Report Industry Investment Rating - Not provided in the report Core Views - In the short - term, for the polyester sector, PX and PTA will continue to rebound due to support from raw materials and limited supply pressure; ethylene glycol will have a restorative rebound due to expected tightening of overseas supply. For methanol, it will maintain a wide - range oscillation. For plastics, it shows a short - term rebound trend but lacks fundamental support. [33][34][62] - In the long - term, the polyester sector will show a differentiated trend. The operating centers of PX and PTA tend to move up, while the medium - term rebound space of ethylene glycol is limited. Methanol may maintain a wide - range oscillation, and plastics may continue to show a weak trend. [34][62][63] Summary by Relevant Catalogs Macro and Crude Oil Important Information - The possibility of the escalation of the EU - US trade war has decreased, reducing global economic downward pressure and boosting the commodity market. [3] - Arctic cold air has affected the Northern Hemisphere, causing the US natural gas futures price to soar, driving up the prices of EU and US diesel. Freezing damage in Texas may lead to the shutdown of oil wells and pipelines. [3] - The IEA has slightly improved the forecast of future energy demand, but the growth rate of the supply side is significantly faster, and there may be a significant supply surplus in Q1 2026. [3] - The situation in Iran remains uncertain, and the US - Russia - Ukraine tripartite talks are scheduled to be held. [4] - Last week, US crude oil, gasoline, and distillate inventories all increased, and crude oil production decreased. [5] Polyester Sector - **Price Trends**: The futures and spot prices of most products in the polyester sector increased this week, while the basis of most products decreased. [7] - **PX**: This week, the domestic PX supply decreased due to Zhejiang Petrochemical's overhaul, and it is expected to increase slightly next week. The Asian PX load decreased slightly. [11] - **PTA**: This week, the PTA supply decreased due to the shutdown of Ineos' device. Next week, the supply is expected to remain stable, and social inventory may increase. [13][15] - **Ethylene Glycol**: This week, the domestic ethylene glycol supply decreased, and it is expected to increase slightly next week. The port inventory increased slightly and is expected to continue to increase slightly. [21] - **Polyester End**: The weekly capacity utilization rate decreased by 3.20 percentage points to 83.49%. [22] - **Polyester Inventory**: This week, the inventory of staple fiber, FDY, and DTY decreased, while the inventory of POY continued to increase. [26] - **Terminal**: Orders remained sluggish, and the operating rate of looms in Jiangsu and Zhejiang continued to decline. [30][31] Methanol and Polyethylene - **Price Trends**: The futures prices of methanol and LLDPE increased, while the basis of both decreased. The spot prices of methanol decreased, and the prices of some plastics decreased. [36] - **Methanol Supply**: As of January 22, the domestic methanol operating rate and production decreased. The loss of production capacity this week was greater than the recovery, but production is expected to increase slightly next week. [43] - **Methanol Demand**: As of January 22, the MTO operating rate decreased, and the support of coastal olefins in the Yangtze River Delta weakened. Other traditional downstream sectors remained in the off - season. [46] - **Methanol Inventory**: As of January 21, the port inventory increased, and the inland inventory decreased. [49] - **Plastic Supply**: As of January 22, the domestic plastic operating rate and production increased. The number of devices returning to operation next week is expected to be large. [52] - **Plastic Demand**: As of January 22, the downstream plastic operating rate decreased, and the demand will continue to weaken seasonally before the Spring Festival. [56] - **Plastic Inventory**: As of January 21, both the social inventory and the inventory of Sinopec and PetroChina decreased, and the current inventory pressure is not large. [60]

