Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Asian PTA market is affected by the dual impacts of sharp fluctuations in crude oil and tight PX supply. The increase in naphtha prices is much higher than that of PX, leading to a significant contraction in profits. Although demand has recovered with the resumption of polyester plants after the Spring Festival, supply - side risks have significantly increased. Uncertainties in PX supply have led to more concerns about production halts. Due to supply - chain chaos and raw material bottlenecks, further production increases in polyester are restricted, and there may even be temporary production cuts. The extreme tightness on the supply side has led to concentrated force majeure at PTA plants. Asian countries' export restrictions have further exacerbated the raw material shortage. If Middle - East exports cannot resume in the near future, the Asian polyester industry chain is expected to face a severe risk of production decline in April due to the dual shortages of PX and MEG, and the physical supply in the Asian PX market is tight. The market shows obvious chaos, but the acceptance and purchasing willingness of downstream customers are increasing [2]. 3. Summary by Relevant Indicators 3.1 Price and Cost Indicators - PTA spot price decreased from 6810 to 6690, a decrease of 120; MEG inner - market price decreased from 5443 to 5339, a decrease of 104; PTA closing price decreased from 6768 to 6684, a decrease of 84; MEG closing price decreased from 5359 to 5218, a decrease of 141; 1.4D direct - spun polyester staple fiber price decreased from 8460 to 8320, a decrease of 140; short - fiber basis decreased from 83 to - 54, a decrease of 137; 4 - 5 spread increased from - 80 to - 40, an increase of 40; polyester staple fiber cash flow increased from 240 to 246, an increase of 6; 1.4D imitation large - chemical fiber price remained unchanged at 6220; the price difference between 1.4D direct - spun and imitation large - chemical fiber decreased from 2240 to 2100, a decrease of 140; East China water - bottle chip price increased from 8554 to 8594, an increase of 40; hot - filling polyester bottle chip price increased from 8554 to 8594, an increase of 40; carbonated - grade polyester bottle chip price increased from 8654 to 8694, an increase of 40; outer - market water - bottle chip price decreased from 1180 to 1175, a decrease of 5; bottle - chip spot processing fee increased from 908 to 1085, an increase of 177; T32S pure polyester yarn price remained unchanged at 12500; T32S pure polyester yarn processing fee increased from 4040 to 4180, an increase of 140; cotton - polyester yarn 65/35 45S price remained unchanged at 18500; cotton 328 price decreased from 16580 to 16470, a decrease of 110; cotton - polyester yarn profit increased from 1624 to 1758, an increase of 134; primary three - dimensional hollow (with silicon) price remained unchanged at 8945; hollow staple fiber 6 - 15D cash flow increased from an unknown value to 236, an increase of 137; primary low - melting - point staple fiber price remained unchanged at 9350 [2]. 3.2 Production and Sales Indicators - The weekly load of direct - spun staple fiber decreased from 76.98% to 84.13%, a decrease of 7.15%; the production and sales rate of polyester staple fiber decreased from 43.00% to 36.00%, a decrease of 7.00%; the weekly start - up rate of polyester yarn increased from 70.00% to 70.32%, an increase of 0.32%; the weekly load index of recycled cotton - type decreased from 55.44% to 54.81%, a decrease of 0.63% [2][3].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The Asian PTA market is affected by the sharp fluctuations in crude oil and the tightening of PX supply. The price increase of naphtha is much higher than that of PX, and the profit is significantly shrunk. The supply - side risks are significantly intensified, and the polyester may face production decline risks in April due to shortages of PX and MEG. The MEG market is also in chaos due to the tense Middle - East situation, with Northeast Asian refineries facing supply shortages and domestic MEG prices rising due to raw material reduction [2] 3. Summary According to Relevant Catalogs 3.1 Market Quotes - INE crude oil price dropped from 763.5 yuan/barrel on March 30, 2026, to 740.6 yuan/barrel on March 31, 2026, a decrease of 22.90 yuan/barrel. PTA - SC increased from 1219.6 yuan/ton to 1302.0 yuan/ton, an increase of 82.42 yuan/ton. PTA/SC ratio increased from 1.2198 to 1.2419, an increase of 0.0221. CFR China PX decreased from 1276 to 1252, a decrease of 24. PX - naphtha spread decreased from 133 to 46, a decrease of 88 [2] - PTA main contract futures price decreased from 6768 yuan/ton to 6684 yuan/ton, a decrease of 84.0 yuan/ton. PTA spot price decreased from 6810 yuan/ton to 6690 yuan/ton, a decrease of 120.0 yuan/ton. Spot processing fee decreased from 141.6 yuan/ton to 99.8 yuan/ton, a decrease of 41.8 yuan/ton. Disk processing fee increased from 99.6 yuan/ton to 143.8 yuan/ton, an increase of 44.2 yuan/ton. The main contract basis remained unchanged at (59). PTA warehouse receipt quantity remained unchanged at 159653 [2] - MEG main contract futures price decreased from 5359 yuan/ton to 5218 yuan/ton, a decrease of 141.0 yuan/ton. MEG - naphtha decreased from (474.27) yuan/ton to (474.46) yuan/ton, a decrease of 0.2 yuan/ton. MEG domestic price decreased from 5443 yuan/ton to 5339 yuan/ton, a decrease of 104.0 yuan/ton. The main contract basis remained unchanged at 5 [2] 3.2 Industrial Chain Start - up Situation - PX start - up rate decreased from 83.53% to 80.57%, a decrease of 2.96%. PTA start - up rate decreased from 80.01% to 79.31%, a decrease of 0.70%. MEG start - up rate increased from 52.27% to 53.80%, an increase of 1.53%. Polyester load decreased from 84.87% to 84.69%, a decrease of 0.18% [2] 3.3 Product Situation - For polyester filament, POY150D/48F increased from 9245 yuan/ton to 9295 yuan/ton, an increase of 50.0 yuan/ton. POY cash flow increased from 349 yuan/ton to 536 yuan/ton, an increase of 187.0 yuan/ton. FDY150D/96F increased from 