Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, the recent changes in PTA devices are relatively small, and the supply - demand pattern is expected to be acceptable. The futures market has risen significantly following the cost side. It is expected that the PTA spot price will fluctuate following the cost side in the short term, and the spot basis will fluctuate within a range. Attention should be paid to the oil price trend and downstream load [5]. - For MEG, the second - phase device of CNOOC Shell has been successfully restarted. The changes of Huayi and Yulin Chemical devices should be noted around the end of the month. There is still room for a slight increase in the overall ethylene glycol operating rate, and the domestic supply will show a certain increase. In the long - term, there is still an expectation of inventory accumulation, and the market sentiment needs time to recover. In the short term, the price center of ethylene glycol will be mainly sorted at a low level, and the impact of cost and device news should be noted [7]. Summary by Directory 1.前日回顾 - Not provided in the content 2.每日提示 - PTA: The PTA futures fluctuated and closed higher yesterday. The spot market negotiation atmosphere was average, and the spot basis strengthened. The negotiation was mainly among traders. The December goods were negotiated at a discount of 10 - 16 to the 01 contract, with the price negotiation range at 4995 - 5110. The January goods were traded at a discount of 60 - 65 to the 05 contract. Today's mainstream spot basis is 01 - 13. The spot is 5060, the basis of the 05 contract is - 92, and the futures price is higher than the spot price. The PTA factory inventory is 3.61 days, a decrease of 0.15 days compared with the previous period. The 20 - day moving average is upward, and the closing price is above the 20 - day moving average. The main position is net long, and the long position increases [5]. - MEG: On Thursday, the price center of ethylene glycol fluctuated widely, and the market negotiation was acceptable. The spot negotiation of ethylene glycol was around a discount of 0 - 15 yuan/ton to the 01 contract. Some contract traders in the market actively replenished their stocks, and there was little negotiation for next - week's spot. In the morning, affected by the decline in polyester load, the ethylene glycol market declined moderately, and in the afternoon, the market maintained a narrow range. In terms of US dollars, the external price center of ethylene glycol fluctuated strongly. The January shipment was negotiated and traded at around 438 - 445 US dollars/ton, and some traders participated in the offer at high prices, with the overall transaction being relatively stalemate. The spot is 3635, the basis of the 05 contract is - 183, and the futures price is higher than the spot price. The total inventory in East China is 65.78 tons, a decrease of 11.22 tons compared with the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The main position is net short, and the short position increases [8]. 3.今日关注 - Not provided in the content 4.基本面数据 - **PTA Supply - Demand Balance Table**: It shows the PTA production capacity, load, output, import, total supply, polyester production, consumption, and other data from January 2024 to December 2025, as well as the year - on - year changes in supply and demand, and the ending inventory and inventory - to - consumption ratio [11]. - **Ethylene Glycol Supply - Demand Balance Table**: It presents the ethylene glycol production, import, total supply, polyester production, consumption, and other data from January 2024 to December 2025, as well as the year - on - year changes in supply and demand, and the port inventory and inventory - to - consumption ratio [12]. - **Price and Profit Data**: It includes the price changes of various products such as naphtha, p - xylene, PTA, MEG, polyester fibers on December 25 and 24, 2025, as well as the basis, processing fees, and production profits of different products [13]. 5.影响因素总结 - **Likely Influencing Factors**: Not provided in the content - **Unfavorable Influencing Factors**: Not provided in the content - **Main Logic and Risk Points**: The short - term commodity market is greatly affected by the macro - level. Attention should be paid to the cost side. For the market rebound, attention should be paid to the upper resistance level [9]

