Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Commodity sentiment has weakened, PTA basis has weakened and trading volume has declined. Domestic PTA production capacity supply has shrunk, and PTA port inventory has decreased. The spread between PX and naphtha has expanded to around $250, while alkyl transfer and TDP profit margins are not optimistic. The spread between PX and MX has remained at around $90. Bottle chips and staple fibers are about to enter the maintenance cycle. The market port inventory has decreased, and polyester replenishment has improved under the weakening basis. The overall polyester inventory is not high, and the polyester load has dropped to 88% [2] Group 3: Summary by Related Catalog Spot Price and Closing Price - PTA spot price increased from 4670 to 4700, with a change of 30; MEG domestic price increased from 4465 to 4484, with a change of 19; PTA closing price increased from 4684 to 4706, with a change of 22; MEG closing price increased from 4384 to 4414, with a change of 30 [2] Short Fiber and Bottle Chip Price - 1.4D direct-spun polyester staple fiber price remained unchanged at 6550; short fiber basis increased from 152 to 155, with a change of 3; 8 - 9 spread decreased from 32 to 28, with a change of 4; polyester staple fiber cash flow increased from 240 to 246, with a change of 6; 1.4D imitation large chemical fiber price remained unchanged at 5700; the spread between 1.4D direct-spun and imitation large chemical fiber remained unchanged at 850; East China water bottle chip price increased from 5918 to 5929, with a change of 11; hot-filled polyester bottle chip price increased from 5918 to 5929, with a change of 11; carbonated polyester bottle chip price increased from 6018 to 6029, with a change of 11; outer market water bottle chip price remained unchanged at 775; bottle chip spot processing fee decreased from 429 to 408, with a change of -21.02 [2] Yarn Price and Processing Fee - T32S pure polyester yarn price remained unchanged at 10300; T32S pure polyester yarn processing fee remained unchanged at 3750; polyester-cotton yarn 65/35 45S price remained unchanged at 16300; cotton 328 price increased from 14860 to 14900, with a change of 40; polyester-cotton yarn profit decreased from 1340 to 1325, with a change of -15.12; primary three-dimensional hollow (with silicon) price remained unchanged at 7060; hollow staple fiber 6 - 15D cash flow decreased from 371 to 339, with a change of -32.02; primary low-melting staple fiber price remained unchanged at 7330 [2] Operating Rate and Sales Ratio - Direct-spun staple fiber load (weekly) decreased from 92.30% to 93.00%, with a change of -0.01; polyester staple fiber sales ratio increased from 56.00% to 57.00%, with a change of 1.00%; polyester yarn operating rate (weekly) decreased from 65.00% to 66.00%, with a change of -0.01; recycled cotton-type load index (weekly) decreased from 51.50% to 46.00%, with a change of -0.06 [3]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Commodity sentiment has weakened, PTA basis has weakened and trading volume has declined. Domestic PTA production capacity supply has shrunk, and PTA port inventory has decreased. The spread between PX and naphtha has expanded to around $250, while alkyl transfer and TDP profit margins are not optimistic. The spread between PX and MX remains at around $90. In July, bottle chips and staple fibers are about to enter the maintenance cycle. The port inventory in the market has decreased, and polyester replenishment has improved under the weakening basis. The overall polyester inventory is not high, and the polyester load has dropped to 88% [2] Group 3: Summary According to Related Catalogs Spot Price Changes - PTA spot price decreased from 4860 to 4825, a decrease of 35 [2] - MEG domestic price decreased from 4527 to 4503, a decrease of 24 [2] Closing Price Changes - PTA closing price decreased from 4856 to 4808, a decrease of 48 [2] - MEG closing price decreased from 4450 to 4414, a decrease of 36 [2] Short Fiber Data - 1.4D direct-spun polyester staple fiber price decreased from 6665 to 6650, a decrease of 15 [2] - Short fiber basis increased from 119 to 136, an increase of 17 [2] - 8 - 9 spread decreased from 48 to 18, a decrease of 30 [2] - Polyester staple fiber cash flow increased from 240 to 246, an increase of 6 [2] Bottle Chip Data - Polyester bottle chip prices in the Jiangsu - Zhejiang market decreased, with the average price dropping by 35 yuan/ton. The mainstream negotiation range is 5950 - 6080 yuan/ton [2] - East China water bottle chip price decreased from 6011 to 5993, a decrease of 18 [2] - Hot - filled polyester bottle chip price decreased from 6011 to 5993, a decrease of 18 [2] - Carbonated - grade polyester bottle chip price decreased from 6111 to 6093, a decrease of 18 [2] - Outer - market water bottle chip price decreased from 795 to 790, a decrease of 5 [2] Others - T32S pure polyester yarn price decreased from 10350 to 10300, a decrease of 50 [2] - T32S pure polyester yarn processing fee decreased from 3685 to 3650, a decrease of 35 [2] - Cotton 328 price decreased from 14950 to 14800, a decrease of 150 [2] - Polyester - cotton yarn profit increased from 1230 to 1297, an increase of 66.64 [2]

