对二甲苯：高位震荡市PTA：高位震荡市MEG：上方空间有限，中期仍有压力

1. Report Industry Investment Ratings - PX: High-level volatile market [1][5] - PTA: High-level volatile market [1][6] - MEG: Limited upside space and medium-term pressure [1][7] 2. Core Views - PX is expected to maintain a high-level volatile market with supply increasing and demand decreasing, and attention should be paid to position management before the holiday [5] - PTA will also stay in a high-level volatile market. Supply is rising while demand decline is limited. It maintains inventory reduction, which is beneficial for the performance of monthly spreads and basis [6] - MEG's port inventory is accumulating again and the trend remains weak. Although the inventory accumulation expectation has marginally improved, it is mainly for range trading [7] 3. Summaries by Relevant Catalogs Market Data - Futures Data: PX, PTA, MEG, PF, and SC futures had different closing prices, price changes, and price change rates on the previous day. For example, PX futures closed at 7316 with a price increase of 46 and a rate of 0.63% [2] - Monthly Spread Data: The monthly spreads of PX, PTA, MEG, PF, and SC also had price changes compared to the previous day. For instance, the PX1 - 5 monthly spread closed at -28, up 38 from the previous day [2] - Spot Data: PX CFR China, PTA in East China, MEG spot, etc. had price changes. PX CFR China rose from 892.33 to 894.33 dollars/ton [2] - Spot Processing Fee Data: The processing fees of PX - naphtha, PTA, short - fiber, etc. also changed. The PX - naphtha spread increased by 16 dollars/ton [2] Market Dynamics - PX: Naphtha prices rose at the end of the session. PX prices increased, with three March Asian spot transactions at 895, 895, and 894 dollars/ton. The PX valuation was 894 dollars/ton, up 3 dollars from the previous day [3] - MEG: A 200,000 - ton/year syngas - to - ethylene glycol plant in Guangxi restarted recently but has not produced yet. The planned arrival quantity at major ports from December 29 to January 4 is about 107,000 tons [3] - Polyester: The sales of polyester yarn in Jiangsu and Zhejiang were generally weak, with an estimated average sales rate of 30 - 40% by 4 pm. The average sales rate of direct - spun polyester staple fiber was 55% by 3 pm [5] Trend Intensity - The trend intensities of PX, PTA, and MEG are all 0, indicating a neutral view [5] Views and Suggestions - PX: It is in a high - level volatile market. Supply is marginally looser with some domestic and overseas device changes. Demand is decreasing as PTA device operating rate drops. Future 1 - 2 months' maintenance plans may expand, and attention should be paid to position management before the holiday [5] - PTA: It is in a high - level volatile market. Supply is increasing with some device restarts. Demand decline is limited, and it maintains inventory reduction. Attention should be paid to subsequent production reduction plans and position management before the holiday [6] - MEG: The port inventory is accumulating, and the trend is weak. Supply reduction is only in the expected stage, and demand is decreasing. Although the inventory accumulation expectation has marginally improved, it is mainly for range trading [7]