9435 yuan/ton to 9495 yuan/ton, an increase of 60.0 yuan/ton. FDY cash flow increased from 39 yuan/ton to 236 yuan/ton, an increase of 197.0 yuan/ton. DTY150D/48F remained unchanged at 10465 yuan/ton. DTY cash flow increased from 369 yuan/ton to 506 yuan/ton, an increase of 137.0 yuan/ton. Filament sales rate decreased from 27% to 20%, a decrease of 7% [2] - For polyester staple fiber, 1.4D direct - spun polyester staple fiber decreased from 8460 yuan/ton to 8320 yuan/ton, a decrease of 140 yuan/ton. Polyester staple fiber cash flow decreased from (86) yuan/ton to (89) yuan/ton, a decrease of 3.0 yuan/ton. Staple fiber sales rate decreased from 38% to 37%, a decrease of 1% [2] - For polyester chips, semi - bright chips decreased from 7870 yuan/ton to 7680 yuan/ton, a decrease of 190.0 yuan/ton. Chip cash flow decreased from (126) yuan/ton to (179) yuan/ton, a decrease of 53.0 yuan/ton. Chip sales rate decreased from 42% to 31%, a decrease of 11% [2] 3.4 Device Maintenance - A 600,000 - ton/year unit of an 1.8 - million - ton/year syngas - to - ethylene glycol plant in Shaanxi has restarted and produced normally recently. The second 600,000 - ton/year unit is planned to be shut down for maintenance on April 15, with an expected duration of about 20 days [4]

Report Industry Investment Rating - No information provided in the given content. Core Viewpoints - For PTA, the proximal TA has partial restarts and increased load, with开工 rate rising. Polyester reduces load due to filament production cuts, inventory accumulates, basis strengthens slightly, and spot processing fees are compressed. PX domestic device load reduction slows down, overseas production cuts continue, PXN improves, disproportionation and isomerization benefits are compressed, and the US - Asia aromatic hydrocarbon spread rebounds. There are potential short - term long - allocation opportunities as PX destocking is expected to be gradually realized [2]. - For MEG, the proximal domestic oil - based load reduction slows down, coal - based restarts partially, and the开工 rate rises. Overseas production cuts continue, port inventory accumulates, the basis is stable, and coal - based and ethane - based benefits increase. Supply may still have some load reduction, and with increased export/transshipment trade, the destocking speed may accelerate in the short term. The long - term balance sheet has high uncertainty, and it is advisable to wait and see [2]. - For polyester staple fiber, the开工 rate rises to 91.0% as some plants increase load. Sales improve slightly, inventory accumulates slightly, and spot processing fees weaken. On the demand side, the yarn production start - up rate is stable, raw material inventory is maintained, finished product inventory accumulates, and benefits weaken. The short - term upward drive is not strong, and attention should be paid to whether there will be passive production cuts due to raw material supply limitations [2]. - For natural rubber and 20 - number rubber, the main strategy is to wait and see [2]. Summary by Related Catalogs PTA - **Price and Operation Data**: From March 25 to March 31, PTA spot price increased from 102.2 to 118.4, PTA device in Fujian Bahong with a capacity of 2.5 million tons reduced load. The average daily basis of PTA spot transactions for 2605 is - 58 [2]. - **Market Analysis**: Proximal TA restarts and increases load, polyester reduces load, inventory accumulates, basis strengthens slightly, and spot processing fees are compressed. PX domestic device load reduction slows down, overseas production cuts continue, PXN improves, and the US - Asia aromatic hydrocarbon spread rebounds [2]. - **Outlook**: There are potential short - term long - allocation opportunities as PX destocking is expected to be gradually realized [2]. MEG - **Price and Operation Data**: From March 25 to March 31, MEG outer - market price increased from 595 to 640, and the Henan Coal Industry's 200,000 - ton device restarted. The basis of MEG spot transactions is around + 2 for 05 [2]. - **Market Analysis**: Proximal domestic oil - based load reduction slows down, coal - based restarts partially, and the开工 rate rises. Overseas production cuts continue, port inventory accumulates, the basis is stable, and coal - based and ethane - based benefits increase [2]. - **Outlook**: Supply may still have some load reduction, and with increased export/transshipment trade, the destocking speed may accelerate in the short term. The long - term balance sheet has high uncertainty, and it is advisable to wait and see [2]. Polyester Staple Fiber - **Price and Operation Data**: From March 25 to March 31, the price of 1.4D cotton - type staple fiber decreased from 8060 to 8320, and the开工 rate rose to 91.0%. The spot price is around 8295, and the market basis is around - 50 for 06 [2]. - **Market Analysis**: Some plants increase load, sales improve slightly, inventory accumulates slightly, and spot processing fees weaken. On the demand side, the yarn production start - up rate is stable, raw material inventory is maintained, finished product inventory accumulates, and benefits weaken [2]. - **Outlook**: The short - term upward drive is not strong, and attention should be paid to whether there will be passive production cuts due to raw material supply limitations [2]. Natural Rubber & 20 - number Rubber - **Price and Operation Data**: From March 25 to March 31, the price of US - dollar Thai standard rubber decreased from 2000 to 2015, and there are various price changes in other types of rubber. The main strategy is to wait and see [2]. - **Market Analysis**: No detailed market analysis provided in the given content. - **Outlook**: Wait and see [2]. Benzene and Its Derivatives - **Price and Operation Data**: From March 25 to March 31, the price of ethylene (CFR Northeast Asia) remained at 1400 on March 31, and there are price changes in pure benzene, benzene ethylene, and their downstream products such as EPS, PS, and ABS [5]. - **Market Analysis**: No detailed market analysis provided in the given content. - **Outlook**: No outlook provided in the given content.

