PTA：区间震荡市MEG：区间操作：对二甲苯：单边震荡市，月差偏弱

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the content. 2. Core Views - PX is in a pre - holiday range - bound market with support at the bottom, and a reverse spread strategy is recommended. The PTA processing fee above 450 should be shorted on rallies. The PX supply increases with rising开工率, and the PXN processing fee is compressed. [6] - PTA has limited downside space, and the spread is bearish. The PTA processing fee above 450 should be shorted on rallies. The terminal demand has some positive factors, and the polyester开工率 is expected to recover. The PTA supply remains stable, and there is a cumulative inventory pattern in January - February. [7] - MEG has a large supply pressure, and a reverse spread strategy for basis and spread is recommended. The supply is increasing, but the demand from polyester is weak, leading to large inventory accumulation in February and difficult inventory digestion after the holiday. [8] 3. Summary by Related Catalogs Futures Market - PX: The closing price of the PX main contract is 7262, up 62 (0.86%). The PX5 - 9 spread is 14, unchanged from the previous day. The CFR China price is 898, up 5.33. The PX - naphtha spread is 288.08, down 16. [4] - PTA: The closing price of the PTA main contract is 5166, up 22 (0.43%). The PTA5 - 9 spread is 8, up 12 from the previous day. The East China price is 5090, down 25. The PTA processing fee is 428.01, up 15. [4] - MEG: The closing price of the MEG main contract is 3743, down 2 (-0.05%). The MEG5 - 9 spread is - 114, down 2 from the previous day. The spot price is 3630, down 12. [4] - PF: The closing price of the PF main contract is 6578, up 14 (0.21%). The PF3 - 4 spread is - 80, unchanged from the previous day. [4] - SC: The closing price of the SC main contract is 469.8, up 2.6 (0.56%). The SC2 - 3 spread is 0, up 7.5 from the previous day. [4] Fundamental Data - MEG: A 850,000 - ton/year ethylene glycol plant in Saudi Arabia plans to shut down for maintenance from March to April for 1 - 2 months. The restart time of a 380,000 - ton/year plant in Saudi Arabia is to be determined. The MEG装置开工率 has risen to 76.22% (+1.85%). [5][8] - Polyester: The polyester maintenance volume in January and February is 9.11 million tons and 6.81 million tons respectively, with a total of about 15.92 million tons. A 200,000 - ton plant is scheduled for maintenance in March. The polyester开工率 is expected to be 80.5% in February and recover to 91% in March. [5][7] - PX: The domestic PX开工率 is 89.5% (+0.3%), and the Asian装置开工率 is 82.4% (+0.8%). The PTA开工率 remains at 77.6% (+1%). [6] - PTA: The PTA开工率 remains at 77.6%. New Fengming's 2.5 - million - ton plant is under maintenance in February, and there is a cumulative inventory pattern in January - February. [7]