聚酯数据日报-20260105

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The PTA market is caught in a tug - of - war between cost support and falling demand. The MEG price lacks effective support, but may be bolstered by domestic policies in the context of carbon neutrality. The PX market is at a critical juncture where speculative sentiment intersects with fundamental factors [2] 3. Summary by Relevant Catalogs 3.1 Market Data - Crude Oil: INE crude oil price dropped from 436.1 yuan/barrel on December 30, 2025, to 432.2 yuan/barrel on December 31, 2025, a decrease of 3.90 yuan/barrel [2] - PTA: PTA - SC decreased by 5.66 yuan/ton; PTA/SC increased by 0.0038; PTA主力期价 dropped by 34.0 yuan/ton; PTA现货价格 decreased by 5.0 yuan/ton; 现货加工费 decreased by 7.1 yuan/ton; 盘面加工费 decreased by 21.1 yuan/ton; 主力基差 increased by 4.0; PTA仓单数量 decreased by 726 [2] - MEG: MEG主力期价 dropped by 44.0 yuan/ton; MEG -石脑油 decreased by 3.2 yuan/ton; MEG内盘 decreased by 13.0 yuan/ton; 主力基差 remained unchanged [2] - PX: CFR中国PX remained at 894; PX -石脑油价差 increased by 5 [2] 3.2 Industry Chain Start - up Situation - PX: The start - up rate remained at 86.28% [2] - PTA: The start - up rate decreased from 77.40% to 74.63%, a decrease of 2.77% [2] - MEG: The start - up rate increased from 60.58% to 61.76%, an increase of 1.18% [2] - Polyester: The load decreased from 88.10% to 88.81%, a decrease of 0.71% [2] 3.3 Product Price and Cash Flow - Polyester Filament: POY150D/48F decreased by 40.0; POY现金流 decreased by 31.0; FDY150D/96F decreased by 5.0; FDY现金流 increased by 4.0; DTY150D/48F remained unchanged; DTY现金流 increased by 9.0; 长丝产销 decreased by 10% [2] - Polyester Staple Fiber: 1.4D直纺涤短 decreased by 95; 涤短现金流 decreased by 86.0; 短纤产销 decreased by 5% [2] - Polyester Chip: 半光切片 decreased by 5.0; 切片现金流 increased by 4.0; 切片产销 decreased by 14% [2] 3.4 Device Maintenance - A 1.2 - million - ton PTA device in the northwest was restarted after shutting down early last week [2]