1. Report Industry Investment Rating - Not provided in the given content. 2. Core Views of the Report - PTA: The PTA futures fluctuated and closed lower yesterday. The spot market negotiation atmosphere was average, and the spot basis weakened. The PTA supply - demand pattern is acceptable, and the spot market liquidity is tight after continuous destocking. However, downstream polyester factories are reducing production, so the PTA spot price is expected to fluctuate within a range following the cost side in the short - term, and the spot basis will remain strong [5]. - MEG: The price center of ethylene glycol adjusted weakly on Wednesday. The market negotiation was acceptable. The spot basis weakened in the morning and then recovered in the afternoon. It is expected that the port inventory will decline significantly after the Dragon Boat Festival, and the available spot in June will still be tight. The supply - demand structure of ethylene glycol is benign in the medium - and short - term, which will support the price [7]. - Influencing factors: The maintenance season of raw materials such as PTA and ethylene glycol has led to supply contraction, with a destocking expectation of over 500,000 tons in the second quarter, supporting price rebounds. However, the EU's Carbon Border Adjustment Mechanism (CBAM) will levy taxes on polyester products starting in 2025, increasing export costs by 8% - 12%. The domestic polyester average operating rate is 85%, and some small and medium - sized enterprises are below 70%, with over - capacity of low - end products leading to intense price competition and high inventory levels for filaments and staple fibers [9][10]. 3. Summary According to the Table of Contents 3.1 Previous Day's Review - Not provided in the given content. 3.2 Daily Tips - PTA: The spot price was 4,870, the basis of the 09 contract was 200, and the futures was at a discount. The PTA factory inventory was 4.09 days, a decrease of 0.06 days compared to the previous period. The 20 - day moving average was upward, but the closing price was below the 20 - day moving average. The main position was net long, with long positions decreasing [5]. - MEG: The spot price was 4,415, the basis of the 09 contract was 123, and the futures was at a discount. The total inventory in the East China region was 573,700 tons, a decrease of 66,500 tons compared to the previous period. The 20 - day moving average was upward, but the closing price was below the 20 - day moving average. The main position was net short, with short positions increasing [7][8]. 3.3 Today's Focus - Not provided in the given content. 3.4 Fundamental Data - PTA Supply - Demand Balance Sheet: It shows the data of PTA production capacity, production, import, supply, polyester production, consumption, and inventory from January 2024 to December 2025 [12]. - Ethylene Glycol Supply - Demand Balance Sheet: It presents the data of ethylene glycol's total operating rate, production, import, supply, polyester production, consumption, and port inventory from January 2024 to December 2025 [13]. 3.5 Price - It includes the spot price of bottle chips, production profit, capacity utilization, inventory, PTA basis, MEG basis, and various spread data from 2020 to 2025, with data sources from Wind, Mysteel, and CCF [15][18][22][23][28][35]. 3.6 Inventory Analysis - It shows the inventory data of PTA, MEG, PET slices, and various types of polyester fibers from 2020 to 2025, with data sources from Wind [41]. 3.7 Polyester Upstream Start - up - It includes the start - up rate data of PTA, p - xylene, and ethylene glycol from 2020 to 2025 [52]. 3.8 Polyester Downstream Start - up - It presents the start - up rate data of polyester factories and Jiangsu - Zhejiang looms from 2020 to 2025 [56]. 3.9 Processing Fees and Profits - PTA Processing Fees: It shows the PTA processing fee data from 2022 to 2025, with data sources from Wind [60]. - MEG Profits: It includes the production profit data of different production methods of ethylene glycol (methanol - based, coal - based, naphtha - integrated, and ethylene - based) from 2022 to 2025, with data sources from Wind and Mysteel [63]. - Polyester Fiber Profits: It shows the production profit data of polyester fiber short - staple, DTY, POY, and FDY from 2022 to 2025, with data sources from Wind [66].