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The Asian PTA market is affected by the dual impacts of sharp fluctuations in crude oil and tight PX supply. The increase in naphtha prices is much higher than that of PX, leading to a significant contraction in profits. Although the demand side recovers with the resumption of polyester plants after the Spring Festival, the supply - side risks have significantly intensified. The uncertainty of PX supply has raised more concerns about production halts. Due to supply - chain chaos and raw material bottlenecks, the further increase in polyester production is restricted, and there may even be temporary production cuts. The extreme tightness on the supply side has led to concentrated force majeure in PTA plants. Asian countries' restrictions on exports to prioritize fuel safety have further exacerbated the raw material shortage. If Middle - East exports cannot resume in the near future, the Asian polyester industry chain is expected to face a severe risk of production decline in April due to the dual shortages of PX and MEG, and the physical supply in the Asian PX market is tight. The market shows obvious chaos, and the downstream acceptance and purchasing willingness are increasing [2] Group 3: Summary According to the Directory Price and Index Changes - PTA spot price increased from 6735 to 6810, with a change of 75 [2] - MEG inner - market price increased from 5134 to 5443, with a change of 309 [2] - PTA closing price decreased from 6876 to 6768, with a change of - 108 [2] - MEG closing price decreased from 5279 to 52356 (presumably a data error, but based on the text), with a change of 80 [2] - 1.4D direct - spun polyester staple fiber price increased from 8245 to 8460, with a change of 215 [2] - Short - fiber basis decreased from 63 to - 54, with a change of - 117 [2] - 4 - 5 spread decreased from - 66 to - 80, with a change of - 14 [2] - Polyester staple fiber cash flow increased from 240 to 246, with a change of 6 [2] - 1.4D imitation large - chemical fiber price increased from 6190 to 6220, with a change of 30 [2] - The price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 2055 to 2240, with a change of 185 [2] - East China water bottle chip price increased from 8433 to 8554, with a change of 121 [2] - Hot - filling polyester bottle chip price increased from 8433 to 8554, with a change of 121 [2] - Carbonated - grade polyester bottle chip price increased from 8533 to 8654, with a change of 121 [2] - Outer - market water bottle chip price increased from 1155 to 1180, with a change of 25 [2] - Bottle chip spot processing fee decreased from 955 to 908, with a change of - 47 [2] - T32S pure polyester yarn price increased from 12200 to 12500, with a change of 300 [2] - T32S pure polyester yarn processing fee increased from 3955 to 4040, with a change of 85 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 18500 [2] - Cotton 328 price increased from 16560 to 16580, with a change of 20 [2] - Polyester - cotton yarn profit decreased from 1774 to 1624, with a change of - 150 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 8945 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 267 to (presumably a data error, but based on the text), with a change of - 168 [2] - Primary low - melting - point staple fiber price remained unchanged at 9350 [2] Market Conditions - Short - fiber: The short - fiber main futures rose 38 to 8342. In the spot market, the prices of polyester staple fiber production plants and traders increased, but the downstream purchasing willingness was low, and the on - site transactions were scarce. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 8250 - 8700 yuan for cash on delivery, tax - included self - pick - up; in the North China market, it was 8370 - 8820 yuan for cash on delivery, tax - included delivery; in the Fujian market, it was 8350 - 8650 yuan for cash on delivery, tax - included delivery [2] - Bottle chip: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 8550 - 8950 yuan/ton, with the average price increasing by 150 yuan/ton compared with the previous working day. The bottle chip futures fluctuated warmly, the suppliers' quotes were raised, the local spot liquidity was tight, the downstream terminal demand was cautious, the purchasing enthusiasm was low, and the negotiation focus moved up [2] Operating Rate and Production and Sales - Direct - spun short - fiber load (weekly) decreased from 84.13% to 76.98%, with a change of - 7.15% [3] - Polyester staple fiber production and sales decreased from 49.00% to 43.00%, with a change of - 6.00% [3] - Polyester yarn starting rate (weekly) increased from 70.00% to 70.32%, with a change of 0.32% [3] - Regenerated cotton - type load index (weekly) decreased from 55.44% to 54.81%, with a change of - 0.63% [3]