投资咨询业务资格:证监许可【2012】31号 | 一国贸易货 责任自负。本报告仅向特定客户推送,未经国贸期货授权许可,任何引用、转载 传播的行为均构成对国贸期货的侵权,我司将视情况追究法 险,入市需谨慎。 ITG 国贸期货 世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 用 市 市 W FF fød 官 方 网 站 服 热线 la jat 400-8888-598 www.itf.com.cn 直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 涤纶短纤产销 63.00% 46. 00% -17.00% 涤纱开机率(周) 67.00% 67. 00% 0. 00 再生棉型负荷指数(周) 50. 40% 50. 40% 0. 00 涤纶短纤与纯涤纱价格 涤纶短纤现金流 14000 10000 10000 1800 (器块) 太原油烯■ (零收) 配日员(左右) T325纯涤纱价格 条短现金流 ■ 1.4D直红杀短 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 10000 ...

Group 1: Core View - Crude oil has fallen sharply, causing the chemical industry to follow. Despite the expected reduction in polyester downstream load, it remains at 91.3%, and the actual polyester output has reached a new high. Recent promotions have helped with inventory reduction. PTA will reduce inventory in the coming period, and the actions of major factories to increase basis sales have had a significant impact on the market, making PTA spot supplies tight. Polyester has rapidly reduced inventory recently, and inventory has increased significantly. Affected by the rise in crude oil, market purchasing willingness has increased. The maintenance of a Northeast PX factory and a Zhejiang reforming unit has been postponed [2]. Group 2: Market Data Summary Spot and Futures Prices - PTA spot price increased from 5025 to 5030, a change of 5.00; PTA closing price rose from 4778 to 4798, a change of 20.00 [2]. - MEG inner - market price decreased from 4346 to 4334, a change of (12.00); MEG closing price dropped from 4271 to 4267, a change of (4.00) [2]. Short - Fiber Related Data - 1.4D direct - spun polyester staple fiber price remained at 6805, with a change of 0.00; short - fiber basis decreased from 84 to 79, a change of (5.00); 7 - 9 spread increased from 172 to 216, a change of 44.00 [2]. - Polyester short - fiber cash flow increased from 240 to 246, a change of 6.00; 1.4D imitation large - chemical fiber price remained at 5850, with a change of 0.00; the price difference between 1.4D direct - spun and imitation large - chemical fiber remained at 955, with a change of 0.00 [2]. Bottle - Chip Related Data - Polyester bottle - chip in the Jiangsu and Zhejiang market was mainly negotiated at 6020 - 6120 per ton, with the average price dropping 5 yuan/ton compared to the previous working day. The prices of East China water bottle - chip, hot - filled polyester bottle - chip, and carbonated - grade polyester bottle - chip all decreased by 27.00 [2]. - Outer - market water bottle - chip price decreased from 800 to 795, a change of (5.00); bottle - chip spot processing fee decreased from 291 to 263, a change of (27.25) [2]. Yarn and Other Product Data - T32S pure - polyester yarn price decreased from 10630 to 10620, a change of (10.00); T32S pure - polyester yarn processing fee decreased from 3825 to 3815, a change of (10.00) [2]. - Polyester - cotton yarn 65/35 45S price remained at 16300, with a change of 0.00; cotton 328 price remained at 14935, with a change of 0.00; polyester - cotton yarn profit remained at 1143, with a change of 0.00 [2]. - The price of primary three - dimensional hollow (with silicon) decreased from 7360 to 7330, a change of (30.00); the cash flow of hollow staple fiber 6 - 15D decreased from 408 to 377, a change of (30.25) [2]. - The price of primary low - melting - point staple fiber decreased from 7600 to 7575, a change of (25.00) [2]. Operating Rate and Sales Data - Direct - spun short - fiber load (weekly) increased from 88.90% to 91.30%, a change of 0.02; polyester staple fiber sales decreased from 40.00% to 43.00%, a change of - 3.00% [3]. - Polyester yarn startup rate (weekly) remained at 67.00%, with a change of 0.00; recycled cotton - type load index (weekly) remained at 50.40%, with a change of 0.00 [3].

ITG 国贸期货 世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 用 市 市 W FF fød 官 方 网 站 服 热线 la jat 400-8888-598 www.itf.com.cn 直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 涤纶短纤产销 37.00% 43.00% 6. 00% 涤纱开机率(周) 67.00% 67.00% 0. 00 再生棉型负荷指数(周) 50. 40% 50. 40% 0. 00 涤纶短纤与纯涤纱价格 涤纶短纤现金流 14000 10000 10000 1800 (探偵) 太原始欲德 t T325年演出 (群炉) 图片员22日 会短坝金流 ·1.4D直纺条短 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 10000 200 5000 4000 -200 9000 + 3000 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01 2021-01-01 2022-01-01 ...

