投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 PTA现货价格 MEG内盘 PTA现货价格 -- PTA主力期货价格 县 8000 1700 9200 1500 7000 1300 8200 1100 6000 7200 900 5000 700 6200 500 5200 4000 300 100 4200 3000 -100 3200 -300 2000 2022-01 2021-01 2023-01 2024-01 2025-01 2026-01 2025-03 2025-05 2025-07 2025-09 2025-11 2026-01 数据图表 800 现货加工区间 -- 盘面加工区间 POY现金流 DTY现金流 FDY 现金流 800 涤短现金流 600- 司片划 700 400 600 500 200 400 0 300 -200 200 -400 100 0 -600 2023-02023-02023-08024-02024-02024-08025-02025-02026-01 -800 免责声 本报告中的信息均源于公开可获得的资料,国贸期货力求准确可靠,但不对上述信息的准确性 ...

能源化工组 【行情资讯】 张正华 INE 主力原油期货收涨 43.50 元/桶，涨幅 8.98%，报 527.80 元/桶；相关成品油主力期货高硫 燃料油收涨 263.00 元/吨，涨幅 9.00%，报 3186.00 元/吨；低硫燃料油收涨 310.00 元/吨，涨 幅 8.99%，报 3757.00 元/吨。 橡胶、聚酯、PVC 分析师 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 zhangzh@wkqh.cn 欧洲 ARA 周度数据出炉，汽油库存环比累库 0.12 百万桶至 11.02 百万桶，环比累库 1.07%； 柴油库存环比累库 0.66 百万桶至 16.64 百万桶，环比累库 4.15%；燃料油库存环比去库 1.54 百万桶至 5.46 百万桶，环比去库 21.96%；石脑油环比去库 0.29 百万桶至 5.55 百万桶，环 比去库 4.93%；航空煤油环比去库 0.95 百万桶至 6.59 百万桶，环比去库 12.55%；总体成品 油环比去库 1.99 百万桶至 45.27 百万桶，环比去库 4.21%。 严梓桑（联系人） 油品、甲醇、尿素、聚烯 烃 ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | 国贸期货研究院 | | 聚酯数据日报 投资咨询号: Z0017251 | | | --- | --- | --- | --- | --- | --- | | | | | | | 2026/3/2 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2026/2/26 | 2026/2/27 | 变动值 | 行情综述 | | | INE原油(元/桶) | 483.6 | 488. 4 | 4. 80 | 成交情况: PTA:由于近几个月PTA月均加工费回升且PX货源充 | | SC | PTA-SC(元/陣) | 1745.6 | 1700. 7 | -44.88 | 足,部分PTA装置开始重启或计划提负荷,预估3月PTA | | | | | | | 月产量大概率创新高,中东问题恶化,关注下周原油 | | | PTA/SC(比价) | 1. 4967 | 1. 4792 | -0. 0175 | 市场走势。 | | PX | CFR中国PX | 931 | 932 | 1 | | | | ...

期 货 研 究 PX：尾盘石脑油价格上涨，3 月 MOPJ 目前估价在 620 美元/吨 CFR。2 月 26 日 PX 价格小幅反弹，两 单 4 月亚洲现货均在 929 成交。尾盘实货 4 月在 929/931 商谈，5 月在 928/937 商谈。2 月 26 日 PX 估价在 931 美元/吨，较 2 月 25 日上涨 2 美金。 2026 年 02 月 27 日 对二甲苯：跟随成本波动，区间震荡市 PTA：跟随成本波动，区间震荡市 MEG：区间震荡市，多 PTA 空 MEG 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin@gtht.com | 期货 | PX 主力 | PTA 主力 | MEG 主力 | PF 主力 | SC 主力 | | --- | --- | --- | --- | --- | --- | | 昨日收盘价 | 7382 | 5260 | 3700 | 6658 | 483.6 | | 涨跌 | -50 | -52 | -47 | -64 | -4.7 | | 涨跌幅 | -0.67% | -0.98% | -1.25% | -0.95% | -0.96% | | ...

聚丙烯：节后价格上涨 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 节后聚丙烯小幅上涨，2月26日华东拉丝6600元/吨，较节前上涨0.53%。美伊分歧难以快速完全达成一 致，原油高位震荡，成本对市场底部支撑仍存。因生产企业前期预售充分，节后去库压力可控，同时新 增安徽天大、中景石化等装置检修，对市场形成托底支撑，部分生产企业上调厂价，市场跟涨为主。但 下游恢复缓慢，询盘及成交偏淡，限制上涨空间。 ...

