芳烃市场周报： 节后需求修复，高效益延续 （PX，纯苯，苯乙烯） 姜周曦琳 F03114700 Z0022394 金融研究院 2026年2月27日 数据来源：WIND、钢联、隆众数据、弘业期货金融研究院 近期PX市场 • 关注：地缘局势 大宗商品价格变动 数据来源：WIND、钢联、隆众数据、弘业期货金融研究院 • 成本：地缘利好因素持续跟进，芳烃价格节后短期交易美伊地缘冲突带来的成本端上涨，期现货价格高位震荡。中石化2月PX结算价格7385元/ 吨，2月挂牌价格7650元/吨，小幅上调。 • 供给：周内PX装置暂无变动，一二季度检修计划陆续公布。周内PX负荷稳定。本周PX产量为77.13万吨，环比+0%。国内PX周均产能利用率 93.25%，环比+0%。亚洲PX周度平均产能利用率82.51%，环比+0%。PX工厂的生产积极性仍维持较好，海内外开工仍处于高位。 • 需求：本周国内PTA产量为141.52万吨，较上周+0.55万吨，较去年同期+5.41万吨。周期内新材料前期检修装置重启，另一套装置本周短停重 启，本周期国内整体产量小幅增量。 • 总结与展望：PX自四季度起下游需求转好有一定支撑，叠加中美关税会晤以 ...

芳烃市场周报： 交投转淡，节间存累库预期 （PX，纯苯，苯乙烯） 姜周曦琳 F03114700 Z0022394 金融研究院 2026年2月13日 数据来源：WIND、钢联、隆众数据、弘业期货金融研究院 近期PX市场 数据来源：WIND、钢联、隆众数据、弘业期货金融研究院 • 成本：此前地缘利好因素持续跟进，成本端油价上涨下，PX外盘价格连续上行，期现货价格高位震荡，基差随着期货端快速上涨连续走扩。随 后油价回调后震荡，PX跟随成本端变动。中石化1月PX结算价格7340元/吨，2月挂牌价格7650元/吨，小幅上调。 • 供给：周内浙石化重整装置重启，PX负荷恢复。中化泉州80万吨PX装置11月25日停机检修，1月25日重启，但未有合格品产出。本周PX产量为 75.81万吨，环比+1.99%。国内PX周均产能利用率91.65%，环比+1.78%。亚洲PX周度平均产能利用率80.28%，环比+0.97%。PX工厂的生产积极 性仍维持较好，海内外开工仍处于高位。 • 需求：本周国内PTA产量为146.39万吨，较上周+0.53万吨，较去年同期+6.37万吨。周期内四川能投重启，其余装置无变化，本周期国内整体 产量小 ...

芳烃市场周报： 地缘局势紧张，成本面支撑偏强 （PX，纯苯，苯乙烯） 姜周曦琳 F03114700 Z0022394 金融研究院 2026年1月30日 数据来源：WIND、钢联、隆众数据、弘业期货金融研究院 近期PX市场 数据来源：WIND、钢联、隆众数据、弘业期货金融研究院 • 成本：此前地缘利好因素持续跟进，成本端油价上涨下，PX外盘价格连续上行，期现货价格高位震荡，基差随着期货端快速上涨连续走扩。目 前地缘局势的不确定性仍存，国际油价上涨，伊朗局势仍高度紧张，原油盘面继续计价开战风险。中石化1月PX挂牌价格大幅上调至7500元/吨， 12月中石化PX结算价格7020元/吨。 • 供给：周内浙石化重整检修15-20天，PX负荷延续降低。中化泉州80万吨PX装置11月25日停机检修，周内重启，但尚未有合格品产出。本周PX 产量为74.33万吨，环比+0%。国内PX周均产能利用率89.87%，环比+0%。亚洲PX周度平均产能利用率79.31%，环比+0%。PX工厂的生产积极性仍 维持较好，海内外开工仍处于高位。 • 需求：本周国内PTA周均产能利用率至75.83%，环比持平，同比-4.60%。周内国内装置变化 ...

