对二甲苯：短期不追高，PTA：单边震荡市，不追高，MEG：供需格局改善，空单减持

Report Summary 1) Report Industry Investment Ratings - PX: Do not chase high prices in the short term; recommend closing long positions, shorting PXN on rallies, and going long MEG while shorting PX [1][6] - PTA: Sideways volatile market, do not chase high prices; recommend closing long positions [1][7] - MEG: Supply - demand pattern improves, reduce short positions; recommend going long MEG while shorting PX and taking profit on short and reverse - spread positions [1][7] 2) Core Viewpoints - PX: Although the PX - naphtha spread has improved and the profit margin of integrated producers is good, the domestic and Asian PX operating rates have increased. After the PXN reaches a high level and market hype factors are digested, the upward momentum of the short - term unilateral price weakens [3][6] - PTA: The PTA operating rate continues to decline, and the polyester device has a certain demand for it, maintaining a tight - balance pattern. However, the recent surge in the number of warehouse receipts indicates a weak supply - demand pattern and limited upward momentum [7] - MEG: Multiple MEG devices have reduced their loads or stopped production, and the supply is expected to shrink. The polyester device has a high operating rate, and the inventory structure is expected to reverse [7][8] 3) Summary by Relevant Catalogs Market Data - Futures Data: On November 24, the closing prices of PX, PTA, MEG, PF, and SC futures were 6772, 4680, 3884, 6242, and 447.9 respectively, with daily increases of 0.33%, 0.30%, 2.00%, 1.30%, and 0.11% [2] - Spot Data: On November 24, the spot prices of PX CFR China, PTA East China, MEG, naphtha MOPJ, and Dated Brent were 825.67 dollars/ton, 4625 yuan/ton, 3900 yuan/ton, 562.62 dollars/ton, and 63.66 dollars/barrel respectively [2] - Processing Fee Data: On November 24, the PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread were 261.8 dollars/ton, 195.49 yuan/ton, 203.75 yuan/ton, 57.31 yuan/ton, and - 4.34 dollars/ton respectively [2] Market Dynamics - PX: Asian PX prices rose on November 24, with CFR Unv1/China at 825.67 dollars/ton, and the PX - naphtha spread continued to improve. Market participants are generally optimistic about the PX outlook in the first half of 2026 [2][4] - Naphtha: On November 24, the C + F Japan naphtha index rose by 75 cents/ton to 562.625 dollars/ton [3] - PTA: A 2.5 - million - ton PTA device in East China is restarting and is expected to produce products soon [5] - MEG: On November 24, the MEG port inventory in the East China main port area was about 732,000 tons, remaining flat compared with the previous period [5] - Polyester: The sales of polyester yarn in Jiangsu and Zhejiang were weak over the weekend and on November 24, and the sales of direct - spinning polyester staple fibers on November 24 were average [5][6] Trend Intensity - PX trend intensity: 0 (neutral) - PTA trend intensity: 0 (neutral) - MEG trend intensity: 1 (slightly strong) [6] Operating Rates - PX: The domestic PX operating rate is 89.5% (+2.7%), and the Asian PX operating rate is 79.7% (+1.2%) [6] - PTA: The PTA operating rate has dropped to 72% (-3.7%) [7] - MEG: The coal - based MEG operating rate has dropped from 83% to 65%, and the domestic weekly supply of ethylene glycol is about 405,000 tons [7][8] - Polyester: The polyester device operating rate is maintained at around 91.3% [7][8]