PTA、MEG早报-20251120

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - For PTA, the short - term spot price is expected to fluctuate with the cost side, and the spot basis will fluctuate within a range. Attention should be paid to device changes [5]. - For MEG, the medium - to long - term inventory build - up pressure still exists. In the short term, the price center of gravity is expected to operate weakly, with continuous upward pressure [7]. 3. Summaries According to the Table of Contents 3.1 Previous Day Review - No specific review content provided 3.2 Daily Tips - No specific tip content provided 3.3 Today's Focus - No specific focus content provided 3.4 Fundamental Data - PTA: The previous day's futures fluctuated and closed higher. The spot market negotiation atmosphere was fair, the spot basis slightly strengthened, and the far - month basis increased. The mainstream spot basis today is 01 - 70. The PTA factory inventory is 3.97 days, a decrease of 0.12 days compared to the previous period. The 20 - day moving average is upward, and the closing price is above the 20 - day moving average. The main positions have turned from net short to net long [5][6]. - MEG: On Wednesday, the price center of gravity of ethylene glycol was weakly adjusted, and the market trading was fair. The spot basis rebounded to a premium of 28 - 29 yuan/ton over the 01 contract at the end of the session. The total inventory in East China is 62.2 tons, an increase of 5.7 tons compared to the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The main positions are net short, and the short positions have increased [7]. 3.5 Price - The price data of various products such as naphtha, PX, PTA, MEG, and polyester products on November 19 and 18, 2025, are given, including spot prices, futures prices, basis, and processing fees [12]. 3.6 Inventory Analysis - The inventory data of PTA, MEG, PET slices, and polyester products in different periods from 2021 - 2025 are presented, such as the available days of in - factory inventory and port inventory [40][42][45]. 3.7 Polyester Upstream and Downstream开工率 - The operating rate data of PTA, PX, ethylene glycol, polyester, and textile enterprises in the polyester industry chain from 2021 - 2025 are provided [52][54][56][57]. 3.8 Profit - The profit data of PTA, MEG, and polyester products from 2022 - 2025 are given, including processing fees and production gross profits [58][61][63][65][66][68]