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, the near - end TA restarts and increases production, while polyester reduces production. PX domestic device load reduction slows down, and overseas production cuts continue. There are potential multi - allocation opportunities as PX de - stocking is expected to be gradually realized [3]. - For MEG, the near - end domestic oil - based production load reduction slows down, and coal - based production restarts. With overseas production cuts and changes in port inventory, short - term de - stocking speed may accelerate, but the long - term balance sheet is uncertain, so it is advisable to wait and see [3]. - For polyester staple fiber, the near - end production increases, but the short - term upward drive is weak due to the terminal's wait - and - see attitude and the substitution effect of recycled materials. Attention should be paid to potential passive production cuts due to raw material supply limitations [3]. - For natural rubber and 20 - number rubber, the main strategy is to wait and see [3]. Summary by Product PTA - **Price Data**: From March 24 to March 30, the PTA inner - disk spot price increased from 6725 to 6810, and the POY 150D/48F price increased from 9075 to 9245. The PTA processing difference changed from 77.7 to 81.8, and the daily average transaction basis was 2605(-58) [2]. - **Market Situation**: Near - end TA restarts and increases production, polyester reduces production, inventory accumulates, basis strengthens slightly, and spot processing fees are compressed. PX domestic device load reduction slows down, overseas production cuts continue, PXN improves, and arene spreads between the US and Asia increase [3]. MEG - **Price Data**: From March 24 to March 30, the MEG outer - disk price increased from 637 to 657, and the MEG inner - disk price increased from 5223 to 5443. The MEG coal - based profit increased from 1126 to 1281, and the basis was around 05(+5) [3]. - **Market Situation**: Near - end domestic oil - based production load reduction slows down, coal - based production restarts, overseas production cuts continue, port inventory accumulates, and coal - based and ethane - based benefits improve. Supply may still have some load reduction, and short - term de - stocking speed may accelerate [3]. Polyester Staple Fiber - **Price Data**: From March 24 to March 30, the 1.4D cotton - type staple fiber price increased from 8400 to 8460. The short - fiber profit changed from - 34 to - 120, and the spot price was around 8472, with a basis of about 06 - 50 [3]. - **Market Situation**: Near - end production increases, sales improve slightly, inventory accumulates slightly, and spot processing fees weaken. The demand side has stable production start, raw material inventory is maintained, and product inventory accumulates [3]. Natural Rubber & 20 - Number Rubber - **Price Data**: From March 24 to March 30, the US - dollar Thai standard spot price increased from 1970 to 2030, and the Shanghai full - latex price increased from 15825 to 16140. The weekly change in the RU main contract price was 395, and the NR main contract price increased by 790 [3]. - **Market Situation**: The main strategy is to wait and see, and the main contradiction is not specified [3]. Other Aromatic Hydrocarbons - **Price Data**: From March 24 to March 30, the ethylene (CFR Northeast Asia) price remained at 1400, the pure benzene (CFR China) price increased from 1072 to 1127, and the styrene (CFR China) price increased from 1335 to 1405 [5]. - **Profit Data**: The styrene domestic profit was 480 on March 30, and the EPS domestic profit was - 962 [5].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The report presents the spot prices, futures prices, basis, historical quantiles, and basis rates of various commodities on March 30, 2026, covering multiple sectors such as metals, agriculture, energy, and finance. 3. Summary by Commodity Sectors Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 6012, down 0.97%; futures price is 5978, with a basis of -34 and a basis rate of -1.22% [1]. - **Silicon Manganese (SM603)**: Spot price is 6500, futures price is 6580, and the basis is -80 [1]. - **Rebar (RB2605)**: Spot price is 3220, futures price is 3124, down 0.27%, with a basis of 96 and a historical quantile of 46.20% [1]. - **Hot Rolled Coil (HC2605)**: Spot price is 3290, futures price is 3299, with a basis of -9 and a historical quantile of 15.80% [1]. - **Iron Ore (I2605)**: Spot price is 27, up 3.29%; futures price is 812, up 22.80%, with a basis of -27 and a historical quantile of 75.86% [1]. - **Coke (J2605)**: Spot price is 1752, futures price is 1767, up 0.83%, with a basis of -15 and a historical quantile of 75.86% [1]. - **Coking Coal (JM2605)**: Spot price is 1333, futures price is 1219, up 9.35%, with a basis of 114 and a historical quantile of 57.20% [1]. Non - Ferrous Metals - **Copper (CU2605)**: Spot price is 95930, futures price is 95320, with a basis of 610 and a historical quantile of 12.91% [1]. - **Aluminum (AL2605)**: Spot price is 23935, futures price is 23810, with a basis of 125 and a historical quantile of 27.08% [1]. - **Alumina (AO2605)**: Spot price is 2785, futures price is 2930, with a basis of -145 and a historical quantile of 14.09% [1]. - **Zinc (ZN2605)**: Spot price is 23380, futures price is 23140, with a basis of 240 and a historical quantile of 10.00% [1]. - **Tin (SN2605)**: Spot price is 362460, futures price is 353400, with a basis of 9060 and a historical quantile of 1.66% [1]. - **Nickel (NI2605)**: Spot price is 137100, futures price is 136450, with a basis of 650 and a historical quantile of 22.29% [1]. - **Stainless Steel (SS2605)**: Spot price is 14500, futures price is 14390, with a basis of 110 and a historical quantile of 49.14% [1]. - **Lithium Carbonate (LC2605)**: Spot price is 168440, futures price is 158000, down 6.20%, with a basis of 10440 and a historical quantile of 2.64% [1]. - **Industrial Silicon (SI2605)**: Spot price is 9200, futures price is 8652, up 6.67%, with a basis of 548 and a historical quantile of 37.78% [1]. Precious Metals - **Gold (AU2606)**: Spot price is 992.5, futures price is 998.66, with a basis of -6.16 and a historical quantile of -0.62% [1]. - **Silver (AG2606)**: Spot price is 17467, futures price is 17489, with a basis of -22 and a historical quantile of 51.00% [1]. Agricultural Products - **Soybean Meal (M2605)**: Spot price is 3160, futures price is 2937, up 7.59%, with a basis