聚酯数据日报-20250901

Report Summary 1) Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2) Core Viewpoints - PTA: The spread between PX and naphtha has expanded, and the weak benzene price has inhibited the further increase of PX production. The spread between PX and MX has rebounded, the downstream polyester load has remained at around 88%, domestic PTA plants have gradually returned, and domestic PTA production has increased. With the recent improvement in sales and inventory reduction, especially the better reduction of filament inventory, profits have been significantly repaired. However, the maintenance expectation of some downstream devices is relatively strong [2]. - Ethylene Glycol (MEG): The planned production cut of South Korean naphtha cracking units has led to a sharp rise in olefin varieties. The price of ethylene glycol has rebounded. The continuous postponement of the maintenance of overseas ethylene glycol plants, especially Saudi Arabian plants, may have a significant impact on the market outlook, which is constantly boosting the price of ethylene glycol. The later arrival volume of ethylene glycol has decreased. Polyester inventory is performing well, and the downstream weaving load has rebounded [2]. 3) Summary by Relevant Catalogs a. Market Data Comparison - INE crude oil price increased from 481.7 yuan/barrel on August 28, 2025, to 485.2 yuan/barrel on August 29, 2025, with an increase of 3.50 yuan [2]. - The PTA - SC spread decreased from 1291.4 yuan/ton to 1258.0 yuan/ton, a decrease of 33.43 yuan [2]. - The PTA/SC ratio decreased from 1.3689 to 1.3568, a decrease of 0.0121 [2]. - CFR China PX remained unchanged at 849 [2]. - The PX - naphtha spread decreased from 259 to 252, a decrease of 7 [2]. - The PTA主力期价 decreased from 4792 yuan/ton to 4784 yuan/ton, a decrease of 8.0 yuan [2]. - The PTA现货价格 decreased from 4775 yuan/ton to 4740 yuan/ton, a decrease of 35.0 yuan [2]. - The PTA现货加工费 decreased from 215.2 yuan/ton to 197.3 yuan/ton, a decrease of 17.9 yuan [2]. - The PTA盘面加工费 decreased from 237.2 yuan/ton to 231.3 yuan/ton, a decrease of 5.9 yuan [2]. - The PTA主力基差 decreased from (24) to (35), a decrease of 11.0 [2]. - The PTA仓单数量 remained unchanged at 29938 [2]. - The MEG主力期价 increased from 4465 yuan/ton to 4466 yuan/ton, an increase of 1.0 yuan [2]. - The MEG - naphtha spread increased from (99.04) to (98.23), an increase of 0.8 [2]. - The MEG内盘 increased from 4527 yuan/ton to 4536 yuan/ton, an increase of 9.0 yuan [2]. - The MEG主力基差 increased from 67 to 75, an increase of 1.0 [2]. - The PX开工率 increased from 80.38% to 82.59%, an increase of 2.21% [2]. - The PTA开工率 remained unchanged at 70.76% [2]. - The MEG开工率 increased from 60.27% to 62.03%, an increase of 1.76% [2]. - The聚酯负荷 increased from 86.03% to 87.15%, an increase of 1.12% [2]. - The POY150D/48F remained unchanged at 6860 [2]. - The POY现金流 increased from 11 to 38, an increase of 27.0 [2]. - The FDY150D/96F remained unchanged at 7140 [2]. - The FDY现金流 increased from (209) to (182), an increase of 27.0 [2]. - The DTY150D/48F remained unchanged at 8040 [2]. - The DTY现金流 increased from (9) to 18, an increase of 27.0 [2]. - The长丝产销 decreased from 43% to 42%, a decrease of 1% [2]. - The 1.4D直纺涤短 decreased from 6655 to 6610, a decrease of 45 [2]. - The涤短现金流 decreased from 156 to 138, a decrease of 18.0 [2]. - The短纤产销 increased from 40% to 45%, an increase of 5% [2]. - The半光切片 decreased from 5860 to 5850, a decrease of 10.0 [2]. - The切片现金流 increased from (89) to (72), an increase of 17.0 [2]. - The切片产销 increased from 42% to 78%, an increase of 36% [2] b. Device Maintenance Information - A 2.5 - million - ton PTA plant in South China has started maintenance today, and another 2.5 - million - ton plant is expected to start maintenance around August 23, with an expected maintenance time of about one month [3]