Report Industry Investment Rating - Not provided in the given content Core Viewpoints - PX is in a short - term pressure with sufficient spot supply and will experience a high - level sideways market [1] - PTA will be in a high - level sideways market [1] - MEG has limited upside space and still faces pressure in the medium term [1] Summary by Related Catalogs Market Quotes - **Futures**: PX主力昨日收盘价7286，跌50，跌幅 - 0.68%；PTA主力昨日收盘价5150，涨跌0，涨跌幅0.00%；MEG主力昨日收盘价3879，涨41，涨幅1.07%；PF主力昨日收盘价6544，涨12，涨幅0.18%；SC主力昨日收盘价416.3，跌11.9，跌幅 - 2.78% [2] - **Spot**: PX CFR中国昨日价格899.67美元/吨，跌3；PTA华东昨日价格5095元/吨，涨15；MEG现货昨日价格3713元/吨，涨33；石脑油MOPJ昨日价格532.75美元/吨，跌1.5；Dated布伦特昨日价格61.89美元/桶，跌1.02 [2] - **Spot Processing Fees**: PX - 石脑油价差昨日价格363.88，涨7.92；PTA加工费昨日价格361.63，涨6.66；短纤加工费昨日价格120.64，跌21.37；瓶片加工费昨日价格43.68，跌25.41；MOPJ石脑油 - 迪拜原油价差昨日价格 - 4.34，涨跌0 [2] Market Dynamics - **Crude Oil**: The situation between the US and Venezuela has not intensified, and the market expects Venezuela's production to increase in the long - term, leading to a decline in international oil prices. On January 7, during the Asian trading session, oil prices fell after Trump said Venezuela would supply 30 - 50 million barrels of oil to the US [3] - **PX**: In the physical market of PX, especially for February arrivals, there has been little improvement in the past few days. The floating price is weak, mainly due to the expected lack of buying interest during the Chinese Lunar New Year. The floating price for February arrivals is at a discount of about $3 per ton, and the discount for March is shallower [5] - **Polyester**: The sales of direct - spun polyester staple fibers are highly differentiated, with an average sales - to - production ratio of 74% as of 3:00 pm. The sales of polyester filaments in Jiangsu and Zhejiang are weak, with an average sales - to - production ratio of about 50% as of 3:30 pm [6] Trend Intensity - The trend intensity of p - xylene, PTA, and MEG is all 0, indicating a neutral trend [6] Views and Suggestions - **PX**: The future supply of Venezuelan heavy crude oil is sufficient, which discounts the aromatics blending oil expectation for the 05 contract. The increase in near - end PX warehouse receipts restricts the performance of near - month contracts. The PXN spread has reached $366 per ton, and enterprises' hedging willingness has increased significantly. The PX industry has weakened, while the capital market has a strong overall expectation for the commodity market [7] - **PTA**: The cost is slightly weak, with a short - term correction and a high - level sideways market. The processing fee of the 05 contract on the disk has risen to over 300 yuan/ton, which is slightly high. The restart of some devices will increase the operating rate, and the overall operating rate will be maintained at about 78%. Although polyester production has decreased slightly, PTA is still in the process of destocking [7] - **MEG**: The medium - term trend is still weak, and a reverse spread strategy for the monthly spread is recommended. Although the coal - chemical products were strong due to the coal sector's movement, the domestic ethylene glycol operating rate is still high, and the supply is expected to increase. The demand from polyester is weakening, and the situation of oversupply cannot be changed in the medium term [8]

CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2026年1月8日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 5 PTA 每日观点 PTA： 1、基本面：昨日PTA期货震荡收涨，现货市场商谈氛围尚可，贸易商商谈为主，少量聚酯工厂有补货，现货基差偏强。个别主 流供应商出货。本周在05贴水45附近商谈成交，月中在05贴水40附近成交，价格商谈区间在5020~5160，1月底在主流05贴水40 有成交。今日主流现货基差在05-41。中性 5、主力持仓：净空 空减 偏空 6、预期：近期聚酯负荷运行在90.8%附近，但是产业链传导不畅，终端负荷仍有局部下降，需求端支撑力度一般。乙二醇近月 存在季节性累库压力，1-2月累库幅度在55-60万吨附近，市场整体持货意向偏弱。近端受 ...

