Report Overview - The report provides insights into the PX, PTA, and MEG markets, including price movements, market dynamics, and future trends [1][2][3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - PX: Supply is tight due to increased overseas aromatics blending demand and planned production cuts at the South Korean GS disproportionation unit, leading to rising prices. It's recommended to go long on PX and short on PTA/PF/PR, and conduct a long PX and short pure benzene hedging operation. The price will be in a high - level oscillating market [7] - PTA: The upside space may be limited, and it's advised not to chase high prices. With cost support, the monthly spread view is revised to mainly positive arbitrage. The pressure of inventory accumulation has eased [7] - MEG: The medium - term trend is weak. It's advisable to short at high prices, and maintain reverse arbitrage for monthly spreads. There is an oversupply situation, and the unilateral upward driving force is insufficient [8] 3. Summary by Relevant Catalogs Market Dynamics - PX: Naphtha prices were stagnant at the end of the session. PX prices rose, with two January Asian spot transactions at $832 and $831. The 1 - 2 month spread shifted from flat to continuous. Asian PX prices rebounded on November 19, mainly affected by the strong energy complex [3][4] - PTA: A 2.2 - million - ton PTA plant in East China started maintenance this week, expected to last 5 weeks [6] - Polyester: A new 100 - ton/day cationic staple fiber production line in a direct - spinning polyester staple fiber factory in northern Jiangsu was newly put into operation. A 300,000 - ton new polyester plant in Anhui and a 300,000 - ton new polyester filament plant in Xinjiang have started operation [6] Price and Spread Data - **Futures**: PX, PTA, PF, and SC futures prices rose, while MEG futures price fell. The monthly spreads of PX, PTA, MEG, PF, and SC all decreased [2] - **Spot**: PX, PTA, and naphtha prices rose, while MEG and Dated Brent prices fell. PX - naphtha spread decreased, PTA processing fee increased, and short - fiber and bottle - chip processing fees decreased [2] Trend Intensity - PX trend intensity is 1, indicating a relatively strong trend; PTA and MEG trend intensities are 0, indicating a neutral trend [7] Fundamentals - **PX**: Overseas refinery maintenance may lead to a continuous decline in gasoline and diesel inventories and strong cracking spreads until December. Domestic PX plants maintain high - level operation, but US and South Korean disproportionation units may cut production. The US - Asia window has opened, and domestic PTA plants face raw material supply shortages [7] - **PTA**: The extension of the maintenance time at Yisheng Ningbo and the commissioning of multiple new polyester plants have relieved the pressure of PTA inventory accumulation [7] - **MEG**: Although some devices have reduced production, new devices are being commissioned, and imports are expected to exceed 600,000 tons this month. Inventory continued to increase by 70,000 tons this Monday, and the polyester load will decline in December, resulting in an oversupply situation [8]

期 货 研 究 2025 年 11 月 19 日 对二甲苯：单边震荡市，不追高 PTA：单边震荡市，不追高 MEG：供应压力仍存，趋势偏弱 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin@gtht.com | 期货 | PX 主力 | PTA 主力 | MEG 主力 | PF 主力 | SC 主力 | | --- | --- | --- | --- | --- | --- | | 昨日收盘价 | 6768 | 4670 | 3907 | 6188 | 458.8 | | 涨跌 | -28 | -22 | -31 | -42 | -0.4 | | 涨跌幅 | -0.41% | -0.47% | -0.79% | -0.67% | -0.09% | | 月差 | PX1-5 | PTA1-5 | MEG1-5 | PF12-1 | SC11-12 | | 昨日收盘价 | -8 | -56 | -90 | -42 | 1.4 | | 前日收盘价 | -24 | -64 | -85 | -46 | 0.7 | | 涨跌 | 16 | 8 | -5 | 4 | 0.7 | | 现货 | PX CFR ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - PX is in a unilateral volatile market, and it's not advisable to chase high prices. Overseas gasoline is in short supply with low inventory, and the strong cracking spread may last until the end of November, which drives PX valuation. However, downstream marginal demand is weakening, and supply is at a high level, so the upside space may be limited. Maintain reverse spread operation for the monthly spread [1][6]. - PTA is also in a unilateral volatile market, not recommended to chase