对二甲苯：短期震荡市，反套持有，PTA：短期震荡市，MEG：1-5 反套持有

Report Investment Rating - PX: Short-term trading range, hold long PXN [8] - PTA: Short-term trading range, reduce short positions [9] - MEG: Hold 1-5 reverse spread [1] Core Viewpoints - PX is in a short-term trading range, with potential for PXN profit expansion due to factors like MX price changes, expected improvement in polyester consumption, and tight supply-demand. PTA's demand is expected to improve marginally, in a trading range, and short positions should be reduced. MEG's unilateral trend remains weak, with sufficient domestic supply and increasing inventory [8][9] Summary by Related Catalogs Market Dynamics - PX paper futures were slightly weak in the afternoon, with no valuation for physical goods due to the Singapore holiday. PTA futures oscillated downward in the morning, with stable spot basis in the morning and weakening in the afternoon. A 400,000-ton/year MEG plant in Guangdong restarted, while a 400,000-ton/year MEG plant in Fujian began maintenance [4] Futures and Spot Data - PX主力昨日收盘价6268, down 24 (-0.38%); PTA主力4384, down 18 (-0.41%); MEG主力4003, unchanged; PF主力6028, down 8 (-0.13%); SC主力435.8, up 0.8 (0.18%). PX CFR China was 782.67 dollars/ton (-3.5), PTA in East China was 4325 yuan/ton (-15), MEG spot was 4094 (-2), etc [2] Trend Intensity - PX, PTA, and MEG all have a trend intensity of -1, indicating a bearish view [7] Supply and Demand Analysis - PX supply is tight with some domestic and Asian plants under maintenance, while PTA demand may improve with new device startups. MEG domestic supply is sufficient and inventory is accumulating [8][9] Polyester Market - A 250,000-ton polyester plant in Fujian plans to restart on October 25. Jiangsu and Zhejiang polyester filament sales were average today (5 - 60% by 3:30 pm) and weak on the weekend (3 - 40% average). Direct-spun polyester staple fiber sales were okay today (77% average by 3:00 pm) [6]