对二甲苯：高位震荡市，月差偏弱，PTA：高位震荡市，MEG：区间操作

1. Report Industry Investment Ratings - PX: High-level shock market before the holiday, with a bearish view on the monthly spread [7] - PTA: Range-bound shock market, with a bearish view on the monthly spread [8] - MEG: Range-bound shock market, operate within the range of 3700 - 4000 [9] 2. Core Views - The overall market of PX, PTA, and MEG is in a state of high-level or range-bound shock, with varying degrees of bearishness on spreads and a general trend of inventory accumulation [7][8][9] 3. Summary of Relevant Catalogs PX - Price and Market Conditions: On February 3, the PX price rebounded, with multiple spot transactions. The PX valuation was 897 dollars/ton, up 6 dollars from the previous day. The PX-石脑油 spread in January averaged 342.17 dollars/ton, higher than that in December. The PX futures closed higher, and the buying interest in CFR Unv1/China goods in March and April was strong [2][4] - Fundamentals: The upstream performance was mixed. The domestic PX device restarted, and the domestic device operating rate rose to 89.2%. The Asian device operating rate was 81.6% (+1%). The PTA operating rate remained unchanged at 76.6%. The PX entered the inventory accumulation pattern, and the monthly import volume in the first quarter increased to about 900,000 tons [7] - Trading Suggestions: High-level shock market before the holiday, monthly spread anti-arbitrage. Try shorting PTA processing fees when they are above 450 [7] PTA - Price and Market Conditions: The PTA spot price fell to 5080 yuan/ton, with a weak basis and light trading volume after the price increase [5][8] - Fundamentals: The polyester operating rate was expected to be 88% in January, 80.5% in February, and 91% in March. The current polyester inventory was neutral, and the rigid demand for PTA was expected to decline marginally. The PTA operating rate remained unchanged at 76.6%, and the new Fengming 2.5 million tons was planned to be overhauled in February, which could not change the inventory accumulation pattern from January to February [8] - Trading Suggestions: Range-bound shock market, monthly spread bearish. Try shorting PTA processing fees when they are above 450. Pay attention to the support at 5100 - 5200 yuan/ton [8] MEG - Price and Market Conditions: A 500,000 tons/year MEG device in South China restarted, with a load of over 80%. The arrival volume at major ports from February 2 to 8 was about 123,000 tons [5] - Fundamentals: The device operating rate rose to 74.4% (+1.3%). The import volume of ethylene glycol from January to February remained high, with an average monthly volume of over 700,000 tons. The weekly arrival volume decreased to 120,000 tons. The downstream polyester operating rate was expected to decline marginally in the short term, and the rigid demand for MEG weakened, making it difficult to change the inventory accumulation pattern [9] - Trading Suggestions: Range-bound shock market, operate within the range of 3700 - 4000 [9] Polyester - The sales volume of polyester yarn in Jiangsu and Zhejiang on February 3 was generally light, with an average sales volume estimated at 10 - 20% by 3:45 pm. The sales volume of direct-spun polyester staple fiber factories was highly differentiated, with an average sales volume of 57% by 3:00 pm [5]