投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2026/1/9 | | | | 能源化工研究中心 | 陈胜 | 从业资格号:F3066728 | | | | 指标 | 2026/1/7 | 2026/1/8 | 变动值 | 行情综述 | | | INE原油(元/桶) | 416. 3 | 416. 2 | -0. 10 | 成交情况: PTA:原油行情上涨乏力,个别下游聚酯工厂计划提前 | | | PTA-SC(元/吨) | 2124. 7 | | -63. 27 | 检修,需求淡季的利空影响逐渐显现,PTA行情下跌, | | SC | | | 2061. 4 | | 现货基差走弱。PTA加工费为384元/吨,较上一交易日 | | | PTA/SC(比价) | 1. 7023 | 1.6816 | -0. 0208 | 上涨38元/吨。 | | PX | CFR中国PX | 900 | 886 | -14 ...

| | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 （请文字说明其他活动内容） 申万宏源证券、中邮证券、国海证券、天风证券、长江证券、 | | | 易方达基金、嘉实基金、国泰基金、广发基金、永赢基金、 | | | 南方基金、摩根士丹利基金、国寿安保基金、招商基金、浙 | | 参与单位名称 | 商基金、兴银基金、长盛基金、万家基金、平安基金、华商 | | | 基金、融通基金、新华基金、中庚基金、大成基金、海富通 | | 及人员姓名 | 基金、华泰保兴基金、招银理财、太平养老保险、平安资管、 | | | 东方证券、中汇人寿、长江养老保险、真科基金、诚旸投资、 | | | 复霈投资、中欧瑞博资本、君榕资产、康曼德资本、喜世润 | | | （以上排名不分先后） | | 时间 | 年 月 2026 1 7 日，14：00—17：30 | | | 2026 年 1 月 8 日，10：00—17：30 | | 地点 | 公司会议室 | | 上 市 公 司 接 | 董事会 ...

1. Report Industry Investment Rating - No relevant information provided in the document 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes underlying market analysis, option factor research, and option strategy suggestions [9]. - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3]. 3. Summary According to Relevant Catalogs 3.1 Underlying Futures Market Overview - The report shows the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open - interest changes of various energy - chemical futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil contract SC2602 is 416, with a decrease of 9 and a decline rate of 2.19%, trading volume of 111,000 lots, and an open interest of 33,000 lots [4]. 3.2 Option Factors 3.2.1 Volume - Open Interest PCR - The report presents the trading volume, volume change, open interest, open - interest change, trading - volume PCR, volume - PCR change, open - interest PCR, and open - interest - PCR change of various energy - chemical options. For instance, the trading - volume PCR of crude oil options is 0.53, with a change of 0.03, and the open - interest PCR is 0.45, with a change of - 0.08 [5]. 3.2.2 Pressure and Support Levels - It shows the underlying contract, at - the - money strike price, pressure points, pressure - point offsets, support points, support - point offsets, maximum call - option open interest, and maximum put - option open interest of various energy - chemical options. For example, the pressure point of crude oil options (SC2602) is 450 and the support point is 400 [6]. 3.2.3 Implied Volatility - The report provides information on the at - the - money implied volatility, weighted implied volatility, weighted - implied - volatility change, annual average implied volatility, call - option implied volatility, put - option implied volatility, 20 - day historical volatility, and implied - historical - volatility difference of various energy - chemical options. For example, the at - the - money implied volatility of crude oil options is 35.09%, and the weighted implied volatility is 43.46% with a change of 11.52% [7]. 