high. It has cost support, but the upside space may be limited. Weaving domestic demand and new orders are weakening, and the polyester load is temporarily reduced. The cancellation of India's BIS certification is beneficial for filament exports. After load adjustment, the subsequent load will remain low, and the inventory accumulation pressure may be alleviated, but it will enter the inventory accumulation pattern again in December. Maintain 1 - 5 reverse spread operation [1][7][8]. - For MEG, new plants are put into operation, and inventory continues to accumulate, with supply pressure remaining. The domestic supply of ethylene glycol will further increase, and the inventory has continued to accumulate by 70,000 tons this week, and the unilateral basis trend remains weak [1][5][8]. Summary by Relevant Catalogs Market Quotes - **Futures Market**: The closing prices of PX, PTA, PF, and SC decreased yesterday, with declines of -0.15%, -0.17%, -0.13%, and -0.07% respectively, while MEG increased by 0.41%. In terms of monthly spreads, PX1 - 5, MEG1 - 5, PF12 - 1, and SC11 - 12 increased, and PTA1 - 5 decreased [2]. - **Spot Market**: The prices of PX, PTA, MEG, naphtha MOPJ, and Dated Brent all decreased yesterday. In terms of spot processing fees, PX - naphtha spread, short - fiber processing fee, and bottle - chip processing fee decreased, while PTA processing fee increased, and MOPJ naphtha - Dubai crude oil spread remained unchanged [2]. Market Dynamics - **PX**: The price of naphtha rose at the end of the session. Today's PX price was weakly maintained, with a January Asian spot transaction at 830. The market is waiting for a clearer answer regarding the 2026 term negotiation. The buying interest for January and February arrival goods increased on November 17 [3][4]. - **PTA**: A 2.5 - million - ton PTA plant in East China started scheduled maintenance today, expected to last about a week. The cancellation of India's quality control order on PTA boosted market sentiment, but actual demand growth has not yet emerged [4]. - **MEG**: The inventory in East China's main ports increased by 71,000 tons compared to the previous period. A 300,000 - ton/year synthetic gas - to - ethylene glycol plant in Inner Mongolia restarted, and a 200,000 - ton/year new plant in Ningxia is in the front - end feeding and startup stage [5]. - **Polyester**: A 200,000 - ton polyester plant in Jiangyin restarted last Saturday. The sales of direct - spun polyester staple fiber were light today, with an average production - sales ratio of 35%. The production - sales ratio of polyester yarn in Jiangsu and Zhejiang was generally weak, with an average of 40% - 50% [6]. Trend Intensity - The trend intensities of PX, PTA, and MEG are all 0, indicating a neutral trend [6]. Fundamental Analysis - **PX**: Overseas gasoline is in short supply, and the strong cracking spread may last until the end of November, driving PX valuation. However, downstream marginal demand is weakening, and supply is at a high level, so the upside space is limited [6]. - **PTA**: It has cost support, but the upside space is limited. Weaving domestic demand and new orders are weakening, and the polyester load is temporarily reduced. The cancellation of India's BIS certification is beneficial for filament exports. After load adjustment, the subsequent load will remain low, and the inventory accumulation pressure may be alleviated, but it will enter the inventory accumulation pattern again in December [7][8]. - **MEG**: The domestic supply of ethylene glycol will further increase, and the inventory has continued to accumulate by 70,000 tons this week, and the unilateral basis trend remains weak [8].

2025 年 11 月 17 日 对二甲苯：中期偏强，正套 PTA：成本支撑偏强 MEG：供应压力边际缓解，但反弹高度或有限 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin@gtht.com | PX PTA MEG 基本面数据 | | --- | | 期货 | PX 主力 | PTA 主力 | MEG 主力 | PF 主力 | SC 主力 | | --- | --- | --- | --- | --- | --- | | 昨日收盘价 | 6806 | 4700 | 3922 | 6238 | 459.5 | | 涨跌 | -30 | 0 | 30 | 14 | 6.6 | | 涨跌幅 | -0.44% | 0.00% | 0.77% | 0.22% | 1.46% | | 月差 | PX1-5 | PTA1-5 | MEG1-5 | PF12-1 | SC11-12 | | 昨日收盘价 | -26 | -62 | -91 | -48 | -0.9 | | 前日收盘价 | -8 | -54 | -86 | -46 | 2.6 | | 涨跌 | -18 | -8 | -5 | -2 | -3. ...

