from some Asian countries to China have increased. With the import volume at a low level and exports, the reduction of ethylene glycol social inventory will accelerate significantly. Pay attention to the passage situation in the Strait of Hormuz and changes in ethylene glycol plants [3]. - Inter - period: Go long on the May - September spread due to supply influence [3]. - Inter - variety: None [3] 4. Summary by Directory Price and Basis - The closing price of the EG main contract was 5,359 yuan/ton (up 80 yuan/ton or 1.52% from the previous trading day), and the spot price in the East China market was 5,429 yuan/ton (up 279 yuan/ton or 5.42% from the previous trading day). The basis of EG East China spot was 0 yuan/ton (up 42 yuan/ton month-on-month) [1]. Production Profit and Operating Rate - The production profit of ethylene-based EG was -$255/ton (up $23/ton month-on-month), and the production profit of coal-based syngas EG was 425 yuan/ton (up 176 yuan/ton month-on-month) [1]. International Price Difference - Not provided in the given content Downstream Production, Sales, and Operating Rate - The load of polyester and weaving has started to decline, the downstream price increase is weak, the inventory of filaments and staple fibers has begun to accumulate, and a negative feedback of production reduction has emerged. If the cost price remains high, downstream production cuts may increase further [2]. Inventory Data - The inventory at the main ports in East China was 1.075 million tons (up 36,000 tons month-on-month). The planned arrival volume at the main ports in East China this week is 78,000 tons, and the arrival volume at the secondary ports is 5,000 tons. The arrival volume is expected to decrease, and the inventory is expected to decline [1].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - As of the close on March 27, domestic futures contracts showed mixed performance. Some commodities like pure benzene and lithium carbonate had significant increases, while others such as container shipping on the European route and caustic soda declined. Futures contracts of stock indexes and treasury bonds also had different trends. The market was affected by factors such as supply - demand, geopolitical situation in the Middle East, and seasonal factors [6][7]. - The prices of most commodities were expected to be volatile due to the tense situation in the Middle East, especially the situation in the Strait of Hormuz, which had a great impact on the supply of energy - related commodities. Some commodities were expected to have a strong - side oscillation, but risks needed to be controlled [12][14][15]. 3. Summary by Related Catalogs 3.1 Commodity Performance and Market Overview - As of March 27, pure benzene and lithium carbonate rose by over 6%, styrene (EB) and ethylene glycol (EG) rose by over 5%, and methanol rose by over 4%. Container shipping on the European route fell by over 3%, and caustic soda and silver futures fell by over 2%. Stock index futures and treasury bond futures also had different trends. In terms of capital flow, some contracts had capital inflows while others had outflows [6][7]. 3.2 Market Analysis of Specific Commodities - **Copper (Shanghai Copper)**: In February 2026, China's copper concentrate imports increased year - on - year but decreased month - on - month. The copper concentrate inventory was relatively low. The production of electrolytic copper increased. The demand from the copper product sector started to pick up, but the terminal data was not optimistic. The inventory decreased, and the price was expected to fluctuate due to the situation in the Middle East [9]. - **Lithium Carbonate**: The price of lithium carbonate rose by over 6% on March 27. The production in March decreased month - on - month. The import volume in February increased year - on - year. The downstream lithium battery production was in high - growth, but the retail of new - energy vehicles decreased year - on - year. The market was affected by the situation in Zimbabwe and the overall upward trend of non - ferrous metals, but there were potential supply risks [11]. - **Crude Oil**: The U.S. crude oil inventory increased more than expected. The Strait of Hormuz was almost closed, which led to production cuts in Middle - Eastern oil - producing countries. Although some measures were taken to relieve the supply pressure, the situation was still tense. The possibility of a U.S. - Iran negotiation was low, and the oil price was at a high - risk of fluctuation [12][14]. - **Asphalt**: The asphalt production rate decreased, and the planned production in April was significantly lower. The downstream demand started