Core Viewpoint - The forum highlighted the importance of futures markets in supporting the robust development of the polyester industry, emphasizing the role of risk management tools in enhancing international competitiveness [1][2]. Group 1: Development of Polyester Futures Market - The Zhengzhou Commodity Exchange (ZCE) has established a comprehensive risk management tool system for the polyester industry, with the launch of various futures and options including PTA, short fiber, PX, and bottle chips [1][2]. - The market for polyester futures has been stable, effectively guiding production planning, managing price volatility risks, and stabilizing operations for enterprises [1][2]. - As of July 2025, 760 foreign clients from over 30 countries have opened accounts in the Chinese futures market, indicating strong international trust and participation [4]. Group 2: Future Plans and Strategies - ZCE plans to refine existing products based on industry feedback, expand international openness, and enhance service to the industry while ensuring market stability through effective regulation [3][6]. - The exchange aims to implement tailored strategies for specific products to increase the international influence of Chinese futures prices [3][4]. Group 3: Risk Management Practices - Companies are increasingly utilizing futures markets for hedging, with PTA futures showing a high hedging efficiency of over 98% [6][7]. - Enterprises like Rongsheng Petrochemical and Xin Fengming have developed comprehensive risk management systems that integrate futures trading with their operational strategies [7].

聚酯价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 乙二醇 | 4200-4700 | 9.09% | 1.4% | | PX | 6500-7400 | 11.78% | 17.7% | | PTA | 4400-5300 | 9.30% | 4.6% | | 瓶片 | 5800-6500 | 7.92% | 0.9% | 聚酯产业风险管理日报 ——原料消息推动乙二醇冲高收涨 2025/08/20 戴一帆（投资咨询证号：Z0015428） 周嘉伟（期货从业证号：F03133676） 投资咨询业务资格：证监许可【2011】1290号 source： 南华研究,同花顺 聚酯套保策略表 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例（%） | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存管理 | 产成品库存偏高， 担心乙二醇价格下 | 多 | 为了防止存货叠加损失， ...

Report Summary 1) Report Industry Investment Rating - No information provided in the given content. 2) Core View of the Report - PTA: Domestic PTA production decreased slightly, and port inventories increased by 20,000 tons this week. The spread between PX and naphtha expanded to $260, and the weak benzene price restricted further increase in PX output. The spread between PX and MX recovered to around $140, driving the recovery of PX load. Polyester downstream load remained at around 88%, and polyester factory inventories were optimistic. Polyester production cuts were mainly in short - fiber and bottle - chip varieties. With improved sales and inventory reduction, and PTA price recovery, the weaving end load increased slightly [2]. - Ethylene glycol: Coal prices recovered, leading to an increase in ethylene glycol prices. Macro - sentiment weakened slightly, and the chemical industry followed the downward trend of bulk commodities. Overseas ethylene glycol plant maintenance, especially in Saudi Arabia, was continuously postponed, which affected the market outlook and boosted ethylene glycol prices. The future arrival volume of ethylene glycol decreased. Polyester inventories were in good condition, and the downstream weaving load increased [2]. 3) Summary by Relevant Catalogs Market Quotes - INE crude oil price dropped from 486.5 yuan/barrel on August 18, 2025, to 484.2 yuan/barrel on August 19, 2025, a decrease of 2.30 yuan/barrel. PTA - SC increased from 1210.6 yuan/ton to 1215.3 yuan/ton, an increase of 4.71 yuan/ton. PTA/SC ratio increased from 1.3424 to 1.3454, an increase of 0.0030. CFR China PX rose from 833 to 835, an increase of 2. PX - naphtha spread increased from 261 to 264, an increase of 4 [2]. - PTA主力期价 dropped from 4746 yuan/ton to 4734 yuan/ton, a decrease of 12 yuan/ton. PTA spot price rose from 4670 yuan/ton to 4690 yuan/ton, an increase of 20 yuan/ton. Spot processing fee decreased from 184.7 yuan/ton to 176.6 yuan/ton, a decrease of 8.1 yuan/ton. Disk processing fee decreased from 260.7 yuan/ton to 235.6 yuan/ton, a decrease of 25.1 yuan/ton. The main basis increased from (12) to (8), an increase of 4. PTA warehouse receipts decreased from 41,907 to 37,349, a decrease of 4558 [2]. - MEG主力期价 rose from 4346 yuan/ton to 4384 yuan/ton, an increase of 38 yuan/ton. MEG - naphtha decreased from (86.31) to (86.50), a decrease of 0.2. MEG domestic price rose from 4441 yuan/ton to 4458 yuan/ton, an increase of 17 yuan/ton. The main basis increased from 86 to 92, an increase of 6 [2]. Industry Chain Start - up Situation - PX start - up rate remained at 80.38%. PTA start - up rate decreased from 77.67% to 75.09%, a decrease of 2.58%. MEG start - up rate increased from 56.93% to 59.36%, an increase of 2.43%. Polyester load (POY150D/48F) remained at 87.30% [2]. Product Price and Cash Flow - POY150D/48F price dropped from 6770 to 6750, a decrease of 20. POY cash flow decreased from 39 to (3), a decrease of 42. FDY150D/96F price remained at 7100. FDY cash flow decreased from (131) to (153), a decrease of 22. DTY150D/48F price remained at 7955. DTY cash flow decreased from 24 to 2, a decrease of 22. Long - filament sales decreased from 46% to 51%, a decrease of 5% [2]. - 1.4D direct - spinning polyester short - fiber price rose from 6550 to 6555, an increase of 5. Polyester short - fiber cash flow decreased from 169 to 152, a decrease of 17. Short - fiber sales increased from 40% to 53%, an increase of 13% [2]. - Semi - bright chip price rose from 5800 to 5805, an increase of 5. Chip cash flow decreased from (31) to (48), a decrease of 17. Chip sales increased from 70% to 86%, an increase of 16% [2]. Device Maintenance - A 7.2 - million - ton PTA device of a supplier in East China reduced its load to 80 - 90% last night, and the recovery time depends on raw material logistics [2].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - PTA: Domestic PTA production decreased slightly, and port inventory increased by 20,000 tons this week. The spread between PX and naphtha expanded to $260, and the weak benzene price restricted the further increase of PX production. The spread between PX and MX recovered to around $140, and the repair of short - process profit was the main driving force for the recovery of PX load. Polyester downstream load remained at around 88%, and the inventory of polyester factories was optimistic. The main production - reducing factories in polyester were concentrated in short - fiber and bottle - chip varieties. With the recent improvement in sales and inventory reduction, and the recovery of PTA price, the load of the weaving end increased slightly [2]. - Ethylene Glycol (MEG): Coal prices recovered, and MEG prices also recovered. The macro - sentiment weakened slightly, and the chemical industry followed the weakening sentiment of commodities. Overseas MEG plant maintenance, especially in Saudi Arabia, was continuously postponed, which might have a significant impact on the market outlook and boosted MEG prices. The later arrival volume of MEG decreased. Polyester inventory was in good condition, and the downstream weaving load increased [2]. 3) Summary by Relevant Catalogs Market Quotes - INE crude oil price increased from 486.3 yuan/barrel on August 15th to 486.5 yuan/barrel on August 18th, with an increase of 0.2 yuan/barrel. PTA - SC spread increased from 1182.0 yuan/ton to 1210.6 yuan/ton, with an increase of 28.55 yuan/ton. PTA/SC ratio increased from 1.3345 to 1.3424, with an increase of 0.0079. CFR China PX price increased from 827 to 833, with an increase of 6. PX - naphtha spread increased from 256 to 261, with an increase of 5 [2]. - PTA主力期价 increased from 4716 yuan/ton to 4746 yuan/ton, with an increase of 30 yuan/ton. PTA spot price increased from 4660 to 4670, with an increase of 10 yuan/ton. Spot processing fee decreased from 214.0 yuan/ton to 184.7 yuan/ton, with a decrease of 29.2 yuan/ton. Disk processing fee increased from 260.0 yuan/ton to 260.7 yuan/ton, with an increase of 0.8 yuan/ton. PTA仓单数量 decreased from 44709 to 41907, with a decrease of 2802 [2]. - MEG主力期价 decreased from 4369 yuan/ton to 4346 yuan/ton, with a decrease of 23 yuan/ton. MEG - naphtha spread decreased from (91.73) yuan/ton to (91.92) yuan/ton, with a decrease of 0.2 yuan/ton. MEG内盘 decreased from 4462 to 4441, with a decrease of 21 yuan/ton [2]. Industry Chain Starting Conditions - PX starting rate remained at 80.38%. PTA starting rate remained at 77.67%. MEG starting rate increased from 55.22% to 56.93%, with an increase of 1.71%. Polyester load increased from 86.88% to 87.30%, with an increase of 0.42% [2]. Product Performance - In polyester filament, POY150D/48F price remained at 6770, POY cash flow decreased from 41 to 39, with a decrease of 2. FDY150D/96F price increased from 7095 to 7100, with an increase of 5. FDY cash flow increased from (134) to (131), with an increase of 3. DTY150D/48F price remained at 7955, DTY cash flow decreased from 26 to 24, with a decrease of 2. Filament sales increased from 36% to 46%, with an increase of 10% [2]. - In polyester short - fiber, 1.4D direct - spun polyester short - fiber price decreased from 6555 to 6550, with a decrease of 5. Polyester short - fiber cash flow decreased from 176 to 169, with a decrease of 7. Short - fiber sales decreased from 49% to 40%, with a decrease of 9% [2]. - In polyester chips, semi - bright chip price increased from 5785 to 5800, with an increase of 15. Chip cash flow increased from (44) to (31), with an increase of 13. Chip sales increased from 54% to 70%, with an increase of 16% [2]. Device Maintenance An East - China supplier's 7.2 - million - ton PTA device reduced its load to 80 - 90% last night, and the recovery time depends on raw material logistics [2].