of 223 and a historical quantile of 64.60% [1]. - **Soybean Oil (Y2605)**: Spot price is 8940, futures price is 8688, up 2.90%, with a basis of 252 and a historical quantile of 53.10% [1]. - **Palm Oil (P2605)**: Spot price is 9670, futures price is 9768, down 1.00%, with a basis of -98 and a historical quantile of 1.90% [1]. - **Rapeseed Meal (RM2605)**: Spot price is 2330, futures price is 2315, with a basis of 15 and a historical quantile of 50.00% [1]. - **Rapeseed Oil (Oleos)**: Spot price is 10380, futures price is 9877, up 5.09%, with a basis of 503 and a historical quantile of 91.30% [1]. - **Corn (C2605)**: Spot price is 2390, futures price is 2369, with a basis of 21 and a historical quantile of 44.50% [1]. - **Corn Starch (CS2605)**: Spot price is 2755, futures price is 2900, down 4.67%, with a basis of -145 and a historical quantile of 73.30% [1]. - **Live Hogs (H2605)**: Spot price is 9965, futures price is 9500, with a basis of 465 and a historical quantile of 27.30% [1]. - **Eggs (JD2605)**: Spot price is 3502, futures price is 3290, down 6.05%, with a basis of 212 and a historical quantile of 21.20% [1]. - **Cotton (CF2605)**: Spot price is 16600, futures price is 15395, up 7.83%, with a basis of 1205 and a historical quantile of 82.40% [1]. - **Sugar (SR2605)**: Spot price is 5464, futures price is 5480, up 0.29%, with a basis of -16 and a historical quantile of -1.68% [1]. - **Apples (AP2605)**: Spot price is 9967, futures price is 9800, with a basis of 167 and a historical quantile of 16.60% [1]. - **Red Dates (CJ2605)**: Spot price is 8870, futures price is 7900, down 10.94%, with a basis of 970 and a historical quantile of 41.60% [1]. Energy and Chemicals - **Paraxylene (PX2605)**: Spot price is 10059.9, futures price is 9916, with a basis of 143.9 and a historical quantile of 71.40% [1]. - **PTA (TA2605)**: Spot price is 6876, futures price is 6760, down 1.69%, with a basis of 116 and a historical quantile of 14.40% [1]. - **Ethylene Glycol (EG2605)**: Spot price is 5279, futures price is 5005, down 0.98%, with a basis of 274 and a historical quantile of 0.10% [1]. - **Polyester Staple Fiber (PF2606)**: Spot price is 8392, futures price is 8310, down 0.98%, with a basis of 82 and a historical quantile of 22.20% [1]. - **Styrene (EB2605)**: Spot price is 10800, futures price is 10624, with a basis of 176 and a historical quantile of 64.90% [1]. - **Methanol (MA2605)**: Spot price is 3360, futures price is 3296, up 1.94%, with a basis of 64 and a historical quantile of 69.40% [1]. - **Urea (UR2605)**: Spot price is 1900, futures price is 1877, up 1.23%, with a basis of 23 and a historical quantile of 24.70% [1]. - **LLDPE (L2605)**: Spot price is 8868, futures price is 8600, down 3.02%, with a basis of 268 and a historical quantile of 0.40% [1]. - **PP (PP2605)**: Spot price is 9313, futures price is 9100, up 1.20%, with a basis of 213 and a historical quantile of -2.29% [1]. - **PVC (V2605)**: Spot price is 5615, futures price is 5450, down 2.94%, with a basis of 165 and a historical quantile of 36.80% [1]. - **Caustic Soda (SHEOS)**: Spot price is 2442, futures price is 2303.1, down 5.69%, with a basis of 138.9 and a historical quantile of 27.30% [1]. - **LPG (PG2605)**: Spot price is 6759, futures price is 7198, up 6.50%, with a basis of -439 and a historical quantile of 61.90% [1]. - **Asphalt (BU2606)**: Spot price is 4532, futures price is 4330, up 12.60%, with a basis of 202 and a historical quantile of -4.46% [1]. - **Butadiene Rubber (BR2605)**: Spot price is 18500, futures price is 17840, with a basis of 660 and a historical quantile of 92.60% [1]. - **Float Glass (FG2605)**: Spot price is 960, futures price is 879, down 8.44%, with a basis of 81 and a historical quantile of 49.36% [1]. - **Soda Ash (SA2605)**: Spot price is 1229, futures price is 1209, down 1.65%, with a basis of 20 and a historical quantile of 46.84% [1]. - **Pure Benzene (BZ2605)**: Spot price is 8880, futures price is 8355, down 5.91%, with a basis of 525 and a historical quantile of -1.20% [1]. - **Propylene (PL2605)**: Spot price is 8320, futures price is 8315, up 1.21%, with a basis of 5 and a historical quantile of 92.00% [1]. - **Bottle Chips (PR2605)**: Spot price is 8421, futures price is 8320, up 1.21%, with a basis of 101 and a historical quantile of 92.00% [1]. - **Natural Rubber (RU2605)**: Spot price is 16510, futures price is 16400, down 0.67%, with a basis of 110 and a historical quantile of 85.11% [1]. Financial Products - **Stock Index Futures**: - **IF2606.CFE**: Spot price is 4502.5698, futures price is 4427.4, down 1.70%, with a basis of -75.1698 and a historical quantile of 2.40% [1]. - **IH2606.CFE**: Spot price is 2837.3064, futures price is 2814.4, down 0.81%, with a basis of 22.9064 and a historical quantile of 5.70% [1]. - **IC2606.CFE**: Spot price is 7737.6144, futures price is 7559.2, down 2.36%, with a basis of 178.4144 and a historical quantile of 0.40% [1]. - **IM2606.CFE**: Spot price is 7746.3131, futures price is 7523.8, down 2.96%, with a basis of 222.5131 and a historical quantile of 0.04% [1]. - **Treasury Bond Futures**: - **TS2606**: Spot price is 100.11, futures price is 97.62, up 0.08%, with a basis of 2.49 and a historical quantile of 44.40% [1]. - **TF2606**: Spot price is 105.98, futures price is 100.24, up 0.09%, with a basis of 5.74 and a historical quantile of 42.20% [1]. - **T2606**: Spot price is 108.23, futures price is 99.88, up 0.10%, with a basis of 8.35 and a historical quantile of 31.10% [1]. - **TL2606**: Spot price is 122.03, futures price is 111.18, up 0.46%, with a basis of 10.85 and a historical quantile of 67.50% [1].