光大期货能化商品日报 光大期货能化商品日报（2026 年 2 月 26 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周三油价下行，其中 WTI 4 月合约收盘下跌 0.21 美元至 65.42 美 | | | | 元/桶，跌幅 0.32%。布伦特 4 月合约收盘上涨 0.08 美元至 70.85 | | | | 美元/桶，涨幅 0.11%。SC2604 以 486.5 元/桶收盘，下跌 3.1 元/ | | | | 桶，跌幅 0.63%。伊朗外长阿拉格齐率领伊朗代表团抵达瑞士日 | | | | 内瓦，参加即将于 26 日举行的伊美第三轮谈判。在阿曼斡旋下， | | | | 伊朗与美国第三轮间接谈判将于 26 日在日内瓦举行。美国近期在 | | | | 中东地区大规模集结兵力。美国总统特朗普近日承认，他在考虑 | | | | 对伊朗进行"有限军事打击"。EIA 周三公布的数据显示，由于炼 | | | 原油 | 油厂产能利用率下降且进口增加，上周美国原油库存增幅创 2023 | 震荡 | | | 年 2 月以来新大，推动库存增至八个半月来最高水平。EIA ...

光大期货能化商品日报 光大期货能化商品日报（2026 年 2 月 25 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周二油价小幅下跌，其中 WTI 4月合约收盘下跌 0.68 美元至 65.63 | | | | 美元/桶，跌幅 1.03%。布伦特 4 月合约收盘下跌 0.72 美元至 70.77 | | | | 美元/桶，跌幅 1.01%。SC2604 以 485.5 元/桶收盘，下跌 4.4 元/ | | | | 桶，跌幅 0.9%。伊朗外交部副部长周二表示，德黑兰愿意采取任 | | | | 何必要措施，以达成与美国的协议。此前，美国全国公共广播电 | | | | 台的一则报道称，伊朗已准备尽快与美国达成协议。美国 API 公 | | | 原油 | 布的数据显示，上周美国原油库存增加，汽油和馏分油库存下降。 | 震荡 | | | 截至 2 月 20 日当周，美国原油库存增加 1143 万桶，汽油库存减 | | | | 少 154 万桶，馏分油库存减少 277 万桶。本月，伊朗原油装船量 | | | | 飙升至多年高位，在伊朗与华盛顿举行第三轮核谈判之 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - PTA: The commodity market has declined significantly. PX maintains its fundamental resilience during the high - level correction. Due to the Iranian geopolitical risk, there is still a risk in crude oil prices. The downstream PTA industry remains strong. China's PTA production in January is expected to reach a new high, with no production cut plan during the Spring Festival. With no new PTA production capacity throughout the year, existing facilities will operate at full capacity to meet the growing polyester demand, providing a solid demand base for PX. The PX supply is still tight, with limited global effective capacity release. The domestic PTA maintains high - level operation, and the reduction in domestic demand and production cuts by polyester factories have a limited negative impact on PTA [3] - Ethylene Glycol (MEG): After the long - term slump of overseas ethylene glycol, the reduction of ethylene glycol exports in the Middle East has boosted market confidence. A 1.8 million - ton ethylene glycol plant in Jiangsu is currently operating at about 80% capacity. Affected by profits, the plant plans to switch a 900,000 - ton EG production line to produce polyethylene in mid - February. The duration of the conversion is undetermined. Driven by this news, speculative market demand has increased significantly. The supply contraction has opened up room for price increases in ethylene glycol [3] 3. Summary by Relevant Catalogs 3.1 Market Data Changes - **INE Crude Oil**: The price increased from 463.5 yuan/barrel on February 5, 2026, to 465.4 yuan/barrel on February 6, 2026, with an increase of 1.90 yuan/barrel [3] - **PTA - SC**: The value increased from 1775.7 yuan/ton to 1783.9 yuan/ton, an increase of 8.19 yuan/ton [3] - **PTA/SC Ratio**: It rose from 1.5272 to 1.5274, an increase of 0.0003 [3] - **CFR China PX**: The price increased from 892 to 898, an increase of 6 [3] - **PX - Naphtha Spread**: Remained unchanged at 294 [3] - **PTA Main Contract Futures Price**: Rose from 5144 yuan/ton to 5166 yuan/ton, an increase of 22.0 yuan/ton [3] - **PTA Spot Price**: Decreased from 5100 yuan/ton to 5085 yuan/ton, a decrease of 15.0 yuan/ton [3] - **PTA Spot Processing Fee**: Decreased from 415.0 yuan/ton to 412.2 yuan/ton, a decrease of 2.9 yuan/ton [3] - **PTA Futures Processing Fee**: Decreased from 459.0 yuan/ton to 448.2 yuan/ton, a decrease of 10.9 yuan/ton [3] - **PTA Main Contract Basis**: Increased from (77) to (72), an increase of 5.0 [3] - **PTA Warehouse Receipt Quantity**: Remained unchanged at 103,568 [3] - **MEG Main Contract Futures Price**: Decreased from 3745 yuan/ton