Core Viewpoint - The ongoing economic and trade discussions between China and the U.S. since the Geneva talks have maintained communication on mutual concerns in the economic and trade sectors, highlighting China's willingness to negotiate on non-principled issues while firmly opposing unilateral tariffs and threats from the U.S. [1] Group 1 - China demonstrates "sincerity" in negotiations by respecting U.S. concerns on non-principled issues and seeking win-win outcomes through flexible technical discussions [1] - The term "principle" encompasses two main aspects: China's readiness to implement countermeasures against U.S. unilateral tariffs and its strong opposition to U.S. coercive tactics during negotiations [1]

热点资讯 - China urges the US to correct its wrong practices in the semiconductor field and cancel unilateral tariff increases [3] - China's stance on the tariff issue is that tariff wars and trade wars have no winners, and protectionism harms the interests of all parties [3] - By 2027, China aims to improve the trading systems of carbon emission rights and water use rights and expand the scope of the national carbon emission trading market [3] - Trump criticized Powell for failing to lower borrowing costs, while Powell insisted that decisions would not be based on the president's requests [3] - A US federal appellate court suspended a lower - court ruling on Trump's tariffs on international trade partners, delaying the decision until at least June 9 [4] 板块表现 - Key sectors to focus on: fuel, caustic soda, glass, rapeseed meal, and Shanghai nickel [5] - Night - session performance of sectors: non - metallic building materials rose 2.89%, precious metals 29.36%, oilseeds 12.26%, soft commodities 2.43%, non - ferrous metals 19.18%, coal, coke, and steel ore 13.67%, energy 2.50%, chemicals 13.35%, grains 1.61%, and agricultural and sideline products 2.74% [5] 大类资产表现 Equity - Shanghai Composite Index rose 0.70% daily, 2.57% monthly, and 0.35% annually; SSE 50 rose 0.29% daily, 2.19% monthly, and 0.23% annually [7] - CSI 300 rose 0.59% daily, 2.34% monthly, and - 1.94% annually; CSI 500 rose 1.47% daily, 1.56% monthly, and - 0.10% annually [7] - S&P 500 rose 0.40% daily, 6.16% monthly, and 0.52% annually; Hang Seng Index rose 1.35% daily, 6.57% monthly, and 17.51% annually [7] - German DAX had no daily change, rose 6.85% monthly, and 20.74% annually; Nikkei 225 rose 1.88% daily, 6.62% monthly, and - 3.66% annually [7] - UK FTSE 100 fell 0.11% daily, rose 2.61% monthly, and 6.65% annually [7] Fixed - income - 10 - year Treasury bond futures fell 0.26% daily, 0.48% monthly, and 0.41% annually; 5 - year Treasury bond futures fell 0.15% daily, 0.22% monthly, and 0.63% annually [7] - 2 - year Treasury bond futures fell 0.06% daily, 0.02% monthly, and 0.61% annually [7] Commodity - CRB Commodity Index fell 0.85% daily, rose 0.69% monthly, and - 2.01% annually; WTI crude oil fell 1.57% daily, rose 4.61% monthly, and - 15.36% annually [7] - London spot gold rose 0.96% daily, 0.90% monthly, and 26.43% annually; LME copper rose 0.02% daily, 4.84% monthly, and 8.94% annually [7] - Wind Commodity Index fell 0.92% daily, 2.36% monthly, and rose 13.51% annually [7] Other - US Dollar Index fell 0.54% daily, 0.28% monthly, and 8.41% annually; CBOE Volatility Index had no daily change, fell 21.82% monthly, and rose 11.30% annually [7]

5月29日，商务部新闻发言人何咏前就"近期中美双方经贸团队是否又进行了磋商"的相关问题回应表示， 中美日内瓦经贸会谈以来，双方利用多双边场合，在多个层级就经贸领域各自关切保持沟通。近期中方围 绕美方在半导体领域滥用出口管制措施等做法，多次与美方进行交涉。中方再次敦促美方立即纠正错误做 法，停止对华歧视性限制措施，共同维护日内瓦高层会谈共识。 来源：商务部 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 两大板块，涨停潮！ 丨 关税突发！A股高开，A50狂拉！ 丨 突发！特朗普全球关税被裁定越 权！美股期指拉升 丨 深夜，暴涨超200%！ 丨 官方通报！"英之园"已被拆除！违建豪宅估价过亿 丨 退市！又一A股公司摘牌，涉近3万股东 丨 比亚迪，突然刷屏！发生了什么？ 丨 沙特等4国，免 签！ 丨 涨停潮！热门赛道大爆发！ 丨 昨夜，大涨！道指猛拉超700点 丨 停牌！两家A股公司，控 制权拟变更 丨 拼多多，盘前大跌！陈磊最新发声！ 责编：叶舒筠 校对： ...

