Group 1: Report Core Views - Polyester downstream load remains at 91.8% despite the expected reduction, and recent promotions have facilitated inventory clearance [2] - PTA will undergo inventory reduction in the coming period, and the actions of mainstream factories to increase basis sales have significantly impacted the market, making PTA spot supplies tight [2] - The change in the sales strategy of large - scale PTA factories, especially the act of canceling warehouse receipts to sell spot, is effectively altering the market's view on PTA positive spreads [2] - It is difficult for downstream production cuts to form a unified force, and the maintenance of Northeast PX factories and Zhejiang reforming units has been postponed [2] - Short - fiber and bottle - chip device maintenance is expected to be carried out in the near future [2] Group 2: Data Summary Spot Price Changes - PTA spot price increased from 4825 to 4855, a change of 30 [2] - MEG inner - market price decreased from 4377 to 4350, a change of - 27 [2] Closing Price Changes - PTA closing price remained unchanged at 4620 [2] - MEG closing price decreased from 4285 to 4234, a change of - 51 [2] Short - fiber and Related Data - 1.4D direct - spinning polyester short - fiber price remained unchanged at 6570 [2] - Short - fiber basis decreased from 116 to 107, a change of - 9 [2] - 7 - 9 spread decreased from 138 to 102, a change of - 36 [2] - Polyester short - fiber cash flow increased from 240 to 246, a change of 6 [2] Bottle - chip Data - Polyester bottle - chip prices in the Jiangsu and Zhejiang markets increased, with the average price rising 15 yuan/ton [2] - Spot processing fees for bottle - chips increased from 321 to 330, a change of 8.4 [2] Other Product Data - T32S pure - polyester yarn price and processing fees remained unchanged [2] - Polyester - cotton yarn price, profit, and other related data remained unchanged [2] - The price of 1.4D imitation large - chemical fiber remained unchanged at 5850 [2] - The price difference between 1.4D direct - spinning and imitation large - chemical fiber remained unchanged at 720 [2] Load and Production and Sales Data - Direct - spinning short - fiber load increased from 88.90% to 91.30% [3] - Polyester short - fiber production and sales increased from 69.00% to 75.00%, a change of 6.00% [3] - Polyester yarn startup rate remained unchanged at 67.00% [3] - Regenerated cotton - type load index remained unchanged at 50.40% [3]

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 ...