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core Viewpoint of the Report - The Asian PTA market is affected by the dual impacts of sharp fluctuations in crude oil and tight PX supply. The increase in naphtha prices is much higher than that of PX, and profits have significantly shrunk. Although the demand side recovers with the resumption of polyester plants after the Spring Festival, the supply - side risks have significantly increased. The uncertainty of PX supply has led to more concerns about plant shutdowns. Due to supply - chain chaos and raw material bottlenecks, polyester production increase is restricted and may even face temporary production cuts. The extreme tightness on the supply side has led to concentrated force majeure at PTA plants. Asian countries' export restrictions have further exacerbated the raw material shortage. If Middle - East exports cannot resume in the near future, the Asian polyester industry chain is expected to face a severe production decline risk in April due to the dual shortage of PX and MEG, and the physical supply in the Asian PX market is tight. The downstream's acceptance and purchasing willingness are increasing, but the market shows obvious chaos due to large price fluctuations and lower - than - expected downstream operating loads [2] Group 3: Summary of Key Data PTA and MEG - PTA spot price increased from 6570 to 6735, with a change of 165; MEG inner - market price increased from 4982 to 5134, with a change of 152. PTA closing price increased from 6778 to 6876, with a change of 98; MEG closing price increased from 5058 to 5279, with a change of 221 [2] Short - fiber - The main short - fiber futures rose 278 to 8392. The price of polyester short - fiber production plants was strong, and the price of traders increased. The downstream had a strong cautious and wait - and - see attitude, and the on - site trading was light. The price of 1.4D direct - spinning polyester short - fiber remained unchanged at 8245. The short - fiber basis changed from 71 to - 54, a decrease of 125. The 4 - 5 spread changed from - 62 to - 66, a decrease of 4. The polyester short - fiber cash flow increased from 240 to 246, an increase of 6. The price of 1.4D imitation large - chemical fiber remained unchanged at 6190. The price difference between 1.4D direct - spinning and imitation large - chemical fiber remained unchanged at 2055 [2] Bottle - chip - The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets was 8400 - 8800 yuan/ton, with the average price rising 75 yuan/ton compared to the previous working day. The bottle - chip futures fluctuated warmly, suppliers' quotes were mixed between stability and increase, the local spot liquidity was tight, the downstream terminal demand was weak, the purchasing enthusiasm was not high, and the negotiation focus moved slightly upward. The price of East - China water bottle - chips increased from 8317 to 8433, an increase of 116; the price of hot - filling polyester bottle - chips increased from 8317 to 8433, an increase of 116; the price of carbonated - grade polyester bottle - chips increased from 8417 to 8533, an increase of 116; the price of foreign - market water bottle - chips increased from 1150 to 1155, an increase of 5. The bottle - chip spot processing fee decreased from 1031 to 955, a decrease of 76 [2] Other Products - The price of T32S pure polyester yarn decreased from 12250 to 12200, a decrease of 50; the processing fee of T32S pure polyester yarn decreased from 4005 to 3955, a decrease of 50. The price of polyester - cotton yarn 65/35 45S remained unchanged at 18500, and the profit of polyester - cotton yarn remained unchanged at 1774. The price of cotton 328 remained unchanged at 16560. The price of primary three - dimensional hollow (with silicon) remained unchanged at 8945. The cash flow of hollow short - fiber 6 - 15D decreased from 459 to 267, a decrease of 192. The price of primary low - melting - point short - fiber remained unchanged at 9350 [2] Operating Load and Production and Sales - The direct - spinning short - fiber operating load (weekly) decreased from 84.13% to 76.98%, a decrease of 7.15%. The polyester short - fiber production and sales decreased from 49.00% to 53.00%, a decrease of 4.00%. The polyester yarn starting rate (weekly) increased from 70.00% to 70.32%, an increase of 0.32%. The recycled cotton - type load index (weekly) decreased from 55.44% to 54.81%, a decrease of 0.63% [3]

Group 1: Report's Investment Rating - No relevant information provided Group 2: Core Viewpoints - The Asian PTA market is affected by the sharp fluctuations in crude oil and the tightening supply of PX. The price increase of naphtha is much higher than that of PX, and the profit is significantly shrunk. The polyester industry is restricted from further increasing production and may even temporarily reduce production due to supply - chain chaos and raw - material bottlenecks. If Middle - East exports cannot recover in the near future, the Asian polyester industry chain will face a serious production decline risk due to the shortage of PX and MEG in April. The Middle - East situation is tense, and the market is in chaos. Northeast Asian refineries are facing crude - oil supply shortages and have to reduce their loads, and the domestic ethylene glycol market is affected by raw - material shortages [2] Group 3: Summary by Directory Market Data - INE crude oil rose from 733.1 yuan/barrel on March 26, 2026, to 740.8 yuan/barrel on March 27, 2026, an increase of 7.7 yuan/barrel. PTA - SC increased from 1450.5 yuan/ton to 1492.5 yuan/ton, an increase of 42.04 yuan/ton. PTA/SC increased from 1.2723 to 1.2772, an increase of 0.0050. CFR China PX increased from 1233 to 1263, an increase of 30. PX - naphtha