对二甲苯：单边震荡市，节前注意仓位控制，PTA：区间震荡市，节前注意仓位控制，MEG：区间操作，节前注意仓位控制

Report Industry Investment Rating - Not provided Core Viewpoints - PX is in a pre - holiday range - bound market with support at the bottom, and a reverse spread for the monthly spread is recommended. Investors should pay attention to position management during the long Spring Festival holiday [5]. - PTA has limited downside space, and the monthly spread is bearish. Short PTA when the processing fee is above 450. Pay attention to the support at 5100 yuan/ton. Position management is necessary during the Spring Festival [6]. - MEG's inventory continues to rise, with large supply pressure. A reverse spread operation for the basis and monthly spread is suggested. The basis and monthly spread trends remain weak, and investors should manage positions during the Spring Festival [6]. Summary by Related Catalogs Futures Market - PX: The closing price of the PX main contract was 7378, up 70 (0.96%) from the previous day. The PX5 - 9 monthly spread was 22, up 14 from the previous day [2]. - PTA: The closing price of the PTA main contract was 5260, up 30 (0.57%) from the previous day. The PTA5 - 9 monthly spread was 24, down 4 from the previous day [2]. - MEG: The closing price of the MEG main contract was 3764, up 31 (0.83%) from the previous day. The MEG5 - 9 monthly spread was - 110, down 2 from the previous day [2]. - PF: The closing price of the PF main contract was 6654, up 28 (0.42%) from the previous day. The PF3 - 4 monthly spread was - 66, up 8 from the previous day [2]. - SC: The closing price of the SC main contract was 476.8, up 0.7 (0.15%) from the previous day. The SC2 - 3 monthly spread was 1, up 3.7 from the previous day [2]. Spot Market - PX: The PX CFR China price was 917.33 dollars/ton, up 8.33 dollars/ton from the previous day. The PX - naphtha spread was 294.05 dollars/ton, up 5.96 dollars/ton from the previous day [2]. - PTA: The PTA price in East China was 5180 yuan/ton, up 35 yuan/ton from the previous day. The PTA processing fee was 378.86 yuan/ton, down 49.15 yuan/ton from the previous day [2]. - MEG: The MEG spot price was 3663 yuan/ton, up 38 yuan/ton from the previous day [2]. Market News - PX: On February 11, PX prices rose. The Platts - assessed Asian p - xylene CFR Unv1/China and FOB Korea indicators both rose 8.33 dollars/ton. The futures market rise was due to short - covering rather than fundamental changes in the physical market [3][4]. - MEG: A 400,000 - ton/year syngas - to - ethylene glycol unit in Xinjiang restarted one line and plans to restart another line around this Friday. A 900,000 - ton/year ethylene glycol unit in Lianyungang has stopped production for conversion, with an initial plan of at least 2 - 3 months [4]. - Polyester: On February 11, the sales of polyester yarn in Jiangsu and Zhejiang increased individually but remained weak overall, with an average sales rate of over 40% by 4:30 pm. The average sales rate of direct - spun polyester staple fiber factories was 29% by 3:00 pm [4][5].