to 3743 yuan/ton, a decrease of 2.0 yuan/ton [3] - **MEG - Naphtha**: Decreased from (184.58) to (195.44), a decrease of 10.9 [3] - **MEG Domestic Market Price**: Decreased from 3649 yuan/ton to 3630 yuan/ton, a decrease of 19.0 yuan/ton [3] - **MEG Main Contract Basis**: Increased from - 103 to - 102, an increase of 1.0 [3] - **PX Operating Rate**: Remained unchanged at 85.92% [3] - **PTA Operating Rate**: Remained unchanged at 76.73% [3] - **MEG Operating Rate**: Remained unchanged at 61.67% [3] - **Polyester Load**: Decreased from 78.66% to 78.14%, a decrease of 0.52% [3] - **POY150D/48F Price**: Increased from 7000 to 7005, an increase of 5.0 [3] - **POY Cash Flow**: Increased from 167 to 191, an increase of 24.0 [3] - **FDY150D/96F Price**: Remained unchanged at 7240 [3] - **FDY Cash Flow**: Increased from (93) to (74), an increase of 19.0 [3] - **DTY150D/48F Price**: Remained unchanged at 8140 [3] - **DTY Cash Flow**: Increased from 107 to 126, an increase of 19.0 [3] - **Filament Sales Volume Ratio**: Decreased from 22% to 12%, a decrease of 10% [3] - **1.4D Direct - Spun Polyester Staple Fiber Price**: Increased from 6525 to 6535, an increase of 10 [3] - **Polyester Staple Fiber Cash Flow**: Increased from 42 to 71, an increase of 29.0 [3] - **Staple Fiber Sales Volume Ratio**: Increased from 52% to 56%, an increase of 4% [3] - **Semi - Bright Chip Price**: Decreased from 5865 to 5860, a decrease of 5.0 [3] - **Chip Cash Flow**: Increased from (68) to (54), an increase of 14.0 [3] - **Chip Sales Volume Ratio**: Increased from 35% to 64%, an increase of 29% [3] 3.2 Device Maintenance Dynamics - A 3.6 million - ton PTA plant in East China is currently reducing its load and is expected to shut down for maintenance as planned on the 15th - A 1.25 million - ton PTA plant in South China is expected to shut down on the 16th and is initially expected to restart in mid - March [3]

中辉能化观点 乙二醇 ★ 谨慎追涨 供需改善，低估值有所修复。供应端，国内乙二醇装置整体开工负荷下滑 月底前后重启）、富德能源、盛虹炼化停车中；成都石化按计划检修、三 业三期降负至月底、河南能源延后重启），海外装置近期传闻有变动叠加 检修预期量偏高。需求端季节性走弱但未低于预期。港口库存回升，1-2 月存累库预期。供应端短期改善带来利多，乙二醇估值有所修复。 绝对估值不低，甲醇综合利润-234.5 元/吨，华东基差-53（-20）元/吨。供 体略有提负，马石油 3#Sarawak 停车检修，印尼 Kaltim72wt 装置 1.11 停 车检修 1 个月；伊朗目前仅 Bushehr、FPC、KPC3 套装置在运行；其他海 甲醇 ★ 谨慎追涨 应端方面，综合利润走弱，国内甲醇装置开工负荷高位下滑。海外装置整 外装置暂无大的变动。进口方面， 1 月到港量预计超 100 万吨，供应端压 力尚存。需求端略有走弱，烯烃需求方面，全国及浙江外采烯烃装置降负， 近期，山东恒通、江苏斯尔邦、浙江兴兴陆续停车；传统下游综合开工负 荷略有回升但整体仍处于季节性低位。成本支撑弱稳。整体而言，甲醇供 需略显宽松，地缘冲突升温叠加北美 ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The PX market remains strong, driven by speculative funds pre - positioning long positions for 2026. Current support factors go beyond pure financial drivers. The decline in gasoline blending profit makes the reforming unit close to the break - even point between aromatics extraction and gasoline production. The PX - MX spread has expanded to over $150, and the PX - naphtha spread has reached $370, improving PX production economics. Korean factories plan to increase production in January but are limited by some reforming unit overhauls. Domestic PTA maintains high - level operation, domestic demand is falling, and the production cuts of polyester factories have a negative impact on PTA. Although PTA consumption remains high, mainstream polyester factories are conducting early overhauls and selling PTA raw materials, causing the basis to weaken rapidly [2]. - For ethylene glycol, overseas ethylene glycol unit overhaul plans are increasing. Two sets of MEG units in Taiwan, China, with a total capacity of 720,000 tons per year, plan to shut down next month due to poor profitability, and Saudi Arabian ethylene glycol units have started scheduled overhauls. The inventory at East China ethylene glycol ports remains at 