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The short - term commodity market is greatly affected by the macro - level, and there is still an expectation of raw material inventory accumulation. After the market rebounds, attention should be paid to the upper resistance level [10]. - The maintenance season of raw materials such as PTA and ethylene glycol has led to supply contraction, with an expected inventory reduction of over 500,000 tons in the second quarter, which supports price rebounds [8]. - The EU's Carbon Border Adjustment Mechanism (CBAM) has imposed taxes on polyester products since 2025, increasing export costs by 8% - 12%. Enterprises need to accelerate the layout of production capacity in Southeast Asia. The average domestic polyester operating rate is 85%, with some small and medium - sized enterprises below 70%. Low - end overcapacity has led to fierce price competition, and the inventory days of filaments and staple fibers are approaching historical highs [9]. Summary by Directory 1.前日回顾 - Not provided in the given content 2.每日提示 PTA - **Fundamentals**: PTA futures fluctuated and declined yesterday. The spot market negotiation atmosphere was average, and the spot basis declined. The negotiation was mainly among traders, with individual polyester factories making bids. The main port in mid - and late June was traded at 09 + 200 - 210, and the price negotiation range was around 4,830 - 5,000. The warehouse receipts this week were traded at 09 + 220. Today's mainstream spot basis is 09 + 207 [5]. - **Basis**: The spot price is 4,905, the basis of the 09 contract is 277, and the futures price is at a discount, which is bullish [5]. - **Inventory**: The PTA factory inventory is 4.09 days, a decrease of 0.06 days compared to the previous period, which is bullish [5]. - **Market trend**: The 20 - day moving average is upward, and the closing price is below the 20 - day moving average, which is bullish [5]. - **Main positions**: The net long positions are decreasing, which is bullish [5]. - **Expectation**: Last week, PTA device maintenance and restart were concurrent. The supply - demand pattern of PTA itself is acceptable. After continuous inventory reduction in the early stage, the current spot market liquidity is tight, and the spot basis is running strongly. However, downstream polyester factories are reducing production and load. It is expected that the PTA spot price will fluctuate within a range following the cost side in the short term, and the spot basis will remain strong. Attention should be paid to the impact of the OPEC + meeting results on oil prices and changes in polyester devices [5]. MEG - **Fundamentals**: On Tuesday, the price center of ethylene glycol declined weakly, and the market negotiation was average. Today, the explicit inventory of ethylene glycol decreased significantly, basically in line with market expectations. In the morning, the price center of ethylene glycol adjusted weakly, and the buying sentiment in the market was average. In the afternoon, the spot basis weakened significantly, and the low - end transactions at the end of the session reached around 138 - 140 yuan/ton, with an increase in low - end trading volume. In terms of US dollars, the external price center of ethylene glycol declined weakly. In the afternoon, the negotiation center of recent shipments fell to around 520 - 521 US dollars/ton, and the negotiation for shipments in late June and early July was at 516 - 518 US dollars/ton, with weak market negotiation [7]. - **Basis**: The spot price is 4,478, the basis of the 09 contract is 172, and the futures price is at a discount, which is bullish [7]. - **Inventory**: The total inventory in East China is 573,700 tons, a decrease of 66,500 tons compared to the previous period, which is bullish [7]. - **Market trend**: The 20 - day moving average is upward, and the closing price is below the 20 - day moving average, which is bullish [7]. - **Main positions**: The main net short positions are decreasing, which is bearish [7]. - **Expectation**: Last week, the shipping efficiency of ethylene glycol ports was acceptable. Combined with the small number of foreign arrivals during the week, it is expected that the port inventory will decrease significantly after the Dragon Boat Festival. The inventory of mainstream trading tanks in Zhangjiagang is likely to fall below 200,000 tons. The tradable spot of ethylene glycol in June is still in short supply, and the spot basis will mainly maintain a strong operation. In the future, attention should be paid to the outflow of warehouse receipts. The supply - demand structure of ethylene glycol is benign in the medium and short term, which supports the price of ethylene glycol. In the future, attention should be paid to changes in polyester load [7]. 