Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - Crude oil market dropped significantly, and the chemical industry followed the decline in crude oil prices. Polyester downstream load remained at 91.3% despite the expected reduction, but polyester's actual output reached a new high. In July, bottle chips and staple fibers are about to enter the maintenance cycle. PTA spot is becoming more abundant, and the market's spot arrival volume has increased. Due to profit compression, polyester's willingness to replenish inventory is low [2] Group 3: Summary of Related Indicators Spot Price Indicators - PTA spot price decreased from 4890 to 4835, a change of -55 [2] - MEG inner - market price decreased from 4370 to 4365, a change of -5 [2] - 1.4D direct - spinning polyester staple fiber decreased from 6805 to 6770, a change of -35 [2] Closing Price Indicators - PTA closing price decreased from 4746 to 4710, a change of -36 [2] - MEG closing price decreased from 4288 to 4277, a change of -11 [2] Spread and Basis Indicators - Short - fiber basis increased from 150 to 177, a change of 27 [2] - 8 - 9 spread decreased from 120 to 116, a change of -4 [2] - 1.4D direct - spinning and imitation large - chemical spread decreased from 985 to 950, a change of -35 [2] Cash Flow and Processing Fee Indicators - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2] - Bottle - chip spot processing fee increased from 355 to 371, a change of 15.70 [2] - T32S pure polyester yarn processing fee increased from 3805 to 3840, a change of 35 [2] Price and Profit Indicators of Related Products - Polyester - cotton yarn 65/35 45S price increased from 16300 to 16350, a change of 50 [2] - Cotton 328 price decreased from 14980 to 14975, a change of -5 [2] - Polyester - cotton yarn profit increased from 1126 to 1201, a change of 75.10 [2] Load and Production and Sales Indicators - Direct - spinning staple fiber load (weekly) increased from 88.90% to 91.30%, a change of 0.02 [3] - Polyester staple fiber production and sales decreased from 63.00% to 46.00%, a change of -17.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3] - Regenerated cotton - type load index (weekly) remained unchanged at 50.40% [3]

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].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The conflict between Iran and Israel has eased, leading to a significant drop in crude oil prices, and the chemical industry has followed suit [2]. - Despite the expectation of load reduction, the downstream load of polyester has remained at 91.3%, and the actual output of polyester has reached a new high. Recent promotions have contributed to inventory reduction [2]. - PTA will experience inventory reduction in the coming period. The action of major factories to increase basis sales has had a significant impact on the market, and the PTA spot is becoming tight. Polyester has recently reduced inventory rapidly, and the polyester inventory has increased significantly. Affected by the rise in crude oil prices, the market's purchasing willingness has strengthened [2]. - The maintenance of a Northeast PX factory and a Zhejiang reforming unit has been postponed [2]. 3. Summary by Relevant Catalogs 3.1 Spot Price Changes - PTA spot price increased from 5020 to 5025, with a change of 5.00 [2]. - MEG inner - market price decreased from 4379 to 4346, a change of - 33.00 [2]. - 1.4D straight - spun polyester staple fiber price decreased from 6855 to 6805, a change of - 50.00 [2]. - T32S pure polyester yarn price decreased from 10670 to 10630, a change of - 40.00 [2]. - Cotton 328 price increased from 14875 to 14935, a change of 60.00 [2]. 3.2 Futures Price Changes - PTA closing price increased from 4770 to 4778, a change of 8.00 [2]. - MEG closing price decreased from 4293 to 4271, a change of - 22.00 [2]. 3.3 Basis and Spread Changes - Staple fiber basis decreased from 86 to 84, a change of - 2.00 [2]. - 7 - 9 spread decreased from 208 to 172, a change of - 36.00 [2]. 3.4 Cash Flow and Processing Fee Changes - Polyester staple fiber cash flow increased from 240 to 246, a change of 6.00 [2]. - Bottle - chip spot processing fee increased from 276 to 291, a change of 14.78 [2]. - T32S pure polyester yarn processing fee increased from 3815 to 3825, a change of 10.00 [2]. - Polyester - cotton yarn profit increased from 1132 to 1143, a change of 10.47 [2]. - Hollow staple fiber 6 - 15D cash flow decreased from 416 to 408, a change of - 8.22 [2]. 3.5 Market Conditions - **Staple Fiber Market**: The price of polyester staple fiber has declined. The spot market is mainly based on price negotiations among production enterprises, and the prices of traders have declined. Downstream buyers purchase as needed, and market transactions are cautious [2]. - **Bottle - Chip Market**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets is between 6020 - 6130 yuan/ton, with the average price remaining flat compared to the previous working day. During the day, polyester raw materials and bottle - chip futures fluctuated narrowly. The supply side's quotations were stable, the downstream terminal's purchasing enthusiasm was average, and the market trading atmosphere was cautious [2]. 3.6 Load and Production and Sales Rates - The straight - spun staple fiber load (weekly) increased from 88.90% to 91.30%, a change of 0.02 [3]. - The polyester staple fiber production and sales rate increased from 37.00% to 43.00%, a change of 6.00% [3]. - The polyester yarn startup rate (weekly) remained unchanged at 67.00% [3]. - The recycled cotton - type load index (weekly) remained unchanged at 50.40% [3].