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - The PTA market declined due to the fermentation of downstream polyester production - cut rumors. The spot seller's asking price continued to fall, and the spot basis trading ended. The PTA basis strengthened significantly, and the market contango has emerged. The polyester factory's inventory has improved, and the terminal export demand is expected to strengthen [2]. - The ethylene glycol (MEG) market in Zhangjiagang weakened this week. The spot price followed the decline, and the basis negotiation weakened. The port inventory of MEG remained at over 700,000 tons. Although the coal - based MEG plant load recovery put pressure on the market, coal prices have started to rise. The mainstream MEG plant load is about to be under maintenance, and MEG will enter the de - stocking stage [2]. 3) Summary by Relevant Catalogs Market Data - **INE Crude Oil**: The price increased from 462.8 yuan/barrel on May 19, 2025, to 465.4 yuan/barrel on May 20, 2025, with a change of 2.60 yuan/barrel [2]. - **PTA - SC**: The value decreased from 1412.8 yuan/ton to 1349.9 yuan/ton, a change of - 62.89 yuan/ton. The PTA/SC ratio decreased from 1.4201 to 1.3991, a change of - 0.0209 [2]. - **CFR China PX**: The price decreased from 841 to 828, a change of - 13. The PX - naphtha spread decreased from 276 to 259, a change of - 17 [2]. - **PTA**: The main futures price decreased from 4776 yuan/ton to 4732 yuan/ton, a change of - 44.0 yuan/ton. The spot price decreased from 4995 to 4860, a change of - 135.0. The spot processing fee increased from 403.9 yuan/ton to 423.6 yuan/ton, a change of 19.6 yuan/ton. The disk processing fee increased from 209.9 yuan/ton to 235.6 yuan/ton, a change of 25.6 yuan/ton. The main basis decreased from 198 to 128, a change of - 70.0. The PTA warehouse receipt quantity decreased from 68831 to 67816, a change of - 1015 [2]. - **MEG**: The main futures price decreased from 4475 yuan/ton to 4413 yuan/ton, a change of - 62.0 yuan/ton. The MEG - naphtha value decreased from (84.20) to (85.39), a change of - 1.2. The MEG domestic price decreased from 4566 to 4522, a change of - 44.0. The main basis increased from 85 to 95, a change of 10.0 [2]. Industry Chain Start - up Situation - **PX Operating Rate**: Decreased from 75.86% to 75.25%, a change of - 0.61% [2]. - **PTA Operating Rate**: Increased from 74.41% to 75.35%, a change of 0.94% [2]. - **MEG Operating Rate**: Remained unchanged at 52.26% [2]. - **Polyester Load**: Decreased slightly from 91.12% to 91.11%, a change of - 0.01% [2]. Product Data - **Polyester Filament**: POY150D/48F price remained unchanged at 7025. POY cash flow increased from (25) to 105, a change of 130.0. FDY150D/96F price remained unchanged at 7310. FDY cash flow increased from (240) to (110), a change of 130.0. DTY150D/48F price decreased from 8230 to 8220, a change of - 10.0. DTY cash flow increased from (20) to 100, a change of 120.0. The filament sales rate increased from 28% to 32%, a change of 4% [2]. - **Polyester Staple Fiber**: 1.4D direct - spun polyester staple fiber price decreased from 6745 to 6710, a change of - 35. The staple fiber cash flow increased from 45 to 140, a change of 95.0. The staple fiber sales rate decreased from 46% to 45%, a change of - 1% [2]. - **Polyester Chip**: Semi - bright chip price decreased from 6015 to 5935, a change of - 80.0. The chip cash flow increased from (135) to (85), a change of 50.0. The chip sales rate increased from 39% to 40%, a change of 1% [2]. Device Maintenance and Production - Cut News - Due to the recent rapid rise in raw material prices, three major polyester filament manufacturers have decided to immediately implement production - cut actions for loss - making varieties and plan the next - step production - cut plan, which will be implemented in the short term [2].