3.今日关注 - Not provided in the given content 4.基本面数据 PTA Supply - Demand Balance Sheet - It shows the PTA production capacity, production capacity increment, load, output, import, total supply, supply year - on - year change, polyester production capacity, new polyester production capacity, polyester load, polyester output, PTA consumption by polyester, other PTA demand, PTA export, total PTA demand, demand year - on - year change, PTA ending inventory, inventory change, inventory - consumption ratio, and supply - demand gap from January 2024 to December 2025 [11]. Ethylene Glycol Supply - Demand Balance Sheet - It shows the total ethylene glycol operating rate, total production, new production capacity, production, import, total supply, supply year - on - year change, polyester production capacity, new polyester production capacity, polyester operating rate, polyester output, ethylene glycol consumption by polyester, other ethylene glycol consumption, ethylene glycol export, total ethylene glycol demand, demand year - on - year change, ethylene glycol port inventory, port inventory change, inventory - consumption ratio, and supply - demand gap from January 2024 to December 2025 [12]. Other Data Presented - **Price - related data**: Include bottle - chip spot price, bottle - chip production profit, bottle - chip capacity utilization rate, bottle - chip inventory, PTA basis, MEG month - to - month spread, MEG basis, spot spread, etc., with data sources from Wind, Mysteel, and CCF [13][14][27] - **Inventory - related data**: Include PTA factory inventory, MEG port inventory, PET slice factory inventory, polyester fiber inventory in Jiangsu and Zhejiang weaving machines, etc., with data sources from Wind [40][41][45] - **Operating rate - related data**: Include the operating rates of PTA, p - xylene, ethylene glycol in the polyester upstream, and the operating rates of polyester factories and Jiangsu and Zhejiang weaving machines in the polyester downstream, with data sources from Wind [51][55] - **Profit - related data**: Include PTA processing fees, MEG production profits from different production methods, and production profits of polyester fibers, with data sources from Wind and Mysteel [59][62][65]

Report Industry Investment Rating No relevant content provided. Report's Core View - The short - term commodity market is greatly affected by the macro - environment, and there is still an expectation of inventory accumulation at the raw material end. After the market rebounds, attention should be paid to the upper resistance level [10]. - The raw material maintenance season in the second quarter leads to supply contraction, with a de - stocking expectation of over 500,000 tons, which supports price rebounds. However, the EU's carbon border adjustment mechanism increases export costs by 8% - 12%, and the domestic polyester industry has issues such as low average operating rates and high inventory at historical levels [8][9]. Summary According to the Directory 1.前日回顾 No relevant content provided. 2.每日提示 - **PTA Daily View** - Fundamentals: On Friday, the mainstream price of PTA for mid - late June at the main port was 09 + 220 in transactions, with sporadic deals at 09 + 215, and the price negotiation range was around 4,895 - 5,000. The current mainstream spot basis is 09 + 219, showing a neutral situation. - Basis: The spot price is 4,940, and the basis of the 09 contract is 240, indicating the futures price is at a discount, which is a bullish factor. - Inventory: The inventory of PTA factories is 4.09 days, a decrease of 0.06 days compared to the previous period, which is bullish. - Market: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is bullish. - Main Position: The net long position is decreasing, which is bullish. - Expectation: Last week, PTA plants had both maintenance and restart operations. The supply - demand pattern is acceptable. After continuous de - stocking, the spot market has tight liquidity, and the spot basis is strong. However, downstream polyester factories are reducing production. It is expected that the short - term spot price of PTA will fluctuate within a range following the cost side, and the spot basis will remain strong. Attention should be paid to the impact of the OPEC + meeting on oil prices and changes in polyester plants [5][6]. - **MEG Daily