730,000 tons. Against the background of the continuous decline in coal prices, ethylene glycol prices lack effective support. With the successive commissioning of new units, market supply pressure is increasing. The return of coal - based ethylene glycol units exerts significant pressure on the market. Attention should be paid to recent domestic policy changes, and ethylene glycol prices may be supported under the background of carbon neutrality [2]. Summary by Relevant Catalogs Market Data Comparison - INE crude oil price dropped from 438.8 yuan/barrel on January 16th to 437.4 yuan/barrel on January 19th, a decrease of 1.4 yuan/barrel. The PTA - SC spread increased from 1,829.2 yuan/ton to 1,851.4 yuan/ton, an increase of 22.17 yuan/ton. The PTA/SC ratio increased from 1.5736 to 1.5824, an increase of 0.0088 [2]. - CFR China PX price remained unchanged at 879, and the PX - naphtha spread also remained unchanged at 331. The PTA main - contract futures price increased from 5,018 yuan/ton to 5,030 yuan/ton, an increase of 12 yuan/ton. The PTA spot price increased from 4,960 yuan/ton to 4,970 yuan/ton, an increase of 10 yuan/ton. The PTA spot processing fee increased from 309.6 yuan/ton to 321.4 yuan/ton, an increase of 11.8 yuan/ton. The PTA on - paper processing fee increased from 367.6 yuan/ton to 381.4 yuan/ton, an increase of 13.8 yuan/ton. The PTA main - contract basis increased from - 67 to - 63, an increase of 4. The PTA warehouse - receipt quantity decreased from 104,318 to 104,312, a decrease of 6 [2]. - The MEG main - contract futures price decreased from 3,796 yuan/ton to 3,755 yuan/ton, a decrease of 41 yuan/ton. The MEG - naphtha spread decreased from - 153.29 yuan/ton to - 159.48 yuan/ton, a decrease of 6.2 yuan/ton. The MEG domestic price decreased from 3,665 yuan/ton to 3,637 yuan/ton, a decrease of 28 yuan/ton. The MEG main - contract basis increased from - 128 to - 120, an increase of 8 [2]. Industry Chain Start - up Situation - The PX start - up rate remained unchanged at 85.82%. The PTA start - up rate remained unchanged at 75.63%. The MEG start - up rate decreased from 60.82% to 60.58%, a decrease of 0.24%. The polyester load decreased from 86.61% to 85.83%, a decrease of 0.78% [2]. Product Price and Cash Flow of Polyester Filament - The price of POY150D/48F remained unchanged at 6,690. The POY cash flow increased from - 29 to - 28, an increase of 1. The price of FDY150D/96F remained unchanged at 6,920. The FDY cash flow increased from - 299 to - 298, an increase of 1. The price of DTY150D/48F increased from 7,830 to 7,850, an increase of 20. The DTY cash flow increased from - 89 to - 68, an increase of 21. The polyester filament sales rate increased from 40% to 46%, an increase of 6% [2]. Product Price and Cash Flow of Polyester Staple Fiber - The price of 1.4D direct - spinning polyester staple fiber increased from 6,405 to 6,450, an increase of 45. The polyester staple fiber cash flow increased from 36 to 82, an increase of 46. The polyester staple fiber sales rate decreased from 73% to 57%, a decrease of 16% [2]. Product Price and Cash Flow of Polyester Chip - The price of semi - bright polyester chip increased from 5,735 to 5,740, an increase of 5. The polyester chip cash flow increased from - 84 to - 78, an increase of 6. The polyester chip sales rate increased from 83% to 84%, an increase of 1% [2]. Device Maintenance Information - A 3.6 - million - ton PTA device in East China is currently reducing its load and is expected to be shut down for maintenance as planned tomorrow. A 1.25 - million - ton PTA device in South China is expected to shut down in the next two days and is initially expected to restart in early March [3].