港口到货集中但发货表现尚可库存维持小幅提升 12月中国乙二醇华东港口平均库存水平在58.70万吨（不含宁波港库存数据）；月末库存在60.05万吨， 较上月末上升6.00万吨。本月张家港主港日平均发货水平在5750吨附近。12月终端服装纺织环节进入淡 季，订单逐步下降，但聚酯环节尚未出现大规模停车减产，聚酯开工维持较高水平，港口发货数据表现 尚可，在港口到货集中的影响下，12月华东港口库存继续小幅提升。备注：2025年12月起，乙二醇华东 港口库存不含宁波港库存数据，月均及环比数据剔除宁波港库存数据计算。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 卓创资讯分析师 张国梁 [导语] 2025年12月乙二醇装置检修略有增加，且下游聚酯开工仍维持高位，乙二醇库存增加幅度相对较 小，但后续春节假期前后仍有较高的累库预期。 本月乙二醇产能基数在3154.2万吨。山东裕龙石化一期80万吨/年乙二醇装置2025年9月试车成功，2025 年10月9日计入产能基数，中国乙二醇行业产能提升至3154.2万吨。从区域占比来看，华东地区仍为最 主要生产地区，在山东裕龙石化投产后，华东地区乙二醇产能占比占比提升至 ...

行业 MEG 日报 日期 2025 年 11 月 20 日 料油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 ...

Report Information - Report Name: MEG Daily Report [1] - Date: August 13, 2025 [2] Industry Investment Rating - Not provided Core View - The short - term macro - market sentiment has improved, but the supply - demand structure and cost support of ethylene glycol are weak. It is expected that the short - term spot price of ethylene glycol may fluctuate within a range [7] Summary by Section 1. Market Review and Operation Suggestions - Futures market: For EG2509, the closing price was 4432 yuan/ton, up 28 yuan, with a position of 190,590 contracts, a decrease of 8,974 contracts; for EG2601, the closing price was 4478 yuan/ton, up 34 yuan, with a position of 57,197 contracts, an increase of 9,162 contracts. On the 12th, the opening price of the main ethylene glycol futures contract 2409 was 4395, the highest was 4416, the lowest was 4365, the settlement price was 4392, and the closing price was 4409, up 29 yuan or 0.66% from the previous trading day's settlement price. The total volume was 207,424 lots, and the position was 433,890 lots [7] 2. Industry News - Oil prices: Investors are concerned about the upcoming negotiations between the US and a European country on the Ukraine crisis. On Monday (August 11), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $63.96 per barrel, up $0.08 or 0.13% from the previous trading day, with a trading range of $63.02 - $64.44; the settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $66.63 per barrel, up $0.04 or 0.06% from the previous trading day, with a trading range of $65.81 - $67.13 [8] - Ethylene glycol market in Zhangjiagang: The spot negotiation price this week is 4507 - 4509 yuan/ton, up 20.5 yuan/ton from the previous working day. The spot negotiation price next week is 4508 - 4510 yuan/ton, and the negotiation price for the end of August is 4509 - 4511 yuan/ton. The basis of this week's spot is at a premium of 75 - 77 yuan/ton compared to EG2509, next week's spot basis is at a premium of 76 - 78 yuan/ton compared to EG2509, and the basis at the end of August is at a premium of 77 - 79 yuan/ton compared to EG2509 [8] - Polyester market: The price of polyester filament continued to rise locally to repair profit margins, but downstream buying was limited as most completed restocking last weekend and are currently digesting inventory. The main futures price of polyester staple fiber was running warmly. The price of staple fiber factories was stable, and the price of traders increased slightly. The downstream purchasing willingness was low, and the trading volume in the market was differentiated, with some low - price transactions showing an increase [8] 3. Data Overview - Multiple data charts are provided, including PTA - MEG spread, MEG price, MEG futures price, spot - futures price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16][18]

Supply and Demand - As of May 15, the overall operating rate of MEG is 60.51%, down by 8.48%, while the coal-based MEG operating rate is 60.04%, down by 6.71% [2] - As of May 19, the estimated MEG port inventory in the East China main port area is approximately 743,000 tons, a decrease of 0.8 thousand tons compared to the previous period [2] - Demand remains consistent with PTA demand [2] Market Outlook - In May, the ethylene glycol industry is experiencing both maintenance and restart of facilities, with a significant recovery in synthetic gas load expected in mid to late May [3] - Hengli Petrochemical's 1.8 million tons/year MEG facility is temporarily shut down in mid-May, with an expected downtime of over one month [3] - Short-term polyester load is running at a high level, and due to maintenance of two large facilities in Saudi Arabia, the expected import volume is adjusted downward [3] - Recent overseas shipments arriving at the port are limited, indicating a trend of inventory reduction in May and June, which is also reflected in port inventory [3] - The easing of China-US tariff issues is expected to provide short-term support for ethylene glycol prices [3] - The strategy suggests considering selling put options EG2509-P-4300 and taking low-price positions in EG9-1 [3]