View** - Fundamentals: On Friday, the price center of ethylene glycol (MEG) had a narrow range adjustment, and the market trading was average. The price center had limited fluctuations, with the spot mainstream negotiation at a premium of 150 - 158 yuan/ton to the 09 contract, mainly for traders' position - swapping operations. In the US dollar market, negotiations for MEG shipments were weak. The negotiation range for recent shipments was around 525 - 527 US dollars/ton, and far - month shipments were at a discount of 4 - 5 US dollars/ton, with few transactions in the market, showing a neutral situation. - Basis: The spot price is 4,488, and the basis of the 09 contract is 139, indicating the futures price is at a discount, which is a bullish factor. - Inventory: The total inventory in East China is 573,700 tons, a decrease of 66,500 tons compared to the previous period, which is bullish. - Market: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is bullish. - Main Position: The main net short position is decreasing, which is bearish. - Expectation: Last week, the port shipment efficiency of ethylene glycol was good, and the number of foreign - bound arrivals was scarce. It is expected that the port inventory will see a significant decrease after the Dragon Boat Festival, and the inventory in the mainstream trading tanks in Zhangjiagang will likely fall below 200,000 tons. In June, the available transferable spot of ethylene glycol is still in short supply, and the spot basis will mainly remain strong. Follow - up attention should be paid to the outflow of warehouse receipts. In the medium - to - short - term, the supply - demand structure of ethylene glycol is favorable, which supports the price. Follow - up attention should be paid to changes in polyester production loads [7]. 3.今日关注 No relevant content provided. 4.基本面数据 - **PTA Supply - Demand Balance Table** - The table shows data on PTA capacity, load, output, imports, total supply, polyester production, demand, exports, total demand, and inventory from January 2024 to December 2025 [11]. - **Ethylene Glycol Supply - Demand Balance Table** - The table presents data on ethylene glycol's total operating rate, production, imports, total supply, polyester production, demand, and port inventory from January 2024 to December 2025 [12]. - **Price Data** - Includes spot prices of various products such as naphtha, p - xylene, PTA, ethylene glycol, and polyester fibers, as well as futures contract prices and basis, and processing margins and profits of different products on May 30 and May 29, 2025 [13]. Price Section - Presents historical price data trends of PET bottle chips, production gross margins, capacity utilization rates, inventory, and various price spreads of PTA and ethylene glycol from multiple years, with data sources from Wind [14][40]. Inventory Analysis Section - Displays historical inventory data trends of PTA plants, ethylene glycol ports, PET slices, and various polyester products in different regions and time periods, with data sources from Wind [41][45]. Polyester Upstream and Downstream Operation Section - Shows the historical operating rate data trends of upstream and downstream industries in the polyester industry chain, including PTA, p - xylene, ethylene glycol, polyester factories, and Jiangsu - Zhejiang looms from multiple years, with data sources from Wind [52][56]. Processing Margin and Profit Section - Presents historical data trends of PTA processing margins and ethylene glycol production gross margins from multiple years, with data sources from Wind and Mysteel, and also mentions that profit calculations are mainly for trend observation [60][65].

交易咨询业务资格：证监许可【2012】1091号 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA&MEG早报-2025年5月28日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 PTA： 1、基本面：昨日PTA期货跌后反弹，现货市场商谈氛围一般，贸易商商谈为主，零星聚酯工厂递盘，现货基差走强。个别主流 供应商有出货。本周下周货在09+175~180成交，价格商谈区间在4835~4920附近。6月中主港在09+180有成交，个别略高。7月货 在09+115~120有成交。今日主流现货基差在09+178。中性 2、基差：现货4875，09合约基差135，盘面贴水 偏多 3、库存：PTA工厂库存4.15天，环比减少0.13天 偏多 4、盘面：20日均线向上，收盘价收于20日均线之上 偏多 5、主力持仓：净多 多减 ...

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年5月27日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA： 1、基本面：今日PTA期货高开低走，现货市场商谈氛围一般，贸易商商谈为主，个别聚酯工厂有递盘，现货基差走强。个别主 流供应商出远期货源。5月主港在09升水165~170附近成交，价格商谈区间在4875~4950附近。6月中上09+170~180附近有成交。7 月中上在09+110有成交。今日主流现货基差在09+168。中性 2、基差：现货4913，09合约基差189，盘面贴水 偏多 3、库存：PTA工厂库存4.15天，环比减少0.13天 偏多 4、盘面：20日均线向上，收盘价收于20日均线之上 偏多 5、主力持仓：净多 空增 偏多 6、预期 ...

