对二甲苯：聚酯龙头股大幅上行带动盘面上涨，PTA：做缩加工费，MEG：估值下方空间有限

Report Summary 1. Report's Industry Investment Rating - Not mentioned in the provided content. 2. Core Views of the Report - PX: Polyester leading stocks' rise drives PX and PTA prices up. Before the Spring Festival, the downside price space is limited, but there is pressure after the festival. Future PX supply - demand is expected to weaken gradually. Consider long - PX short - PTA and long - MX short - PX hedges [8]. - PTA: Polyester leading stocks' rise leads to PTA price rebound. Focus on reducing processing fees. Future supply and demand are both weak, and it turns into a stock - building pattern [9]. - MEG: It is in a range - bound market with limited downside space. Pay attention to basis and 5 - 9 calendar spreads. Supply pressure is still large, but considering basis, calendar spreads, and potential spring maintenance, the downside is restricted [10]. 3. Summary by Related Catalogs Market Price Data - Futures Prices: PX主力昨日收盘价7232元，涨126元，涨幅1.77%；PTA主力昨日收盘价5144元，涨114元，涨幅2.27%；MEG主力昨日收盘价3674元，跌81元，跌幅2.16%；PF主力昨日收盘价6494元，涨96元，涨幅1.50%；SC主力昨日收盘价437元，跌0.4元，跌幅0.09% [2]. - Spot Prices: PX CFR中国昨日价格888美元/吨，较前日涨9美元；PTA华东昨日价格5010元/吨，较前日涨38元；MEG现货昨日价格3595元/吨，较前日跌43元；石脑油MOPJ昨日价格549美元/吨，较前日涨0.5美元；Dated布伦特昨日价格68美元/桶，较前日涨0.69美元 [2]. - Spot Processing Fees: PX - 石脑油价差昨日价格330.5美元/吨，较前日涨4.42美元；PTA加工费昨日价格309.31元/吨，较前日跌70.31元；短纤加工费昨日价格120.64元/吨，较前日跌21.37元；瓶片加工费昨日价格149.42元/吨，较前日涨47.24元；MOPJ石脑油 - 迪拜原油价差昨日价格 - 4.34美元/吨，与前日持平 [2]. Fundamental Information - PX: On January 20, PX prices rose. The estimated price of MOPJ in February is 546 dollars/ton CFR. Three Asian spot transactions in March were all at 887. The estimated PX price on January 20 was 888 dollars/ton, up 9 dollars from January 19. The domestic PX plant operating rate increased to 89.6% (+1.3%), and only Sinochem Quanzhou is under maintenance. Some overseas PX plants plan to restart or are under maintenance, and the overseas import in December is expected to be over 950,000 tons [3][8]. - PTA: The PTA plant operating rate is maintained at about 76.9%. The Yisheng New Materials' 3.6 million - ton PTA plant is under maintenance. Polyester production reduction plans increase, and the operating rate drops rapidly this week [8][9]. - MEG: From January 19 to January 25, the planned arrival quantity at major ports is about 205,000 tons. The domestic ethylene glycol operating rate is 74.4%, and the coal - based operating rate is 80.2% (+1.6%). Some plants adjust their loads, and some are under maintenance. Polyester filament manufacturers increase maintenance efforts, and the polyester load in February is expected to drop to 82 - 83% [6][10]. - Polyester: A 400,000 - ton polyester plant in Shaoxing and a 500,000 - ton polyester plant in Ningbo are under planned maintenance and will restart in early March. A 50,000 - ton polyester plant in Shaoxing restarted on January 20. On January 20, the sales of direct - spun polyester staple fibers improved, with an average sales - to - production ratio of 102%. The sales - to - production ratio of Jiangsu and Zhejiang polyester filaments was weak, with an estimated average of 40 - 50% [6][7]. Trend Intensity - PX trend intensity: 1 - PTA trend intensity: 1 - MEG trend intensity: 0 [7]