Group 1: Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - The Sino-US economic and trade high-level talks held in Geneva from May 10th to 11th were candid, in-depth, and constructive, reaching important consensus and achieving substantial progress. The two sides agreed to establish a Sino-US economic and trade consultation mechanism, significantly reducing reciprocal tariffs. The 24% tariff will be suspended for the initial 90 days, while the right to impose the remaining 10% tariff on these goods as stipulated in the executive order is retained. The additional tariffs on these goods imposed under Executive Order No. 14259 on April 8, 2025, and Executive Order No. 14266 on April 9, 2025, are cancelled. The intensive maintenance of PX has led to an obvious repair of the internal and external price difference of PX. Coupled with the maintenance of domestic PTA plants, the basis of PTA has strengthened significantly. Some traders' concentrated restocking has caused a certain tension in the market. Due to the contraction of the supply side of PTA and PX, the positive spread in the market has emerged, and the PTA monthly spread has been significantly pulled up. The destocking of polyester factories is approaching two weeks, with downstream concentrated destocking, and the inventory of polyester has improved [2] Group 3: Data Summary Price Changes - PTA spot price decreased from 5030 to 4990, a change of -40 [2] - MEG internal market price decreased from 4581 to 4570, a change of -11 [2] - PTA closing price decreased from 4798 to 4774, a change of -24 [2] - MEG closing price decreased from 4461 to 4460, a change of -1 [2] - 1.4D direct-spun polyester staple fiber decreased from 6805 to 6750, a change of -55 [2] - Short fiber basis increased from 57 to 92, a change of 35 [2] - 6 - 7 spread decreased from 38 to 28, a change of -10 [2] - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2] - 1.4D imitation large chemical fiber price remained unchanged at 6000 [2] - The price difference between 1.4D direct-spun and imitation large chemical fiber decreased from 805 to 750, a change of -55 [2] - East China water bottle chip increased from 6188 to 6193, a change of 5 [2] - Hot-filled polyester bottle chip increased from 6188 to 6193, a change of 5 [2] - Carbonated-grade polyester bottle chip increased from 6288 to 6293, a change of 5 [2] - Outer market water bottle chip decreased from 805 to 800, a change of -5 [2] - Bottle chip spot processing fee increased from 353 to 396, a change of 42.89 [2] - T32S pure polyester yarn price remained unchanged at 10780 [2] - T32S pure polyester yarn processing fee increased from 3975 to 4030, a change of 55 [2] - Polyester-cotton yarn 65/35 45S price remained unchanged at 16500 [2] - Cotton 328 price decreased from 14415 to 14390, a change of -25 [2] - Polyester-cotton yarn profit increased from 1539 to 1585, a change of 45.92 [2] - Primary three-dimensional hollow (with silicon) price remained unchanged at 7210 [2] - Hollow staple fiber 6 - 15D cash flow increased from 175 to 213, a change of 37.89 [2] - Primary low-melting staple fiber price increased from 7250 to 7270, a change of 20 [2] Load and Production and Sales - Direct-spun staple fiber load (weekly) increased from 88.90% to 91.30%, a change of 0.02 [3] - Polyester staple fiber production and sales decreased from 30.00% to 47.00%, a change of -17.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3] - Regenerated cotton-type load index (weekly) remained unchanged at 50.40% [3]

