对二甲苯：单边偏强，月差反套，PTA：单边趋势偏强，MEG：趋势仍偏强

1. Report Industry Investment Rating - The investment ratings for PX, PTA, and MEG are all "trending strongly" [1] 2. Core Views of the Report - PX has a medium - term unilateral upward trend, with more pre - holiday corrections and a 3 - 5 reverse spread operation due to supply relaxation and a focus on the capital side, and the unilateral price remains strong due to downstream pre - spring demand [4] - PTA has a unilateral upward trend, with more pre - holiday corrections. Future supply and demand will be weak, leading to a stock - building situation. There is support around the 5100 - 5200 range, and the processing fee should be shorted on rallies [5] - MEG should be bought on dips and traded in the 3800 - 4200 range. Supply pressure is high, but the downside is limited, and the short - term trend is still strong [5] 3. Summary by Relevant Catalogs 3.1 Futures Market - PX: The closing price of the PX主力 was 7376, down 254 or 3.33%. The PX5 - 9 spread closed at 56, down 6 from the previous day [2] - PTA: The closing price of the PTA主力 was 5258, down 180 or 3.31%. The PTA5 - 9 spread closed at 16, down 14 from the previous day [2] - MEG: The closing price of the MEG主力 was 3938, down 56 or 1.40%. The MEG5 - 9 spread closed at - 92, up 5 from the previous day [2] - PF: The closing price of the PF主力 was 6662, down 164 or 2.40%. The PF3 - 4 spread closed at - 46, up 4 from the previous day [2] - SC: The closing price of the SC主力 was 446.7, down 10.6 or 2.32%. The SC2 - 3 spread closed at 8.3, up 12.6 from the previous day [2] 3.2 Spot Market - PX: The PX CFR China price was 902.67 dollars/ton, down 27 dollars/ton from the previous day. The PX - naphtha price difference was 357.42 dollars/ton, up 17.75 dollars/ton from the previous day [2] - PTA: The PTA East China price was 5220 yuan/ton, down 130 yuan/ton from the previous day. The PTA processing fee was 415.64 yuan/ton, up 51.69 yuan/ton from the previous day [2] - MEG: The MEG spot price was 3827 yuan/ton, down 58 yuan/ton from the previous day [2] - Naphtha: The MOPJ naphtha price was 568.5 dollars/ton, down 4.75 dollars/ton from the previous day. The MOPJ naphtha - Dubai crude oil price difference was - 4.34 dollars/barrel, unchanged from the previous day [2] - Brent: The Dated Brent price was 69.08 dollars/barrel, up 1.27 dollars/barrel from the previous day [2] 3.3 Fundamental Data - PX: An 800,000 - ton PX plant in South China is restarting and expected to produce products soon. The PX spot price dropped significantly on January 27, and the 2 - month MOPJ naphtha price was around 563 dollars/ton CFR [3] - MEG: From January 26 to February 1, the planned arrival quantity at the main ports was about 147,000 tons [3] - Polyester: On January 27, the sales of polyester yarn in Jiangsu and Zhejiang were weak, with an average sales rate of about 30%. The sales of direct - spun polyester staple fibers were highly differentiated, with an average sales rate of 68% [3][4]