3.3 Option Strategies and Suggestions 3.3.1 Energy - Type Options (Crude Oil and LPG) - **Crude Oil**: The fundamental situation involves geopolitical events and OPEC+ production policies. The market has shown a weak - bearish trend recently. Option strategies include constructing a short - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - hedging strategy [8]. - **LPG**: The supply has no significant increase, and the chemical demand supports the price. The market shows an oscillating - decline bearish trend. Option strategies are similar to those of crude oil, with a short - biased call + put option combination strategy for volatility and a long collar strategy for spot hedging [10]. 3.3.2 Alcohol - Type Options (Methanol and Ethylene Glycol) - **Methanol**: The import volume from Venezuela and domestic inventory conditions affect the price. The market shows an upward - rebound trend after a decline. Option strategies include a short - neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The port inventory situation impacts the price. The market shows a weak - bearish trend. Option strategies include a short - volatility strategy for volatility and a long - spot + long put + short out - of - the - money call strategy for spot hedging [11]. 3.3.3 Olefin - Type Options (PVC) - PVC: The production - capacity utilization rate and the market show a bearish trend followed by a rebound. Option strategies include a bull - spread call - option combination strategy for directionality and a long - spot + long at - the - money put + short out - of - the - money call strategy for spot hedging [11]. 3.3.4 Rubber - Type Options (Rubber and Synthetic Rubber) - **Rubber**: The inventory and production data affect the price. The market shows a warming - up upward trend. Option strategies include a short - neutral call + put option combination strategy for volatility [12]. - **Synthetic Rubber**: No detailed fundamental and strategic analysis is given in the text. 3.3.5 Polyester - Type Options (PTA) - PTA: The market start - up rate and production affect the price. The market shows a short - term strong upward - rebound trend. Option strategies include a bull - spread call - option combination strategy for directionality and a short - bullish call + put option combination strategy for volatility [12]. 3.3.6 Alkali - Type Options (Caustic Soda and Soda Ash) - **Caustic Soda**: The capacity utilization rate and the market show a weak - bearish trend. Option strategies include a bear - spread combination strategy for directionality and a long collar strategy for spot hedging [13]. - **Soda Ash**: The effective production capacity and the market show a low - level weak - oscillating trend. Option strategies include a short - volatility combination strategy for volatility and a long collar strategy for spot hedging [13]. 3.3.7 Other Options (Urea) - Urea: The daily production volume and the market show a short - term weak - bearish trend. Option strategies include a short - bullish call + put option combination strategy for volatility and a long - spot + long at - the - money put + short out - of - the - money call strategy for spot hedging [14].

融 研 究 院 聚酯：上强下弱局面延续 期 货 金 张永鸽 期货从业证号：F0282934 投资咨询证号: Z0011351 弘 业 数据来源：Wind CCF 隆众资讯 弘业期货金融研究院 p 后市研判 研 究 院 PTA：成本带动及下游聚酯端韧性支撑下，PTA表现相对偏强。值得注意的是，随着终端负荷回落，后期聚酯负荷检修增加， 上方或有压力，整体预计小幅偏强波动； 货 金 融 MEG：国内还处于高供应状态，港口库存持稳，政策宽松引导下，原料提升带动MEG反弹，预计低位震荡局面，绝对价格下方 不太悲观； 业 期 短纤：短纤库存压力不大，随着成本拉涨加工费压缩，下游纱厂备货不佳，绝对价格跟随原料震荡局面； 弘 瓶片：库存压力不大，开工率有所提升，加工费尚可，跟随原料波动，相对偏强； 风险点：原油 政策 装置变动 数据来源：Wind CCF 隆众资讯 弘业期货金融研究院 Ø PX格局良好，利润较高 研 究 院 1月初，美军突袭委内瑞拉，油价多空分歧明显，盘面波动加剧震荡局面。而下游化工品依旧较为强势。25年末福佳大化扩产30万吨产能，而剔除辽 阳石化的30万吨、洛阳石化的23万吨长停装置后，25年PX产能呈现负 ...

