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，多 MEG 空 PX

Report Summary 1. Investment Ratings - PX: Short-term, avoid chasing high prices [1] - PTA: In a unilateral volatile market, avoid chasing high prices [1] - MEG: Supply-demand pattern improves, reduce short positions, go long MEG and short PX [1] 2. Core Views - PX: Close long positions, go long MEG and short PX, pay attention to calendar spread reverse arbitrage positions [6] - PTA: At a high valuation level, close long positions, go long MEG and short PTA for hedging [6] - MEG: At a low price level, supply is expected to shrink, the supply-demand balance sheet improves, close short positions and reverse arbitrage, go long MEG and short PX for hedging [6] 3. Summary by Relevant Catalogs Market Dynamics - PX: Naphtha prices fell at the end of the session. On November 26, PX prices rose, with a January Asian spot deal at $828. The PX-naphtha spread is widening. Downstream polyester demand is normal, with the overall operating rate of Chinese polyester fibers at 91.30% as of November 20, and the weaving industry's operating rate dropping from 88% to 87% [3][4] - MEG: On November 15, several units of Huajin Aramco's project achieved mechanical completion. An Anhui 300,000-ton/year syngas-to-ethylene glycol unit is restarting and expected to produce normally this weekend [4][5] - Polyester: An Indonesian company plans to build a 720,000-ton/year polyester bottle chip plant. On November 26, the sales of Jiangsu and Zhejiang polyester yarns and direct-spun polyester staple fibers declined [5] Trend Intensity - PX trend intensity: -1 - PTA trend intensity: -1 - MEG trend intensity: 0 [6] Price and Spread Data | Futures | PX | PTA | MEG | PF | SC | | --- | --- | --- | --- | --- | --- | | Yesterday's closing price | 6774 | 4684 | 3896 | 6264 | 445 | | Change | 56 | 28 | 23 | 30 | -3.6 | | Change rate | 0.83% | 0.60% | 0.59% | 0.48% | -0.80% | | Month spread | PX1 - 5 | PTA1 - 5 | MEG1 - 5 | PF12 - 1 | SC11 - 12 | | Yesterday's closing price | -30 | -44 | -73 | -116 | 1.2 | | Previous day's closing price | -34 | -50 | -88 | -60 | 0.7 | | Change | 4 | 6 | 15 | -56 | 0.5 | | Spot | PX CFR China ($/ton) | PTA East China (yuan/ton) | MEG spot | Naphtha MOPJ | Dated Brent ($/barrel) | | Yesterday's price | 829 | 4647 | 3910 | 557.62 | 63.55 | | Previous day's price | 825.67 | 4635 | 3918 | 560.88 | 62.84 | | Change | 3.33 | 12 | -8 | -3.25 | 0.71 | | 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 | 261.8 | 195.49 | 203.75 | 57.31 | -4.34 | | Previous day's price | 259.7 | 174.59 | 209.88 | 67.53 | -4.34 | | Change | 2.09 | 20.9 | -6.12 | -10.22 | 0 | [2]