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 ...

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]