对二甲苯：高位震荡市，PTA，油价回调，估值回落，MEG，短期震荡市

Group 1: Report Industry Investment Ratings - No relevant content provided Group 2: Core Views of the Report - PX is in a high - level volatile market, and PXN should be shorted at high levels. PXN above 230 US dollars should lock in profits at high levels [1][5] - PTA's unilateral upside is expected to be limited, but its processing fees are expected to expand in the short term [1][6] - MEG is in a short - term volatile market, and its upside is expected to be limited [1][6] Group 3: Summary by Related Catalogs Market Dynamics - PX: The price of naphtha was stagnant at the end of the session. Today's PX price remained weak, with an Asian spot in January traded at 813. The estimated PX price today is 817 US dollars/ton, down 1 US dollar from yesterday [3] - PTA: Yisheng Dalian's 3.75 - million - ton plant slightly reduced its load, and the PTA load was adjusted to around 78% by Thursday. Dushan Energy's 3 - million - ton Phase 4 PTA plant started production in mid - October and is currently operating on two lines. The current PTA operating rate is around 83.7% [3] - MEG: As of October 30, the overall operating load of ethylene glycol in the Chinese mainland was 76.19% (a 2.91% increase from the previous period), and the operating load of ethylene glycol produced by the oxalic acid catalytic hydrogenation method (syngas) was 83.44% (a 1.23% increase from the previous period) [3] - Polyester: A polyester plant restarted after maintenance this week, and the polyester load increased. As of Thursday, the polyester load in the Chinese mainland was around 91.7% [5] Futures and Spot Data - Futures: The closing prices of PX, PTA, MEG, PF, and SC futures all declined yesterday, with declines of - 0.96%, - 1.42%, - 1.66%, - 1.02%, and - 0.80% respectively [2] - Spot: The prices of PX CFR China, PTA in East China, and MEG spot all decreased yesterday, while the price of naphtha MOPJ increased, and the price of Dated Brent decreased [2] - Spot Processing Fees: The PX - naphtha spread, short - fiber processing fee, and bottle - chip processing fee decreased yesterday, while the PTA processing fee increased, and the MOPJ naphtha - Dubai crude oil spread remained unchanged [2] Trend Intensity - The trend intensities of PX, PTA, and MEG are all 0, indicating a neutral trend [5] Views and Suggestions - PX: This week, there were few changes in PX plants. The domestic plant operating rate was 85.9% (+1%), and the Asian overall load operating rate was 78.5% (+0.5%). Fushun Dahua's 1.4 - million - ton plant will gradually restart, Saudi Satorp's 700,000 - ton plant's maintenance was postponed to November, and PTTG's 540,000 - ton plant will be under maintenance for about 50 days at the end of October [5] - PTA: The anti - involution meeting of PTA factories had no substantial results. The industrial chain has entered a positive feedback pattern. The downstream loom order index has rebounded, and the polyester production and sales have improved. The expected polyester loads for October, November, and December are 91.5%, 91%, and 90% respectively [6] - MEG: Zhejiang Petrochemical plans to reduce its load in December, and Sichuan Zheng Dakai plans to conduct maintenance in November, resulting in a marginal contraction of domestic supply. The arrival at ports increased significantly this week, and port inventories are expected to be high [6]