spread decreased from 235 to 120, a decrease of 115 [2] - PTA's main futures price increased from 6778 yuan/ton to 6876 yuan/ton, an increase of 98 yuan/ton. PTA's spot price increased from 6570 to 6735, an increase of 165 yuan/ton. The spot processing fee increased from 141.9 yuan/ton to 167.4 yuan/ton, an increase of 25.5 yuan/ton. The disk processing fee decreased from 349.9 yuan/ton to 283.4 yuan/ton, a decrease of 66.5 yuan/ton [2] - MEG's main futures price increased from 5058 yuan/ton to 5279 yuan/ton, an increase of 221 yuan/ton. MEG - naphtha increased from - 338.37 yuan/ton to - 323.56 yuan/ton, an increase of 14.8 yuan/ton. MEG's domestic price increased from 4982 to 5134, an increase of 152 yuan/ton [2] Industry Chain and Production - PX, PTA, and MEG's operating rates remained unchanged at 83.53%, 80.01%, and 52.27% respectively. The polyester load decreased from 85.41% to 84.87%, a decrease of 0.54% [2] - POY150D/48F decreased from 9050 to 9025, a decrease of 25 yuan/ton. POY cash flow decreased from 514 to 297, a decrease of 217 yuan/ton. FDY150D/96F decreased from 9330 to 9295, a decrease of 35 yuan/ton. FDY cash flow decreased from 294 to 67, a decrease of 227 yuan/ton. DTY150D/48F remained unchanged at 10390. DTY cash flow decreased from 654 to 462, a decrease of 192 yuan/ton. The long - filament sales rate remained unchanged at 19% [2] - 1.4D direct - spun polyester staple fiber remained unchanged at 8245. Polyester staple fiber cash flow decreased from 59 to - 133, a decrease of 192 yuan/ton. The short - fiber sales rate decreased from 55% to 51%, a decrease of 4% [2] - Semi - bright chips increased from 7550 to 7620, an increase of 70 yuan/ton. Chip cash flow decreased from - 86 to - 208, a decrease of 122 yuan/ton. The chip sales rate increased from 30% to 67%, an increase of 37% [2] Device Maintenance - A 2.5 - million - ton PTA device in East China that stopped for maintenance around February 10 has returned to normal. A 3.6 - million - ton PTA device in East China that was operating at 50% capacity has returned to normal. A 1.25 - million - ton PTA device in South China that was under maintenance in mid - January has returned to normal [4]

1. Report Industry Investment Rating - No information provided on the industry investment rating in the given report. 2. Core Viewpoint - The overall view on cotton is moderately bullish. The report indicates that the fundamentals, basis, market trends, and main positions all show positive signals. With the arrival of the traditional peak season of "Golden March and Silver April", along with a reduction in US tariffs and an improvement in Sino - US relations, textile exports are favored. The main contract of Zhengzhou cotton is about to shift to the 09 contract, with resistance around 15,700, and the center of gravity is slowly rising. The trading idea is slightly bullish with intraday fluctuations [4]. 3. Summary by Directory 3.1 Previous Day Review - No information provided on the previous day's review in the given report. 3.2 Daily Prompt - **Fundamentals**: ICAC predicts that global consumption in the 26/27 season will be 25 million tons and production will be 24.8 million tons. In 2026, the cotton planting area in Xinjiang is regulated, with an expected reduction of over 10%. USDA's March report shows that in the 25/26 season, production is 26.343 million tons, consumption is 25.817 million tons, and the ending inventory is 16.631 million tons. From January to February, textile and clothing exports were $50.45 billion, a year - on - year increase of 17.6%. China's cotton imports from January to February were 370,000 tons, a year - on - year increase of 41%; cotton yarn imports were 290,000 tons, an increase of 80,000 tons year - on - year. The Ministry of Agriculture's March forecast for the 25/26 season shows production of 6.64 million tons, imports of 1.4 million tons, consumption of 7.6 million tons, and ending inventory of 8.29 million tons [4]. - **Basis**: The national average price of spot 3128b cotton is 16,814, and the basis is 1,284 (for the 09 contract), with the spot price at a premium to the futures price [4]. - **Inventory**: The Ministry of Agriculture's forecast for the ending inventory in the 25/26 season in March is 8.29 million tons [4]. - **Market Trends**: The 20 - day moving average is upward, and the K - line is above the 20 - day moving average [4]. - **Main Positions**: The positions are bullish, the net long positions are increasing, but the main trend is not clear [4]. - **Expectations**: Textile exports were good from January to February. With the arrival of the traditional peak season of "Golden March and Silver April", along with a reduction in US tariffs and an improvement in Sino - US relations, textile exports are favored. The main contract of Zhengzhou cotton is about to shift to the 09 contract, with resistance around 15,700, and the center of gravity is slowly rising. The trading idea is slightly bullish with intraday fluctuations [4]. 3.3 Today's Focus - **Positive Factors**: In 2026, the cotton planting area in Xinjiang is regulated, with an expected reduction of over 10%. Downstream replenishment occurred before the Spring Festival. Tariffs on exports to the US have been reduced. Sino - US relations have improved. The traditional peak season of "Golden March and Silver April" has arrived [5]. - **Negative Factors**: Overall foreign trade orders have declined, and inventory has increased. A large amount of new cotton is on the market. Currently, it is in the traditional consumption off - season [6]. 