Report Information - Report Title: PTA&MEG Morning Report - November 7, 2025 [1] - Author: Jin Zebin from the Investment Consulting Department of Dayue Futures [1] - Investment Consulting Qualification Number: Z0015557 [1] - Contact Information: 0575 - 85226759 [1] Report Industry Investment Rating - Not provided in the report Core Viewpoints - PTA: Affected by the broader market and market rumors, PTA futures rose significantly. The spot market had a mediocre trading atmosphere with weak spot basis. It's expected to fluctuate with the cost in the short - term, and attention should be paid to device changes [5]. - MEG: This week, there is a concentrated arrival of foreign - made ethylene glycol vessels. In the medium - to - long - term, there is a continuous expectation of supply surplus. It's expected that the price center of ethylene glycol will decline, and attention should be paid to cost and device changes [7]. Summary by Directory 1. Previous Day's Review - Not provided in the report 2. Daily Tips - **PTA**: - Fundamental: Affected by the broader market and rumors, futures rose, spot trading was mediocre, and the basis was weak. 11 - month goods were traded at a discount of 75 - 85 to the 01 contract, with a price range of 4480 - 4605. The mainstream spot basis was 01 - 80 [5]. - Basis: Spot price was 4540, 01 contract basis was - 148, with the futures price higher than the spot price [5]. - Inventory: PTA factory inventory was 4.09 days, an increase of 0.06 days compared to the previous period [5]. - Market Trend: The 20 - day moving average was upward, and the closing price was above the 20 - day moving average [5]. - Main Position: Net short position with a reduction in short positions [5]. - Expectation: The spot market trading atmosphere is dull, mainly dominated by traders. It's expected to fluctuate with the cost in the short - term, and attention should be paid to device changes [5]. - **MEG**: - Fundamental: On Thursday, ethylene glycol had a wide - range adjustment. This week, there is a concentrated arrival of foreign - made vessels, and the supply in the month is abundant [7]. - Basis: Spot price was 3978, 01 contract basis was 54, with the futures price lower than the spot price [8]. - Inventory: The total inventory in East China was 56.7 tons, an increase of 6.7 tons compared to the previous period [8]. - Market Trend: The 20 - day moving average was downward, and the closing price was below the 20 - day moving average [8]. - Main Position: Net short position with a reduction in short positions [7]. - Expectation: In the medium - to - long - term, there is a continuous expectation of supply surplus. It's expected that the price center will decline, and attention should be paid to cost and device changes [7]. 3. Today's Focus - Not provided in the report 4. Fundamental Data - **PTA Supply - Demand Balance Sheet**: Shows the supply and demand data of PTA from January 2024 to December 2025, including production capacity, output, consumption, inventory, etc. For example, in January 2024, PTA production capacity was 8062, output was 591, and consumption was 572 [11]. - **Ethylene Glycol Supply - Demand Balance Sheet**: Displays the supply and demand data of ethylene glycol from January 2024 to December 2025, including production, import, consumption, port inventory, etc. For example, in January 2024, ethylene glycol production was 51, import was 128, and consumption was 211 [12]. - **Price Data**: Includes spot and futures prices of various products such as naphtha, PX, PTA, MEG, and polyester products on November 6 and 5, 2025, as well as price changes, basis, and processing margins. For example, the spot price of PTA was 4540 yuan/ton on November 6, 2025, an increase of 10 yuan/ton compared to the previous day [13]. 5. PTA Daily View - As described in the "Daily Tips" section for PTA [5] 6. MEG Daily View - As described in the "Daily Tips" section for MEG [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - PTA futures followed the cost side and opened lower and moved lower. PTA's own device restarts and reduces loads simultaneously, currently having limited impact on the market. The spot basis is running weakly. It is expected that the short - term PTA spot price will fluctuate mainly affected by the cost side. Attention should be paid to the changes in upstream and downstream devices and polyester production and sales [5]. - The ethylene glycol market was weakly sorted on Monday, with general market discussions. The intraday ethylene glycol disk was weakly running. The spot basis weakened slightly in the afternoon. There is an expectation of inventory accumulation for ethylene glycol starting from the fourth quarter, and the disk performance is under pressure. It is expected that the short - term ethylene glycol price center will be adjusted at a low level. Follow - up attention should be paid to device and production and sales changes [7]. - The short - term commodity market is greatly affected by the macro - level. Attention should be paid to the cost side, and the upper resistance level should be noted for the disk rebound [12]. 