1. Report Industry Investment Rating No information provided in the text. 2. Core Viewpoints of the Report - PX: Since the fourth quarter, PX has been supported by improved downstream demand. Although it is currently profitable and the long - term outlook is positive, there is a lack of further upward momentum. In 2026, new PX projects may be implemented after the fourth quarter, and the supply - demand gap is expected to ease before the maintenance season [5]. - Pure Benzene: Affected by the new production capacity, the domestic supply has increased significantly, and the high - import and high - inventory situation is difficult to change. Recently, due to geopolitical uncertainties, the futures and spot prices have risen. In the short term, the market will follow the cost increase and then decline, and it will stabilize at a low level [7]. - Styrene: After the National Day in 2025, styrene was in a wide supply - demand balance. After multiple plant overhauls, the supply - demand gradually shifted to a tight balance. Since December 2025, the futures and spot prices have risen significantly. In the short term, the market is still trading on the strengthening of aromatic hydrocarbon prices and export news. In the medium term, the supply - demand pattern has improved significantly, but there may be certain negative factors in the future [9]. 3. Summary According to Relevant Catalogs PX Market - **Cost**: Previously, due to geopolitical factors, the price of PX increased. Recently, with the easing of geopolitical tensions, the price has fallen from a high level. Sinopec raised the January PX listing price to 7,500 yuan/ton, compared with the December settlement price of 7,020 yuan/ton [5]. - **Supply**: Fuhai Chuang plans to overhaul its 160 - million - ton device for three months in the second quarter and expand its capacity to 200 million tons. Zhonghua Quanzhou's 80 - million - ton PX device has been under maintenance since November 25. This week, PX production was 76.06 million tons, a week - on - week increase of 1.46%. The domestic PX weekly average capacity utilization rate was 91.95%, a week - on - week increase of 2.83%. The Asian PX weekly average capacity utilization rate was 79.84%, a week - on - week increase of 0.66% [5]. - **Demand**: The downstream PTA weekly average capacity utilization rate was 77.22%, a week - on - week decrease of 0.19% and a year - on - year decrease of 3.72%. This week, the overall domestic PTA capacity utilization rate decreased slightly [5]. Pure Benzene Market - **Spot and Futures**: The futures price of pure benzene has increased significantly, and the East China price has risen to 5,535 yuan/ton. Since December 2025, the increase has been less than that of other aromatic hydrocarbon varieties. The recent price increase is mainly due to the rise in oil prices and geopolitical news [7]. - **Supply and Demand**: In December 2025, the national pure benzene production was 1.9228 billion tons, a year - on - year increase of 0.28%. The estimated import volume in December was 470,000 tons, remaining at a high level. Currently, the supply - demand situation has shifted from oversupply to undersupply, and the demand has improved [7]. - **Inventory**: As of January 12, 2026, the total commercial inventory of pure benzene ports in China was 344,000 tons, a week - on - week increase of 1.78%. The pressure of concentrated imports has eased, and the import volume has decreased significantly [7]. - **Profit**: Due to insufficient terminal demand, styrene, adipic acid, and phenol among the five major downstream products of pure benzene are still at a loss. The profit of pure benzene itself has recovered, and the profits of caprolactam and aniline are acceptable [7]. Styrene Market - **Spot and Futures Performance**: Recently, the main styrene contract has increased significantly, mainly affected by cost changes and the increase in external market prices. The current mainstream price in East China is 7,235 yuan/ton [8]. - **Industrial Chain Profit**: From January 8 - 14, 2026, the average profit of non - integrated styrene plants in China was 303 yuan/ton, a week - on - week increase of 121.30%. On January 15, the daily profit was 372 yuan/ton, a day - on - day increase of 13.46% [8]. - **Industrial Chain Operation**: This week, the total production of styrene plants in China was 355,400 tons, a week - on - week decrease of 0.08%. The plant capacity utilization rate was 70.86%, a week - on - week decrease of 0.06%. Zhonghua Quanzhou and Tianjin Bohua are under maintenance [8]. - **Downstream**: The consumption of the main downstream products of styrene (EPS, PS, ABS) was 267,900 tons, a week - on - week increase of 3.16%. The overall demand of the three major downstream plants has increased slightly, mainly due to the gradual recovery of EPS plant demand [8]. - **Inventory**: As of January 12, 2026, the total inventory of the main styrene storage areas in South China was 19,000 tons, a week - on - week decrease of 7.77%. The port inventory has decreased this week [8].