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：库存大幅上升，单边趋势偏弱

Report Industry Investment Rating No relevant content provided. Core Viewpoints - PX is expected to be relatively strong in the short - term due to overseas blending demand supporting aromatics valuation, with a high domestic plant operating rate, and attention should be paid to the impact of sanctions on short - process plant operations [9]. - PTA price will be in a strong - side oscillating market, with processing fees sold short on rallies. The supply reduction due to industry anti - involution is attracting attention, and the future inventory build - up pattern is clear [9]. - MEG has a large supply pressure with rising inventory, showing a weak unilateral trend, and month - spread should be reverse - arbitraged on rallies [10]. Summary by Relevant Catalogs Market Dynamics - PX futures prices on the Zhengzhou Commodity Exchange have risen significantly day by day. Although the morning session increase was nominal, PX and PTA futures prices rose sharply in the afternoon session. The physical PX market activity is light [2][3]. - The contango between December and January has further widened. The PTA demand may slow down slightly, affecting the near - term PX purchase interest [5]. - A 100 - million - ton PTA plant in the southwest was shut down for maintenance last weekend as planned and is expected to restart in December [5]. - From November 3rd to November 9th, the average daily shipments of MEG in a major warehouse in Zhangjiagang were about 4,500 tons, and about 6,000 tons in two major warehouses in Taicang [5]. - The MEG port inventory in the main ports of East China is about 661,000 tons, a significant increase compared to the previous period [6]. - Two 30 - million - ton polyester bottle - chip plants in South China were shut down for maintenance today and are expected to restart in late December. A 60 - million - ton polyester bottle - chip plant in East China is planned to restart this weekend [6]. - The sales of direct - spun polyester staple fiber are highly differentiated, with an average sales - to - production ratio of 72% as of 3:00 pm [6]. - The sales of polyester yarn in Jiangsu and Zhejiang are generally weak, with an estimated average sales - to - production ratio of just over 30% as of 3:30 pm [7]. Trend Intensity - PX trend intensity is 0, indicating a neutral trend [8]. - PTA trend intensity is 0, indicating a neutral trend [8]. - MEG trend intensity is - 1, indicating a weak trend [8]. Views and Suggestions - For PX, the overseas blending demand supports the aromatics valuation, and it is relatively strong in the short - term. The domestic plant operating rate reaches a new high, and the impact of sanctions on short - process plant operations needs continuous attention [9]. - For PTA, the market focuses on supply reduction due to anti - involution, with a strong - side oscillating price. Processing fees should be sold short on rallies. The future inventory build - up pattern is clear, and positive spreads have limited upward space [9]. - For MEG, with inventory rising to 660,000 tons, the supply pressure is large, showing a weak unilateral trend. Month - spreads should be reverse - arbitraged on rallies. Multiple domestic plants have different operating statuses, and the supply pressure will increase from mid - November [10].