Report Industry Investment Rating - Not provided Core Viewpoints - PTA market has cost support and is in the process of inventory reduction, with a narrow upward trend in prices and a strengthening of the spot basis. The demand is gradually weakening, and the processing fee has declined. The PX market has experienced a sharp increase, driven by speculative funds, but there is also fundamental support, and the market is expected to remain tight in 2026. The domestic PTA maintains high - level operation, and the polyester load remains high, with increased market inventory hoarding willingness and a rapidly strengthening basis [2]. - The MEG market shows a continuous upward trend in futures prices, with the spot price in Zhangjiagang rising accordingly, but the basis negotiation is weakening. Overseas MEG device maintenance plans are increasing, but the market supply pressure continues to increase due to new device production. The price is difficult to get effective support under the backdrop of falling coal prices, but it may be supported by domestic policies in the context of carbon neutrality [2]. Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil price rose from 421.7 yuan/barrel on January 5, 2026, to 428.2 yuan/barrel on January 6, 2026, with an increase of 6.50 yuan [2]. - **PTA**: The PTA - SC spread increased by 56.76 yuan, the PTA/SC ratio increased by 0.0084. The PTA主力期价 rose from 5,046 yuan/ton to 5,150 yuan/ton, and the spot price rose from 5,030 yuan/ton to 5,080 yuan/ton. The spot processing fee decreased by 46.9 yuan/ton, and the disk processing fee increased by 7.1 yuan/ton. The PTA仓单数量 decreased by 2,238 [2]. - **MEG**: The MEG主力期价 rose from 3,732 yuan/ton to 3,838 yuan/ton. The MEG - naphtha spread decreased by 0.2 yuan/ton. The MEG内盘 price rose from 3,640 yuan/ton to 3,666 yuan/ton [2]. Industry Chain Start - up Situation - **PX**: The PX operating rate remained at 87.87% [2]. - **PTA**: The PTA operating rate remained at 77.40% [2]. - **MEG**: The MEG operating rate increased from 60.81% to 60.87%, with an increase of 0.06% [2]. - **Polyester**: The polyester load decreased from 88.10% to 88.04%, with a decrease of 0.06% [2]. Product Price and Cash Flow - **Polyester Filament**: The price of POY150D/48F rose by 25 yuan/ton, and its cash flow decreased by 27 yuan/ton. The price of FDY150D/96F decreased by 10 yuan/ton, and its cash flow decreased by 62 yuan/ton. The price of DTY150D/48F remained unchanged, and its cash flow decreased by 52 yuan/ton. The long - filament sales rate decreased from 50% to 5%, with a decrease of 45% [2]. - **Polyester Staple Fiber**: The price of 1.4D direct - spun polyester staple fiber rose by 45 yuan/ton, and its cash flow decreased by 7 yuan/ton. The short - fiber sales rate decreased from 53% to 20%, with a decrease of 33% [2]. - **Polyester Chip**: The price of semi - bright chips rose by 25 yuan/ton, and its cash flow decreased by 27 yuan/ton. The chip sales rate remained at 47% [2]. Device Maintenance - A 1.2 - million - ton PTA device in the northwest was restarted, which had stopped at the beginning of last week [4].

Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Core Views Urea - On January 6, urea futures closed higher, and the spot market rose slightly. The overall trading atmosphere improved, but the short - term high - supply situation was difficult to change, and the downstream demand was mainly for rigid needs. The urea price was expected to fluctuate strongly in the short term, and attention should be paid to the resumption rhythm of subsequent devices and the progress of downstream industrial and agricultural demand [1]. PVC and Caustic Soda - Caustic soda futures fluctuated strongly on Tuesday, and the spot market was relatively stable. The supply - demand pattern of the caustic soda market was expected to be stable and weak, and attention should be paid to the procurement volume of the main downstream and the price fluctuation of liquid chlorine. PVC prices rose rapidly on January 6, but the supply - demand contradiction increased, and the price was expected to fluctuate