对二甲苯：PXN持续走扩，高位震荡市PTA：单边高位震荡市MEG：多MEG空PTA持有

Report Summary 1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - PX: The PXN continues to widen and is in a high - level volatile market. Hold the strategy of going long on PX and short on BZ, and engage in a 5 - 9 calendar spread. There is an expected contraction in PX supply due to planned maintenance, while PTA demand is rising. However, the end of the overseas gasoline squeeze and the decline in MX blending fuel may impact PX valuation [1][4]. - PTA: It is in a high - level volatile market. Hold the strategy of going long on PX and short on PTA, and engage in a 5 - 9 calendar spread. The cost is supported by PX, but there may be a negative feedback from the terminal market from late December to early January [1][5]. - MEG: The holding willingness is decreasing, and the price fluctuates in the range of 3800 - 4000. Hold the strategy of going long on MEG and short on PTA. The overall supply of ethylene glycol is tightening, with expected declines in imports and port inventories [1][5]. 3. Summary by Related Catalogs Market Data - Futures Prices: PX, PTA, and MEG futures prices showed different changes. PX closed at 6912 with a - 0.26% change, PTA at 4752 with a - 0.21% change, and MEG at 3877 with a - 0.13% change [2]. - Spot Prices: PX CFR China was at 850.67 dollars/ton, PTA in East China was at 4720 yuan/ton, and MEG spot was at 3876 yuan/ton. PX and PTA prices increased, while MEG decreased [2]. - Processing Fees: PX - naphtha spread was 265.33 dollars/ton, PTA processing fee was 159.83 yuan/ton. The PX - naphtha spread increased, while the PTA processing fee decreased [2]. Market Dynamics - PX: The prices of toluene and xylene in East China were stable in the afternoon. The PX price rose, with a 1 - month Asian spot trading at 849 dollars/ton [2]. - MEG: A 400,000 - ton/year MEG plant in South China plans to shut down for maintenance next week for about 10 days [3]. - Polyester: The sales of polyester filaments in Jiangsu and Zhejiang were weak, with an average sales rate of about 50% by 3:30 pm. The sales of direct - spun polyester staple fibers declined moderately, with an average sales rate of 61% by 3:00 pm [3][4]. Trend Intensity - The trend intensities of PX, PTA, and MEG are all 0, indicating a neutral trend [4]. Views and Suggestions - PX: Hold the long PX and short BZ strategy and 5 - 9 calendar spread. PX supply is expected to shrink due to planned maintenance, while PTA demand is increasing. The PX - MX spread is widening, and PXN has risen significantly [4]. - PTA: Hold the long PX and short PTA strategy and 5 - 9 calendar spread. The cost is supported by PX, but there may be a negative feedback from the terminal market [5]. - MEG: The price fluctuates between 3800 - 4000, and focus on the calendar spread. Hold the long MEG and short PTA strategy. The overall supply of ethylene glycol is tightening, with expected declines in imports and port inventories [5].