对二甲苯：PXN再创新高，PTA：成本支撑偏强，MEG：区间震荡市

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - PX has a supply gap due to high polyester operation rates, and its profit hits a new high. The market is bullish, and PXN reaches a new peak [8]. - PTA's valuation continues to rise due to tight PX supply - demand on the cost side and high polyester operation rates. It is recommended to operate in the 4500 - 4800 range and exit the 5 - 9 calendar spread [8]. - MEG is in a range - bound market as the increase in supply cannot change the future inventory build - up pattern [8]. 3. Summary by Related Catalogs Market Dynamics - PX: On December 18, 2025, the PX price rises. The PX - naphtha price spread reaches a new high in 2025. Higher margins may incentivize producers to increase output, but most Asian producers are cautious in the short term [3][5]. - PTA: Some PTA producers outside China are struggling to secure 2026 regular contracts. In mainland China, an Ineos 1.25 - million - ton PTA unit reduces operation and may shut down, with the PTA load at 73.2% as of Thursday [6]. - MEG: As of December 18, the overall ethylene glycol operation rate in mainland China rises to 71.97%, and the operation rate of ethylene glycol produced by oxalic acid catalytic hydrogenation method increases to 75.46% [6]. - Polyester: A filament unit of Sanfangxiang experiences a minor issue during the feeding process, delaying production. The domestic polyester load in mainland China remains around 91.2% as of Thursday [7]. Trend Intensity - The trend intensities of p - xylene, PTA, and MEG are all 1, indicating a neutral view [8]. Price and Margin Data - Futures: PX, PTA, PF, and SC futures prices rise, with PTA having the highest daily increase rate of 1.37%. MEG futures rise slightly by 0.24% [2]. - Spot: PX, PTA, and naphtha spot prices rise, while MEG spot price falls. The PX - naphtha spread is 282.92 dollars/ton [2]. - Processing Margin: The PX - naphtha spread increases by 1.5 dollars/ton, while PTA and short - fiber processing margins decrease [2].