观点：聚酯开工仍有韧性，驱动不足 投资咨询业务资格：证监许可【2011】1290号 戴一帆（Z0015428） 周燕勤（F03129302） 周嘉伟（F03133676） 聚酯周报观点 MEG 核心观点：驱动不足，区间震荡 南华聚酯周报20250427 【库存】华东港口库至77.5万吨，环比上期增加0.4万吨。 【装置】中石化武汉28w近期停车，预计持续半个月；内蒙古建元26w近期重启；内蒙古兖矿40w近期重启； 【观点】 本周EG价格在需求悲观与关税豁免消息扰动下低位震荡。基本面方面，供应端油降煤升，总负荷小幅上调至68.47%（+3.15%）；其中 ，乙烯制方面茂名石化、天沙停车；煤制兖矿、榆林化学、中昆提负，煤制负荷大幅上调至63.85%（+14%）。效益方面，受绝对价格 小幅反弹影响，各路线利润小幅修复。库存方面，本周到港集中，港口发货表现不佳，维持刚需，下周一港口显性库存预计大幅累库8 万吨左右。需求端，长丝开工下调，短纤瓶片提负，聚酯总负荷维持高位93.6%（-0.2%）。长丝节前存在促销行为，终端部分刚需采 购低位补货，长丝库存小幅去化，但FDY和DTY环节库存压力仍然明显。终端受关税事件影响， ...

Investment Rating - The report does not explicitly provide an overall investment rating for the energy and chemical options industry Core Insights - The energy and chemical options market is analyzed across five major categories: basic chemicals, energy, polyester chemicals, polyolefins, and other chemicals, with specific strategies and recommendations provided for each category [2][3][4][5] Summary by Category Basic Chemicals - **Methanol Options**: The operating rate is at 71.64%, down by 1.47%. The market shows a weak consolidation pattern after a high rebound [2][3] - **Rubber Options**: The operating rate for full steel tires is 68.71%, up by 0.56%. The market is currently in a weak bearish trend [2][3] - **Styrene Options**: The operating rate is 78.45%, down by 2.04%. The market is experiencing a weak bearish trend after a high rebound [3] Energy - **Crude Oil Options**: Total U.S. crude oil inventories are at 830 million barrels, with a mixed trend in inventory changes. The market is in a bearish trend after a significant drop [3][4] - **Liquefied Gas Options**: The market shows a rebound after a decline, with domestic liquefied gas volume at 557,500 tons, up by 2.12% [3][4] Polyester Chemicals - **PTA Options**: The operating rate is at 73.6%, down by 4.6%. The market is in a weak bearish trend with improving supply-demand dynamics [4] - **Ethylene Glycol Options**: The market is showing a weak bearish trend with inventory levels indicating pressure [4] Polyolefins - **Polypropylene Options**: Production is expected to increase by 10.85% in March. The market is currently in a bearish trend with significant fluctuations [5] - **PVC Options**: The operating rate is at 78.7%, down by 2.1%. The market is in a weak bearish trend with pressure from inventory levels [5] Other Chemicals - **Soda Ash and Urea Options**: The market dynamics are influenced by inventory levels and production rates, with strategies suggested for bearish positions [5] Strategies and Recommendations - Various strategies are recommended across different options, including constructing neutral and bearish combinations to capture time value and directional profits [2][3][4][5]