Report Industry Investment Ratings - Urea: Not rated - Methanol: ★☆☆ [1] - Pure Benzene: Not rated - Styrene: Not rated - Polypropylene: ☆☆☆ [1] - Plastic: ☆☆☆ [1] - PVC: Not rated - Caustic Soda: Not rated - PX: Not rated - PTA: ☆☆☆ [1] - Ethylene Glycol: Not rated - Short Fiber: ☆☆☆ [1] - Glass: ☆☆☆ [1] - Soda Ash: Not rated - Bottle Chip: Not rated - Propylene: ☆☆☆ [1] Core Viewpoints - The olefin and polyolefin futures contracts showed different trends. The olefin futures declined, while the polyolefin futures oscillated weakly. The supply and demand fundamentals of polyolefins were weak, putting pressure on prices [2]. - The pure benzene and styrene markets had their own characteristics. The pure benzene market was expected to improve in the third - quarter mid - late stage but face pressure in the fourth quarter. The styrene market had cost support but limited unilateral drive [3]. - In the polyester market, PX and PTA had different price trends, and the polyester industry was expected to increase its load. Ethylene glycol was in short - term low - level oscillation, and short - fiber was recommended for long - term configuration [4]. - The methanol market was in a weak trend, and the urea market was affected by export news and market sentiment [5]. - The PVC market was weak, and the caustic soda market had short - term support but long - term supply pressure [6]. - The soda ash market was in a long - term oversupply situation, and the glass market was expected to be near the cost line [7]. Summary by Directory Olefin - Polyolefin - Olefin futures: The main contracts of olefin futures closed down. There were both start - up and shutdown plans for devices. The inventory pressure of producers was relatively controllable, and the downstream demand was general [2]. - Polyolefin futures: The main contracts of polyolefin futures oscillated weakly. The supply of polyethylene decreased slightly, and the demand improvement was limited. The supply of polypropylene was expected to increase, and the demand was weak [2]. Pure Benzene - Styrene - Pure benzene: The pure benzene market was expected to improve seasonally in the third - quarter mid - late stage but face pressure in the fourth quarter. It was recommended to operate on the monthly spread [3]. - Styrene: The styrene market had cost support, but the unilateral drive was limited. The domestic production was expected to increase [3]. Polyester - PX - PTA: The price of PX increased slightly, and the PX - PTA spread shrank. The polyester industry was expected to increase its load, and the PX supply - demand was expected to improve [4]. - Ethylene glycol: The ethylene glycol price was above 4400 yuan/ton. The port inventory increased, and it was in short - term low - level oscillation [4]. - Short fiber: The short - fiber supply - demand was stable, and it was recommended for long - term configuration and monthly spread positive arbitrage [4]. - Bottle chip: The bottle - chip processing spread oscillated at a low level, and over - capacity limited the repair space [4]. Coal Chemical Industry - Methanol: The methanol market continued to decline, and the port inventory was expected to reach a historical high in the third - quarter end [5]. - Urea: The urea market was affected by export news and market sentiment. The supply - demand was loose in the short term [5]. Chlor - Alkali - PVC: The PVC market was weak. The export competition pressure increased, the supply was high, and the demand was insufficient [6]. - Caustic soda: The caustic soda market had short - term support from replenishment demand but long - term supply pressure [6]. Soda Ash - Glass - Soda ash: The soda ash market was in a long - term oversupply situation, and the price was under pressure [7]. - Glass: The glass market was expected to be near the cost line, and the short - term real - world trading was weak [7].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report Urea - The short - term rebound of the urea futures is mainly driven by the export expectation on the demand side, with the co - existence of the lag in export policy implementation and the time constraint of Indian tenders. The secondary driver is the weak support from the increase in compound fertilizer production to industrial demand. However, the overall high supply situation remains unchanged. In the future, it is necessary to track the winning bids of Indian tenders and August export volume. If the export fails to meet expectations, the domestic supply pressure will drag down the futures price. It is recommended to maintain a band - trading strategy [33]. Crude Oil - Overnight oil prices fluctuated. The main trading logic is the game between geopolitical risks and supply - side uncertainties. Geopolitical factors support oil prices in the short term, while the supply increase from OPEC+ suppresses the upside potential. The uncertainty of the Fed's interest - rate cut path affects market risk appetite. Geopolitical factors are the core variables for short - term price fluctuations. It is recommended to stay on the sidelines for unilateral trading, expand the spreads between October - November/December contracts, and capture opportunities in volatility contraction in the options market [35]. Polyester Industry Chain - For PX, the supply is expected to increase as some domestic PX plants restart. In August, PTA plants had many unplanned shutdowns due to low processing margins, so the PX supply - demand situation is expected to weaken marginally. However, with the approaching traditional peak season and new PTA plant commissioning expectations, the medium - term supply - demand pressure is not significant. The price is expected to