瓶片短纤数据日报-20251215

Group 1: Report Industry Investment Rating - No specific information provided Group 2: Core Views of the Report - Gasoline crack spreads have declined, and gasoline blending performance has weakened [2] - The economic performance of the PX industrial chain is significantly differentiated. The PX-naphtha price spread has widened to $252, reflecting raw material cost pressure, while the by-product benzene price has dropped significantly, causing the PX-benzene price spread to only slightly increase to $210, weakening the overall profit of the integrated aromatics unit [2] - PX costs are high and PTA profits are under pressure, but integrated enterprises have significantly improved economic benefits due to their raw material self-sufficiency advantage [2] - New polyester installations have been put into production, pushing the polyester load to remain at a high level. PTA consumption is close to the historical high set in May. Although domestic demand has weakened seasonally, polyester factories have low inventory levels and low willingness to cut production. The cancellation of India's BIS certification is expected to drive export growth, providing additional support for demand [2][3] Group 3: Summary by Relevant Catalogs Spot Price Changes - PTA spot price decreased from 4640 to 4610, a decrease of 30 [2] - MEG domestic price decreased from 3631 to 3603, a decrease of 28 [2] - 1.4D direct-spun polyester staple fiber price decreased from 6355 to 6305, a decrease of 50 [2] - Polyester bottle chip prices in the Jiangsu and Zhejiang markets decreased, with the average price down 10 yuan/ton from the previous working day [2] Futures and Basis Changes - PTA closing price decreased from 4664 to 4614, a decrease of 50 [2] - MEG closing price increased from 3599 to 3627, an increase of 28 [2] - Short fiber basis increased from 107 to 130, an increase of 23 [2] - The 1-2 spread increased from 6 to 14, an increase of 8 [2] Cash Flow and Processing Fee Changes - Polyester staple fiber cash flow increased from 240 to 246, an increase of 6 [2] - Bottle chip spot processing fee increased from 505 to 512, an increase of 7 [2] - T32S pure polyester yarn processing fee increased from 3925 to 3975, an increase of 50 [2] - Polyester-cotton yarn profit increased from 1556 to 1590, an increase of 33 [2] - Hollow short fiber 6 - 15D cash flow increased from 656 to 681, an increase of 25 [2] Operating Rate and Sales Volume Changes - Direct-spun short fiber load (weekly) increased from 88.37% to 89.32%, an increase of 0.95% [3] - Polyester staple fiber sales volume increased from 55.00% to 56.00%, an increase of 1.00% [3] - Polyester yarn operating rate (weekly) remained unchanged at 66.00% [3] - Regenerated cotton-type load index (weekly) remained unchanged at 51.10% [3]