Core Viewpoint - The article emphasizes the ongoing efforts by the government to optimize market competition and promote stable growth in the chemical industry, particularly through measures to eliminate backward production capacity and enhance industry health [4][5]. Group 1: Government Initiatives - The Ministry of Industry and Information Technology (MIIT) has announced a new round of stable growth work plans for key industries, including steel, non-ferrous metals, petrochemicals, and building materials, focusing on structural adjustments and supply optimization [4]. - A draft amendment to the Price Law has been proposed to strengthen the regulation of irrational price wars and improve standards for identifying low-price dumping [4]. - The MIIT and other departments have issued a stable growth work plan for the petrochemical industry for 2025-2026, targeting an average annual growth of over 5% in the industry's added value [4]. Group 2: Industry Trends - The MIIT has convened a meeting to address the development of purified terephthalic acid (PTA) and bottle-grade polyester chips, aiming to mitigate inward competition and promote stable industry operations [5]. - The chemical industry has seen a peak in new capacity investments in recent years, but the overall capital expenditure is expected to decrease moving forward [6]. - Fixed asset investment in the chemical raw materials and products manufacturing sector decreased by 5.6% year-on-year from January to September 2025, marking a decline for the first time since 2020 [6]. Group 3: Market Outlook - The financial data from listed companies indicate a 12.5% year-on-year decrease in capital expenditure for the basic chemical industry in the first half of 2025, with total ongoing projects down by 12.2% [6]. - As capital expenditures decline and demand gradually recovers, the supply-demand dynamics in the chemical industry are expected to improve, leading to a potential increase in industry prosperity [6][7]. - The current price-to-book (PB) valuation of the basic chemical industry is close to historical lows, suggesting that the sector may be poised for a valuation recovery as market conditions improve [7].

Report Industry Investment Rating - PX: Medium-term trend is bullish, and positive spread arbitrage is recommended [1][4] - PTA: Sideways trading at high levels, and short the processing margin on rallies [1][4] - MEG: Medium-term trend remains bearish [1][5] Core Viewpoints - The market focused on India's cancellation of BIS certification requirements for PX, PTA, MEG and downstream polyester products, and the impact of a CDU device fire on downstream chemical plant operations. PX prices rose significantly, and MEG rebounded from the bottom [4][5] - Overseas gasoline blending demand is good, the arbitrage window for exporting Korean aromatic products such as MX and PX to the US is open, and some units have cut operating rates due to heavy losses in the disproportionation unit, resulting in tight PX supply. There will be no new domestic PX capacity in the first half of 2026, and there is a supply shortage in Southeast Asia. Based on the current high operating rate of polyester, there will still be a supply-demand gap for PX in the future [4] - Polyester load has rebounded more than expected, and PTA demand is fair. PTA operating rate has declined, and the inventory build-up pressure in the first half of November has eased. However, the future inventory build-up pattern is clear, and there is limited space for further positive spread arbitrage [4] - The future supply-demand situation of MEG remains oversupplied, and the medium-term trend remains bearish [5] Summary by Related Catalogs Market Dynamics - PX: On November 13, the PX price remained firm. One December Asian spot was traded at $823, and the 12 - month MOPJ was estimated at $557/ton CFR [2] - PTA: The Nengtou 1 million - ton unit was shut down as planned, and the Zhongtai 1.2 million - ton unit increased its load to 90%. As of Thursday, the PTA load was adjusted to 75.7%, and the operating rate was around 81.2% [2] - MEG: As of November 13, the overall operating load of ethylene glycol in mainland China was 72.59% (up 0.15% from the previous period), and the operating load of ethylene glycol produced by the oxalic acid catalytic hydrogenation method (syngas) was 69.34% (down 2.6% from the previous period). Since October 1, 2025, the ethylene glycol production capacity base in mainland China has been adjusted to 30.075 million tons, and the total production capacity of syngas - based ethylene glycol is 10.96 million tons [2] - Polyester: On November 13, the sales of direct - spun polyester staple fibers were polarized, with an average sales - to - production ratio of 56%. The sales - to - production ratio of polyester yarns in Jiangsu and Zhejiang was weak, with an average of