芳烃橡胶早报-20260211

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - For PTA, recently it has turned to weekly inventory accumulation, with its processing fee and PXN compressed. Considering the improved cash - flow in downstream sectors, limited potential for PX supply increase at current valuation, and no obvious load increase in TA devices, the valuation is becoming reasonable. One can focus on phased positive spreads and long - position opportunities [1] - For MEG, after the recent compression of its valuation, the reduction in supply has further increased. Although short - term inventory accumulation continues, the certainty of inventory reduction in the far - month at the current price has increased. During the production - expansion cycle, its overall elasticity is limited, and one can focus on short - term put - selling opportunities [4] - For polyester staple fiber, the downstream seasonality is expected to continue to weaken, and it has entered the pre - holiday load - reduction stage. The absolute inventory pressure is not large, with low - to - medium valuation and weak driving force, and the overall contradiction is limited. One should pay attention to the situation of warehouse receipts [4] Group 3: Summary by Related Catalogs PTA - Device and load: Some PTA devices restarted, with the operating rate rising month - on - month. Polyester load continued to decline, and inventory continued to accumulate [1] - Price and spread: The basis strengthened slightly, and the spot processing fee weakened month - on - month. PX restarted in China, with the overseas load rising slightly. PXN continued to contract month - on - month, and both disproportionation and isomerization benefits weakened. The aromatics spread between the US and Asia remained weak [1] - Transaction information: The average daily basis of PTA spot transactions was 2605(-60), and Dushan Energy's 2.5 million - ton device was under maintenance [1] MEG - Device and load: Near - term domestic oil - based production restarted while coal - based production was under maintenance, with the overall operating rate rising slightly. The arrival at ports was stable, and the port inventory continued to increase significantly at the beginning of next week. The forecast of arrivals during the week declined slightly [4] - Price and spread: The basis weakened slightly, and the coal - based production benefit contracted [4] - Transaction information: The basis of MEG spot transactions was against 05(-112), and Shanxi Woneneng's 300,000 - ton device was under maintenance [4] Polyester Staple Fiber - Device and load: The pre - holiday maintenance of some devices continued, with the operating rate further dropping to 77.7%. The sales were weak, and the inventory increased month - on - month [4] - Price and spread: The spot processing fee improved month - on - month. The operating rate of the polyester yarn end continued to decline, and both raw material inventory and finished - product inventory remained stable. The benefit remained stable month - on - month [4] - Transaction information: The spot price was around 6594, and the market basis was around - 70 against 03 [4] Natural Rubber and No. 20 Rubber - Price information: There were daily and weekly changes in the prices of various types of rubber, such as美金泰混,美金泰标, etc. For example, the weekly change of美金泰混 was 25 [4] - Spread and profit information: There were also changes in various spreads and processing profits, like the spread between混合 and RU主力, and the processing profit of泰标 [4] Styrene - Related Products - Price information: The prices of ethylene, pure benzene, styrene, and related products changed daily. For example, the price of EPS (East China general) decreased by 105 from February 9th to 10th [6] - Profit information: The domestic profits of ABS, EPS, PS, and other products also changed. For example, the domestic profit of ABS decreased by 80 from February 9th to 10th [6] - Operating rate information: The operating rates of EPS, ABS, and PS had their own trends over time [6] POY - Cash - flow information: The POY cash - flow had a certain trend from 2020 to 2026 [7]