3.4 Fundamental Data - **USDA Global Cotton Supply - Demand Forecast**: From 2021/22 to 2025/26, production has generally increased, and consumption has remained relatively stable. The ending inventory in 2025/26 is 16.631 million tons, a year - on - year increase of 4% [9][10]. - **Global Cotton Supply - Demand Balance Sheet (ICAC)**: In the 2026/27 season, production is expected to decrease by 4% to 24.8 million tons, mainly due to declines in Brazil and the US; consumption is expected to decrease by 0.7% to 25 million tons; the ending inventory is expected to decrease by 1% to 16.6 million tons; the inventory - to - consumption ratio is expected to decrease by 0.2 percentage points to 66.4%; the global cotton trade volume is expected to decrease by 2.2% to 9.6 million tons; the yield per unit area is expected to decrease by 1.6% to 822 kg/ha; the planting area is expected to decrease by 0.7% to 30.2 million hectares [11]. - **China's Cotton Data**: From 2024/25 to 2025/26, production is expected to increase from 5.62 million tons to 6.64 million tons, imports are expected to be 1.4 million tons, consumption is expected to be 7.6 million tons, and the ending inventory is expected to be 8.29 million tons. The domestic average price of 3128B cotton is expected to be in the range of 15,000 - 17,000 yuan/ton, and the Cotlook A Index is expected to be in the range of 75 - 100 cents/pound [13]. 3.5 Position Data - No information provided on position data in the given report.

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, although the domestic reduction of raw material PX has slowed down, overseas production cuts continue, and the valuation of TA itself is at a low level. With downstream filament production cuts and approaching the terminal restocking point, PX destocking is expected to be gradually realized. Attention should be paid to phased long - allocation opportunities [3] - For MEG, the supply side still has some production cuts, and the export/trans - shipment trade has increased recently. With the continuous blockade of Middle - East logistics, the arrival volume is expected to decline rapidly, and the short - term destocking speed will accelerate. The long - term balance sheet has high uncertainty, and it is advisable to wait and see [3] - For polyester staple fiber, the processing fee is compressed to a low level. Due to the wait - and - see attitude of the terminal and the obvious substitution effect of recycled materials, and the staple fiber itself still has the potential to increase production, the short - term upward driving force is not strong. Attention should be paid to whether there will be passive production cuts due to raw material supply restrictions [3] - For natural rubber and 20 - number rubber, the main strategy is to wait and see [3] Summary by Related Catalogs PTA - **Price and Index Changes**: From March 23 to 27, 2026, the PTA spot price increased by 165, the polyester gross profit decreased by 217, the PTA load decreased by 0.2, and the warehouse receipts + valid forecasts increased by 2196. The daily average transaction basis of PTA spot was 2605(-63) [3] - **Device Status**: There were no PTA device changes [3] - **Market Situation**: Near - term TA partial restart increased the load, and the polyester load decreased due to filament production cuts. The inventory increased, the basis strengthened slightly, and the spot processing fee was compressed [3] MEG - **Price and Index Changes**: From March 23 to 27, 2026, the MEG outer - disk price increased by 19, the MEG inner - disk price increased by 152, the MEG coal - making profit increased by 86.88, and the MEG inner - disk cash flow (ethylene) decreased by 47. The basis of MEG spot was around 05(-45) [3] - **Device Status**: The 200,000 - ton device of Henan Coal Industry restarted [3] - **Market Situation**: Near - term domestic oil - based production reduction slowed down, coal - based partial restart, the start - up rate increased, overseas production cuts continued, the arrival volume increased, and the port inventory increased. The overall arrival forecast volume decreased during the week, the basis was stable, and the coal - making and ethane - making benefits increased [3] Polyester Staple Fiber - **Price and Index Changes**: From March 23 to 27, 2026, the price of 1.4D cotton - type staple fiber remained unchanged, the short - fiber profit decreased by 192, and the pure - polyester yarn profit decreased by 50. The spot price was around 8318, and the market basis was around 06 - 50 [3] - **Device Status**: There were no device overhauls [3] - **Market Situation**: Near - term some enterprises increased the load, the start - up rate increased to 91.0%, the production and sales improved slightly, the inventory increased slightly, and the spot processing fee weakened. On the demand side, the start - up rate of polyester yarn remained stable, raw material inventory was maintained, the finished - product inventory increased, and the benefits weakened [3] Natural Rubber & 20 - Number Rubber - **Price and Index Changes**: From March 23 to 27, 2026, the US - dollar Thai standard spot price increased by 20, the Shanghai all - latex price increased by 70, and the RU main contract price increased by 50. The weekly changes of the US - dollar Thai standard spot price and the Shanghai all - latex price were 75 and 610 respectively [3] - **Market Situation**: The main strategy is to wait and see [3] Styrene - **Price and Index Changes**: From March 23 to 27, 2026, the ethylene (CFR Northeast Asia) price remained unchanged, the pure benzene (CFR China) price increased by 480, the styrene (CFR China) price increased by 65, and the EPS (East China ordinary material) price increased by 250 [7] - **Profit Changes**: The domestic profit of styrene remained at 136, the domestic profit of EPS was 840, the domestic profit of PS was - 508, and the domestic profit of ABS was - 926, with no daily changes [7]