be supported at low levels, but the rebound space is limited. For other products in the polyester industry chain, their prices and processing margins are affected by raw material prices, supply - demand relationships, and seasonal factors [40]. Chlor - Alkali Industry - For caustic soda, the demand has improved recently, but the supply is expected to increase in the future, and the number of warehouse receipts in the main production areas is expected to rise in August, which will limit the rebound. For PVC, the supply pressure is large due to the release of new capacity, while the downstream demand remains weak, so it is recommended to take a bearish view [45]. Pure Benzene - Styrene - For pure benzene, the supply - demand situation is expected to improve in the third quarter, and the port inventory is expected to decline in August, providing some support for the price. However, the overall supply is still sufficient, and the price increase is limited. For styrene, the supply is high in the short term, but the supply - demand situation is expected to improve as some plants plan to shut down for maintenance and export expectations increase. The price is expected to be supported at low levels, but the rebound is restricted by high inventory and limited oil - price support [48]. Polyolefins - For LLDPE and PP, on the supply side, PP maintenance is decreasing, PE maintenance is increasing in mid - to - late August, imports are low, and new capacity is expected to be put into operation in August - September. On the demand side, the downstream operating rates are low, but there is potential for restocking as the peak season approaches. The overall valuation is moderately high, and the fundamental contradiction is not significant. It is recommended to close short positions around 7000 for the previous short - selling strategy on LLDPE and continue to hold the LP01 spread [53]. Methanol - The methanol market is facing significant supply pressure, with high production and imports in August - September, and the port inventory is at a high level compared to the same period. The traditional demand is weak, and the low profit of downstream industries restricts the operating rate. The MTO profit has recovered, and attention should be paid to the start - up of a certain MTO plant at the port from late August to early September. The 09 contract is expected to see strong inventory accumulation, while the 01 contract is supported by the seasonal peak season and Iranian gas - rationing expectations [56]. Summary by Relevant Catalogs Urea - **Futures Prices**: On August 18, the 01 contract closed at 1754 yuan/ton (+0.98% compared to August 15), the 05 contract at 1790 yuan/ton (+0.39%), the 09 contract at 1731 yuan/ton (+0.58%), and the main contract at 2396 yuan/ton (-0.66%) [28]. - **Futures Spreads**: The spread between the 01 and 05 contracts was - 36 yuan/ton on August 18 (+21.74% compared to August 15), the spread between the 05 and 09 contracts was 59 yuan/ton (-4.84%), the spread between the 09 and 01 contracts was - 23 yuan/ton (-43.75%), and the spread between the UR and MA main contracts was 665 yuan/ton (+3.76%) [29]. - **Positions**: On August 18, the long - position of the top 20 was 101,968 (-0.89% compared to August 15), the short - position of the top 20 was 123,878 (+3.00%), the long - to - short ratio was 0.82 (-3.77%), the unilateral trading volume was 167,760 (+53.80%), and the number of Zhengzhou Commodity Exchange warehouse receipts was 3,573 (unchanged) [30]. - **Upstream Raw Materials**: The price of small - sized anthracite in Jincheng and power coal at the pithead in Ejin Horo Banner remained unchanged. The price of power coal at Qinhuangdao Port increased by 0.29%, and the price of synthetic ammonia in Shandong decreased by 2.75%. The estimated production costs of fixed - bed and water - coal - slurry processes remained unchanged [31]. - **Spot Prices**: The prices of small - sized urea in Shandong, Henan, and Guangdong increased by 1.76%, 1.16%, and 0.53% respectively, while the prices in other regions remained unchanged. The FOB prices in China and the US Gulf also remained unchanged [32]. - **Regional Spreads and Basis**: The spreads between Shandong - Henan, Guangdong - Henan, and Guangdong - Shanxi changed by - 50%, - 7%, and 4% respectively. The basis in Shandong, Henan, and Guangdong changed by 35.14%, 17.65%, and - 5.26% respectively, while the basis in Shanxi decreased by 13.39% [33]. - **Downstream Products**: The prices of melamine in Shandong and 45% S/CL compound fertilizers in Henan remained unchanged, and the compound - fertilizer to urea ratio decreased by 1.15% [33]. - **Supply and Demand**: The daily domestic urea production decreased by 0.78%, the coal - based urea production decreased by 0.99%, and the small - sized urea production decreased by 0.95%. The weekly domestic urea production increased by 1.51%, the weekly maintenance loss decreased by 4.48%, the factory inventory increased by 7.86%, and the port inventory decreased by 3.93%. The number of production - enterprise order days decreased by 3.68% [33]. Crude Oil - **Prices and Spreads**: On August 19, Brent crude was at $66.60/barrel (+1.14% compared to August 18), WTI at $63.35/barrel (-0.11%), and SC at 485.20 yuan/barrel (-0.76%). The spreads such as Brent M1 - M3, WTI M1 - M3, and SC M1 - M3 also changed to varying degrees [35]. - **Refined - Product Prices and Spreads**: NYM RBOB was at 209.95 cents/gallon (+0.04%), NYM ULSD at 224.62 cents/gallon (+0.26%), and ICE Gasoil at $645.50/ton (-1.68%). The spreads of RBOB M1 - M3, ULSD M1 - M3, and Gasoil M1 - M3 also changed [35]. - **Refined - Product Cracking Spreads**: The