对二甲苯：单边震荡市，不追高PTA：单边震荡市，不追高MEG：供应压力仍存，趋势偏弱

Report Summary 1. Investment Ratings - PX: Sideways volatile market, do not chase high prices [2] - PTA: Sideways volatile market, do not chase high prices [2] - MEG: Supply pressure remains, trend is weak [2] 2. Core Views - PX: Overseas gasoline is in short supply, inventories are at low levels, and the strong cracking spread may last until the end of November, driving PX valuation. However, downstream marginal demand is weakening, and supply is at a high level, so the upside space may be limited. Do not chase high prices and maintain reverse arbitrage operations for the monthly spread [9]. - PTA: The upside space may be limited, do not chase high prices. Domestic e - commerce orders for weaving have decreased, new orders are weakening, and the operating rate has dropped. Polyester load has decreased in the short - term but is expected to recover. PTA load has been adjusted, and there are plans for future maintenance and restarts. It is recommended to maintain 1 - 5 reverse arbitrage operations [10]. - MEG: The medium - term trend is weak. Short positions can be established on rallies, and reverse arbitrage operations for the monthly spread should be maintained. Supply is expected to return, imports are relatively high, inventories are increasing, and there is a supply - demand surplus in December, so there is insufficient driving force for a unilateral rise [11]. 3. Summary by Related Catalogs Market Dynamics - PX: The price of naphtha rebounded at the end of the session. PX prices fell today, with no transactions in the 1 - 2 month negotiations. Platts - assessed Asian PX prices declined, and the PX - naphtha spread narrowed. South Korea's PX exports increased in October, with China being the largest buyer [5][7]. - MEG: A 300,000 - ton/year synthetic gas - to - ethylene glycol plant in Inner Mongolia is expected to restart soon. There are also maintenance and restart plans for other ethylene glycol plants in Jiangsu and Sichuan. The planned arrival volume at major ports from November 17th to 23rd is about 111,000 tons [7][8]. - Polyester: The sales of direct - spun polyester staple fiber are average, with an average production - sales ratio of 45%. The production - sales ratio of polyester yarn in Jiangsu and Zhejiang is weak, with an average of 30% - 40% [8]. Trend Intensity - PX trend intensity: 0 - PTA trend intensity: 0 - MEG trend intensity: 0 The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [9]. Price and Spread Data | Futures | PX Main | PTA Main | MEG Main | PF Main | SC Main | | --- | --- | --- | --- | --- | --- | | Yesterday's Closing Price | 6768 | 4670 | 3907 | 6188 | 458.8 | | Change | - 28 | - 22 | - 31 | - 42 | - 0.4 | | Change Rate | - 0.41% | - 0.47% | - 0.79% | - 0.67% | - 0.09% | | Monthly Spread | PX1 - 5 | PTA1 - 5 | MEG1 - 5 | PF12 - 1 | SC11 - 12 | | Yesterday's Closing Price | - 8 | - 56 | - 90 | - 42 | 1.4 | | Previous Day's Closing Price | - 24 | - 64 | - 85 | - 46 | 0.7 | | Change | 16 | 8 | - 5 | 4 | 0.7 | | Spot | PX CFR China ($/ton) | PTA East China (Yuan/ton) | MEG Spot | Naphtha MOPJ | Dated Brent ($/barrel) | | Yesterday's Price | 827 | 4605 | 3955 | 568.5 | 63.55 | | Previous Day's Price | 831 | 4619 | 3975 | 571.25 | 63.66 | | Change | - 4 | - 14 | - 20 | - 2.75 | - 0.12 | | Spot Processing Fee | PX - Naphtha Spread | PTA Processing Fee | Short - Fiber Processing Fee | Bottle - Chip Processing Fee | MOPJ Naphtha - Dubai Crude Spread | | Yesterday's Price | 254.67 | 189.82 | 193.78 | 45.72 | - 4.34 | | Previous Day's Price | 256.67 | 147.41 | 206.69 | 74.51 | - 4.34 | | Change | - 2 | 42.41 | - 12.91 | - 28.8 | 0 | [4]