对二甲苯：资金市，单边价格继续上涨 PTA：单边趋势偏强 MEG：空头减仓离场，单边价格大幅上涨

Report Industry Investment Rating No relevant content provided. Core Viewpoints - PX, PTA, and MEG all show a strong unilateral trend. For PX, due to macro - policies, it is favored by funds. Although its future supply is expected to be loose, the short - term trend is still strong. For PTA, under the macro - policy, it is also favored by funds, with future supply and demand both weakening and turning to inventory accumulation, but the downside space of the unilateral price is limited. For MEG, with the sharp rise in overseas natural gas prices, short - sellers cut their positions. Although the supply pressure is large, the basis and spread are expected to be strong [1][8][9][10]. Summary by Related Catalogs Futures Market - PX: The closing price of the PX main contract yesterday was 7468, up 262 or 3.64% from the previous day. The PX5 - 9 spread was 48, up 6 from the previous day [2]. - PTA: The closing price of the PTA main contract yesterday was 5298, up 144 or 2.79% from the previous day. The PTA5 - 9 spread was 34, down 10 from the previous day [2]. - MEG: The closing price of the MEG main contract yesterday was 3847, up 158 or 4.28% from the previous day. The MEG5 - 9 spread was - 103, up 14 from the previous day [2]. - PF: The closing price of the PF main contract yesterday was 6640, up 144 or 2.22% from the previous day. The PF3 - 4 spread was - 48, down 8 from the previous day [2]. - SC: The closing price of the SC main contract yesterday was 446.4, up 5.6 or 1.27% from the previous day. The SC2 - 3 spread was - 1, down 0.4 from the previous day [2]. Spot Market - PX: The PX CFR China price yesterday was 906.67 dollars/ton, up 18.34 dollars/ton from the previous day. The PX - naphtha spread was 330.5, up 4.42 from the previous day [2]. - PTA: The PTA price in East China yesterday was 5157 yuan/ton, up 72 yuan/ton from the previous day. The PTA processing fee was 309.31, down 70.31 from the previous day [2]. - MEG: The MEG spot price yesterday was 3678 yuan/ton, up 97 yuan/ton from the previous day [2]. - Naphtha: The MOPJ naphtha price yesterday was 567 dollars/ton, up 8.5 dollars/ton from the previous day. The MOPJ naphtha - Dubai crude oil spread was - 4.34, unchanged from the previous day [2]. - Brent: The Dated Brent price yesterday was 65.78 dollars/barrel, down 1.65 dollars/barrel from the previous day [2]. Industry Fundamentals - PX: On January 22, Asian xylene prices continued to strengthen. Platts evaluated the Asian paraxylene UNV1/China and FOB South Korea marks at 906.67 dollars/ton and 885.67 dollars/ton respectively, both up 18.34 dollars/ton from the 21st. The domestic PX plant operating rate increased to 89.6% (1.3%), with only Sinochem Quanzhou under maintenance. Overseas, some PX plants plan to restart, and some are under maintenance. The overseas import in December is expected to be over 950,000 tons. The downstream PTA plant operating rate is maintained at about 76.9% [3][5][8]. - PTA: This week, there is no significant change in PTA plants. The PTA load on Thursday is 76.6%, and the operating rate calculated by PTA daily output/(domestic PTA capacity/365) is around 82.7%. In December 2025, China's PTA exports increased by 1% month - on - month to 361,934 tons. India's demand continued to grow, and exports to Pakistan increased, while exports to Vietnam and Egypt decreased [5][6]. - MEG: As of January 22, the overall operating load of ethylene glycol in the Chinese mainland is 73.04% (down 1.39% from the previous period), and the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) is 79.40% (down 0.81% from the previous period). A 450,000 - ton/year ethylene glycol plant in Saudi Arabia has stopped for maintenance and is expected to restart around the end of February and early March [6]. - Polyester: This week, a filament plant and a chip plant restarted, while a bottle - chip plant and four filament plants stopped for maintenance. The overall polyester load decreased. As of Thursday, the polyester load in the Chinese mainland is around 86.7%. The operating load of major domestic polyester industrial yarn manufacturers is basically maintained at around 75%. A 500,000 - ton/year polyester bottle - chip plant in South China has recently stopped for maintenance. On January 22, the sales of direct - spun polyester staple fiber were smooth, with an average sales - to - production ratio of 118%. The sales - to - production ratio of polyester yarn in Jiangsu and Zhejiang on January 22 was generally good, with an average sales - to - production ratio of about 7 - 80% [6][7].