cracking spreads of gasoline, diesel, and jet fuel in the US, Europe, and Singapore changed on August 19 compared to August 18 [35]. Polyester Industry Chain - **Downstream Product Prices and Cash Flows**: The prices of POY, FDY, DTY, polyester chips, polyester bottle - chips, and other products changed slightly on August 18 compared to August 15. The cash flows of POY, FDY, and DTY also changed [40]. - **PX - Related Prices and Spreads**: The CFR China PX price was $828/ton on August 18 (+0.6% compared to August 15), and the PX - related spreads also changed [40]. - **PTA - Related Prices and Spreads**: The PTA East - China spot price was 4670 yuan/ton on August 18 (+0.2% compared to August 15), and the PTA - related spreads also changed [40]. - **MEG Inventory and Arrival Expectations**: The MEG port inventory was 547,000 tons on August 18 (-1.1% compared to August 11), and the expected arrival volume was 54,000 tons (-8.7% compared to the previous period) [40]. - **Industry Chain Operating Rates**: The operating rates of various industries in the polyester industry chain, such as PX, PTA, MEG, and downstream polyester products, changed to varying degrees from August 8 to August 15 [40]. Chlor - Alkali Industry - **PVC and Caustic Soda Spot and Futures**: On August 18, the prices of Shandong 32% and 50% caustic soda increased by 2.4% and 0.8% respectively. The prices of East - China calcium - carbide - based and ethylene - based PVC decreased by 1.0% and remained unchanged respectively. The SH2509 contract increased by 1.1%, and the SH2601 contract decreased by 0.1%. The SH basis increased by 146.8% [45]. - **Caustic Soda Overseas Quotes and Export Profits**: The FOB East - China port price of caustic soda remained unchanged, and the export profit decreased by 42.3% [45]. - **PVC Overseas Quotes and Export Profits**: The CFR Southeast - Asia and CFR India prices of PVC remained unchanged, and the export profit increased by 48.9% [45]. - **Supply - Side Indicators**: The caustic soda industry operating rate decreased by 2.0%, the PVC total operating rate increased by 1.4%. The profit of externally - sourced calcium - carbide - based PVC decreased by 3.7%, and the Northwest integrated profit decreased by 5.1% [45]. - **Demand - Side Indicators**: The operating rates of caustic - soda downstream industries such as alumina, viscose staple fiber, and printing and dyeing increased. The operating rates of PVC downstream products such as pipes and profiles also changed [45]. - **Inventory Indicators**: The East - China caustic - soda factory inventory increased by 6.6%, the Shandong caustic - soda inventory increased by 1.6%, the PVC upstream factory inventory decreased by 3.1%, and the PVC total social inventory increased by 2.5% [45]. Pure Benzene - Styrene - **Upstream Prices and Spreads**: On August 18, the Brent crude (October) was $66.60/barrel (+1.1% compared to August 15), the WTI crude (September) was $63.42/barrel (+1.0%), and the CFR Japan naphtha price was $571/ton (-0.3%). The pure - benzene - related prices and spreads also changed [48]. - **Styrene - Related Prices and Spreads**: The East - China styrene spot price was 7290 yuan/ton on August 18 (-0.1% compared to August 15), and the styrene - related spreads also changed [48]. - **Downstream Cash Flows**: The cash flows of phenol, caprolactam, aniline, EPS, PS, and ABS changed on August 18 compared to August 15 [48]. - **Inventory**: The Jiangsu port inventory of pure benzene decreased by 1.4%, and the Jiangsu port inventory of styrene increased by 8.5% [48]. - **Industry Chain Operating Rates**: The operating rates of various industries in the pure - benzene and styrene industry chain, such as Asian pure - benzene, domestic hydro - benzene, and downstream products, changed from August 8 to August 15 [48]. Polyolefins - **Futures Prices and Spreads**: On August 18, the L2601 contract closed at 7334 yuan/ton (-0.23% compared to August 15), the L2509 contract at 7292 yuan/ton (-0.19%), the PP2601 contract at 7048 yuan/ton (-0.51%), and the PP2509 contract at 7026 yuan/ton (-0.45%). The spreads of L2509 - 2601 and PP2509 - 2601 also changed [53]. - **Spot Prices and Basis**: The East - China PP raffia spot price was 6960 yuan/ton on August 18 (-0.29% compared to August 15), and the North - China LDPE film - grade spot price was 7210 yuan/ton (-0.14%). The basis of North - China plastics remained unchanged, and the East - China PP basis increased by 14.29% [53]. - **PE and PP Non - Standard Prices**: The prices of East - China LDPE, HD film, HD injection, PP injection, PP fiber, and PP low - melt co - polymer changed on August 18 compared to August 15 [53]. - **PE and PP Operating Rates**: The PE device operating rate decreased by 2.10%, the PE downstream weighted operating rate decreased by 0.47%, the PP device operating rate decreased by 1.1%, the PP powder operating rate increased by 4.1%, and the PP downstream weighted operating rate decreased by 0.3% [53]. - **PE and PP Inventories**: The PE enterprise inventory decreased by 13.76%, the PE social inventory decreased by 1.23%, the PP enterprise inventory increased by 0.07%, and the PP trader inventory decreased by 4.06% [53]. Methanol - **Methanol Prices and Spreads**: On August 18, the MA2601 contract closed at 2396 yuan/ton (-0.66% compared to August 15), the MA2509 contract at 2293 yuan/ton (-0.99%), and the MA91 spread was - 103 yuan/ton (-7.29%). The basis and regional spreads also changed [56]. - **Methanol Inventory**: The methanol enterprise inventory was 29.5573% on August 18 (+0.64% compared to the previous period), and the methanol port inventory was 102.2 million tons (+10.41%) [56]. - **Operating Rates**: The upstream domestic enterprise operating rate was 72.63% on August 18 (-0.74% compared to the previous period), the downstream external - procurement MTO device operating rate was 76.92% (+0.68%), and the operating rates of other downstream industries also changed [56].