继续去化。聚酯工厂随着库存去化,减产的可能 直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 性较低,包括FDY、短纤、瓶片所谓的减产很难 涤纶短纤产销 77.00% 125. 00% 48. 00% 以上数据来自万得资讯。 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) 太原始密 T325年深刻价格 (群贝) 解日示52E= 舞想坝金流 ·1.4D直纺条短 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 200 10000 5000 4000 -200 9000 + 3000 2021-01-01 2022-01-01 2023-01-01 2024-01-01 202 5-01-01 2021-01-01 2022-01-01 2023-01-01 2025-01-01 2024-01-01 涤棉纱65/35 45S ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - Due to the intensive maintenance of PX and the significant repair of the internal and external price difference of PX, coupled with the maintenance of domestic PTA plants, the basis of PTA has strengthened significantly. Some traders' concentrated replenishment has led to a certain market tightness. The long - short spread of the market has emerged, and there are rumors that mainstream factories are considering canceling warehouse receipts to complete contract supply. The PTA monthly spread has widened significantly. Polyester factories' inventory reduction is close to two weeks, and there has been a round of concentrated replenishment downstream. Polyester inventory has improved. According to the balance sheet calculation, PTA inventory will be significantly reduced in May, and port inventory will continue to decline. If polyester inventory remains strong, PTA inventory may continue to decline in June. With inventory reduction, the possibility of polyester factories reducing production is low [2] Group 3: Summary of Related Data Price and Spread Changes - PTA spot price decreased from 4555 to 4480, a decrease of 75 [2] - MEG internal market price decreased from 4216 to 4190, a decrease of 26 [2] - PTA closing price decreased from 4434 to 4362, a decrease of 72 [2] - MEG closing price decreased from 4155 to 4130, a decrease of 25 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6410 to 6385, a decrease of 25 [2] - Short - fiber basis decreased from 230 to 215, a decrease of 15 [2] - 5 - 6 spread increased from 72 to 74, an increase of 2 [2] - 1.4D direct - spun and imitation large - chemical fiber price difference decreased from 535 to 510, a decrease of 25 [2] - East China water bottle chip price decreased from 5742 to 5716, a decrease of 26 [2] - Hot - filled polyester bottle chip price decreased from 5742 to 5716, a decrease of 26 [2] - Carbonated - grade polyester bottle chip price decreased from 5842 to 5816, a decrease of 26 [2] - Outer - market water bottle chip price decreased from 755 to 750, a decrease of 5 [2] - T32S pure polyester yarn price decreased from 10550 to 10540, a decrease of 10 [2] - Cotton 328 price decreased from 13680 to 13675, a decrease of 5 [2] Cash Flow and Processing Fee Changes - Polyester staple fiber cash flow increased from 240 to 246, an increase of 6 [2] - Bottle chip spot processing fee increased from 435 to 482, an increase of 46.83 [2] - T32S pure polyester yarn processing fee increased from 4140 to 4155, an increase of 15 [2] - Polyester - cotton yarn profit increased from 2099 to 2118, an increase of 18.46 [2] - Hollow staple fiber 6 - 15D cash flow increased from 408 to 481, an increase of 72.83 [2] Load and Production and Sales Changes - Direct - spun staple fiber load (weekly) increased from 88.90% to 91.30%, an increase of 0.02 [3] - Polyester staple fiber production and sales increased from 75.00% to 77.00%, an increase of 2.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3] - Regenerated cotton - type load index (weekly) remained unchanged at 50.40% [3]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - Due to the concentrated maintenance of PTA devices and the intensive maintenance of upstream PX devices, the internal - external price difference of PX has been significantly repaired. The load of PX devices has changed with the large - scale maintenance of reforming devices. More domestic PTA and reforming devices are planned to be maintained in May. PTA has weakened significantly, and market sentiment has begun to calm down [2]. - The profits of polyester downstream products are compressed, and the polyester load remains at a high level. Recently, polyester sales have continued to improve, and polyester inventory has been significantly reduced. However, the downstream load is decreasing, and the terminal export demand has significantly weakened. PTA has entered the de - stocking cycle, with an expected de - stocking amplitude of more than 400,000 tons in the next period, and the de - stocking will stop in June [2]. - PXN has shrunk to 160, and the price difference between PX - MX has shrunk to 65. The load of domestic PX devices has declined. The processing fee of PTA still remains at around 350 yuan and has expanded [2]. - The downstream of polyester may cut production, including FDY, short - fiber, and bottle, all showing production cuts. The downstream load has decreased, and orders have significantly decreased [3]. 3) Summary by Indicators Price and Price Difference Indicators - PTA spot price decreased from 4585 to 4540, a decrease of 45; PTA closing price decreased from 4480 to 4440, a decrease of 40 [2]. - MEG internal - market price increased from 4210 to 4216, an increase of 6; MEG closing price decreased from 4190 to 4187, a decrease of 3 [2]. - 1.4D direct - spinning polyester staple fiber price decreased from 6460 to 6430, a decrease of 30; the price difference between 1.4D direct - spinning and imitation large - chemical fiber decreased from 610 to 555, a decrease of 55 [2]. - Polyester bottle - chip prices in the Jiangsu - Zhejiang market decreased, with the average price down 35 yuan/ton compared to the previous working day. Various types of bottle - chip prices, such as East China water - bottle chips, hot - filling polyester bottle chips, and carbonated - grade polyester bottle chips, all decreased by 48 [2]. - T32S pure polyester yarn price decreased from 10600 to 10570, a decrease of 30; the processing fee remained unchanged at 4140 [2]. - Cotton 328 price decreased from 13875 to 13790, a decrease of 85 [2]. Load and Production and Sales Indicators - Direct - spinning short - fiber load (weekly) increased from 88.90% to 91.30%, an increase of 0.02 [3]. - Polyester staple fiber production and sales decreased from 89.00% to 74.00%, a decrease of 15.00% [3]. - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3]. - Regenerated cotton - type load index (weekly) remained unchanged at 50.40% [3].

瓶片短纤数据日报 投资咨询业务资格:证监许可【2012】31号 | | | | | | 投资咨询号 | | --- | --- | --- | --- | --- | | | | | 国贸期货研究院 | Z0017251 2025/4/28 | | | | | 能源化工研究中心 陈胜 | 从业资格号: | | | | | | F3066728 | | 指标 | 2025/4/24 | 2025/4/25 | 变动值 | | | PTA现货价格 | 4350 | 4415 | 65.00 | | | MEG内盘价格 | 4221 | 4188 | (33.00) | 现货资讯: | | PTA收盘价 | 4370 | 4400 | 30. 00 | 短纤:1.56dtex*38mm半光本白(1.4D)涤纶短纤 | | | | | | 华东市场主流成交价格参考6130-6510元/吨, | | MEG收盘价 | 4179 | 4160 | (19.00) | 较上一交易日上涨25元/吨。聚合成本上涨,供 | | 1.4D直纺涤短 | 6360 | 6375 | 15.00 | 应商价格稳定,贸易商价格上扬,下游按 ...