1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report PTA - Yesterday, PTA futures fluctuated and rose. The spot market negotiation atmosphere improved, and trading volume increased. The 1 - month negotiation increased, and the spot basis was relatively strong. The mainstream spot basis today is 01 - 11. - The PTA plant has been operating stably recently. Some polyester factories have made phased replenishments, driving up the spot basis. The futures price fluctuates following the cost. It is expected that the PTA spot price will fluctuate following the cost in the short term, and the spot basis will fluctuate within a range. Attention should be paid to oil price trends and downstream loads. [5] MEG - The MEG is operating at a low price. Some domestic ethylene - based plants have reduced their loads. The ethylene glycol operating rate dropped to below 70% last week. With the restart and load increase of Zhengda Kai this week, the operating rate will moderately recover. The arrival of foreign ships of ethylene glycol this week has returned to normal, and the upward trend of port inventory can be moderately alleviated. - In the short - to - medium - term, due to the supply - side contraction, ethylene glycol shows a loose balance, but under the long - term inventory accumulation expectation, the market lacks confidence and obvious driving forces. It is expected that ethylene glycol will be adjusted at a low level in the near future. Attention should be paid to the cost side and plant changes. [7] 3. Summary According to the Directory 3.1. Previous Day's Review - No relevant content provided. 3.2. Daily Tips - **PTA**: - **Fundamentals**: Futures fluctuated and rose, spot negotiation was active, and the basis was strong. The 12 - month goods were mainly traded at a discount of 10 - 12 to 01, with a price range of 4610 - 4685. The next - week warehouse receipts were traded at a discount of 10 - 15 to 01, and the January main - port goods were traded at a discount of 60 - 65 to 05 or 2 - 0 to 01. - **Basis**: The spot price is 4655, and the 05 - contract basis is - 93, with the futures price higher than the spot price (neutral). - **Inventory**: The PTA plant inventory is 3.76 days, a decrease of 0.1 days compared to the previous period (positive). - **Market Chart**: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average (positive). - **Main Position**: Net short position, with short positions decreasing (negative). [5][6] - **MEG**: - **Fundamentals**: Similar to PTA, the futures fluctuated and rose, the spot negotiation improved, and the basis was strong. - **Basis**: The spot price is 3654, and the 05 - contract basis is - 113, with the futures price higher than the spot price (neutral). - **Inventory**: The total inventory in the East China region is 84.4 tons, an increase of 2.5 tons compared to the previous period (negative). - **Market Chart**: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average (negative). - **Main Position**: Net short position, with short positions increasing (negative). [7][8] 3.3. Today's Focus - No relevant content provided. 3.4. Fundamental Data - **PTA Supply - Demand Balance Sheet**: It records the PTA supply - demand situation from January 2024 to December 2025, including capacity, load, production, import, export, consumption, and inventory data. For example, in December 2025, the PTA production is expected to be 684, the total demand is 666, and the ending inventory is 314. [12] - **Ethylene Glycol Supply - Demand Balance Sheet**: It shows the ethylene glycol supply - demand situation from January 2024 to December 2025, including production, import, total supply, total demand, port inventory, and other data. For example, in December 2025, the total supply of ethylene glycol is 252, the total demand is 247, and the supply - demand difference is 5. [13] - **Price Data**: - **Spot Price**: The prices of various products such as naphtha, PX, PTA, MEG, and polyester fibers have fluctuated. For example, the spot price of naphtha (CFR Japan) increased from $575.5/ton on December 17, 2025, to $584.5/ton on December 18, 2025. - **Futures Price**: The prices of PTA and MEG futures contracts have also changed. For example, the TA01 contract price increased from 4626 yuan/ton to 4690 yuan/ton. - **Basis**: The basis of PTA and MEG futures contracts has changed. For example, the TA05 basis decreased from - 80 yuan/ton to - 93 yuan/ton. - **Profit**: The processing fees and profits of PTA, MEG, and polyester products have changed. For example, the PTA processing fee decreased from 439.48 yuan/ton to 129.30 yuan/ton. [14] - **Inventory Data**: It includes the inventory data of PTA, MEG, PET chips, and polyester fibers over the years, showing the inventory trends of these products. [41][42][44][46] - **Operating Rate Data**: It shows the operating rate data of the upstream and downstream of the polyester industry chain over the years, including the operating rates of PTA, PX, ethylene glycol, polyester, and textile enterprises. [53][57] - **Profit Data**: It presents the profit data of PTA processing, MEG production, and polyester fiber production over the years, showing the profit trends of these products. [60][62]