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The current fundamental market of crude oil is healthy. With low inventories in Cushing, combined with hurricane expectations and Russia - related events, crude oil has upward momentum. However, the seasonal demand weakness in mid - August will limit its upside. A short - term target price of $70.4/barrel for WTI is given, suggesting short - term long positions on dips and stop - profit, and left - side ambush for Russian geopolitical expectations in September and the hurricane supply - disruption season when oil prices slump sharply [2]. - For methanol, coal prices are rising, increasing methanol costs, but coal - to - methanol profits are still at a high level year - on - year. Domestic and overseas production capacity is increasing, leading to high supply pressure. Traditional demand has low profits, and olefin demand is weak. It is recommended to wait and see as the current situation is weak but may improve in the peak season [4]. - Regarding urea, domestic production has started to increase, and although enterprise profits are low, they are expected to bottom out. Supply is relatively loose. Domestic agricultural demand is ending, and overall demand is average. The price range is narrowing, and it is advisable to focus on long - position opportunities on dips [6]. - For rubber, it is expected to oscillate in the short term. A neutral approach is recommended, and partial closing of the long RU2601 and short RU2509 position is suggested [10]. - For PVC, the overall situation is supply - strong and demand - weak with high valuations. The cost of calcium carbide has declined, and the fundamentals are poor. It is recommended to wait and see [10]. - In the case of styrene, the market macro - sentiment is good, and there is still cost support. The BZN spread has room for upward repair, and port inventories are decreasing. The price may follow the cost to oscillate upward [12][13]. - For polyethylene, the market is expecting favorable policies from the Chinese Ministry of Finance in the third quarter, and there is cost support. But inventory pressure and seasonal factors exist. It is recommended to hold short positions [15]. - For polypropylene, Shandong refinery profits have stopped falling and rebounded, and the cost may dominate the market. It is expected to follow crude oil to oscillate stronger [16]. - For PX, the load is high, and downstream PTA has many short - term maintenance. However, due to new PTA installations, PX is expected to continue inventory reduction. There is support for valuation, but the upside is limited in the short term. It is recommended to follow crude oil to go long on dips [18][19]. - For PTA, supply may continue to increase inventory, and the processing fee has limited room. Demand is slightly improving, and it is recommended to follow PX to go long on dips when the peak - season demand improves [20]. - For ethylene glycol, the supply load is decreasing, and downstream load is increasing. Port inventories are decreasing, but the industry is expected to enter an inventory - accumulation cycle. Valuation is relatively high, and there is downward pressure on short - term valuation [21]. 3. Summary by Related Catalogs Crude Oil - **Market Quotes**: WTI main crude oil futures rose $0.14, or 0.22%, to $63.28; Brent main crude oil futures rose $0.33, or 0.50%, to $66.46; INE main crude oil futures fell 3.70 yuan, or 0.76%, to 482.6 yuan [1]. - **Data**: China's weekly crude oil data shows that crude oil arrival inventory increased by 1.37 million barrels to 207.19 million barrels, a 0.67% increase. Gasoline commercial inventory decreased by 1.81 million barrels to 90.14 million barrels, a 1.97% decrease. Diesel commercial inventory decreased by 0.96 million barrels to 104.59 million barrels, a 0.91% decrease. Total refined oil commercial inventory decreased by 2.77 million barrels to 194.74 million barrels, a 1.40% decrease [1]. Methanol - **Market Quotes**: On August 18, the 01 - contract fell 16 yuan/ton to 2396 yuan/ton, and the spot price fell 23 yuan/ton, with a basis of - 94 [4]. - **Fundamentals**: Coal prices are rising, increasing methanol costs, but coal - to - methanol profits are still high year - on - year. Domestic and overseas production capacity is increasing, leading to high supply pressure. Traditional demand has low profits, and olefin demand is weak [4]. Urea - **Market Quotes**: On August 18, the 01 - contract rose 17 yuan/ton to 1754 yuan/ton, and the spot price rose 30 yuan/ton, with a basis of - 24 [6]. - **Fundamentals**: Domestic production has started to increase, and although enterprise profits are low, they are expected to bottom out. Supply is relatively loose. Domestic agricultural demand is ending, and overall demand is average [6]. Rubber - **Market Quotes**: NR and RU oscillated and consolidated [8]. - **Data**: As of August 14, 2025, the operating load of all - steel tires of Shandong tire enterprises was 63.07%, up 2.09 percentage points from last week and 7.42 percentage points from the same period last year. The operating load of semi - steel tires of domestic tire enterprises was 72.25%, down 2.28 percentage points from last week and 6.41 percentage points from the same period last year. As of August 10, 2025, China's natural rubber social inventory was 127.8 tons, a 0.85% decrease. The total inventory of dark - colored