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年5月22日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 6、预期：前期聚酯产销放量后，聚酯工厂库存压力不大，聚酯大厂表态减产保价，而从PTA自身来看，5月下装置陆续重启，而 后期PTA检修计划尚未明确，供应端有恢复预期，缓解流通性，日内PTA基差快速回落。关注后期聚酯工厂减产落实情况。 1、基本面：昨日PTA期货震荡上行，现货市场商谈氛围一般，现货基差企稳。贸易商商谈为主，5月货在09升水120~130附近成 交，个别略高，价格商谈区间在4855~4935附近。6月主港在09升水120~140有成交。今日主流现货基差在09+126。中性 2、基差：现货4905，09合约基差11 ...

交易咨询业务资格：证监许可【2012】1091号 PTA 每日观点 PTA&MEG早报-2025年5月21日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA： 1、基本面：昨日PTA期货震荡下跌，现货市场商谈氛围较昨日转弱，现货基差快速回落。贸易商商谈为主，5月货基差从 09+150~160降至09+100~110成交，价格商谈区间在4805~4895附近。6月主港少量在09升水120~150有成交。今日主流现货基差在 09+126。中性 5、主力持仓：净空 空增 偏空 6、预期：前期聚酯产销放量后，聚酯工厂库存压力不大，聚酯大厂表态减产保价，而从PTA自身来看，5月下装置陆续重启，而 后期PTA检修计划尚未明确，供应端有恢复预期，缓解流通性，日内PTA基差快速回落。关注后期聚酯 ...

PTA&MEG早报-2025年5月20日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 交易咨询业务资格：证监许可【2012】1091号 PTA 每日观点 PTA： 1、基本面：昨日PTA期货震荡收跌，现货市场商谈氛围尚可，现货基差走强后略有松动，贸易商商谈为主。个别聚酯工厂买货， 5月主港主流在09+200附近成交，个别略高，下午现货基差松动，少量在09+190~195附近成交，价格商谈区间在4955~5035附近。 6月主流在09+180~190有成交。今日主流现货基差在09+198。中性 2、基差：现货4995，09合约基差219，盘面贴水 偏多 3、库存：PTA工厂库存4.28天，环比减少0.23天 偏多 4、盘面：20日均线向上，收盘价收于20日均线之上 偏多 5、主力持仓： ...

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年5月19日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1、基本面：周五，贸易商商谈为主，个别聚酯工厂有递盘，5月主流在09+185~205附近成交，个别略高，价格商谈区间在 4955~5025附近。6月在09+160~170有成交。今日主流现货基差在09+192。中性 2、基差：现货4990，09合约基差221，盘面贴水 偏多 3、库存：PTA工厂库存4.28天，环比减少0.23天 偏多 4、盘面：20日均线向上，收盘价收于20日均线之上 偏多 5、主力持仓：净空 空增 偏空 MEG 每日观点 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 6、预期：短期内聚酯库存向下转移，聚酯库存压力缓解下，负荷维持，PTA供需去库周期 ...

大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年5月16日 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 1、基本面：昨日PTA期货震荡收跌，现货市场商谈氛围较昨天转淡，现货基差回落。个别聚酯工厂补货，5月主港在09升水 200~215附近成交，个别略低，价格商谈区间在4980~5080附近。6月货在09+165~180附近有成交。今日主流现货基差在09+205。 中性 5、主力持仓：净空 空减 偏空 6、预期：短期内聚酯库存向下转移，聚酯库存压力缓解下，负荷维持，PTA供需去库周期中流通性相对偏紧，加上近期由于 关税调整，终端订单环比改善，市场心态提振，短期内基差偏强。关注加工差好转预期下后期装置的检修兑现情况，以及终 端订 ...