对二甲苯：芳烃调油支撑估值，高位震荡市， PTA：需求尚可，供应压力仍存，高位震荡市，MEG：供应压力较大，趋势偏弱

Report Summary 1) Report Industry Investment Ratings - Not provided in the given content 2) Core Views of the Report - PX is expected to be relatively strong in the short - term due to overseas gasoline blending demand supporting the aromatics valuation. The domestic plant operating rate is at a new high, and attention should be paid to the impact of sanctions on short - flow plant operations. The cost - side aromatics gasoline blending demand supports a strong unilateral trend [11][12]. - PTA shows a strong - side oscillating market. The polyester load has rebounded more than expected, with fair rigid demand. The short - term operating rate has decreased, alleviating the inventory accumulation pressure in the first half of November. However, the future inventory accumulation pattern is clear, and the PTA processing fee should be shorted when it is above 300, with range - bound operations recommended [12]. - MEG has a large supply pressure, with the unilateral price hitting a new low. The operating rate of existing plants has increased, and the inventory at ports will accelerate accumulation from mid - November. The current price needs to test the cost line of coal - based plants, and the monthly spread should be shorted at high levels [13]. 3) Summary by Relevant Catalogs Market Dynamics - PX: On November 6, the PX price rose. The late - session physical goods for December were negotiated at 824/830 and January at 816/831, with no transactions. The PX valuation on that day was 826 dollars/ton, up 10 dollars from the previous day. Despite the weakening of crude oil prices, the Asian PX price increased due to tight supply fundamentals and positive sentiment in the downstream PTA market [3]. - PTA: A 1.1 - million - ton PTA plant in South China has stopped for maintenance, and the restart time is undetermined. The PTA load has been adjusted to 76.4% [8]. - MEG: As of November 6, the overall operating load of ethylene glycol in the Chinese mainland was 72.44% (down 3.76% from the previous period), and a 250,000 - ton/year MEG plant in Taiwan is planned to stop for maintenance at the end of this month [8]. - Polyester: A polyester chip plant has been under maintenance this week, and the domestic polyester load is around 91.5%. The overall theoretical operating load of domestic polyester industrial yarn is around 75%. The sales of direct - spun polyester staple fibers on November 6 were highly differentiated, and the sales of polyester yarn in Jiangsu and Zhejiang were partially strong [9]. Trend Intensity - PX trend intensity: 0 - PTA trend intensity: 0 - MEG trend intensity: - 1 [10] Futures and Spot Data | Futures | PX Main | PTA Main | MEG Main | PF Main | SC Main | | --- | --- | --- | --- | --- | --- | | Yesterday's Closing Price | 6820 | 4688 | 3924 | 6244 | 460.4 | | Change | 170 | 88 | 10 | 68 | - 3.3 | | Change Rate | 2.56% | 1.91% | 0.26% | 1.10% | - 0.71% | | Month Spread | PX1 - 5 | PTA1 - 5 | MEG1 - 5 | PF12 - 1 | SC11 - 12 | | Yesterday's Closing Price | 14 | - 62 | - 80 | - 34 | 1 | | Previous Day's Closing Price | - 8 | - 60 | - 91 | - 34 | - 1.9 | | Change | 22 | - 2 | 11 | 0 | 2.9 | | Spot | PX CFR China (USD/ton) | PTA East China (CNY/ton) | MEG Spot | Naphtha MOPJ | Dated Brent (USD/barrel) | | Yesterday's Price | 826 | 4540 | 3978 | 575.75 | 63.66 | | Previous Day's Price | 816 | 4510 | 3982 | 577.5 | 64.56 | | Change | 10 | 30 | - 4 | - 1.75 | - 0.9 | | Spot Processing Fee | PX - Naphtha Spread | PTA Processing Fee | Staple Fiber Processing Fee | Bottle Chip Processing Fee | MOPJ Naphtha - Dubai Crude Spread | | Yesterday's Price | 239.83 | 120.05 | 273.44 | 78.76 | - 4.34 | | Previous Day's Price | 243.71 | 162.45 | 263.33 | 59.77 | - 4.34 | | Change | - 3.88 | - 42.39 | 10.11 | 18.99 | 0 | [2]