ITG 国贸期货 世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 用 市 市 W FF 客 服 热线 官 方 网 站 la jat 400-8888-598 www.itf.com.cn | | | | 国贸期货研究院 能源化工研究中心 陈胜 | 投资咨询号 Z0017251 2025/5/16 | | --- | --- | --- | --- | --- | | | | | | 从业资格号: | | | | | | F3066728 | | 指标 | 2025/5/14 | 2025/5/15 | 变动值 | | | PTA现货价格 | 5095 | 5030 | (65.00) | | | MEG内盘价格 | 4635 | 4581 | (54. 00) | 现货资讯: | | PTA收盘价 | 4874 | 4798 | (76.00) | 短纤:涤纶短纤跌16至6570。现货市场:涤纶 | | | | | | 短纤生产企业价格上调,贸易商价格偏弱,下游 | | MEG收盘价 | 4506 | 4461 | (45.00) | 观望为主,场内成交稀少。1.56dtex*38mm ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号:Z0017251 | 2025/5/16 | | | | 能源化工研究中心 | 陈胜 | 从业资格号:F3066728 | | | | 指标 | 2025/5/14 | 2025/5/15 | 变动值 | 行情综述 | | SC | INE原油(元/桶) PTA-SC(元/陣) | 486. 6 1337.8 | 463. 2 1431.9 | -23. 40 94. 05 | 成交情况: PTA:PTA行情窄幅下跌,主因是原油下跌,大宗化工 品市场未能延续普涨行情,且市场也需要时间消化近 | | | | | | 0. 0471 | 日PTA的涨幅。PTA主力供应商出售5月货源,现货基差 走弱。 | | | PTA/SC(比价) | 1. 3783 | 1. 4254 | | | | PX | CFR中国PX | 870 | 854 | -16 | | | | PX-石脑油价差 | 2 ...

1. Report Industry Investment Rating - No investment rating information provided in the report 2. Core Viewpoints - PTA market: Low PX operation rate benefits the market, PTA inventory decreases, spot basis strengthens, and downstream polyester new capacity starts production with good rigid demand, leading to a rising PTA market. The supply - side contraction of PTA and PX has resulted in a positive spread in the market, and the market rumor suggests that mainstream factories may cancel warehouse receipts to fulfill contract supplies. Polyester factories' inventory reduction is close to two weeks, with downstream replenishment, and terminal export demand is expected to strengthen [2]. - MEG market: The spot price of ethylene glycol in Zhangjiagang has increased, and the futures price has trended strongly. Although the port inventory has changed little and the load of coal - based ethylene glycol plants has recovered, putting pressure on the market, coal prices have started to rise, and the profits of coal - based plants have been compressed. With the upcoming maintenance of mainstream ethylene glycol plants, it will enter the inventory reduction stage [2]. 3. Summary by Directory 3.1 Price and Index Changes - INE crude oil price rose from 479.5 yuan/barrel on May 13th, 2025 to 486.6 yuan/barrel on May 14th, 2025, an increase of 7.1 yuan/barrel [2]. - PTA - SC spread rose from 1265.4 yuan/ton to 1337.8 yuan/ton, an increase of 72.4 yuan/ton; PTA/SC ratio increased from 1.3632 to 1.3783, an increase of 0.0152 [2]. - CFR China PX price rose from 843 to 870, an increase of 27; PX - naphtha spread increased from 274 to 294, an increase of 20 [2]. - PTA main futures price rose from 4750 yuan/ton to 4874 yuan/ton, an increase of 124 yuan/ton; PTA spot price rose from 4935 yuan/ton to 5095 yuan/ton, an increase of 160 yuan/ton [2]. - PTA spot processing fee increased from 358.3 yuan/ton to 398.9 yuan/ton, an increase of 40.6 yuan/ton; PTA futures processing fee decreased from 168.3 yuan/ton to 147.9 yuan/ton, a decrease of 20.4 yuan/ton [2]. - PTA main contract basis increased from 195 to 245, an increase of 50; PTA warehouse receipt quantity remained unchanged at 81164 [2]. - MEG main futures price rose from 4349 yuan/ton to 4506 yuan/ton, an increase of 157 yuan/ton; MEG - naphtha spread increased from - 99.16 yuan/ton to - 78.35 yuan/ton, an increase of 20.8 yuan/ton [2]. - MEG domestic price rose from 4475 yuan/ton to 4635 yuan/ton, an increase of 160 yuan/ton; MEG main contract basis decreased from 125 to 115, a decrease of 10 [2]. 3.2 Industry Chain Operation - PX operation rate decreased from 76.09% to 73.32%, a decrease of 2.77%; PTA operation rate remained unchanged at 74.41%; MEG operation rate decreased from 57.39% to 53.02%, a decrease of 4.37%; polyester load increased from 89.96% to 91.34%, an increase of 1.38% [2]. 3.3 Product Performance in the Polyester Industry - Polyester filament: POY150D/48F price rose from 6840 yuan/ton to 7000 yuan/ton, an increase of 160 yuan/ton; POY cash flow decreased from - 129 to - 159, a decrease of 30. FDY150D/96F price rose from 6980 yuan/ton to 7260 yuan/ton, an increase of 280 yuan/ton; FDY cash flow increased from - 489 to - 399, an increase of 90. DTY150D/48F price rose from 8045 yuan/ton to 8175 yuan/ton, an increase of 130 yuan/ton; DTY cash flow decreased from - 124 to - 184, a decrease of 60. Filament sales volume decreased from 118% to 52%, a decrease of 66% [2]. - Polyester staple fiber: 1.4D direct - spun polyester staple fiber price rose from 6650 yuan/ton to 6815 yuan/ton, an increase of 165 yuan/ton; staple fiber cash flow decreased from 31 to 6, a decrease of 25. Staple fiber sales volume decreased from 95% to 60%, a decrease of 35% [2]. - Polyester chips: Semi - bright chip price rose from 5855 yuan/ton to 6050 yuan/ton, an increase of 195 yuan/ton; chip cash flow increased from - 214 to - 209, an increase of 5. Chip sales volume decreased from 103% to 93%, a decrease of 10% [2]. 3.4 Device Maintenance - Due to the recent rapid increase in raw material prices, three major polyester filament manufacturers have decided to immediately reduce production of loss - making products and plan further production cuts to be implemented in the short term [2].

Group 1 - The Chinese Ministry of Commerce emphasizes an open attitude towards resolving trade concerns through dialogue and communication, establishing a trade negotiation mechanism based on the consensus from the Geneva talks [2][3] - During high-level talks in Geneva from May 10 to 11, significant progress was made, resulting in a joint statement on Sino-U.S. trade discussions, with both sides agreeing to maintain communication on respective trade concerns [3] - The Chinese side urges the U.S. to promptly stop the Section 232 tariffs on imports of automobiles and steel, viewing these actions as unilateralism and protectionism that harm both international trade and U.S. industry development [4] Group 2 - The Chinese Ministry of Commerce responds to the U.S. restrictions on Huawei's Ascend chips, criticizing the U.S. for misusing export control measures, which threaten the stability of the global semiconductor supply chain and disrupt market rules [5] - The Ministry has reiterated that any transactions related to the sale of ports by CK Hutchison Holdings must undergo legal scrutiny to ensure fair market competition and protect public interests, warning parties against evading such reviews [6]

Group 1 - The core viewpoint of the article emphasizes China's openness to dialogue and communication to address trade concerns with the U.S. and the establishment of a trade consultation mechanism based on the consensus reached in the Geneva talks [1][3]. - China urges the U.S. to promptly stop the Section 232 tariffs on imported automobiles and steel, viewing these actions as unilateralism and protectionism that harm other countries' rights and disrupt the multilateral trade system [2][4]. - The recent high-level trade talks in Geneva between Chinese and U.S. officials resulted in substantial progress and a joint statement, indicating a commitment to ongoing communication regarding trade concerns [3]. Group 2 - The Chinese government criticizes the U.S. for its export control measures against Huawei's Ascend chips, claiming these actions severely damage the legitimate rights of Chinese companies and threaten the stability of the global semiconductor supply chain [4]. - The Chinese side calls for the U.S. to correct its erroneous practices and indicates that it will take resolute measures to protect the legitimate rights of Chinese enterprises [4].