weakly [2]. Pure Benzene and Styrene - The overall supply of domestic petroleum benzene was stable, but the port inventory was high. The overall supply - demand pattern of pure benzene was weak, and the price was expected to fluctuate at a low level. The short - term supply - demand of styrene was in a tight balance, but the rebound space was limited [3]. Natural Rubber - The supply of natural rubber faced increased pressure from overseas production areas, but the cost support strengthened. The downstream replenishment was cautious, and the inventory in Qingdao increased significantly. The rubber price was driven up by market sentiment, and attention should be paid to the raw material situation in Thailand [4]. Crude Oil - On Tuesday, oil prices rose first and then fell. The short - term price of Brent crude oil was expected to fluctuate between $60 - 65 per barrel, and attention should be paid to geopolitical conflicts [6][7]. Glass and Soda Ash - Soda ash prices rebounded, but the supply - demand situation was still under pressure, and the price rebound space was limited. Glass prices rebounded at night, but the demand was expected to weaken, and attention should be paid to the inventory digestion of the middle - stream [9]. LPG - LPG prices rose, and the inventory decreased slightly. The short - term market was affected by factors such as geopolitical conflicts and inventory changes [11]. Methanol - Methanol prices continued to rise. The inland market was in a situation of weak supply and demand, while the port inventory was expected to enter the destocking cycle in the first quarter, and the market was expected to maintain a strong - fluctuating pattern [13][15]. Polyester Industry Chain - The supply of PX and PTA was expected to be high in January, but the demand was weak. The prices of PX and PTA were expected to fluctuate and adjust before the Spring Festival. The supply - demand of MEG was expected to accumulate inventory, and the price was under pressure. The supply - demand of short - fiber and bottle - chip was weak, and the prices were expected to follow the raw materials [18]. Summaries by Related Catalogs Urea - **Futures Prices**: On January 6, the 01 contract was 1694 yuan/ton, up 12 yuan; the 05 contract was 1768 yuan/ton, up 0.57%; the 09 contract was 1730 yuan/ton, up 0.87%; the main contract was 2293 yuan/ton [1]. - **Futures Contract Spreads**: The spread between the 01 and 05 contracts was - 84 yuan/ton, up 2 yuan; the spread between the 05 and 09 contracts was 33 yuan/ton, down 2 yuan; the spread between the 09 and 01 contracts was 48 yuan/ton, up 6.25% [1]. - **Main Positions**: The long positions of the top 20 decreased by 0.25%, and the short positions of the top 20 decreased by 0.36% [1]. - **Upstream Raw Materials**: The prices of most upstream raw materials were stable, and the price of synthetic ammonia in Shandong increased by 0.61% [1]. - **Spot Market**: The prices of small - particle urea in most regions rose slightly, and the FOB prices in China and the US Gulf were stable [1]. - **Supply - Demand**: The daily production of urea increased to 204,000 tons, the weekly production decreased by 0.49%, the plant - level inventory decreased by 4.65%, and the port inventory decreased by 0.50% [1]. PVC and Caustic Soda - **PVC Prices and Spreads**: On January 6, the market price of PVC in East China increased, the prices of futures contracts V2601 and V2605 rose by 3.3%, and the basis and spreads changed [2]. - **Caustic Soda Overseas Quotes and Export Profits**: The overseas quotes of caustic soda decreased, and the export profit decreased [2]. - **Supply - Demand and Inventory**: The operating rate of the caustic soda industry was stable, the demand of downstream industries was weak, and the inventory of caustic soda and PVC changed [2]. Pure Benzene and Styrene - **Upstream Prices and Spreads**: The prices of Brent crude oil and WTI crude oil decreased, the price of CFR China pure benzene increased by 0.3%, and the spreads between pure benzene and related products changed [3]. - **Styrene - Related Prices and