对二甲苯：单边震荡市， PTA：关注反内卷会议结果，单边偏强，MEG：成本支撑，短期趋势偏强

Report Investment Rating - PX: Unilateral oscillating market [1] - PTA: Pay attention to the results of the anti - involution meeting, unilateral is relatively strong [1] - MEG: Cost - supported, short - term trend is relatively strong [1] Core Views - The trend intensity of PX, PTA, and MEG is all 1, indicating a neutral - to - slightly - bullish view [5] - For PX, go short on PXN at high levels. PX supply and demand both increase. Lock in profits when PXN is above 230 US dollars [5] - For PTA, the anti - involution policy creates supply contraction expectations. The market is in a positive feedback pattern, and PTA processing fees are expected to expand in the short term [5] - For MEG, due to rising coal prices, the cost support is strong, and it is expected to run strongly unilaterally. Consider a calendar spread long position [6] Market Dynamics Summary PX - End - of - day naphtha prices are weak, with November MOPJ currently estimated at 564 US dollars/ton CFR. PX prices rebounded today, with a December Asian spot deal at 820. The current PX valuation is 818 US dollars/ton, up 4 US dollars from yesterday [3] MEG - A 400,000 - ton/year MEG plant in Fujian has been restarted and is producing, with a subsequent load of around 90%. A 500,000 - ton/year MEG plant in Canada has also restarted [3] Polyester - The sales of polyester yarn in Jiangsu and Zhejiang are generally weak today, with an estimated average sales rate of just over 40% by 3:45 pm [3] Price and Spread Data Futures - PX, PTA, MEG, and PF futures prices rose, while SC futures prices fell slightly [2] - The month - spreads of PX, PTA, and MEG increased, while those of PF and SC decreased [2] Spot - PX and naphtha prices rose, MEG prices fell, and PTA prices remained unchanged [2] - PX - naphtha spread, short - fiber processing fee, and bottle - chip processing fee decreased, while PTA processing fee increased [2] Supply and Demand Outlook PX - Supply: Fushun Fushun Petrochemical's 1.4 - million - ton PX plant is gradually restarting, Saudi Satorp's 700,000 - ton plant's maintenance is postponed to November, and PTTG's 540,000 - ton plant will be under maintenance for about 50 days starting at the end of October [5] - Demand: Xin Fengming's new PTA plant has recently started operation [5] PTA - Supply: The anti - involution policy may lead to supply contraction [5] - Demand: Downstream orders are improving, polyester sales are getting better, and polyester load is expected to remain high in the coming months [5] MEG - Supply: Domestic supply is expected to contract marginally as Zhejiang Petrochemical plans to reduce its load in December and Sichuan Zheng Dakai plans to conduct maintenance in November. However, imports are increasing, and port inventories are expected to be high [6] - Demand: Not specifically mentioned in the report