about 40% [3] - On November 12, 2025, India revoked the BIS certification requirements for PX, PTA, MEG and downstream polyester products [3] Futures and Spot Data - Futures: The closing prices of PX, PTA, MEG, PF and SC futures were 6836, 4700, 3892, 6224 and 452.9 respectively, with daily changes of 62, 30, 1, - 18 and - 16.2, and daily change rates of 0.92%, 0.64%, 0.03%, - 0.29% and - 3.45% [1] - Spot: The prices of PX CFR China, PTA in East China, MEG spot, naphtha MOPJ and Dated Brent were $825.67/ton, 4565 yuan/ton, 3943 yuan/ton, $569.12/ton and $62.2/barrel respectively [1] - Spot Processing Margin: The PX - naphtha price difference, PTA processing margin, short - fiber processing margin, bottle - chip processing margin and MOPJ naphtha - Dubai crude oil price difference were $241.58/ton, 168.73 yuan/ton, 259.02 yuan/ton, 54.06 yuan/ton and - $4.34/ton respectively [1] Trend Intensity - The trend intensities of PX, PTA and MEG are all neutral [3] Views and Suggestions - PX: The medium - term trend is bullish, and positive spread arbitrage is recommended. Do not chase the price in the short term [4] - PTA: Sideways trading at high levels. Short the processing margin on rallies when it is above 250 - 300 [4] - MEG: The medium - term trend remains bearish [5]

Core Viewpoint - The article emphasizes the significant growth and transformation of China's chemical industry during the "14th Five-Year Plan" period, highlighting the need for high-quality development and innovation in the upcoming "15th Five-Year Plan" to strengthen its global competitiveness and influence [2][9]. Group 1: Overview of the Chemical Industry Development - The chemical industry is a crucial pillar of the national economy, with a steady growth in total output during the "14th Five-Year Plan," achieving a revenue of 14.5 trillion yuan in 2024, a 45% increase from 2020 [2]. - Major chemical products in China, such as ethylene, methanol, and fertilizers, maintain an annual growth rate of approximately 4.6%, with China producing about 42% of the world's major chemical products [3]. - In the 2024 global top 50 chemical companies, 11 Chinese companies are included, generating 2.1 trillion yuan in revenue, which is 1.35 times that of U.S. companies and exceeds the combined revenue of German and Japanese companies [5]. Group 2: Key Strategies for the "15th Five-Year Plan" - The "15th Five-Year Plan" aims to transition from quantity to quality, focusing on six enhancements: upgrading industrial structure, improving innovation capabilities, advancing green and low-carbon development, enhancing smart manufacturing, boosting international cooperation, and promoting high-quality development of chemical parks [9][10]. - The plan emphasizes the need to shift from fuel-driven to material-driven production, optimizing traditional industries and expanding high-end industries [10]. Group 3: Specific Industry Focus Areas - The refining industry is expected to transition from fuel-oriented to raw material-oriented, with a projected revenue of approximately 4.8 trillion yuan in 2024, accounting for 33.1% of the chemical industry [11]. - The ethylene industry will see a capacity of 53.8 million tons per year by 2024, maintaining its global leadership, but the supply growth rate will exceed demand growth [15]. - The aromatics industry, particularly paraxylene (PX), is projected to have a capacity of 43.37 million tons per year in 2024, solidifying China's position as the largest producer and consumer globally [19]. Group 4: Innovation and Technology Development - The chemical industry has made significant technological advancements, with a focus on original and disruptive innovations during the "15th Five-Year Plan," aiming to enhance R&D investment and reduce reliance on foreign technologies [29][30]. - The industry will prioritize breakthroughs in key technologies such as fine and specialty chemicals, biomanufacturing, and new catalytic technologies [30]. Group 5: Environmental and Sustainable Development - The chemical industry has achieved notable progress in pollution reduction and resource recycling, with a water reuse rate of 93% and a significant reduction in energy consumption across various products [32]. - The "15th Five-Year Plan" will focus on systematic carbon reduction strategies, addressing the challenges of high carbon emissions and the need for a comprehensive carbon management system [33]. Group 6: Smart Manufacturing and Digital Transformation - The industry has seen improvements in smart manufacturing, with numerous companies adopting AI and digital technologies to enhance operational efficiency [34]. - The "15th Five-Year Plan" will accelerate the integration of AI in chemical processes and promote the establishment of smart chemical parks [34]. Group 7: International Cooperation and Market Expansion - The chemical