Spreads**: The price of styrene in East China increased by 0.7%, and the spreads and basis of styrene futures changed [3]. - **Inventory and Operating Rates**: The inventory of pure benzene in Jiangsu ports increased by 6.0%, and the inventory of styrene in Jiangsu ports decreased by 4.7%. The operating rates of some industries in the pure benzene and styrene industry chain changed [3]. Natural Rubber - **Spot Prices and Basis**: On January 6, the price of Yunnan state - owned whole - latex increased by 0.64%, and the basis and spreads changed [4]. - **Production and Operating Rates**: In November, the production of natural rubber in Thailand, Indonesia, etc. changed, and the operating rates of tire - related industries changed [4]. - **Inventory Changes**: The bonded - area inventory of natural rubber increased by 4.48%, and the inventory in Qingdao showed different changes in inbound and outbound rates [4]. Crude Oil - **Crude Oil Prices and Spreads**: On January 6, the price of Brent crude oil decreased by 1.72%, the price of WTI crude oil decreased by 2.04%, and the spreads between different crude oil varieties and contracts changed [6][7]. - **Refined Oil Prices and Spreads**: The prices of NYM RBOB, NYM ULSD, and ICE Gasoil decreased, and the spreads between different refined oil contracts changed [6][7]. Glass and Soda Ash - **Glass Prices and Spreads**: The prices of glass in different regions were stable, and the prices of glass futures contracts changed slightly [9]. - **Soda Ash Prices and Spreads**: The prices of soda ash in different regions were stable, and the prices of soda ash futures contracts increased [9]. - **Supply and Inventory**: The operating rate and weekly production of soda ash decreased, the inventory of soda ash increased significantly, and the demand of downstream industries decreased [9]. LPG - **LPG Prices and Spreads**: On January 6, the prices of LPG futures contracts increased, and the spreads and basis changed [11]. - **LPG Inventory and Operating Rates**: The LPG refinery storage - capacity ratio increased slightly, the port inventory decreased by 8.41%, and the operating rates of upstream and downstream industries changed [11]. Methanol - **Methanol Prices and Spreads**: The prices of methanol futures contracts increased, and the spreads and basis changed [13]. - **Methanol Inventory and Operating Rates**: The inventory of methanol enterprises and ports increased, and the operating rates of upstream and downstream industries changed [13][14][15]. Polyester Industry Chain - **Upstream Prices**: The prices of Brent crude oil and WTI crude oil decreased slightly, and the prices of PX - related products increased [18]. - **Downstream Polyester Product Prices and Cash Flows**: The prices of polyester products such as POY, FDY, etc. changed slightly, and the cash flows and processing fees of polyester products changed [18]. - **Inventory and Operating Rates**: The inventory of MEG ports decreased slightly, and the operating rates of different industries in the polyester industry chain changed [18].

2025年12月中旬以来，聚酯链品种(除乙二醇外)上演了一轮"过山车"行情。从强势上涨到显著回落，市场波动背后的逻辑与后市走向，成为行业关注的焦 点。 期货日报记者了解到，此轮行情的核心驱动力来自上游PX。2025年12月17日，PX期价率先探底回升；12月18日，放量增仓再收阳，涨势初显；12月19日 和12月22日，PX期价继续大幅增仓上行，突破7200元/吨整数关口。不过，在突破关键价位后，量仓回落导致涨势放缓。12月26日，市场分歧显现。随 后，伴随着持仓量大幅下滑，PX及其他聚酯链品种价格迎来显著回调。 庞春艳认为，聚酯产业链春节前后会出现终端停工、降负的现象，消费将暂时停滞，下游备货意愿直接取决于对后市的预期。"如果对节后需求预期乐 观，且上游涨价预期强，节前会有备货行情；若预期悲观，则更倾向于适度备货、节后补库。"庞春艳表示，结合当前的市场表现看，终端织造企业在本 轮行情初期已完成集中补库，节前大概率以消耗原料为主，备货意愿不强。 在她看来，聚酯原料价格若再度大幅上涨，可能会引发企业提前停车检修，加剧负反馈，不利于市场健康发展；若原料价格适度回调，让下游平稳运行， 反而更有利于后续重拾涨势。从时 ...

聚酯策略年报 2026-01-05|新世纪期货 能化组 电话: 0571-87923821 邮编:310000 地址:杭州市下城区万寿亭 13 号 网址 http://www.zjncf.com.cn 相关报告 2026 年聚酯展望 —— 产能投放后期,产业曙光已现 观点摘要: PX: 26年油价预计震荡偏弱,但大幅向下可能性较小。PX 投产聚集于下半年,上半 年库存压力不大,PX 供需维持偏紧,前期预期乐观,当前 PXN 价差已经扩张至偏高 水平,反映一定预期,关注回调低买以及月差正套机会,关注新装置投产节奏。 26年 PTA 没有新增产能,但相对于下游聚酯环节,PTA产能依旧过剩。不过 PTA 产出受到原料 PX 制约,聚酯产量增速尚可的情况下,PTA 供需有去库预期,加工差 存修复预期,特别是下半年 Px 新装置投产后。建议关注阶段性低买和远月加工差做 扩机会。 MEG: 26年 MEG 产能增速再度回升,且供应增速大于需求增速,存量 MEG 的装置目前 对效益压缩的负反馈仍不够,需要更长时间挤压供应,供应压力较大,特别是一四 两季度。建议择机多 PTA 空 MEG,需要提防阶段性的预期差和原料价格波动 ...

