地缘反复原油获得溢价，聚酯链关注节后pxn价差是否走强 | 投研报告

Group 1 - The core viewpoint is that the supply and demand for PX and PTA are expected to marginally improve this year, with the PX-naphtha price spread stabilizing around $300/ton and potentially strengthening after the holiday [2][3] - The oil and petrochemical index showed a slight decline of 0.82% in the last week before the Spring Festival, while the engineering services sector performed best within the oil and petrochemical industry, with a rise of 1.51% [2][3] - Crude oil prices have increased due to a decrease in U.S. crude oil and gasoline inventories, indicating a positive trend for upstream assets if geopolitical factors provide further oil price premiums [2][3] Group 2 - Polyester filament prices have risen, although the inventory days for different varieties of polyester filament in Jiangsu and Zhejiang show mixed trends, with a decline in weaving machine operating rates [2] - In the olefins sector, sample PE spot prices have decreased, and petrochemical inventories of polyolefins have increased, indicating potential challenges in this segment [2] - The focus on PTA's progress in reducing internal competition and PX profit recovery could benefit polyester filament if successful [4]