3. Summary According to the Directory 3.1. Previous Day Review No relevant content provided. 3.2. Daily Hints PTA - **Fundamentals**: The PTA futures opened lower and moved lower, the spot market negotiation atmosphere was general, the spot basis was weak, and individual mainstream suppliers sold goods. The September goods were traded at a discount of 75 - 86 to the 01 contract, and the price negotiation range was around 4490 - 4535. The mainstream spot basis on that day was 01 - 84 [5]. - **Basis**: The spot price was 4515, the basis of the 01 contract was - 71, and the disk was at a premium [6]. - **Inventory**: The PTA factory inventory was 3.8 days, a decrease of 0.04 days compared with the previous period [6]. - **Disk**: The 20 - day moving average was downward, and the closing price was below the 20 - day moving average [6]. - **Main Position**: The net short position increased [6]. - **Expectation**: The PTA futures disk followed the cost side to open lower and move lower. PTA's own device restarts and reduces loads simultaneously, currently having limited impact on the market. The spot basis is running weakly. It is expected that the short - term PTA spot price will fluctuate mainly affected by the cost side. Attention should be paid to the changes in upstream and downstream devices and polyester production and sales [5]. MEG - **Fundamentals**: On Monday, the ethylene glycol market was weakly sorted, with general market discussions. The intraday ethylene glycol disk was weakly running, and the spot negotiation was at a premium of 88 - 97 yuan/ton to the 01 contract. The spot basis weakened slightly in the afternoon, and some traders with contract gaps participated in replenishment. The focus of the ethylene glycol foreign market declined slightly [7]. - **Basis**: The spot price was 4342, the basis of the 01 contract was 102, and the disk was at a discount [8]. - **Inventory**: The total inventory in the East China region was 38.17 tons, an increase of 0.93 tons compared with the previous period [8]. - **Disk**: The 20 - day moving average was downward, and the closing price was below the 20 - day moving average [8]. - **Main Position**: The net short position decreased [7]. - **Expectation**: The port shipments before the festival were general, and the ethylene glycol port inventory increased from a low level. There will be relatively concentrated arrivals of foreign ships during the National Day holiday. Recently, the market sentiment of ethylene glycol has been mainly dragged down by the progress of new devices and the weakness of the terminal market, and the overall intention of traders to hold goods is weak. There is an expectation of inventory accumulation for ethylene glycol starting from the fourth quarter, and the disk performance is under pressure. It is expected that the short - term ethylene glycol price center will be adjusted at a low level. Follow - up attention should be paid to device and production and sales changes [7]. 3.3. Today's Attention No relevant content provided. 3.4. Fundamental Data PTA Supply - Demand Balance Sheet The report provides the PTA supply - demand balance sheet from January 2024 to December 2025, including data on PTA capacity, production, imports, exports, consumption, and inventory [13]. Ethylene Glycol Supply - Demand Balance Sheet The report provides the ethylene glycol supply - demand balance sheet from January 2024 to December (partially incomplete) 2025, including data on ethylene glycol production, imports, consumption, and port inventory [14]. Price - **Spot Price**: The spot price of naphtha CFR Japan increased by 9 to 584.5 dollars/ton; the spot price of paraxylene (PX) CFR China Taiwan decreased by 17 to 824 dollars/ton; the CCFEI price index of PTA domestic market decreased by 20 to 4512.5 yuan/ton; the CCFEI price index of ethylene glycol MEG domestic market decreased by 10 to 4335 yuan/ton, etc. [15]. - **Futures Price**: TA01 decreased by 18 to 4286 yuan/ton, TA05 decreased by 20 to 4628 yuan/ton, etc.; EG01 decreased by 17 to 4240 yuan/ton, EG05 decreased by 23 to 4294 yuan/ton, etc. [15]. - **Basis**: TA01 basis decreased by 22 to - 71 yuan/ton, EG01 basis increased by 7 to 102 yuan/ton [15]. - **Profit**: PTA processing fee decreased by 513.896 to - 74.42 yuan/ton; naphtha MEG domestic market profit decreased by 23.03 to - 1162.89 yuan/ton, etc. [15]. Other Data The report also provides data on bottle - chip spot prices, production gross profit, capacity utilization rate, inventory, as well as various spreads, inventory analysis, and start - up rates of the polyester upstream and downstream industries from multiple years [16 - 66].