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 ...

Group 1: Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - The Sino-US economic and trade high-level talks held in Geneva from May 10th to 11th were candid, in-depth, and constructive, reaching important consensus and achieving substantial progress. The two sides agreed to establish a Sino-US economic and trade consultation mechanism, significantly reducing reciprocal tariffs. The 24% tariff will be suspended for the initial 90 days, while the right to impose the remaining 10% tariff on these goods as stipulated in the executive order is retained. The additional tariffs on these goods imposed under Executive Order No. 14259 on April 8, 2025, and Executive Order No. 14266 on April 9, 2025, are cancelled. The intensive maintenance of PX has led to an obvious 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 restocking has caused a certain tension in the market. Due to the contraction of the supply side of PTA and PX, the positive spread in the market has emerged, and the PTA monthly spread has been significantly pulled up. The destocking of polyester factories is approaching two weeks, with downstream concentrated destocking, and the inventory of polyester has improved [2] Group 3: Data Summary Price Changes - PTA spot price decreased from 5030 to 4990, a change of -40 [2] - MEG internal market price decreased from 4581 to 4570, a change of -11 [2] - PTA closing price decreased from 4798 to 4774, a change of -24 [2] - MEG closing price decreased from 4461 to 4460, a change of -1 [2] - 1.4D direct-spun polyester staple fiber decreased from 6805 to 6750, a change of -55 [2] - Short fiber basis increased from 57 to 92, a change of 35 [2] - 6 - 7 spread decreased from 38 to 28, a change of -10 [2] - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2] - 1.4D imitation large chemical fiber price remained unchanged at 6000 [2] - The price difference between 1.4D direct-spun and imitation large chemical fiber decreased from 805 to 750, a change of -55 [2] - East China water bottle chip increased from 6188 to 6193, a change of 5 [2] - Hot-filled polyester bottle chip increased from 6188 to 6193, a change of 5 [2] - Carbonated-grade polyester bottle chip increased from 6288 to 6293, a change of 5 [2] - Outer market water bottle chip decreased from 805 to 800, a change of -5 [2] - Bottle chip spot processing fee increased from 353 to 396, a change of 42.89 [2] - T32S pure polyester yarn price remained unchanged at 10780 [2] - T32S pure polyester yarn processing fee increased from 3975 to 4030, a change of 55 [2] - Polyester-cotton yarn 65/35 45S price remained unchanged at 16500 [2] - Cotton 328 price decreased from 14415 to 14390, a change of -25 [2] - Polyester-cotton yarn profit increased from 1539 to 1585, a change of 45.92 [2] - Primary three-dimensional hollow (with silicon) price remained unchanged at 7210 [2] - Hollow staple fiber 6 - 15D cash flow increased from 175 to 213, a change of 37.89 [2] - Primary low-melting staple fiber price increased from 7250 to 7270, a change of 20 [2] Load and Production and Sales - Direct-spun staple fiber load (weekly) increased from 88.90% to 91.30%, a change of 0.02 [3] - Polyester staple fiber production and sales decreased from 30.00% to 47.00%, a change of -17.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3] - Regenerated cotton-type load index (weekly) remained unchanged at 50.40% [3]

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]