to recover after the Spring Festival. The inventory rate decreased slightly. The supply was affected by the situation in the Middle East, and the price was expected to oscillate strongly [15]. - **PP (Polypropylene)**: The downstream PP开工率 increased slightly, but the demand recovery was slow. The enterprise开工率 was at a low level. The cost was affected by the Middle - East situation. The supply was expected to decrease, and the price was expected to oscillate strongly [16][17]. - **Plastic**: The plastic开工率 decreased, and the downstream开工率 increased but did not return to the pre - holiday level. The cost was affected by the Middle - East situation. The supply was expected to decrease, and the price was expected to oscillate strongly [18][20]. - **PVC**: The PVC开工率 increased, and the downstream开工率 also increased but was still lower than the same period last year. The export price increased, but the inventory was still high. The industry had an anti - involution expectation, and the supply was expected to decrease if the Strait of Hormuz did not resume navigation [21]. - **Coking Coal**: The coking coal price decreased on March 27. The mine production resumed smoothly, and the inventory was transferred from mines to downstream. The price decline was a correction after the previous over - rise, and the downward space was expected to be limited [22][23]. - **Urea**: The urea price rose on March 27. The domestic supply was guaranteed by high production and state - reserve goods. The downstream demand was mainly from compound fertilizer factories and other industries. The inventory decreased, and the price was expected to oscillate at a narrow high level [24].

1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints - EG main port continued to accumulate inventory this week, and the inflection point should be noted [1] - EG load continued to decline, and port inventory started to decrease [1] - From March, the inventory will start to decrease, and the expected decline in April will increase. With the import volume reaching a low level and the increase in overseas exports, the depletion of ethylene glycol social inventory will significantly accelerate [3] 3. Summary by Relevant Catalogs Price and Basis - Yesterday, the closing price of the EG main contract was 5,058 yuan/ton (a change of +22 yuan/ton from the previous trading day, a range of +0.44%), the spot price in the East China market of EG was 4,988 yuan/ton (a change of +125 yuan/ton from the previous trading day, a range of +2.57%), and the basis of EG East China spot was -45 yuan/ton (a month-on-month increase of +2 yuan/ton) [1] Production Profit and Operating Rate - According to Longzhong data, the production gross profit of ethylene-based EG was -290 US dollars/ton (a month-on-month decrease of -8 US dollars/ton), and the production gross profit of coal-based syngas EG was 136 yuan/ton (a month-on-month decrease of -391 yuan/ton) [1] - Due to concerns about the stability of upstream raw material supply, the domestic ethylene glycol load decreased; currently, the overseas load is at a low level, and China's import of EG from the Middle East accounts for a relatively large proportion. Under the influence of the situation in Iran, there is an expectation of further reduction in imports [2] International Price Difference - The international price difference of ethylene glycol: US FOB - China CFR. However, no specific price difference data is provided [21] Downstream Sales, Production, and Operating Rate - The polyester and weaving loads are difficult to continue to increase, and downstream acceptance of high-priced raw materials is low. The voices of production cuts are increasing. Recently, the sales of filament have been continuously sluggish, and the inventory of filaments and staple fibers has rapidly accumulated. The polyester load is lower than that of the same period last year. If the downstream continues not to replenish inventory, the load may decline [2] Inventory Data - According to the data released by CCF every Monday, the inventory of the MEG East China main port was 1.039 million tons (a month-on-month increase of 28,000 tons); the main port slightly accumulated inventory last week [1] - According to CCF data, the total planned arrivals at the East China main port this week are 117,000 tons, and the arrivals at the secondary port are 10,000 tons. The inventory is expected to remain stable [1] Strategies - Unilateral: Cautiously go long on hedging at low levels. Pay attention to the passage situation of the Strait of Hormuz and the changes in ethylene glycol plants [3] - Inter-period: 5 - 9 positive spread under the influence of supply [3] - Inter-variety: None [3]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The price of EG has dropped, with the main contract closing at 5,119 yuan/ton (down 455 yuan/ton or 8.16% from the previous trading day), and the spot price in the East China market at 5,236 yuan/ton (down 234 yuan/ton or 4.28% from the previous trading day). The EG load continues to decline, and the port starts to destock [1]. - On the supply side, domestic EG load decreases due to concerns about the stability of upstream raw material supply, and overseas supply is at a low level. With a large proportion of EG imports from the Middle East, imports are expected to further shrink under the influence of the Iranian situation. On the demand side, the load of polyester and weaving industries is difficult to increase further, and downstream industries have low acceptance of high - priced raw materials. There are more voices of production cuts, the sales of filament have been continuously sluggish recently, the inventory of filament and staple fiber has accumulated rapidly, and the polyester load is lower than that of the same period last year. If downstream industries do not replenish inventory continuously, the load may decline [2]. - In terms of strategies, for single - side trading, it is advisable to cautiously go long on hedging at low prices. Destocking will start in March and is expected to accelerate in April. Recently, inquiries from some Asian countries to China have increased. With imports at a low level and overseas exports, the destocking of the EG social inventory will accelerate significantly. Attention should be paid to the passage situation of the Strait of Hormuz and changes in EG plants. For inter - period trading, a long 5 - short 9 spread is recommended under the influence of supply. There is no recommendation for cross - variety trading [3]. Summary by Directory Price and Basis - The closing price of the EG main contract is 5,119 yuan/ton (down 455 yuan/ton or 8.16% from the previous trading day), and the spot price in the East China market is 5,236 yuan/ton (down 234 yuan/ton or 4.28% from the previous trading day). The spot basis in East China is - 55 yuan/ton (down 10 yuan/ton month - on - month) [1]. Production Profit and Operating Rate - According to Longzhong data, the production profit of ethylene - based EG is - 248 US dollars/ton (up 13 US dollars/ton month - on - month), and the production profit of coal - based syngas - based EG is 778 yuan/ton (up 372 yuan/ton month - on - month) [1]. International Price Difference - Not provided in the given content Downstream Sales and Operating Rate - The sales of filament have been continuously sluggish recently, and the inventory of filament and staple fiber has accumulated rapidly. The polyester load is lower than that of the same period last year. If downstream industries do not replenish inventory continuously, the load may decline [2]. Inventory Data - According to CCF data, the inventory of the main ports in East China is 1.039 million tons (up 28,000 tons month - on - month), and the ports slightly accumulated inventory last week. This week, the total planned arrival volume at the main ports in East China is 117,000 tons, and the arrival volume at the secondary ports is 10,000 tons. The inventory is expected to remain stable [1].

Report Industry Investment Rating No relevant content provided. Core View - The situation remains tense, and EG continues to be strong. The EG load continues to decline, and the port starts to destock. The domestic supply of ethylene glycol has decreased due to concerns about the stability of upstream raw material supply, and overseas supply is at a low level. The demand side shows that the polyester and weaving loads are difficult to further increase, and downstream acceptance of high - priced raw materials is low. The strategy includes cautious bottom - fishing for long hedging, 5 - 9 positive spreads in the inter - period, and no cross - variety strategy [1][2][3]. Summary by Related Catalogs Price and Basis - Yesterday, the closing price of the EG main contract was 5,574 yuan/ton (a change of +221 yuan/ton from the previous trading day, a change rate of +4.13%), the EG spot price in the East China market was 5,470 yuan/ton (a change of +390 yuan/ton from the previous trading day, a change rate of +7.68%), and the EG East China spot basis was - 45 yuan/ton (a month - on - month decrease of - 3 yuan/ton) [1]. Production Profit and Operating Rate - According to Longzhong data, the production gross profit of ethylene - based EG was - 260 US dollars/ton (a month - on - month decrease of - 25 US dollars/ton), and the production gross profit of coal - based syngas - based EG was 406 yuan/ton (a month - on - month decrease of - 86 yuan/ton) [1]. International Price Difference No specific data or analysis provided other than the mention of the chart "EG international price difference: US FOB - China CFR". Downstream Sales and Production and Operating Rate - The polyester and weaving loads are difficult to further increase, downstream acceptance of high - priced raw materials is low, there are more voices of production cuts, the sales of filament have been continuously sluggish recently, the inventory of filament and staple fiber has rapidly accumulated, and the polyester load is lower than that of the same period last year. If the downstream does not replenish inventory continuously, the load may decline [2]. Inventory Data - According to CCF data released every Monday, the inventory of the main ports in East China for MEG was 1.039 million tons (a month - on - month increase of 28,000 tons); the main ports had a small inventory increase last week. This week, the total planned arrivals at the main ports in East China are 117,000 tons, and the arrivals at the secondary ports are 10,000 tons, and the inventory is expected to remain stable [1].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report analyzes the performance and market conditions of various futures commodities as of March 20, 2026. It points out that the performance of domestic futures contracts varies, with some commodities rising and others falling. The market is significantly affected by factors such as the Middle - East situation, supply - demand relationships, and macro - economic policies. Different commodities face different supply - demand situations and price trends, and investors are advised to pay attention to relevant factors and market dynamics [5][6][8]. 3. Summary by Commodity 3.1 Commodity Performance - As of the close on March 20, domestic futures contracts showed mixed performance. LPG rose by over 8%, and manganese silicon rose by over 3%. Low - sulfur fuel oil (LU) fell by over 8%, and沪银 and bottle chips fell by over 6% [5]. - In the stock index futures, the main contracts of IF, IH, IC, and IM all declined, with declines of 0.28%, 0.95%, 1.17%, and 1.27% respectively. In the bond futures, the main contracts of TS, TF, T, and TL all declined, with declines of 0.01%, 0.06%, 0.09%, and 0.42% respectively [6]. - In terms of capital flow, as of 15:20 on March 20, the main contracts of CSI 1000 2606, CSI 2606, and SSE 2606 had capital inflows of 4.009 billion, 1.205 billion, and 0.695 billion respectively.沪金 2604, crude oil 2605, and沪银 2606 had capital outflows of 4.449 billion, 2.329 billion, and 1.464 billion respectively [6]. 3.2 Market Analysis - **沪铜**: It opened low and closed high, showing a weak trend during the day. The supply of copper concentrates is tight, but the terminal demand is not optimistic. With the postponement of the Fed's interest - rate cut and the strengthening of the US dollar, copper prices are under pressure [8]. - **Carbonate Lithium**: It opened low and closed high, with a late - session decline. The prices of battery - grade and industrial - grade carbonate lithium both decreased. The import volume in February 2026 decreased month - on - month but increased year - on - year. The demand growth rate shows signs of weakening, and the macro - sentiment affects the price [10]. - **Crude Oil**: EIA data shows that the US crude - oil inventory increased more than expected, but the refined - oil inventory decreased significantly. The Middle - East situation is tense, and the closure of the Strait of Hormuz has led to production cuts in Middle - East oil - producing countries. Although some measures have been taken to relieve the supply pressure, the risk of price increases still exists [11][12]. - **Asphalt**: The supply side has a low - level start - up rate. The downstream demand is gradually recovering. The cost is strongly supported, and the price is expected to be strong and volatile, depending on the Middle - East situation [13][15]. - **PP**: The downstream start - up rate has slightly recovered, and the enterprise start - up rate is at a low level. The cost of raw materials has decreased, and the supply - demand pattern has improved. The price is expected to be strongly volatile, depending on the downstream resumption of production and the Middle - East situation [16]. - **Plastic**: The start - up rate has decreased, and the downstream start - up rate has increased. The supply - demand pattern has improved. The price is expected to be strongly volatile, depending on the downstream resumption of production and the Middle - East situation [17][18]. - **PVC**: The start - up rate has decreased, and the downstream start - up rate has increased. The export situation has improved, but the inventory pressure is still large. The price is expected to be strongly volatile if the Strait of Hormuz does not resume navigation [19][20]. - **Coking Coal**: It opened low and closed high, showing a strong trend during the day. The domestic coal production has increased, and the downstream inventory has increased. The price is expected to be strong, depending on the performance in the peak season [21]. - **Urea**: It opened low and closed low, showing a decline. The factory price is expected to weaken, and the supply is abundant. The inventory has decreased, and the price is expected to fluctuate at a high level after a callback [22][23].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The main contract of EG closed at 5,220 yuan/ton, up 371 yuan/ton or 7.65% from the previous trading day. The spot price in the East China market was 5,154 yuan/ton, up 354 yuan/ton or 7.38%. The spot basis in East China was -71 yuan/ton, up 7 yuan/ton month-on-month. The EG load continued to decline, and the port started to destock [1]. - On March 19, the main contract of MEG rose 6.97%, and olefin-based chemicals as a whole moved up due to the further tense situation in Iran. The attack on Iranian natural gas facilities and subsequent retaliatory strikes led to a sharp increase in the prices of crude oil and LPG, further boosting the strength of olefin-based chemicals. The restart of several Iranian EG plants is also uncertain [1]. - The production profit of ethylene-based EG was -$238/ton, down $6/ton month-on-month, while that of coal-based syngas EG was 138 yuan/ton, up 60 yuan/ton month-on-month [1]. - The inventory at the main ports in East China was 1.011 million tons, down 57,000 tons month-on-month. The planned arrivals at the main ports this week are expected to keep the inventory stable with a slight increase [2]. - On the supply side, the domestic ethylene glycol load decreased due to concerns about the stability of upstream raw material supply, and imports are expected to further shrink under the influence of the Iranian situation. On the demand side, the polyester and weaving loads are recovering, but the downstream prices are showing signs of weakness, and the inventory of filaments and staple fibers has begun to accumulate. Attention should be paid to the possible negative feedback on the downstream if the cost remains high [2]. - The recommended strategy is to cautiously buy on dips for hedging. The fundamentals are improving marginally under high inventory, and destocking is expected to increase in April. Short-term attention should be paid to the passage of the Strait of Hormuz and changes in ethylene glycol plants [3]. 3. Summary by Directory Price and Basis - The main contract of EG closed at 5,220 yuan/ton, up 371 yuan/ton or 7.65% from the previous trading day. The spot price in the East China market was 5,154 yuan/ton, up 354 yuan/ton or 7.38%. The spot basis in East China was -71 yuan/ton, up 7 yuan/ton month-on-month [1]. Production Profit and Operating Rate - The production profit of ethylene-based EG was -$238/ton, down $6/ton month-on-month, while that of coal-based syngas EG was 138 yuan/ton, up 60 yuan/ton month-on-month [1]. International Price Difference - No specific data or analysis provided Downstream Sales and Operating Rate - The polyester and weaving loads are recovering, but the downstream prices are showing signs of weakness, and the inventory of filaments and staple fibers has begun to accumulate [2]. Inventory Data - The inventory at the main ports in East China was 1.011 million tons, down 57,000 tons month-on-month. The planned arrivals at the main ports this week are 139,000 tons, and the arrivals at the secondary ports are 18,000 tons, so the inventory is expected to remain stable with a slight increase [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The expectation of EG supply decline still exists, and attention should be paid to device changes [1]. - The EG load continues to decline, and port inventory starts to decrease. However, downstream price increases are weak, and long - filament sales have been sluggish, leading to inventory accumulation in long - and short - fiber products. There are concerns about potential negative feedback on downstream production if high costs persist [1][2]. - The strategy is to cautiously go long on hedging at low prices. The fundamentals are marginally improving under high inventory, with the possibility of inventory reduction starting in March and increasing in April. Short - term attention should be paid to the passage situation in the Strait of Hormuz and EG device changes [3]. 