industry has strengthened its international cooperation, with foreign investments in China increasing and Chinese companies expanding their global presence [37][38]. - The focus will shift from mere participation in global markets to leading roles in technology sharing and value creation, enhancing China's influence in the global chemical industry [38]. Group 8: High-Quality Development of Chemical Parks - Significant progress has been made in the construction of chemical parks, with a focus on high-quality development and the establishment of world-class industrial clusters [39][40]. - The "15th Five-Year Plan" aims to optimize the spatial layout of the chemical industry, fostering advanced manufacturing clusters and enhancing the overall support role of chemical parks [40].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - PX is expected to be relatively strong in the short - term due to overseas blending demand supporting aromatics valuation, with a high domestic plant operating rate, and attention should be paid to the impact of sanctions on short - process plant operations [9]. - PTA price will be in a strong - side oscillating market, with processing fees sold short on rallies. The supply reduction due to industry anti - involution is attracting attention, and the future inventory build - up pattern is clear [9]. - MEG has a large supply pressure with rising inventory, showing a weak unilateral trend, and month - spread should be reverse - arbitraged on rallies [10]. Summary by Relevant Catalogs Market Dynamics - PX futures prices on the Zhengzhou Commodity Exchange have risen significantly day by day. Although the morning session increase was nominal, PX and PTA futures prices rose sharply in the afternoon session. The physical PX market activity is light [2][3]. - The contango between December and January has further widened. The PTA demand may slow down slightly, affecting the near - term PX purchase interest [5]. - A 100 - million - ton PTA plant in the southwest was shut down for maintenance last weekend as planned and is expected to restart in December [5]. - From November 3rd to November 9th, the average daily shipments of MEG in a major warehouse in Zhangjiagang were about 4,500 tons, and about 6,000 tons in two major warehouses in Taicang [5]. - The MEG port inventory in the main ports of East China is about 661,000 tons, a significant increase compared to the previous period [6]. - Two 30 - million - ton polyester bottle - chip plants in South China were shut down for maintenance today and are expected to restart in late December. A 60 - million - ton polyester bottle - chip plant in East China is planned to restart this weekend [6]. - The sales of direct - spun polyester staple fiber are highly differentiated, with an average sales - to - production ratio of 72% as of 3:00 pm [6]. - The sales of polyester yarn in Jiangsu and Zhejiang are generally weak, with an estimated average sales - to - production ratio of just over 30% as of 3:30 pm [7]. Trend Intensity - PX trend intensity is 0, indicating a neutral trend [8]. - PTA trend intensity is 0, indicating a neutral trend [8]. - MEG trend intensity is - 1, indicating a weak trend [8]. Views and Suggestions - For PX, the overseas blending demand supports the aromatics valuation, and it is relatively strong in the short - term. The domestic plant operating rate reaches a new high, and the impact of sanctions on short - process plant operations needs continuous attention [9]. - For PTA, the market focuses on supply reduction due to anti - involution, with a strong - side oscillating price. Processing fees should be sold short on rallies. The future inventory build - up pattern is clear, and positive spreads have limited upward space [9]. - For MEG, with inventory rising to 660,000 tons, the supply pressure is large, showing a weak unilateral trend. Month - spreads should be reverse - arbitraged on rallies. Multiple domestic plants have different operating statuses, and the supply pressure will increase from mid - November [10].

Report Industry Investment Ratings - PX: Unilateral trend is moderately strong in the medium term [1] - PTA: Supply pressure persists, high - level volatile market, backwardation in calendar spreads [1] - MEG: Supply pressure remains high, trend is weak [1] Core Views - PX: The unilateral trend is strong. It is recommended to go long on PX and short on PTA/MEG. Despite the restart of some devices and the high operating rate, the cost support and demand factors make the unilateral strong pattern clear [5]. - PTA: With positive demand feedback and cost support, it should be regarded as unilaterally strong. Although the inventory accumulation in November narrows, the supply is still in excess after some device overhauls end, and the processing fee may continue to be under pressure [6]. - MEG: It is