1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - The geopolitical impact on the crude oil market is limited, with crude oil prices falling and the atmosphere in the bulk chemical market being weak. The downstream polyester production and sales are dull, and the PTA market is also declining [2]. - The PX market has experienced a rapid rise, mainly driven by speculative funds. Although there are concerns about bubbles, the PX fundamentals are supported, and the market is expected to remain tight in 2026 [2]. - Domestic PTA maintains high - level operation, and the polyester demand is affected by the domestic season but the polyester factory's production cuts are not enough to form a negative feedback [2]. - Overseas MEG device maintenance plans are increasing, but with the continuous decline of coal prices and the increase of new device production, the MEG market is under pressure, and its price may be supported by domestic policies under the carbon - neutral background [2]. 3. Summary by Relevant Catalog 3.1 Market Price and Index Changes - INE crude oil price dropped from 432.2 yuan/barrel on December 31, 2025, to 421.7 yuan/barrel on January 5, 2026, a decrease of 10.5 yuan/barrel [2]. - PTA - SC increased from 1969.2 yuan/ton to 1981.5 yuan/ton, an increase of 12.3 yuan/ton [2]. - PTA/SC ratio rose from 1.6270 to 1.6466, an increase of 0.0196 [2]. - CFR China PX price decreased from 894 to 884, a decrease of 10 [2]. - PX - naphtha spread decreased from 364 to 354, a decrease of 10 [2]. - PTA main contract futures price dropped from 5110 yuan/ton to 5046 yuan/ton, a decrease of 64 yuan/ton [2]. - PTA spot price dropped from 5095 yuan/ton to 5030 yuan/ton, a decrease of 65 yuan/ton [2]. - Spot processing fee decreased from 344.9 yuan/ton to 343.0 yuan/ton, a decrease of 1.9 yuan/ton [2]. - Disk processing fee decreased from 374.9 yuan/ton to 359.0 yuan/ton, a decrease of 15.9 yuan/ton [2]. - MEG main contract futures price dropped from 3803 yuan/ton to 3732 yuan/ton, a decrease of 71 yuan/ton [2]. - MEG - naphtha increased from - 141.47 yuan/ton to - 140.79 yuan/ton, an increase of 0.7 yuan/ton [2]. - MEG domestic price dropped from 3681 yuan/ton to 3640 yuan/ton, a decrease of 41 yuan/ton [2]. 3.2 Industry Chain Start - up Situation - PX start - up rate increased from 86.28% to 87.87%, an increase of 1.59 percentage points [2]. - PTA start - up rate remained unchanged at 77.40% [2]. - MEG start - up rate increased from 60.58% to 60.81%, an increase of 0.23 percentage points [2]. - Polyester load remained unchanged at 88.10% [2]. 3.3 Product Sales and Cash Flow in the Polyester Industry 3.3.1 Polyester Filament - POY150D/48F price remained unchanged at 6505, and its cash flow increased from - 334 to - 265, an increase of 69 [2]. - FDY150D/96F price remained unchanged at 6755, and its cash flow increased from - 584 to - 515, an increase of 69 [2]. - DTY150D/48F price remained unchanged at 7745, and its cash flow increased from - 294 to - 225, an increase of 69 [2]. - Polyester filament production and sales increased from 31% to 50%, an increase of 19 percentage points [2]. 3.3.2 Polyester Staple Fiber - 1.4D direct - spinning polyester staple fiber price dropped from 6545 to 6510, a decrease of 35 [2]. - Polyester staple fiber cash flow increased from 56 to 90, an increase of 34 [2]. - Polyester staple fiber production and sales decreased from 59% to 53%, a decrease of 6 percentage points [2]. 3.3.3 Polyester Chip - Semi - bright chip price dropped from 5755 to 5730, a decrease of 25 [2]. - Chip cash flow increased from - 184 to - 140, an increase of 44 [2]. - Chip production and sales decreased from 67% to 47%, a decrease of 20 percentage points [2]. 3.4 Device Maintenance Dynamics - A 1.2 - million - ton PTA device in the northwest was restarted after shutting down at the beginning of last week [4].

能源化工期权 2026-01-06 能源化工期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | ...