金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 2 0 2 5 / 1 1 / 2 6 PTA ibaotu.com 日度市场情况 主力合约：11月26日PTA主力期货合约TA2601今天上涨0.21%，基差走弱至-41元/吨。 基本面：今日PTA华东地区市场价4625元/吨，较前一交易日下跌10元/吨。成本端原油价格下跌后持稳；供给端PTA产能利用率变化 不大；周度PTA工厂库存天数3.81天，环比减少0.16天；PTA加工费修复至200元/吨之上。 主力动向：多头主力减仓 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 预期：近期PTA供应减量较多，同时印度BIS取消提振出口需求，PTA阶段性小幅去库。下游聚酯开工或逐渐转弱，远期供应仍偏过剩， 短期预计PTA市场依旧跟随成本端震荡运行。 MEG 主力合约：11月26日乙二醇主力期货合约eg2601下跌0.03%，基差走强至28元/吨。 基本面：今日乙二醇华东地区市场价3910元/吨，较前一交易日下跌8 ...

金信期货日刊 本刊由金信期货研究院撰写 2025/11/26 GOLDTRUST FUTURES CO.，LTD 看多玻璃次主力合约的3大可能性分析 ibaotu.com 热点聚焦 当前玻璃期货次主力合约处于"弱现实"与"强预期"的博弈中，从成本、供应、库存、政策及盘面资金等维 度看，存在诸多支撑因素，长期具备抄底价值，以下五大理由为看多逻辑提供核心支撑。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 一，成本端形成强力托底，下跌空间受限 行业盈亏平衡点约980 - 1000元/吨，而玻璃次主力合约11月21日报1113元/吨，虽当前部分企业仍能承压， 但价格若进一步下探，将触发更多企业限产停产，成本硬约束下，合约价格下跌空间已十分有限。 二，供应收缩持续加码，供需格局逐步优化 供应端收缩动作不断落地，沙河地区4条燃煤生产线已集中停产冷修，合计日熔量达2650吨，直接带动全国浮 法玻璃日产量环比下降1.33%。此外广东有企业公示平板玻璃生产线产能出让方案，进一步减少市场供应。 三 ...

Group 1: Report Overview - The report is the PTA and Ethylene Glycol Daily by Goldtrust Futures Research Institute, dated November 25, 2025 [1] Group 2: PTA Market Analysis Market Performance - On November 25, the PTA主力期货合约TA2601 fell 0.30%, and the basis strengthened to -39 yuan/ton [2] Fundamental Information - The market price of PTA in East China today is 4635 yuan/ton, with the cost - side crude oil price stabilizing after a decline. The PTA capacity utilization rate is 71.17%. The weekly PTA factory inventory days are 3.81 days, a decrease of 0.16 days compared to the previous period. The PTA processing fee has recovered to over 200 yuan/ton [3] Main Force Movements - The long - side main force reduced positions [3] Market Expectations - Recently, PTA supply has decreased significantly, and India's BIS cancellation has boosted export demand, leading to a small - scale de - stocking of PTA. Downstream polyester start - up may gradually weaken, and the long - term supply remains in excess. In the short term, the PTA market is expected to continue to fluctuate following the cost side [3] Group 3: Ethylene Glycol (MEG) Market Analysis Market Performance - On November 25, the ethylene glycol主力期货合约 eg2601 rose 0.49%, and the basis weakened to 21 yuan/ton [4] Fundamental Information - The market price of ethylene glycol in East China today is 3918 yuan/ton, an increase of 18 yuan/ton compared to the previous trading day. The cost - side crude oil price stabilized after a decline, and the production profit of coal - based ethylene glycol remained in a loss. The weekly inventory of MEG ports in East China totaled 63.3 tons, an increase of 1.5 tons compared to the previous period [4] Main Force Movements - There is a divergence between long and short main forces [4] Market Expectations - Recently, ethylene glycol inventory has been continuously rising, and although the inventory accumulation rate has decreased, the expectation has not been reversed. Some domestic plants plan to reduce production and conduct maintenance, alleviating the supply - side pressure of ethylene glycol. It is reported that a 3.3 - million - ton plant in Iran has recently shut down, and the restart time is undetermined. Downstream polyester start - up remains stable but has entered the consumption off - season. Under the expectation of both supply and demand reduction, the market may continue to maintain a volatile pattern [4]

Report Industry Investment Rating - No relevant information provided Core View of the Report - The glass futures secondary main contract is in a game between "weak reality" and "strong expectation", with many supporting factors from cost, supply, inventory, policy, and capital aspects, and has long - term bottom - fishing value [3] - The stock index futures are significantly oversold, with shrinking trading volume and a wait - and - see attitude in the capital market, expected to remain in high - level oscillations [7] - Gold has rebounded and is approaching an important resistance level, with increased oscillations and expected to fluctuate for some time [12] - Iron ore is in the process of finding a bottom, with weak domestic demand support, and should be treated as a wide - range oscillation for high - selling and low - buying [14] - Glass daily melting has little change, inventory has increased this week, and can be regarded as an oscillatory upward trend [18] - For methanol, there is an opportunity to short in the short - term and go long in the long - term [21] - Pulp futures show an oscillatory downward trend [25] Summary by Related Catalogs Analysis of the Possibility of Bullish on Glass Secondary Main Contract - Cost provides strong support, and the decline space of the contract price is limited. The industry's break - even point is about 980 - 1000 yuan/ton, and the glass secondary main contract was reported at 1113 yuan/ton on November 21 [3] - Supply contraction continues to increase, and the supply - demand pattern is gradually optimized. Four coal - fired production lines in the Shahe area have been shut down for cold repair, with a total daily melting volume of 2650 tons, driving the national float glass daily output to decline by 1.33% month - on - month [4] - The contract is undervalued, and the long - term allocation value is prominent. Some institutions suggest buying in batches on sharp drops and taking profit when the industry profit returns to the break - even point [4] Technical Analysis of Stock Index Futures - Significantly oversold, with shrinking trading volume, and expected to remain in high - level oscillations, it is recommended to observe more and act less [7] Technical Analysis of Gold - After a rebound, it is approaching an important resistance level, with increased oscillations and expected to fluctuate for some time [12] Technical Analysis of Iron Ore - In the process of finding a bottom, with weak domestic demand support, and should be treated as a wide - range oscillation for high - selling and low - buying [14] Technical Analysis of Glass - Daily melting has little change, inventory has increased this week, and can be regarded as an oscillatory upward trend [18] Technical Analysis of Methanol - As of November 19, 2025, the total inventory of Chinese methanol ports was 147.93 million tons, a decrease of 6.43 million tons from the previous period. There is an opportunity to short in the short - term and go long in the long - term [21] Technical Analysis of Pulp - The import volume in October decreased month - on - month, and the domestic port inventory is in a destocking trend. The supply is still abundant, and the futures show an oscillatory downward trend [25]

Report Overview - Report Name: Jinxin Futures Paper Industry Daily - Date: November 24, 2025 - Author: Jinxin Futures Research Institute Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - Pulp futures are expected to continue their weak performance due to factors such as price decline, inventory accumulation, increased imports, and cautious downstream procurement [4]. - Double - offset paper futures are likely to fluctuate in a low - level range in the short term, and the spot price is unlikely to rise substantially, maintaining a "stable price and weak volume" stalemate due to cost, supply, and demand factors [12]. - Both pulp and double - offset paper are negatively affected by the increase in short - selling positions of major players [18]. Summary by Directory Pulp Futures Fundamental Analysis Basic Situation - In Shandong, the price of softwood pulp decreased by 50 yuan. On Thursday, port inventory increased by 102,000 tons, a 5.1% month - on - month increase. In October, softwood pulp imports continued to rise, with a cumulative annual import of 7.122 million tons, a 2.7% year - on - year increase. The supply - demand fundamentals have not changed significantly, port de - stocking is lower than expected, and downstream procurement is cautious [4]. Double - offset Paper Futures Fundamental Analysis Basic Situation - In Shandong, the price of double - offset paper remained stable, and the spot market price was temporarily stable with little fluctuation in the quotes of leading paper enterprises. The sharp decline in the upstream pulp futures price has invalidated cost support, and negative sentiment has continued to spread. In Guangdong, some spot prices have weakened, and local publishing tender prices are low, increasing market wait - and - see sentiment. The supply side has an over - capacity situation, with new capacity to be added, while the operating rate has been hovering at a low level and inventory digestion is difficult. On the demand side, although publishing tenders support rigid demand, non - rigid demand orders have shown little improvement, and long - term factors such as digitization and birth rate are dragging down demand growth [12]. Main Force Trends - For pulp, short - selling major players have increased their positions, which is bearish [18]. - For double - offset paper, short - selling major players have increased their positions, which is bearish [18].

Group 1: Overall Conclusion - The core pattern of loose supply and demand in the pulp market remains unchanged. Short - term factors such as pulp mill shutdowns and packaging paper price increases provide slight support for prices, but weak cultural paper demand and continuous port inventory accumulation limit the upside space. The pulp futures 01 contract already has delivery profits, and further upside is limited. It is likely to show a volatile trend subsequently [6]. - The supply - demand imbalance in the double - offset paper market persists. Although paper enterprises have a strong willingness to support prices in the short term, weak demand cannot support a significant price increase. Coupled with the poor transmission of rising wood pulp costs, double - offset paper futures are likely to maintain a weak range - bound oscillation. Attention should be paid to the impact of the concentrated release of publishing tenders on the market [17]. Group 2: Pulp Demand - There is a continuous structural differentiation in demand. The price increase of white cardboard has been successfully implemented, and leading packaging paper enterprises are driving a price increase wave. The average prices of corrugated paper and boxboard paper have both increased by 80 yuan/ton week - on - week. However, the demand for cultural paper remains weak. Even though double - offset paper plans to raise prices, due to lack of demand support, downstream acceptance is low, and overall demand has not fully expanded [5]. Supply - Supply is generally loose with short - term disturbances. China's pulp production increased by 10.2% month - on - month in October, providing a solid supply foundation. The FOB price of Chilean softwood pulp decreased while that of hardwood pulp increased. However, the temporary shutdown of the US Magnolia pulp mill since November 20 has brought short - term minor disturbances to global supply, but it is difficult to change the overall loose pattern [5]. Inventory - Pulp inventory continues to accumulate at a high level. As of November 20, the inventory of pulp samples at major domestic ports reached 2.173 million tons, an increase of 63,000 tons from the previous period, a 3.0% week - on - week increase. Only a few ports such as Changshu Port showed a narrow - range destocking trend, while Qingdao Port continued to accumulate inventory significantly. The overall inventory is at a medium level for the year [5]. Profit - There is a differentiation in paper enterprises' profits. Packaging paper enterprises' profits are clearly recovering due to product price increases and smooth cost transmission of steadily rising pulp costs. However, enterprises relying on cultural paper are still under pressure. The inventory of products such as double - offset paper is high, price increases are difficult to implement, and cost pressure is difficult to transfer, resulting in low gross margins [5]. Group 3: Double - Offset Paper Demand - Demand is mainly based on rigid needs with limited support. Publishing tenders are progressing, but local tender prices are low, having little impact on market prices. Social orders have not improved significantly. Downstream printing factories purchase as needed, and dealers mainly digest previous inventories. There is insufficient follow - up for new orders of double - offset paper, and overall demand has not increased [16]. Supply - Supply is abundant with a slight easing of pressure. This week, the operating load rate of double - offset paper decreased slightly by 0.33 percentage points to 52.20%. Although some production lines in Jiangsu are under maintenance and some small and medium - sized factories in Shandong are operating below capacity, most large - scale paper enterprises are producing as planned, and new production capacity in South China is continuously increasing, so the overall supply remains abundant [16]. Inventory - Inventory shows an accumulation trend. This week, the inventory days of double - offset paper increased by 0.54% week - on - week. Due to low downstream purchasing enthusiasm and limited new orders, the paper mills' shipping rhythm has slowed down, and inventory is under pressure, remaining at a relatively high level [16]. Profit - Losses continue to expand, and paper enterprises face significant profit pressure. On the one hand, rising wood pulp prices have increased raw material costs. On the other hand, although some paper enterprises plan to raise the price of double - offset paper by 200 yuan/ton, due to weak demand, the price increase is difficult to be accepted by downstream customers, and costs cannot be transferred smoothly [16]. Group 4: Waste Paper Demand - Rigid demand provides support, but the intensity is weakening. E - commerce inventory replenishment still supports packaging paper orders, driving paper mills' rigid demand for waste paper replenishment. However, the overall demand release is weaker than before. The sales of waste - paper - based products such as corrugated paper and boxboard paper have decreased by 10.8% and 17.9% respectively, and the purchase prices of waste paper in some regional paper mills have been adjusted downward, resulting in light trading [26]. Supply - There is a regional differentiation in supply, and the overall tightness has eased. The arrival of waste paper in East and North China has increased significantly, improving the shortage of circulating supplies. However, the supply in South China remains tight. The waste paper prices across the country show a mixed trend. For example, Shandong Tai'an Taihe Gypsum Paper Industry has raised prices by 40 - 90 yuan/ton, while many paper enterprises in Guizhou have lowered prices by 10 - 30 yuan/ton, reflecting the regional imbalance on the supply side [26]. Inventory - There is a structural differentiation in inventory. At the paper mill end, the inventories of waste - paper - based base papers such as corrugated paper and boxboard paper are decreasing, with a month - on - month decline of 1.0% - 1.1%. However, the waste - paper recycling end is under great pressure. The previous downward fluctuation of waste paper prices has led to inventory backlogs in many packing stations, with some packing stations having inventories of nearly 500 tons and significant destocking pressure [26]. Profit - There is an obvious differentiation in industry profits. The profits of waste - paper - based paper enterprises have been repaired. The price increase of base papers such as boxboard paper and corrugated paper is higher than the increase in waste paper costs, and the corresponding gross profit margins have increased by 7.2% and 10.8% respectively. However, waste - paper recycling enterprises are deeply in losses. Some packing stations bought waste paper at high prices before, and the current selling price is below the cost line, with a loss of more than 400 yuan per ton. Small and medium - sized recyclers face great profit pressure [27]. Group 5: Packaging Paper (Boxboard Paper) Demand - There is still demand for inventory replenishment, but its release is weak. The replenishment demand after e - commerce promotions still supports orders to some extent. However, the overall demand is weaker than before. This week, the sales volume of boxboard paper reached 639,000 tons, a 17.9% week - on - week decrease. The trading in some regional paper mills is light, and purchase prices have been adjusted downward [37]. Supply - The supply contraction is obvious. This week, the capacity utilization rate of boxboard paper has dropped to 67.5%, a 3.3% week - on - week decrease, and the output has also decreased to 631,000 tons. Leading paper enterprises such as Nine Dragons and Shanying are implementing shutdown and maintenance plans, which not only reduce short - term supply but also accelerate the clearance of inefficient production capacity. At the same time, changes in the recycled pulp import policy further reduce supply, jointly supporting the price increase of boxboard paper [37]. Inventory - The low - level destocking trend continues. The boxboard paper inventory at the paper mill end has decreased by 1.0% week - on - week, and the overall inventory is at a low level. This inventory contraction not only reduces market supply pressure but also provides strong support for boxboard paper price increases, driving the market to operate steadily and slightly strongly [37]. Profit - The profit repair is significant. This week, the price of boxboard paper has increased with the industry - wide price increase wave, and the price increase is higher than the increase in raw material costs such as waste paper, driving the gross profit margin to increase by 7.2%. Leading enterprises, with their advantages in the whole industrial chain layout and pricing power, have more prominent profit repair during the price increase wave, further widening the profit gap [37].

Group 1: Glass Investment Strategy - The current price of the glass 2605 contract is close to the cost line of 1000 yuan/ton, with limited downside space, but bottom - fishing requires strict risk control and waiting for signals [3] - Fundamentally, traditional real - estate demand is weak, dragging down production and sales, but the demand for new tracks such as photovoltaic glass and BIPV has increased by 18% year - on - year, providing long - term support. On the supply side, some production lines in Shahe are under cold repair, and although there is a resumption expectation, the elimination of backward production capacity continues [4] - Technically, attention should be paid to the support range of 1000 - 1005 yuan. Only when the price stabilizes in this range and there are signals such as enlarged trading volume and continuous position reduction can one try to go long with a light position [4] Group 2: Stock Index Futures Analysis - Today, the three major A - share indexes opened and closed lower under the influence of external markets. The medium - term upward trend remains unchanged, but the short - term trend is extreme, and the adjustment seems to be expanding. Bottom - fishing requires caution [8] Group 3: Gold Analysis - After a period of rebound, gold is currently approaching an important resistance level. At this stage, the volatility is increasing, and it is expected to fluctuate for some time [12] Group 4: Iron Ore Analysis - With the commissioning of the Simandou project, the expectation of loose supply has further fermented. On the demand side, except for exports, the real - estate and infrastructure sectors are still in the process of bottom - seeking, and domestic demand support is weak. Technically, it continued to be weak today and should be treated as a wide - range shock, with high - selling and low - buying [14][15] Group 5: Methanol Analysis - As of November 19, 2025, the total inventory of Chinese methanol ports was 147.93 million tons, a decrease of 6.43 million tons from the previous period. Both the East and South China regions saw inventory reduction. This week, the methanol port inventory decreased. With the lack of domestic supply and the back - flow of imported goods, the提货 of social warehouses in East China was good, and the overall downstream rigid demand was stable. One should seize the opportunity of short - term short and long - term long [21] Group 6: Pulp Analysis - The pulp import volume decreased month - on - month in October, and the domestic port inventory showed a downward trend. However, the supply in the market is still abundant. The sporadic publishing tenders of cultural paper downstream have boosted market confidence, but the social demand is flat, the paper mill's gross profit continues to decline, and the futures market has shown a downward - biased shock trend recently [24]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The crude oil price is expected to show a weak and volatile trend due to the end of the demand peak season, increased inventory accumulation in the US, and concerns about supply disruptions from geopolitical frictions [3]. - The PX price is expected to fluctuate following the crude oil price, with a short - term supply - demand balance. PTA is likely to have a small inventory build - up before the year - end and will mainly follow the cost - end fluctuations [3][7]. - The domestic ethylene glycol (MEG) futures price is expected to run weakly due to factors such as increased supply expectations, weakening cost support, and high inventory [4]. - The prices of pure benzene (BZ) and styrene (EB) may not have sustainable rebounds as their fundamentals have limited positive factors and the cost - end oil price is under pressure [4]. 3. Summary by Product Crude Oil - OPEC+ decided to increase production by 137,000 barrels per day in December and suspend production increases in Q1 2026. The next meeting is on November 30. The demand peak season has ended, and US crude oil inventory accumulation has increased. Geopolitical frictions may limit Russian oil exports and support the oil price. The market consensus on future supply surplus leads to an expected weak and volatile price [3]. PX & PTA - PX: The domestic overall load remains high, with a weekly average domestic capacity utilization rate of 89.21% (-0.36% week - on - week) and an Asian average of 79.79% (+0.06% week - on - week). The PX - naphtha spread is stable at around $250/ton. With limited fourth - quarter maintenance and no new domestic capacity in H1 2026, and positive factors for terminal demand, the supply - demand is stable, and the price is expected to follow the crude oil price [3][7]. - PTA: Two sets of devices were shut down for maintenance this week, with the weekly operating rate dropping to 74.29%. Polyester load remained high, and sales volume increased. Before the implementation of substantial policies, there is an expectation of a small inventory build - up due to increased supply and weak demand before the year - end. The processing margin is still low, and it is expected to follow the cost - end fluctuations [3][13]. MEG - The overall domestic load decreased slightly, but new plant trials increased supply expectations. The cost support from crude oil and coal weakened. Coal - based MEG profit shrank, and the operating rate decreased. After the "Double Eleven", the downstream polyester operating load is expected to decline, and the port inventory has been accumulating. The high inventory will suppress the price, and the price is expected to run weakly [4][18]. BZ & EB - BZ: The domestic load decreased, but the port inventory increased significantly. The import volume is expected to remain high, and downstream profits are generally in deficit. Although the North American blending demand has improved, the overall demand is weak. - EB: The weekly operating rate decreased slightly, with new plant launches and some restarts. There are planned maintenance in the second half of the month. The port inventory decreased, but the expected arrival volume in the second half of the month will increase. The downstream 3S operating rate increased slightly, but the overall inventory is high. The price rebound may not be sustainable [4][26]. Polyester - The average weekly capacity utilization rate of the domestic polyester industry was 87.59% (+0.07% week - on - week). Polyester staple fiber and filament had a small inventory build - up. The comprehensive operating rate of the Jiangsu and Zhejiang chemical fiber weaving industry was 67.69% (-0.30% from the previous period), and the average terminal weaving order days decreased to 13.54 days (-0.95 days). The new order growth is weak, and the market activity has declined [22].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The egg futures 2601 contract is expected to show a pattern of "short - term oscillating upward, medium - term depending on capacity reduction". Short - term prices may fluctuate within a range, and attention should be paid to inventory data and the impact of cooling on consumption. In the medium - to - long term, if the breeding end accelerates the elimination of old chickens, short - term long positions with light positions can be considered [3][4]. - The A - share market is expected to continue to oscillate at a low level [7]. - Gold is approaching an important resistance level after a rebound, and it is expected to oscillate for some time [12]. - Iron ore is in a bottom - seeking stage with weak domestic demand support. It should be treated as a wide - range oscillation, with high - selling and low - buying strategies [14][15]. - Glass has broken down and shows no sign of stabilization, so it should be regarded as oscillating downward [17][18]. - For methanol, short - term short and long - term long opportunities should be grasped, as the port inventory has decreased [20]. - Pulp futures show an oscillating downward trend recently, with abundant supply and weak social demand [23]. 3. Summary by Related Catalogs Egg Futures - On November 20, the egg futures 2601 contract oscillated upward, closing up 2.05% at 3240 yuan, ending the previous continuous decline. The rise was supported by short - term sentiment repair and festival expectations. However, in the medium - to - long term, the supply - demand contradiction has not been fundamentally alleviated. The inventory of laying hens is still above 1.3 billion, and new production capacity will be released in the next three months. The demand is affected by the low prices of alternative proteins [3]. A - share Market - The three major A - share indexes opened higher and closed lower, with the Shanghai Composite Index showing a mid - yang line. The market is expected to continue to oscillate at a low level. There are news such as the integration of Central Huijin - affiliated securities firms and the Fed's meeting minutes [7][8]. Gold - After a rebound, gold is approaching an important resistance level, and the oscillation will intensify. It is expected to oscillate for some time [12]. Iron Ore - With the commissioning of the Simandou project, the expectation of supply relaxation is further fermented. The terminal demand is weak except for exports, and the real estate and infrastructure are still in the bottom - seeking stage. Technically, it is in a wide - range oscillation [14][15]. Glass - The daily melting change is small, and the inventory has increased again this week. The main drivers are the policy - side stimulus and anti - involution policies for supply - side clearance. Technically, it has broken down and shows no sign of stabilization [17][18]. Methanol - As of November 19, 2025, the total inventory of methanol ports in China was 1.4793 million tons, a decrease of 64,300 tons from the previous period. Both the East and South China regions have seen inventory reduction. The overall downstream demand is stable. Short - term short and long - term long opportunities should be grasped [20]. Pulp - The import volume of pulp decreased in October, and the domestic port inventory is in a de - stocking trend. However, the supply is still abundant. The downstream cultural paper has started sporadic publishing tenders, but the social demand is weak, and the paper mill's gross profit continues to decline. The futures market shows an oscillating downward trend [23].

Report Overview - Report Name: Jinxin Futures PTA Ethylene Glycol Daily - Report Date: November 20, 2025 - Report Author: Jinxin Futures Research Institute PTA Analysis Market Performance - On November 20, the PTA main futures contract TA2601 declined by 0.25%, with a basis of -67 yuan/ton [2] Fundamental Information - The market price of PTA in East China was 4,633 yuan/ton, down 7 yuan/ton from the previous trading day [3] - The capacity utilization rate of PTA was 71.17%, a decrease of 2.32% from the previous day [3] - The weekly inventory days of PTA factories were 3.97 days, a decrease of 0.12 days compared to the previous week [3] Main Force Trends - Long - position main forces reduced their positions [3] Market Expectation - In the short term, the PTA market is expected to fluctuate following the cost side [3] MEG Analysis Market Performance - On November 20, the ethylene glycol main futures contract eg2601 dropped by 2.05%, and the basis strengthened to 26 yuan/ton [4] Fundamental Information - The market price of ethylene glycol in East China was 3,876 yuan/ton, down 49 yuan/ton from the previous trading day [4] - The production profit of coal - based ethylene glycol remained in a loss situation [4] - The weekly inventory of MEG ports in East China totaled 66.76 tons, an increase of 4.96 tons compared to the previous week [4] Main Force Trends - Short - position main forces increased their positions [4] Market Expectation - In the short term, the price center of ethylene glycol is expected to fluctuate weakly [4]