1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For PTA, the spot market negotiation atmosphere is relatively dull, mainly with traders' negotiations and few actions from polyester factories. The spot basis fluctuates within a range, and the market sentiment is wait - and - see. In the short term, prices are expected to fluctuate following the cost side, and attention should be paid to device changes [5]. - For MEG, the price center is expected to weaken in the near term. This week, the arrival of foreign vessels is concentrated, and the import supply is abundant this month. The long - term supply surplus expectation persists, putting pressure on the market sentiment. Attention should be paid to cost and device changes [7]. - Short - term commodity markets are greatly affected by the macro - side. Attention should be paid to the cost side, and for the rebound of the disk, attention should be paid to the upper resistance level [10]. 3. Summary According to the Table of Contents 3.1. Previous Day's Review - No relevant content provided 3.2. Daily Tips - **PTA**: Yesterday, PTA futures fluctuated and closed higher. The spot market negotiation atmosphere was average, and the spot basis loosened. Trades were mainly between traders, with individual polyester factories making inquiries. There were transactions at different basis levels for different delivery times. The current mainstream spot basis is at 01 - 73. The inventory of PTA factories decreased by 0.04 days to 4.03 days, and the 20 - day moving average is upward with the closing price above it. The main position is net short with a reduction in short positions. In the short term, prices are expected to follow the cost side to fluctuate [5][6]. - **MEG**: On Monday, the price center of ethylene glycol continued to weaken, and the market negotiation was average. The morning session saw a weak and volatile disk, and the spot was traded at a premium of 74 - 78 yuan/ton to the 01 contract. Around noon, the disk dropped rapidly, and the spot was traded at a low of below 4040 yuan/ton. The afternoon market was mainly in a low - level adjustment. The external market price of ethylene glycol also weakened. The inventory in East China decreased by 1.7 tons to 49.8 tons, and the 20 - day moving average is downward with the closing price below it. The main position is net short with a reduction in short positions. This week, the arrival of foreign vessels is concentrated, and the import supply this month is abundant. The long - term supply surplus expectation persists [7]. 3.3. Today's Focus - No relevant content provided 3.4. Fundamental Data - **PTA Supply - Demand Balance Sheet**: It shows the data of PTA production capacity, production, import, total supply, polyester production, consumption, total demand, and inventory from January 2024 to December 2025, including changes in production capacity, load, and supply - demand gap in different months [11]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It presents the data of ethylene glycol production, import, total supply, polyester production, consumption, total demand, and port inventory from January 2024 to December 2025, including changes in production capacity, load, and supply - demand difference in different months [12]. 3.5. Price - There are multiple price - related charts, including bottle - chip spot price, production profit, capacity utilization rate, inventory, PTA basis, MEG inter - month spread, MEG basis, spot spread, and inventory analysis of related products from 2020 - 2025 [14][28][31][35][38][40] - **Bottle - Chip**: It includes the spot price, production profit, capacity utilization rate, and inventory of PET bottle - chips [14][17][21][22] - **PTA**: It involves the basis, inter - month spread, and processing fee of PTA [28][24][60] - **MEG**: It includes the inter - month spread, basis, and profit of MEG [31][35][61] - **Polyester Products**: It shows the production profit of polyester fibers (short - fiber, DTY, POY, FDY) [64][65][67] - **Upstream and Downstream of Polyester**: It presents the operating rates of the upstream (PTA, paraxylene, ethylene glycol) and downstream (polyester factories, Jiangsu and Zhejiang looms) of the polyester industry [51][55]