short - term oscillating weakly. The supply pressure persists, and it is recommended to maintain the backwardation operation in calendar spreads. Although the supply pressure eases slightly in the short term, it remains in the long term [6]. Summary by Related Catalogs Market Dynamics - A 300,000 - ton/year polyester bottle - chip device in the southwest has been shut down for maintenance since early November, with a total of 600,000 tons of production shut down at the factory [3]. - The price increase in the previous trading day was mainly driven by increased stock market activity. The sudden increase in market activity may be due to the entry of external funds [3]. - The PX market is currently quite stable fundamentally, and there is no obvious weakness in the short term. The main support for PX comes from China's higher PTA production capacity, especially from new factories launched this year [3]. - Formosa Chemicals & Fiber Corp. restarted its 720,000 - ton/year PX production line in Mailiao on November 4 after completing the planned turnaround, and has been operating at about 70% capacity since then. A 350,000 - ton/year production line has been shut down since early April for planned turnaround [5]. Futures Price and Spread Data | Futures | Yesterday's Closing Price | Change | Change Rate | | --- | --- | --- | --- | | PX Main | 6780 | - 40 | - 0.59% | | PTA Main | 4664 | - 24 | - 0.51% | | MEG Main | 3942 | 18 | 0.46% | | PF Main | 6214 | - 30 | - 0.48% | | SC Main | 460.6 | 0.2 | 0.04% | | Calendar Spread | Yesterday's Closing Price | Previous Day's Closing Price | Change | | --- | --- | --- | --- | | PX1 - 5 | 0 | 14 | - 14 | | PTA1 - 5 | - 64 | - 62 | - 2 | | MEG1 - 5 | - 77 | - 80 | 3 | | PF12 - 1 | - 38 | - 34 | - 4 | | SC11 - 12 | 0.9 | 1 | - 0.1 | | Spot | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX CFR China ($/ton) | 825.67 | 826 | - 0.33 | | PTA East China (Yuan/ton) | 4572 | 4540 | 32 | | MEG Spot | 4013 | 3978 | 35 | | Naphtha MOPJ | 581.75 | 575.75 | 6 | | Dated Brent ($/barrel) | 63.61 | 63.66 | - 0.05 | | Spot Processing Fee | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX - Naphtha Spread | 250.25 | 238.5 | 11.75 | | PTA Processing Fee | 120.65 | 141.93 | - 21.29 | | Short - Fiber Processing Fee | 259.02 | 267.68 | - 8.66 | | Bottle - Chip Processing Fee | 54.06 | 99.6 | - 45.54 | | MOPJ Naphtha - Dubai Crude Spread | - 4.34 | - 4.34 | 0 | [2] Trend Intensity - PX trend intensity: 0 (neutral) - PTA trend intensity: 0 (neutral) - MEG trend intensity: - 1 (weakly bearish) [5] Supply and Demand Analysis PX - Supply: Fushun Petrochemical and Formosa Plastics' devices restarted, and the domestic and Asian PX operating rates reached new highs. Yulong Petrochemical was sanctioned, resulting in weak MX prices. Although the short - process profit is strong, the operating rate has not actually recovered [5]. - Demand: Some PTA devices were shut down or had reduced loads, and the PTA load declined. The stock prices of polyester leaders rose sharply, but the actual probability of production reduction is low [5]. PTA - Supply: Some factories without supporting facilities reduced their loads, and the inventory accumulation in November narrowed. After the overhaul of some devices such as Xin凤鸣 ended, the supply was still in excess [6]. - Demand: The polyester load remained high (91.5% in November), and the rigid demand for PTA was acceptable [6]. MEG - Supply: The overall operating rate of MEG declined this week, with multiple devices shut down or reducing loads. However, Zhenhai Refining & Chemical's 800,000 - ton device is about to restart, and the long - term supply pressure remains due to concentrated imports [6]. - Demand: Downstream weaving orders weakened locally, and the operating rate declined. However, the polyester load remained high in the short term, providing some demand support [6]. Valuation and Strategy - PX: The PXN spread has risen to a high level, and producers can hedge at high prices. It is recommended to go long on PX and short on PTA/MEG [5]. - PTA: The processing fee of the 01 contract has reached a new low of 219 Yuan/ton, and the spot processing fee is 173 Yuan/ton. The processing fee may continue to be under pressure [6]. - MEG: It is recommended to maintain the backwardation operation in calendar spreads [6].

2025 年 11 月 07 日 对二甲苯：芳烃调油支撑估值，高位震荡市 PTA：需求尚可，供应压力仍存，高位震荡市 MEG：供应压力较大，趋势偏弱 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin@gtht.com 来源：CCF，同花顺 iFinD，S&P Global，国泰君安期货研究 | 期货 | PX 主力 | PTA 主力 | MEG 主力 | PF 主力 | SC 主力 | | --- | --- | --- | --- | --- | --- | | 昨日收盘价 | 6820 | 4688 | 3924 | 6244 | 460.4 | | 涨跌 | 170 | 88 | 10 | 68 | -3.3 | | 涨跌幅 | 2.56% | 1.91% | 0.26% | 1.10% | -0.71% | | 月差 | PX1-5 | PTA1-5 | MEG1-5 | PF12-1 | SC11-12 | | 昨日收盘价 | 14 | -62 | -80 | -34 | 1 | | 前日收盘价 | -8 | -60 | -91 | -34 | -1.9 | | 涨跌 | 22 | ...