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Report's Core View - Pure benzene: The domestic pure benzene market remains oversupplied, with high port inventories exerting continuous downward pressure on prices. Import volumes are relatively high, and there is insufficient short - term de - stocking momentum. Supply - side operations are stable, and the cost side provides limited support. Demand is weak, and overall, the short - term fundamentals are loose, with prices expected to fluctuate weakly [3]. - Styrene: After the restart of some devices and the impact of device failures, production and capacity utilization have increased. Downstream demand has improved, but the de - stocking of visible inventories has slowed. Non - integrated devices' losses have narrowed, and integrated devices are still profitable. Short - term supply is expected to be stable, and due to temporary device disruptions, short - term supply and demand remain tight, with inventories likely to decline slowly [4]. 3. Summary by Related Catalogs 3.1 Daily Market Summary - **Fundamentals** - **Price**: On December 30, the styrene main contract closed up 0.65% at 6,781 yuan/ton, and the pure benzene main contract closed up 0.33% at 5,487 yuan/ton [2]. - **Cost**: On December 30, Brent crude closed at $58.1/barrel (+$1.4/barrel), WTI crude closed at $61.9/barrel (+$1.3/barrel), and the spot price of East China pure benzene was 5,310 yuan/ton (+0 yuan/ton) [2]. - **Inventory**: Pure benzene's East China port inventory was 27.30 million tons (+1.30 million tons), remaining at a high level. Styrene's East China port inventory was 13.93 million tons (+0.46 million tons), and its East China commercial inventory was 8.46 million tons (+0.23 million tons), entering the inventory rebuilding stage [2]. - **Supply**: The pure benzene main basis was - 134 yuan/ton, and processing fees in CFR China and FOB South Korea rebounded slightly. The styrene device load rebounded from a low level, with an overall operating rate of 69.1% (+0.8 percentage points), and non - integrated devices were still in the loss range [2]. - **Demand**: Pure benzene's downstream sectors strengthened overall, while styrene's downstream entered the off - season. EPS and ABS operating rates fluctuated slightly, and PS operating rate increased, but the production profit of hard plastics was continuously compressed, and finished - product inventory pressure remained [3]. - **Viewpoints** - **Pure benzene**: The domestic market is supply - abundant, with high port inventories suppressing prices. Import arrivals are high, and short - term de - stocking is difficult. Supply - side devices operate stably, and cost support is limited. Demand is weak, and short - term prices will fluctuate weakly [3]. - **Styrene**: After device restarts and failures, production and capacity utilization increased. Downstream demand improved, but visible inventory de - stocking slowed. Non - integrated device losses narrowed, and short - term supply is expected to be stable. Due to device disruptions, short - term supply and demand are tight, and inventories may decline slowly [4]. 3.2 Industry Chain Data Monitoring - **Price**: The styrene futures main contract rose 0.65%, and the pure benzene futures main contract rose 0.33%. Brent crude rose 2.36%, and WTI crude rose 2.21% [2][6]. - **Production and Inventory**: China's styrene production increased by 2.26% to 35.5 million tons, and pure benzene production decreased by 0.07% to 43.6 million tons. Styrene's Jiangsu port inventory increased by 3.41% to 13.9 million tons, and pure benzene's national port inventory increased by 5.00% to 27.3 million tons [7]. - **Operating Rate**: Among pure benzene's downstream sectors, styrene's operating rate increased by 1.57 percentage points to 70.7%, and among styrene's downstream sectors, PS's operating rate increased by 4.00 percentage points to 59.4% [8]. 3.3 Industry News - Russia claimed to have carried out large - scale strikes on Ukraine. - The Palestinian economy remained in deep recession this year. - Venezuela's port refineries were operating normally. - Russia extended the ban on gasoline exports until the end of February 2026. - The Iraqi military will take over the Assad Air Base in a few days [9].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Pure benzene is expected to be range - bound in the short term, with high inventory, weak demand, and limited external support [4] - Styrene will also maintain a short - term range - bound pattern, facing issues such as slow inventory reduction, increased supply, and weak demand in the off - season [4] Group 3: Summary of Each Section 1. Daily Market Summary (1) Fundamental Analysis - **Price**: On December 22, the styrene main contract rose 2.16% to 6,540 yuan/ton, and the pure benzene main contract rose 1.21% to 5,459 yuan/ton. Brent crude closed at $56.5/barrel (+$0.5/barrel), WTI at $60.5/barrel (+$0.6/barrel), and East China pure benzene spot was quoted at 5,315 yuan/ton (+35 yuan/ton) [2] - **Inventory**: Styrene's East China port and factory inventories decreased, but the de - stocking slope slowed. Pure benzene's East China port inventory remained at a high level with no obvious de - stocking [2] - **Supply**: Styrene's supply marginally increased with a 0.84 - percentage - point rise in the national operating rate. Pure benzene's