聚酯数据日报-20260210

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - PX maintains fundamental resilience during high - level corrections. Despite a decline in the PX - naphtha spread to $335 per ton, it remains at a healthy level. The supply of PX is still tight, and the downstream PTA industry is continuously strong. The reduction in production by polyester factories has a limited negative feedback on PTA [3]. - The reduction in ethylene glycol exports from the Middle East after a long - term slump has boosted market confidence. The supply contraction has opened up room for price increases in ethylene glycol [3]. 3. Summary by Relevant Catalog Market Data - Crude Oil: INE crude oil price decreased from 465.4 yuan/barrel on February 6th to 464.2 yuan/barrel on February 9th, a change of - 1.20 yuan/barrel [3]. - PTA: PTA - SC increased from 1783.9 yuan to 1818.6 yuan, a change of 34.72 yuan; PTA/SC ratio increased from 1.5274 to 1.5391, a change of 0.0117; PTA主力期价 increased from 5166 yuan/ton to 5192 yuan/ton, a change of 26 yuan/ton; PTA现货价格 increased from 5085 yuan/ton to 5115 yuan/ton, a change of 30 yuan/ton; 现货加工费 decreased from 412.2 yuan/ton to 406.2 yuan/ton, a change of - 6 yuan/ton; 盘面加工费 increased from 448.2 yuan/ton to 468.2 yuan/ton, a change of 20 yuan/ton; 主力基差 decreased from (72) to (75), a change of - 3; PTA仓单数量 increased from 103,568 to 104,168, a change of 600 [3]. - MEG: MEG主力期价 decreased from 3743 yuan/ton to 3739 yuan/ton, a change of - 4 yuan/ton; MEG - naphtha increased from (195.44) yuan/ton to (194.13) yuan/ton, a change of 1.3 yuan/ton; MEG内盘 increased from 3630 yuan/ton to 3635 yuan/ton, a change of 5 yuan/ton; 主力基差 decreased from - 102 to - 105, a change of - 3 [3]. - PX: CFR中国PX increased from 898 to 900, a change of 2; PX - naphtha spread increased from 294 to 297, a change of 4 [3]. - Polyester Products: POY150D/48F remained at 7005; POY现金流 decreased from 191 to 164, a change of - 27; FDY150D/96F remained at 7240; FDY现金流 decreased from (74) to (101), a change of - 27; DTY150D/48F remained at 8140; DTY现金流 decreased from 126 to 99, a change of - 27; 长丝产销 remained at 12%; 1.4D直纺涤短 increased from 6535 to 6575, a change of 40; 涤短现金流 increased from 71 to 84, a change of 13; 短纤产销 decreased from 56% to 41%, a change of - 15%; 半光切片 increased from 5860 to 5880, a change of 20; 切片现金流 decreased from (54) to (61), a change of - 7; 切片产销 decreased from 64% to 22%, a change of - 42 [3]. Industry Chain Operating Conditions - PX开工率 remained at 85.92%; PTA开工率 remained at 76.73%; MEG开工率 remained at 61.67%; 聚酯负荷 decreased from 78.14% to 77.49%, a change of - 0.65% [3]. Device Maintenance - An East China 3.6 - million - ton PTA device is currently reducing its load and is expected to be shut down for maintenance on the 15th. A South China 1.25 - million - ton PTA device is expected to be shut down on the 16th and is initially expected to restart in late March [4].