宏源期货品种策略日报-20250425

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - No information provided Group 3: Summary by Relevant Catalogs 1. Upstream Cost - Spot price of naphtha CFR Japan on 2025/4/24 was $582.00 per ton, down 1.19% from the previous value [1] - Ethylene price index in Northeast Asia on 2025/4/23 was $791.00 per ton, with no change [1] - Ex - factory average price of ethylene oxide in East China on 2025/4/25 was 6,800 yuan per ton, with no change [1] - Spot price of methanol MA on 2025/4/24 was 2,402.50 yuan per ton, with no change [1] - Pit - mouth price of lignite (Q3500 in Inner Mongolia) on 2025/4/24 was 300 yuan per ton, with no change [1] 2. Futures and Spot Prices - DCE EG主力合约收盘价 on 2025/4/24 was 4,179 yuan per ton, down 1.67% from the previous value [1] - DCE EG主力合约结算价 on 2025/4/24 was 4,194 yuan per ton, down 0.26% [1] - DCE EG near - month contract closing price and settlement price on 2025/4/24 were both 4,522 yuan per ton, with no change [1] - Market mid - price of ethylene glycol (MEG) in East China on 2025/4/24 was 4,220 yuan per ton, down 0.71% [1] - CCFEI price index of ethylene glycol (MEG) (intra - day) on 2025/4/24 was 4,205 yuan per ton, down 1.41% [1] - CCFEI price index of ethylene glycol (MEG) (outer - market) on 2025/4/24 was $490.00 per ton, with no change [1] - Near - far month price difference on 2025/4/24 was 328 yuan per ton, up 11 yuan [1] - Basis on 2025/4/24 was 26 yuan per ton, up 11 yuan [1] 3. Startup Conditions - Overall ethylene glycol startup rate on 2025/4/24 was 57.45%, up 0.23% [1] - Ethylene glycol (petroleum - based) startup rate on 2025/4/24 was 64.88%, up 0.37% [1] - Ethylene glycol (coal - based) startup rate on 2025/4/24 was 46.17%, with no change [1] - PTA industrial chain load rate of polyester factories on 2025/4/24 was 90.11%, with no change [1] - PTA industrial chain load rate of Jiangsu and Zhejiang looms on 2025/4/24 was 61.25%, down 2.18% [1] 4. Cash Flow Situation - After - tax gross profit of MTO - made MEG on 2025/4/24 was - 2,018.50 yuan per ton, down 24.34 yuan [1] - After - tax gross profit of coal - based syngas method devices on 2025/4/24 was 404.42 yuan per ton, down 24.34 yuan [1] 5. Polyester Prices - Price index of polyester on 2025/4/24 was 8,375 yuan per ton, with no change [1] - CCFEI price index of DTY on 2025/4/24 had no information on price change [1] - CCFEI price index of polyester POY on 2025/4/24 was 6,675 yuan per ton, with no change [1] - CCFEI price index of polyester staple fiber on 2025/4/24 was 6,270 yuan per ton, up 0.16% [1] - CCFEI price index of bottle - grade chips on 2025/4/24 was 5,650 yuan per ton, with no change [1]