overall supply was high but marginally weakened, with a 0.17 - percentage - point drop in the domestic operating rate and a 3.05 - percentage - point rise in the hydro - benzene operating rate [2] - **Demand**: Styrene's downstream entered the off - season, with the operating rates of EPS, PS, and ABS falling. Non - styrene downstream's CPL, phenol, and aniline operating rates also declined [3] (2) Views - **Pure benzene**: High inventory persists, overseas support weakens, supply slightly reduces, and demand is weak. It will be range - bound in the short term [4] - **Styrene**: Inventory de - stocking slows, supply increases, demand is in the off - season, and market sentiment is cautious. It will also be range - bound in the short term [4] 2. Industry Chain Data Monitoring - **Price**: Styrene futures rose 2.16%, and spot fell 1.19%. Pure benzene futures rose 1.21%, and East China spot rose 0.66%. Brent crude rose 0.93%, and WTI rose 1.09%. Naphtha fell 0.04% [6] - **Output and Inventory**: China's styrene output increased 2.32%, and pure benzene output decreased 1.70%. Styrene's port and factory inventories decreased, while pure benzene's port inventory increased 36.59% [7] - **Operating Rate**: Styrene's downstream EPS and PS operating rates increased, while ABS decreased. Pure benzene's downstream caprolactam operating rate decreased, while phenol and aniline were relatively stable [8] 3. Industry News - European Central Bank President Lagarde said inflation outlook uncertainty is higher than usual [9] - US November core CPI year - on - year growth was 2.6%, the lowest since 2021 [9] - US initial jobless claims last week were 224,000, lower than expected [9] - Fed's Goolsbee said there is room to cut interest rates if inflation returns to 2% [9] 4. Industry Chain Data Charts - The report includes charts on prices, output, inventory, and operating rates of pure benzene and styrene and their downstream products, with data sources from iFinD and Steel Union Data [12][21]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - PX: Despite a relatively strong supply - demand situation due to continuous inventory reduction, the PX market failed to meet the "Golden September and Silver October" peak - season expectations. However, with improved downstream demand in November, positive news on Sino - US tariffs, and planned supply cuts, PX processing fees and absolute prices are expected to remain strong, but cost - side support needs attention [6]. - Pure Benzene: Affected by new production capacity and overseas oversupply, the price is under pressure. But with the current low - price level and downstream rigid demand support, the downside is limited. The market is trading on the expectation of export of blending oils to the US, and the overall market sentiment is positive [7]. - Styrene: After multiple small increases followed by rapid declines since the third quarter, the styrene market has generally shown a downward trend. Recently, due to plant shutdowns and inventory reduction, the supply - demand situation has improved, and the futures price has rebounded. Future performance depends on consumption policies and macro news [9]. 3. Summary by Directory PX - **Price**: The current international oil price is oscillating at a low level with weak support. The naphtha price is 573 US dollars, and the PX CFR price is 832 US dollars. Sinopec raised the November PX listed price slightly to 6800 yuan/ton [6]. - **Production and Devices**: This week's PX output was 74.81 tons, a week - on - week decrease of 0.41%. The domestic average weekly PX capacity utilization was 89.21%, a week - on - week decrease of 0.36%. Some devices had maintenance and malfunctions, but the production enthusiasm of PX factories remained high [6]. - **Supply and Demand**: Downstream PTA capacity utilization was 74.29%, a week - on - week decrease of 1.89% and a year - on - year decrease of 6.74%. The PX market is in a situation of strong supply and weak demand [6]. Pure Benzene - **Spot and Futures**: The main pure - benzene contract 2603 has been declining continuously since mid - September and rebounded slightly recently. The basis between the futures and the East China spot has widened [7]. - **Supply and Demand**: This week's output was 44.67 tons, a decrease of 0.76 tons from last week. The capacity utilization was 76.67%, a decrease of 1.31% from last week. There is an oversupply situation, with many downstream styrene factories under maintenance [7]. - **Inventory**: The commercial inventory of pure benzene at Jiangsu ports was 14.7 tons, a significant increase of 3.4 tons from the previous period due to a large number of imported goods arriving at the port [7]. - **Profit**: Except for aniline and caprolactam, the five major downstream industries of pure benzene are still operating at a loss. However, it is expected that the profits of pure benzene, styrene, phenol, and caprolactam will increase or be repaired in the future [7]. Styrene - **Spot and Futures**: The main styrene contract rebounded this week due to improved fundamentals and higher raw material prices. The current mainstream price in East China is 6615 yuan/ton, and the port inventory has been continuously decreasing [8]. - **Industrial Chain Profit**: The profit of non - integrated styrene plants in China was - 305 yuan/ton this week, an increase of 146 yuan/ton from the previous period, a week - on - week increase of 32.43% [8]. - **Industrial Chain Capacity Utilization**: The total output of Chinese styrene factories was 34.29 tons, a decrease of 0.15 tons from the previous period. The capacity utilization was 68.95%, a week - on - week decrease of 0.3%. The supply is lower than demand, but the market sentiment remains cautious [8]. - **Inventory**: As of November 17, 2025, the total inventory of styrene at Jiangsu ports was 14.83 tons, a decrease of 2.65 tons from the previous period, a decrease of 15.16%. The market is in a tight - balance state [8].