完整性做任何保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目 务状况或需要,投资者需自行判断本报告中的任何意见或建议是否符合其特定状况 责任自负。本报告仅向特定客户推送,未经国贸期货授权许可, 蛋播的行为均构成对国贸期货的侵权,我司将视情况了 险,入市需谨慎。 ITG 国贸期货 世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 用 市 市 W FF 客 官 方 网 站 服 热线 la jat 400-8888-598 www.itf.com.cn | | | | 国贸期货研究院 | 技资咨询号 Z0017251 | | --- | --- | --- | --- | --- | | | | | | 2025/6/13 | | | | | 能源化工研究中心 陈胜 | 从业资格号: | | | | | | F3066728 | | 指标 | 2025/6/11 | 2025/6/12 | 变动值 | | | PTA现货价格 | 4825 | 4855 | 30. 00 | | | MEG内盘价格 | 4377 | 4350 | (27.00) | 现货资讯: | | PTA收盘 ...

投资咨询业务资格:证监许可【2012】 31号 【 一 国贸 期货 ITG 国贸期货 世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 用 市 市 W FF 客 官 方 网 站 服 热线 la jat 400-8888-598 www.itf.com.cn 整性做任何保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目 务状况或需要,投资者需自行判断本报告中的任何意见或建议是否符合其特定状况 责任自负。本报告仅向特定客户推送,未经国贸期货授权许可, 等播的行为均构成对国贸期货的侵权,我司将视情况, 险,入市需谨慎。 直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 涤纶短纤产销 -58. 00% 111.00% 53.00% 涤纱开机率(周) 67.00% 67.00% 0. 00 再生棉型负荷指数(周) 50. 40% 50. 40% 0. 00 涤纶短纤与纯涤纱价格 涤纶短纤现金流 14000 10000 10000 1800 ■T325加工费(右轴) t T325年演出 (探坝) 太原保密 舞短坝金流 ·1.4D直纺条短 9000 9000 13000 14 ...

投资咨询业务资格:证监许可【2012】31号 | 完整性做任何保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目 务状况或需要,投资者需自行判断本报告中的任何意见或建议是否符合其特定状况, 责任自负。本报告仅向特定客户推送,未经国贸期货授权许可, 同时用、转致V 专播的行为均构成对国贸期货的侵权,我司将视情况追究法 险,入市需谨慎。 ITG 国贸期货 世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 用 市 市 W FF 客 服 热线 官 方 网 站 la jat 400-8888-598 www.itf.com.cn 瓶片短纤数据日报 | | | | | 技资咨询号 | | --- | --- | --- | --- | --- | | | | | 国贸期货研究院 | Z0017251 2025/5/27 | | | | | 能源化工研究中心 陈胜 | 从业资格号: | | | | | | F3066728 | | 指标 | 2025/5/23 | 2025/5/26 | 变动值 | | | PTA现货价格 | 4875 | 4910 | 35.00 | 现货资讯: | | ...

完整性做任何保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目 务状况或需要,投资者需自行判断本报告中的任何意见或建议是否符合其特定状况, 责任自负。本报告仅向特定客户推送,未经国贸期货授权许可, 同时用、转致V 专播的行为均构成对国贸期货的侵权,我司将视情况追究法 险,入市需谨慎。 ITG 国贸期货 世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 用 市 市 W FF 客 服 热线 官 方 网 站 la jat 400-8888-598 www.itf.com.cn | 投资咨询号: | | | | 国贸期货研究院 | Z0017251 | | --- | --- | --- | --- | --- | --- | | | | | | | 2025/5/26 | | 能源化工研究中心 陈胜 | | | | | 从业资格号: | | F3066728 | | | | | | | | 指标 | 2025/5/22 | 2025/5/23 | 变动值 | | | | PTA现货价格 | 4860 | 4875 | 15.00 | | | 现货资讯: | MEG内盘价格 | 45 ...

投资咨询业务资格:证监许可【2012】 31号 【 一 国贸 期货 完整性做任何保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目 务状况或需要,投资者需自行判断本报告中的任何意见或建议是否符合其特定状况, 责任自负。本报告仅向特定客户推送,未经国贸期货授权许可,任何引用、转载以 专播的行为均构成对国贸期货的侵权,我司将视情况追究法 险,入市需谨慎。 瓶片短纤数据日报 | | | | | 技资咨询号 | | --- | --- | --- | --- | --- | | | | | 国贸期货研究院 | Z0017251 2025/5/19 | | | | | 能源化工研究中心 | 陈胜 从业资格号: | | | | | | F3066728 | | 指标 | 2025/5/15 | 2025/5/16 | 变动值 | | | PTA现货价格 | 5030 | 4990 | (40. 00) | | | | | | | 现货资讯: | | MEG内盘价格 | 4581 | 4570 | (11.00) | 短纤:涤纶短纤跌58至6550。现货市场:涤纶 | | PTA收盘价 | 4798 | 477 ...