3. Summary by Directory Price and Basis - The closing price of the EG main contract was 4,849 yuan/ton (up 23 yuan/ton, +0.48% from the previous trading day), the EG spot price in the East China market was 4,800 yuan/ton (up 60 yuan/ton, +1.27% from the previous trading day), and the EG East China spot basis was - 78 yuan/ton (down 2 yuan/ton month - on - month) [1]. Production Profit and Operating Rate - According to Longzhong data, the production profit of ethylene - based EG was - 233 US dollars/ton (down 45 US dollars/ton month - on - month), and the production profit of coal - based syngas EG was 78 yuan/ton (down 109 yuan/ton month - on - month) [1]. International Price Difference - Not provided in the given content Downstream Sales, Production, and Operating Rate - Polyester and weaving loads are recovering, but downstream price increases are weak. Long - filament sales have been continuously sluggish, and inventories of long - and short - fibers have begun to accumulate. If the cost side remains at a high level for a long time, attention should be paid to potential negative impacts on downstream production [2]. Inventory Data - According to CCF data released every Monday, the inventory of MEG in the main ports of East China was 1.011 million tons (down 57,000 tons month - on - month), and the main ports reduced inventory last week. This week, the planned arrivals at the main ports in East China total 139,000 tons, and at the secondary ports 18,000 tons, with expected inventory to remain stable or increase slightly [1].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The EG price is oscillating at a high level, and attention should be paid to device changes. The spot and futures prices of EG decreased, with the main contract closing price at 4,826 yuan/ton (down 71 yuan/ton, -1.45% compared to the previous trading day), and the spot price in the East China market at 4,740 yuan/ton (down 115 yuan/ton, -2.37% compared to the previous trading day). The production profit of ethylene-based EG decreased, while that of coal-based syngas EG increased. The inventory in the main ports of East China decreased last week, and is expected to remain stable with a slight increase this week. The domestic EG supply load decreased due to concerns about the stability of upstream raw material supply, and overseas supply is at a low level with a potential reduction in imports from the Middle East. The polyester and weaving loads are recovering, but the downstream price increase is weak, and the inventory of filaments and staple fibers is starting to accumulate. [1] - The strategy suggests cautious buying on dips for hedging. The fundamentals are improving marginally under high inventory, and de-stocking may start in late March, with an expected increase in the de-stocking amplitude in April. Short - term attention should be paid to the passage situation in the Strait of Hormuz and changes in ethylene glycol devices. [2] 3. Summary of Each Directory Price and Basis - The main contract closing price of EG was 4,826 yuan/ton (down 71 yuan/ton, -1.45% compared to the previous trading day), and the spot price in the East China market was 4,740 yuan/ton (down 115 yuan/ton, -2.37% compared to the previous trading day). The East China spot basis was -76 yuan/ton, up 6 yuan/ton from the previous day. [1] Production Profit and Operating Rate - According to Longzhong data, the production profit of ethylene - based EG was -$188/ton (down $6/ton compared to the previous day), and the production profit of coal - based syngas EG was 187 yuan/ton (up 186 yuan/ton compared to the previous day). [1] International Price Difference - Not elaborated in the text, only the chart "Ethylene glycol international price difference: US FOB - China CFR" is mentioned [19] Downstream Sales, Production and Operating Rate - The polyester and weaving loads are recovering, but the downstream price increase is weak, and the filament sales have been sluggish for consecutive days. The inventory of filaments and staple fibers is starting to accumulate. If the cost price remains high, attention should be paid to the potential negative feedback such as production cuts in the downstream. [1] Inventory Data - According to CCF data, the inventory in the main ports of East China was 1.011 million tons (down 57,000 tons compared to the previous week), and the ports de - stocked last week. The planned arrivals at the main ports in East China this week total 139,000 tons, and the arrivals at the secondary ports are 18,000 tons. The inventory is expected to remain stable with a slight increase. [1]