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - PX market: Despite strong fundamentals due to continuous inventory reduction, it shows a "weak peak season" characteristic. In the short - term, cost rebound and geopolitical uncertainties provide some support. In the medium - to - long - term, there is an expectation of tightened supply in November and a possibility of PXN repair. If there are no unexpected geopolitical conflicts, PX processing fees and absolute prices will likely remain low, with limited room for further decline [3]. - Pure benzene market: Affected by new capacity and overseas supply surplus, the overall environment is bearish for prices. In the short - term, further decline is limited due to low prices and downstream demand. In the medium - to - long - term, there is still an oversupply expectation and persistent supply - demand contradictions [4]. - Styrene market: It is in a supply - stronger - than - demand pattern. Although downstream demand has improved compared to the off - season, the low - profit situation of styrene devices is expected to continue, and prices will likely fluctuate at a low level [6]. 3. Summary by Related Catalogs PX Price - International oil prices rebounded slightly from a low level. The current price of naphtha is $573, and the PX CFR price is $812. Sinopec's PX listed price in October is 6,800 yuan/ton, while the settlement price in September was 6,850 yuan/ton [3]. Production and Devices - Domestic PX output was 724,000 tons, a week - on - week decrease of 1.24%. The weekly average capacity utilization rate was 86.33%, a week - on - week decrease of 1.09%. Some devices such as Urumqi Petrochemical and Fujia Dahua are under maintenance and are planned to restart in late October or early November [3]. Supply and Demand - Downstream PTA capacity utilization rate was 75.98%, a week - on - week increase of 0.42% and a year - on - year decrease of 4.83%. PX is in a situation of strong supply and weak demand during the peak season [3]. Spread - The report presents historical data on spreads such as PX - N, PX - MX, crude oil - naphtha, and BZ - N [16]. Pure Benzene Spot and Futures - The main pure benzene contract 2603 has been declining since mid - September and rebounded slightly this week following cost - side positive factors. The basis between the futures and the East China spot has narrowed and remained stable [4]. Supply and Demand - In September 2025, the estimated monthly output was 1.932 million tons, the import volume was 440,000 tons, and the total supply was 2.712 million tons, while the total demand was 2.593 million tons. Supply and demand both decreased, with supply exceeding demand [4]. Inventory - As of October 20, 2025, the commercial inventory of pure benzene in Jiangsu ports was 99,000 tons, a 10% week - on - week increase and a 10% year - on - year decrease [4]. Profit - Among the five major downstream products of pure benzene, styrene, phenol, caprolactam, and adipic acid are in a loss - making state, while aniline still has profits and the profit margin has slightly expanded [4]. Styrene Spot and Futures - The main styrene contract has been weakly oscillating, continuing the downward trend since mid - September. The current mainstream price in East China is 6,585 yuan/ton, lower than before [5]. Industrial Chain Profit - The average profit of non - integrated styrene devices in China this week was - 556 yuan/ton, a decrease of 48 yuan/ton from the previous period, a week - on - week decrease of 9.44% [5]. Industrial Chain Operating Rate - The total output of styrene factories in China was 327,000 tons, a decrease of 12,400 tons from the previous period, a week - on - week decrease of 3.65%. The capacity utilization rate was 69.25%, a week - on - week decrease of 2.63% [5]. Downstream - The improvement in exports due to previous tariff cuts was less than expected. The operating rates of the three major downstream industries have improved significantly compared to mid - May. EPS demand has increased significantly after the National Day holiday, ABS demand has increased slightly, and PS demand has decreased slightly [5]. Inventory - As of October 20, 2025, the total inventory of styrene in Jiangsu ports was 202,500 tons, a 3.05% increase from the previous period. The commercial inventory was 122,500 tons, a 0.82% increase from the previous period. It is expected that port inventory will decrease slightly in the future [5].

