投资咨询业务资格:证监许可【2012】31号 ·PTA现货价格 - MEG内盘 基差 -- PTA现货价格 -- PTA主力期货价格 8000 - 1700 9200 1500 7000 1300 8200 1100 6000 7200 900 700 5000 6200 500 5200 4000 300 100 4200 3000 -100 3200 -300 2000 2023- 2023- 2023- 2024- 2024- 2024- 2025- 2025- 2025- 2025-02 2025-04 2025-06 2025-08 2025-10 2024-12 02 05 09 09 01 09 01 01 05 数据图表 800 现货加工区间 -- 盘面加工区间 POY现金流 -FDY现金流 ·DTY现金清 800 涤短现金流 切片现金 600' 700 400 600 500 200 400 0 01 300 -200 200 -400 100 0 -600 2023- 2023- 2024- 2024- 2024- 2025- 2025- 2025- 2023- 01 02 0მ 01 0 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The PTA market is affected by factors such as supply contraction, low processing fees, and concerns about future textile and clothing demand after the "Golden September and Silver October" period. The industry profit is constrained by over - capacity due to new device production, and the PTA price is difficult to move independently due to the decline in crude oil prices [2] - The ethylene glycol market has low port inventories, limited port arrivals, and expected decline in overseas imports. However, domestic device production puts pressure on prices, and it is expected to operate weakly with the end of the polyester peak season and the decline in the crude oil fundamentals [2] 3. Summary by Relevant Catalogs 3.1 Market Quotes - **Crude Oil**: The INE crude oil price rose from 437.7 yuan/barrel on October 21, 2025, to 447.2 yuan/barrel on October 22, 2025, an increase of 9.5 yuan/barrel [2] - **PTA**: The PTA主力期价 increased from 4414 yuan/ton to 4482 yuan/ton, and the spot price rose from 4320 yuan/ton to 4370 yuan/ton. The spot and disk processing fees decreased, and the PTA - SC decreased slightly [2] - **PX**: The CFR China PX price increased from 784 to 798, and the PX - naphtha spread increased by 11 [2] - **MEG**: The MEG主力期价 rose from 4004 yuan/ton to 4051 yuan/ton. The spot price in Zhangjiagang increased, and the basis strengthened [2] - **Polyester Filament**: The prices of POY150D/48F and DTY150D/48F increased slightly, while the price of FDY150D/96F decreased slightly. The cash flows of POY, FDY, and DTY all decreased [2] - **Polyester Staple Fiber**: The price of 1.4D direct - spun polyester staple fiber increased from 6340 to 6365, and the cash flow decreased from 381 to 353 [2] - **Polyester Chip**: The price of semi - bright chips increased from 5465 to 5485, and the cash flow decreased from 56 to 23 [2] 3.2 Industry Start - up Rate - **PX**: The start - up rate remained at 84.62% [2] - **PTA**: The start - up rate remained at 76.95% [2] - **MEG**: The start - up rate decreased from 65.39% to 63.35%, a decrease of 2.04 percentage points [2] - **Polyester Load**: The polyester load remained at 89.38% [2] 3.3 Transaction Suggestions - **PTA**: The game intensifies, with emotions and fundamentals resonating. The supply side of PTA is shrinking, and the processing fees continue to be low. The industry profit is affected by over - capacity, and the start - up rate may decline further [2] - **Ethylene Glycol**: The port inventory is low, but domestic device production puts pressure on prices. It is expected to operate weakly with the end of the polyester peak season and the decline in the crude oil fundamentals [2]