1. Report Information - Report Name: MEG Daily Report [1] - Date: November 20, 2025 [2] 2. Industry Investment Rating - Not provided 3. Core Viewpoint - The current supply - demand structure of ethylene glycol is still expected to be weak, and the macro - market sentiment is cautious. It is expected that ethylene glycol will continue to fluctuate at a low level in the short term [7] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - Futures market: The closing price of EG2601 was 3903 yuan/ton, down 19 yuan; the closing price of EG2605 was 4000 yuan/ton, down 8 yuan. The trading volume was 179,353 lots, and the open interest was 329,949 lots. The open interest of EG2601 decreased by 2,263 lots, while that of EG2605 increased by 2,431 lots [7] 4.2 Industry News - Crude oil: Due to concerns about distillate supply, diesel prices soared, driving up crude oil futures. On November 18, the settlement price of WTI crude oil December 2025 futures was $60.74 per barrel, up $0.83 or 1.39%; the settlement price of Brent crude oil January 2026 futures was $64.89 per barrel, up $0.69 or 1.07% [8] - Ethylene glycol market: The spot negotiation price in Zhangjiagang ethylene glycol market this week was 3929 - 3931 yuan/ton, down 15 yuan/ton from the previous working day. The current - week spot basis had a premium of 26 - 28 yuan/ton over EG2601 [8] - Industry operating rate: The operating load rate of the Chinese ethylene glycol industry was 60.73%, down 1.13 percentage points. The operating load rate of ethylene - based ethylene glycol was 68.05%, up 0.3 percentage points, while that of syngas - based ethylene glycol was 49.69%, down 3.27 percentage points [8] 4.3 Data Overview - The report provides data charts on 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 [10][15][16][18]

Core Insights - The cryptocurrency market experienced a significant decline, with a total market value loss of approximately $300 billion this week due to a wave of leveraged bets collapsing [1] - Major tokens in the sector were heavily impacted, leading to the weakest market sentiment since early summer [1] - Over $3 billion in long positions were liquidated across exchanges, exacerbating the downward trend [1] Market Dynamics - The forced liquidation of bullish positions in the perpetual futures market contributed to the rapid decline [1] - There is a lack of transparency regarding the true scale of current market leverage, as many trading platforms have not disclosed complete liquidation data [1] Economic Indicators - A report indicated that key inflation indicators showed a slowdown in growth last month, providing some buffer for the Federal Reserve in addressing labor market cooling [1] - This improvement in overall risk sentiment led to a slight rebound in the prices of Bitcoin and Ethereum [1] Expert Commentary - A senior director at market-making firm Wincent described the current pullback as a "healthy correction" [1] - Despite Bitcoin's price falling below the 100-day moving average and the total market cap of digital assets dropping below $400 billion, there are no signs of panic in the market [1] - However, there are warnings that short-term pressures may continue to drive prices lower, especially given the tighter correlation between digital asset prices and macro market sentiment compared to earlier this year [1]

1. Report Information - Report Name: MEG Daily Report [1] - Date: August 15, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions - Futures Market: On the 14th, the closing price of EG2509 was 4367 yuan/ton, down 51 yuan, with a trading volume of 146013 lots and an open interest of 159287 lots. The closing price of EG2601 was 4414 yuan/ton, down 52 yuan, with an open interest of 82684 lots, an increase of 8463 lots. The current fundamentals of ethylene glycol have few substantial changes, and the macro - market sentiment is volatile. The market is expected to maintain a volatile consolidation trend [7] 3. Industry News - Oil Price: The International Energy Agency raised the supply forecast for this year and next and lowered the demand growth forecast. After data showed an unexpected increase in US crude oil inventories last week, international oil prices fell for the second consecutive day. On August 13, the settlement price of WTI crude oil futures for September 2025 was $62.65 per barrel, down $0.52 or 0.82% from the previous trading day. The settlement price of Brent crude oil futures for October 2025 was $65.63 per barrel, down $0.49 or 0.74% from the previous trading day [8] - Ethylene Glycol Market: In Zhangjiagang, the spot negotiation price of ethylene glycol this week was 4447 - 4449 yuan/ton, down 44.5 yuan/ton from the previous working day. The basis of this week's spot, next - week's spot, and late - August spot relative to EG2509 were at a premium of 80 - 82 yuan/ton, 82 - 84 yuan/ton, and 82 - 84 yuan/ton respectively [8] - Polyester Staple Fiber: The price of the main polyester staple fiber futures fell, the prices of staple fiber factories were weak, and the prices of traders declined. Downstream buyers replenished at low prices, and the on - site transactions were mainly from traders, with limited factory shipments [8] 4. Data Overview - The report includes multiple data charts such as MEG futures prices, spot - futures price differences, international crude oil futures prices, raw material price indices, PTA - MEG price differences, MEG downstream product prices, and MEG downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]