对二甲苯：跟随油价反弹，PXN逢高空，PTA，多PX空PTA，单边趋势反弹，MEG，需求预期好转，短期有反弹

Report Industry Investment Rating - Not provided in the given content Core Views of the Report - PX is in a short - term volatile market. After PXN rises to $250/ton, factories are advised to hedge appropriately. There may be a load reduction in the later stage. PX supply and demand is slightly tight, and it has cost support from rising oil prices [7]. - PTA demand is expected to improve marginally, with a unilateral volatile market. Short positions should be reduced. New PTA devices are planned to start, and the overall profit of downstream polyester is rising [7]. - For MEG, short positions should be reduced. Pay attention to the restart of some devices and the possible unplanned maintenance of coal - based devices due to profit and coal price factors [7]. Summary by Category Futures Market - PX, PTA, MEG, PF, and SC futures all rose yesterday, with SC having the largest increase of 2.17%, and PF having the smallest increase of 1.09%. The price of PX1 - 5, PTA1 - 5, and MEG1 - 5 increased, while PF12 - 1 and SC11 - 12 decreased [2]. Spot Market - PX CFR China, PTA in East China, MEG spot, and Dated Brent all increased in price yesterday, with PX CFR China rising by $14/ton. The PX - naphtha spread increased by $6.34/ton, while PTA processing fee decreased by $7.3/ton [2]. Market Dynamics - PX was still strong in the afternoon. There were buy - side quotes for December floating prices +5, and January had transaction news at +2. A refinery in East China plans to shut down its 150 - million - ton reformer for maintenance later due to a fault. CNOOC Ningbo Daxie Petrochemical may cut production in November. China's PX imports in September decreased by 0.25% month - on - month, with imports from South Korea decreasing and those from Brunei and Japan increasing [3][5]. - PTA futures fluctuated upward today, with a general negotiation atmosphere in the spot market and weak spot basis. The mainstream spot basis was 01 - 88 [5]. - A new 80 - million - ton/year MEG device in South China plans to start trial production in early November, and a 90 - million - ton/year MEG device in East China has started maintenance today [6]. - The production and sales of polyester in Jiangsu and Zhejiang were highly differentiated, with an average of 7 - 80% by 3:30 pm. The production and sales of direct - spun polyester staple fiber were smooth, with an average of 138% by 3:00 pm [6]. Trend Intensity - The trend intensity of p - xylene, PTA, and MEG is all 1, indicating a neutral view [6].