rubber was 79.7 tons, a 0.8% decrease, and the total inventory of light - colored rubber was 48 tons, a 0.8% decrease. RU inventory increased by 1%. As of August 17, 2025, the inventory of natural rubber in Qingdao was 48.54 (- 0.18) tons [9]. - **Analysis of Long and Short Views**: Bulls believe that weather and rubber - forest conditions in Southeast Asia, especially Thailand, may lead to production cuts, the seasonal trend turns upward in the second half of the year, and China's demand is expected to improve. Bears think that macro expectations are uncertain, demand is in the seasonal off - season, and the production - cut amplitude may be lower than expected [12]. PVC - **Market Quotes**: The PVC01 contract fell 43 yuan to 5054 yuan, the spot price of Changzhou SG - 5 was 4800 (- 50) yuan/ton, the basis was - 254 yuan/ton, and the 9 - 1 spread was - 134 (+9) yuan/ton [10]. - **Fundamentals**: The cost of calcium carbide has decreased, the overall operating rate of PVC is 80.3%, up 0.9%. The downstream operating rate is 42.8%, down 0.1%. Factory inventory is 32.7 tons (- 1), and social inventory is 81.2 tons (+3.5). The enterprise's comprehensive profit is at a high level of the year, with high valuation pressure, low maintenance volume, high production, and weak downstream demand. The Indian anti - dumping policy affects exports [10]. Styrene - **Market Quotes**: Spot and futures prices fell, and the basis weakened [12]. - **Analysis**: The market macro - sentiment is good, and there is still cost support. The BZN spread is at a low level in the same period, with large upward - repair space. The supply of pure benzene is still abundant, and the production of styrene is increasing. Port inventories are decreasing significantly. The short - term BZN may be repaired, and the price may follow the cost to oscillate upward [12][13]. Polyethylene - **Market Quotes**: Futures prices fell [15]. - **Analysis**: The market is expecting favorable policies from the Chinese Ministry of Finance in the third quarter, and there is cost support. Inventory pressure from traders is high, and demand is in the seasonal off - season. In August, there is a large production - capacity release plan. It is recommended to hold short positions [15]. Polypropylene - **Market Quotes**: Futures prices fell [16]. - **Analysis**: Shandong refinery profits have stopped falling and rebounded, and the supply of propylene is expected to increase. The downstream operating rate is seasonally oscillating downward. In August, there is a planned production - capacity release of 45 tons. In the context of weak supply and demand, the cost may dominate the market, and it is expected to follow crude oil to oscillate stronger [16]. PX - **Market Quotes**: The PX11 contract rose 72 yuan to 6760 yuan, PX CFR rose 6 dollars to 833 dollars, the basis was 88 yuan (- 27), and the 11 - 1 spread was 36 yuan (+30) [18]. - **Fundamentals**: China's PX load is 84.3%, up 2.3%, and Asia's load is 74.1%, up 0.5%. Some devices have restarted or reduced load. PTA load is 76.4%, up 1.7%. In early August, South Korea's PX exports to China were 11.2 tons, down 0.5 tons year - on - year. Inventories decreased in June. PXN is 255 dollars (+2), and naphtha crack spread is 88 dollars (+7). PX is expected to continue inventory reduction, and there is support for valuation, but the upside is limited in the short term [18][19]. PTA - **Market Quotes**: The PTA01 contract rose 30 yuan to 4746 yuan, the East China spot price rose 10 yuan to 4670 yuan, the basis was - 12 yuan (+1), and the 9 - 1 spread was - 50 yuan (- 10) [20]. - **Fundamentals**: PTA load is 76.4%, up 1.7%. Some devices have stopped or restarted. The downstream load is 89.4%, up 0.6%. Terminal loads are increasing. Social inventory (excluding credit warehouse receipts) on August 8 was 227.3 tons, up 3.3 tons. The spot processing fee fell 19 yuan to 178 yuan, and the futures processing fee rose 2 yuan to 335 yuan. Supply may continue to increase inventory, and the processing fee has limited room. Demand is slightly improving [20]. Ethylene Glycol - **Market Quotes**: The EG09 contract fell 23 yuan to 4346 yuan, the East China spot price fell 21 yuan to 4441 yuan, the basis was 92 yuan (+4), and the 9 - 1 spread was - 46 yuan (- 3) [21]. - **Fundamentals**: The supply load is 66.4%, down 2%. Some devices have restarted or reduced load. The downstream load is 89.4%, up 0.6%. Import arrival forecast is 14.1 tons, and port inventory is 54.7 tons, down 0.6 tons. The cost of ethylene is flat, and the price of coal has risen. The industry is expected to enter an inventory - accumulation cycle, and the valuation is relatively high, with downward pressure on short - term valuation [21].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Strategies mainly involve constructing option combination strategies with sellers as the main focus, as well as spot hedging or covered strategies to enhance returns [2][8] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various energy and chemical futures contracts are presented, including crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of the crude oil SC2510 contract is 484, with a decrease of 5 and a decline rate of -0.98% [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of various energy and chemical options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of crude oil options is 0.62, with a change of -0.04, and the open interest PCR is 0.75, with a change of 0.03 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various energy and chemical options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil options is 600, and the support level is 490 