1. Report Industry Investment Rating - No information provided in the content. 2. Core Views of the Report - **PTA**: On December 2, 2025, the PTA futures fluctuated and closed higher. The spot market negotiation atmosphere improved, with the spot basis remaining stable. Some polyester factories replenished their stocks. The PTA supply - demand pattern didn't change significantly. It's expected that the futures will fluctuate with the cost side, and attention should be paid to the cost side and downstream polyester production and sales [5]. - **MEG**: On December 2, 2025, the price of ethylene glycol fluctuated downward. The market negotiation was average. It's expected that there will be a concentrated arrival of Saudi and Canadian goods in early December, and the visible inventory will remain high. The supply - demand pattern has been repaired to a basic balance this month. The market is expected to adjust at a low level in the short term, with the spot basis weakening. Attention should be paid to temporary device changes and annual contract negotiations [6]. 3. Summary by Relevant Catalogs 3.1 Previous Day's Review - No information provided in the content. 3.2 Daily Tips - **PTA**: The PTA futures closed higher on December 2, 2025. The spot market negotiation improved, and the basis was stable. Some polyester factories replenished stocks. The supply - demand pattern was stable. The futures followed the cost side to fluctuate [5]. - **MEG**: The price of ethylene glycol fluctuated downward on December 2, 2025. The market negotiation was average. There will be a concentrated arrival of foreign goods in early December, and the inventory will remain high. The supply - demand pattern has been repaired to a basic balance this month [6]. 3.3 Today's Focus - **PTA**: A 700,000 - ton PTA device in Taiwan, China has been under maintenance since November 29, expected to last for 4 weeks [9]. - **MEG**: A 400,000 - ton/year MEG device in South China is planned to stop for maintenance next week, with an expected maintenance period of about 10 days [9]. 3.4 Fundamental Data - **PTA Supply - Demand Balance Sheet**: It shows the PTA supply, demand, inventory, and other data from January 2024 to December 2025, including PTA production capacity, load, output, consumption, and inventory changes [10]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It shows the ethylene glycol supply, demand, inventory, and other data from January 2024 to December 2025, including production capacity utilization, output, import, consumption, and inventory changes [11]. - **Price and Spread Data**: It includes the price changes of raw materials such as naphtha and PX, the price and basis changes of PTA and MEG, and the profit data of PTA processing, MEG production, and polyester products from December 1 to December 2, 2025 [12]. 3.5 Inventory Analysis - **PTA**: The PTA factory inventory was 3.78 days on December 2, 2025, a decrease of 0.03 days compared to the previous period [5]. - **MEG**: The total inventory in East China was 707,000 tons on December 2, 2025, an increase of 72,000 tons compared to the previous period [6]. 3.6 Polyester Upstream and Downstream开工率 - **Upstream**: It includes the historical data of the operating rates of PTA, PX, and ethylene glycol from 2021 to 2025 [54][56]. - **Downstream**: It includes the historical data of the capacity utilization rates of polyester and the operating rates of textile enterprises in Jiangsu and Zhejiang from 2021 to 2025 [58]. 3.7 Profit Analysis - **PTA**: The PTA processing fee was 150.7 yuan/ton on December 2, 2025, a decrease of 288.78 yuan/ton compared to the previous day [12]. - **MEG**: The profits of MEG production from different raw materials such as naphtha, ethylene, and methanol all decreased on December 2, 2025 [12]. - **Polyester Products**: The profits of polyester fiber short - fiber, DTY, POY, and FDY showed different degrees of change on December 2, 2025 [12].