Report Industry Investment Rating - Not provided Core Views - PX has limited downside space, and it is a short - term volatile market. After PXN rises to $250/ton, factories are advised to hedge appropriately. The supply and demand of PX are slightly tight [1][8][9]. - PTA has limited downside space, with demand expected to improve marginally. It is a volatile market, and short positions should be reduced [1][9]. - MEG has a better demand expectation and may rebound in the short - term. Short positions should be reduced [1][10]. Summary by Related Content Market Data - **Futures Data**: The closing prices of PX, PTA, MEG, PF, and SC futures on the previous trading day were 6332, 4414, 4004, 6070, and 437.7 respectively, with daily changes of 64, 30, 1, 42, and 1.9, and daily change rates of 1.02%, 0.68%, 0.02%, 0.70%, and 0.44% respectively. The month - spreads of PX1 - 5, PTA1 - 5, MEG1 - 5, PF12 - 1, and SC11 - 12 also had corresponding changes [2]. - **Spot Data**: The previous trading day's spot prices of PX CFR China, PTA in East China, MEG, naphtha MOPJ, and Dated Brent were $784.33/ton, 4325 yuan/ton, 4090 yuan/ton, $540/ton, and $61.09/barrel respectively, with corresponding price changes [2]. - **Spot Processing Fee**: The previous trading day's PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread were $246.17/ton, 144.83 yuan/ton, 380.77 yuan/ton, 154.12 yuan/ton, and - $4.34/ton respectively, with corresponding changes [2]. Market Dynamics - **PX**: The naphtha price was stagnant at the end of the session. PX price was also stagnant, with no transactions in the negotiations. The PX price was estimated at $784/ton CFR, up $1 from last Friday. Some market participants believe that the price increase is driven by sentiment or a natural rebound. The operating rate of Chinese PX factories decreased from about 87.5% to about 85% in the week ending October 17. Market participants suggest reducing PX production due to low PTA activity [2][3][5]. - **Toluene and Mixed Xylene**: In the week ending October 17, the prices of toluene and mixed xylene increased slightly. Refinery shutdowns and supply limitations continued to support the market. The overall tightness is expected to last until the end of October [5]. - **PTA**: The PTA futures fluctuated and consolidated, and the spot market negotiation atmosphere was average, with a weak spot basis [7]. - **MEG**: From October 20 to October 26, the arrival quantities at Zhangjiagang, Taicang, and Shanghai ports were about 17,000 tons, 36,000 tons, and 0 tons respectively, and the planned arrival quantity at some main ports was about 53,000 tons [7]. - **Polyester**: The sales of polyester yarn in Jiangsu and Zhejiang increased locally, with an estimated average sales rate of 160 - 170% by 3:30 pm. The sales of direct - spun polyester staple fiber were average, with an average sales rate of 66% by 3:00 pm [8]. Trends and Suggestions - **PX**: It is a short - term volatile market. After PXN rises to $250/ton, factories are advised to hedge appropriately. Pay attention to the impact of Yulong Petrochemical's possible reduction in CDU load on aromatic hydrocarbon production. PX supply and demand are slightly tight, and oil prices have recovered recently [8][9]. - **PTA**: Demand is expected to improve marginally, and it is a volatile market. Short positions should be reduced. Pay attention to the commissioning of Xin凤鸣's new PTA device and the progress of India's new PTA device GAIL. The profit of the polyester sector has recovered, and overall consumption in the industry chain is expected to improve [9]. - **MEG**: Short positions should be reduced. Pay attention to the commissioning and maintenance of relevant devices and the possible planned - out maintenance of coal - based devices due to coal price changes [10].