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of various energy and chemical options is presented, including at-the-money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at-the-money implied volatility of crude oil options is 27.47, and the weighted implied volatility is 30.44, with a change of 0.21 [6] 3.5 Option Strategies and Suggestions 3.5.1 Energy Options - **Crude Oil**: The fundamental situation of crude oil involves OPEC+ production adjustments and Russian production cuts. The market shows a short - term upward受阻 and downward - trending pattern. Option strategies include constructing a short - neutral call + put option combination strategy and a long collar strategy for spot hedging [7] - **LPG**: The supply of LPG is abundant, and the market shows a short - term bearish trend. Option strategies include constructing a short - bearish call + put option combination strategy and a long collar strategy for spot hedging [9] 3.5.2 Alcohol Options - **Methanol**: The port inventory of methanol is increasing, and the market shows a weak upward - pressured trend. Option strategies include constructing a short - bearish call + put option combination strategy and a long collar strategy for spot hedging [9] - **Ethylene Glycol**: The port inventory of ethylene glycol is accumulating, and the market shows a wide - range weak - oscillating pattern. Option strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [10] 3.5.3 Polyolefin Options - **Polypropylene**: The inventory situation of polypropylene shows different trends in production enterprises and traders. The market shows a weak upward - pressured trend. Option strategies include a long collar strategy for spot hedging [10] 3.5.4 Rubber Options - **Rubber**: The operating rates of tires show different trends. The market shows a short - term weak upward - pressured trend. Option strategies include constructing a short - neutral call + put option combination strategy [11] 3.5.5 Polyester Options - **PTA**: The overall social inventory of PTA is increasing, and the market shows a weak - oscillating pattern. Option strategies include constructing a short - neutral call + put option combination strategy [12] 3.5.6 Alkali Options - **Caustic Soda**: The capacity utilization rate of caustic soda shows different trends in different regions. The market shows a short - term bullish rebound pattern. Option strategies include a long collar strategy for spot hedging [13] - **Soda Ash**: The inventory of soda ash is increasing, and the market shows an oscillating pattern with support at the bottom. Option strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [13] 3.5.7 Urea Options - The port inventory of urea is decreasing, while the enterprise inventory is increasing. The market shows a low - level oscillating pattern. Option strategies include constructing a short - bearish call + put option combination strategy and a long collar strategy for spot hedging [14]

南华期货聚酯产业周报（20250817） ——旺季预期初见端倪，关注订单启动情况 戴一帆（投资咨询资格证证号：Z0015428 ） 周嘉伟（期货从业资格证证号：F03133676 ） 投资咨询业务资格：证监许可【2011】1290号 周度观点 MEG周度观点：旺季预期初见端倪，关注订单启动情况 【库存】华东港口库至55.3万吨，环比上期增加3.7万吨。 【装置】盛虹190w近期短停后重启；浙石化二期一线80w重启出料；神华榆林40w近期降负检修。海外方 面，沙特Sharq3一套55w近期再次停车。 【观点】 乙二醇价格近期以区间震荡为主。基本面方面，供应端油降煤升，总负荷降至66.39%（-2.01%）；其 中，乙烯制方面，盛虹空分影响短停后重启，预计影响1-2万吨产量；浙石化一线重启后提负；煤制方面神华 榆林降负检修，通辽金煤、中化学等装置重启后提负，煤制负荷升至80.47%（+5.33%）；后续仍有部分检修 量预期回归，若无意外，负荷仍将继续上调。效益方面，原料端原油小幅走弱，乙烯小幅走强，动力煤价格 小幅走强，煤制利润继续压缩。库存方面，本周到港计划偏多，港口发货不佳，下周一港口显性库存预计累 库3万吨 ...

Group 1 - The first PTA bonded delivery by Yisheng Petrochemical's subsidiary Yisheng Dahua and ITG is set to take place in September 2025, facilitating smoother cross-border transactions and integrating the Zhengzhou futures market with the global industrial chain [1] - The introduction of the export-type bonded delivery system by Zhengzhou Commodity Exchange has significantly reduced participation costs for foreign enterprises, attracting more international players to engage in PTA futures trading [2][4] - As of the end of 2024, over 700 foreign traders from more than 30 countries and regions have opened accounts to participate in specific trading at Zhengzhou Commodity Exchange, indicating a growing international interest [3] Group 2 - The PTA futures market has enhanced the international trade experience for companies by providing benchmark pricing, improving negotiation power, and ensuring efficient and transparent international deliveries [2] - Companies like Wan Kai New Materials have established a mature cooperation loop with South American clients, utilizing the Zhengzhou futures prices to lock in raw material costs and streamline export processes [2] - The growth of foreign participation in the PTA market has not only increased trading volumes but also reshaped the market ecosystem, leading to a more stable polyester market [3] Group 3 - The futures market has enabled Chinese companies to expand internationally, with firms like Wan Kai New Materials and Xiamen Guomao Petrochemical significantly increasing their production capacities and export volumes since 2018 [4][6] - The introduction of futures tools has allowed companies to manage risks across the entire supply chain, as seen with New Fengming Group's expansion in polyester production and export [5] - Yisheng Petrochemical has grown from a PTA producer with a capacity of 12.2 million tons to the world's largest with a capacity of 21.9 million tons, highlighting the transformative impact of futures trading on business models [6] Group 4 - The future outlook for the Zhengzhou futures market includes the expectation of incorporating more varieties and delivery points into the international framework, promoting global industrial chain collaboration [7]