金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 2 0 2 6 / 0 1 / 0 7 GOLDTRUST FUTURES CO.，LTD PTA 主力合约：1月7日PTA主力期货合约TA605今天上涨0.47%，基差走强至-45元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价5095元/吨，较前一交易日上涨15元/吨。成本端布伦特原油下跌至60美元/桶左右；PTA产能利用率 较上一工作日持平至77.41%；周度PTA工厂库存天数3.65天，环比增加0.04天。 主力动向：多头主力减仓 主力动向：多空主力分歧 走势预期：之前多套装置停车检修，加上受大风天气影响到港货轮延误，对乙二醇供应端压力形成缓解。近月仍存季节性累库压力， 26年的供应压力仍然偏大。预计短期乙二醇价格反弹高度有限。 GOLDTRUST FUTURES 数据来源：公开资料、Mysteel、金信期货 观点仅供参考，市场有风险，入市需谨慎 PTA 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 作者： 化工组 1月6日，MA2605合约上涨3.1%，美伊关系紧张刺激甲醇盘面上涨： 美国海军无人机在伊朗海岸附近活动，美伊关系再度紧张，在美军此前对委内瑞拉采取强硬行动的前车 之鉴背景下，市场担忧美国对伊朗也会采取进一步军事行动。伊朗作为海外甲醇的主产国，甲醇盘面价 格快速拉升。 风险提示：美伊局势动向，伊朗装置冬检持续性，MTO装置检修情况 投资咨询业务资格： 证监许可【2011】1289号 免责声明： 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保 证。本报 告所载的意见、结论及预测仅反映报告发布当日的观点和判断。在不同时期，本公司可能会 发出与本报告所载意 见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状 态。本公司对本报告所含信息可 在不发出通知的情形下做出修改， 投资者应当自行关注相应的更新或 修改。 本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，投资者并不能 依靠本报告以取代 行使独立判断。对投资者依据或者使用本报告所造成的 ...

金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 PTA 主力合约：12月30日PTA主力期货合约TA605今天上涨0.16%，基差走强至-47元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价5105元/吨，较前一交易日上涨35元/吨。成本端布伦特原油下跌后持稳在61.5美元/桶左右；供给端 一套220万吨装置近日重启，PTA产能利用率较上一工作日+0.76%至73.60%；周度PTA工厂库存天数3.61天，环比减少0.15天。 主力动向：多头主力增仓 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 走势预期：PTA供应端有增量预期，下游聚酯负荷也从高位下调，供需格局相较之前转向宽松；关注聚酯工厂节前提前放假情况，终 端需求或将转弱。对上游PX2026年的市场一致看法供需偏紧，预计PTA价格跟随成本端高位震荡。 MEG 主力合约：12月30日乙二醇主力期货合约eg2605上涨0.50%，基差走强至-132元/吨。 基本面：今日乙 ...

化工日报 | 2025-12-30 供应预期增加，PX/PTA减仓回撤 市场要闻与数据 无 市场分析 成本端，俄乌谈判中的细节内容有进一步共识达成，油价再度回撤，地缘消息反复。明年Q1需求淡季，油价的下 行压力依然较大。 PX方面，上上个交易日PXN377美元/吨(环比变动+16.00美元/吨）。国内外PX装置平稳运行，依靠目前宽松的MX 供应环境，即使部分工厂重整开工波动，PX负荷依旧能得到有效维持。近期PXN大幅上涨至季节性高位，效益提 升下海外重启计划增多，另外内外盘套利会带来更多进口，供应端存增加预期。明年二季度PX检修计划较多，远 端预期仍较好，同时聚酯开工坚挺下PXN有支撑，但调油无明显起色，当前供应增加和聚酯需求下滑风险逐步显 现，PTA工厂开始卖PX，关注资金动向以及下游聚酯负荷变动。 TA方面，TA主力合约现货基差 -63元/吨 元/吨(环比变动+2元/吨），PTA现货加工费346元/吨（环比变动+32元/吨）， 主力合约盘面加工费336元/吨（环比变动+13元/吨），近端PTA检修较多，聚酯负荷下降但整体减产不如预期,PTA12 月平衡表去库, 1月累库压力尚可，但近期加工费好转下关注装置 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The precious metals market experienced a significant decline on Monday, with silver prices first surging and then plummeting, dragging down other precious metals. The domestic precious metals market also saw sharp drops [9]. - China will be the first economy to pay interest on central bank digital currency, and the new - generation digital RMB system will be launched on January 1, 2026 [9]. - The Chinese People's Liberation Army Eastern Theater Command organized military exercises, and the State Council Tariff Commission announced the 2026 tariff adjustment plan [10]. - The market regulatory总局 deployed key tasks for 2026 and introduced new regulations on food production supervision [11]. - In the futures market, different varieties showed various trends. Some agricultural products and energy - chemical products had price fluctuations, and the stock index futures and options market also had its own characteristics [6][13][18]. Summary by Relevant Catalogs 1. Chemical Industry - On December 30, 2025, among chemical products, the prices of coking coal, coke, asphalt, methanol, etc. rose, while the prices of natural rubber, 20 - number rubber, etc. fell. For example, coking coal rose 20.50 to 1,108.50, with a 1.884% increase; natural rubber fell 65.0 to 15,600.00, with a - 0.415% decrease [6]. 2. Agricultural Products - On December 29, 2025, the prices of some agricultural products showed different trends. Sugar prices were in a low - level range, with cost support but limited upside due to supply pressure. Corn prices rebounded, and peanuts were under pressure below 8000 yuan. The pig market showed signs of stabilization, and the egg market had a strong price - increase expectation. Cotton prices had a short - term correction after rising, but the fundamentals remained strong [13]. 3. Energy - Chemical Products - For caustic soda, the market is expected to continue its weak trend due to supply - demand contradictions. Coking coal and coke markets are in a weak and volatile state. Log prices are in a narrow - range shock, and pulp prices have a greater downward risk. Double - offset paper prices have broken through the previous resistance level, and copper and aluminum prices continue to run at a high level. Alumina is in an oversupply situation, and steel prices are in a range - bound state. Ferroalloys are currently treated with a bullish short - term view, and lithium carbonate prices have reversed their previous upward trend [14][15][16]. 4. Option Finance - On December 29, 2025, the three major A - share indexes showed different trends, with more stocks falling than rising. The trading volume exceeded 2 trillion for two consecutive days. The stock index futures and options market had different performance in terms of positions, spreads, and implied volatility. The short - term market may fluctuate, and investors are advised to pay attention to the trading rhythm and moderately increase positions on dips [18][19][20].

瑞达期货研究院于2025年12月26日发布纯苯周度市场分析报告。报告显示，截至统计周期末，纯苯期货 价格呈现震荡偏强走势。 作者：观察君 库存方面，由于前期延误的进口资源陆续到港，本周华东港口纯苯库存环比增加5%，总量达到27.3万 吨，处于历史同期较高水平。利润方面，本周石油苯生产利润环比修复38元/吨，达到201元/吨。 对于后续市场，报告指出，下周国内供应预计将小幅增加。东北地区一套年产能21万吨的石油苯装置计 划重启，西北和西南地区各有一套加氢苯装置也计划恢复生产。下游需求方面，苯乙烯大型装置负荷预 计保持稳定，开工率变化有限；己内酰胺行业"减产保价"行动持续，后续有少量装置计划恢复；苯酚、 苯胺及己二酸装置开工率预计将有所提升。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 在供应方面，根据报告数据，本周国内石油苯装置开工率为74.89%，环比前一周微降0.05个百分点；加 氢苯开工率则环比上升2.94个百分点至59.83%，带动国内纯苯总体产量窄幅上升。 需求端表现普遍回暖。本周纯苯下游主要产品开工率均有所上涨。其中，苯乙烯开工率环比提升 ...

丙烯日报 | 2025-12-25 下游存补库需求，但支撑仍有限 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价5758元/吨（+126），丙烯华东现货价5850元/吨（+0），丙烯华北现货价5705元/吨 （-105），丙烯华东基差92元/吨（-126），丙烯华北基差-185元/吨（-71）。丙烯开工率74%（+0%），中国丙烯CFR- 日本石脑油CFR200美元/吨（-2），丙烯CFR-1.2丙烷CFR41美元/吨（-8），进口利润-395元/吨（-75），厂内库存46560 吨（+600）。 丙烯下游方面：PP粉开工率37%（-2.62%），生产利润25元/吨（+105）；环氧丙烷开工率76%（+0%），生产利润-276 元/吨（-30）；正丁醇开工率78%（+9%），生产利润451元/吨（+115）；辛醇开工率82%（+5%），生产利润620元/ 吨（+75）；丙烯酸开工率79%（+0%），生产利润372元/吨（+0）；丙烯腈开工率81%（+0%），生产利润-352元/吨 （+114）；酚酮开工率76%（-4%），生产利润-902元/吨（+0）。 市场分析 近期化工板块有所回暖，情绪带动下磨底的烯烃 ...

请务必阅读正文之后的免责条款部分 1 中辉能化观点 | | 中辉能化观点 | | | | --- | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | | | | 供应端略有降负，PTA 装置按计划检修且整体检修力度较大（英力士、逸 盛宁波周末重启；英力士另一条线降负后存停车可能，四川能投延后重启， | | | PX/PTA | | 独山能源 1#、逸盛大连、逸盛海南维持停车状态；与此同时，逸盛新材料 | | | | 谨慎追涨 计划 | 1 月检修）。下游需求相对较好但预期走弱（织造订单持续下行）。 | | | ★ | | 成本端支撑尚存。短期来看，基本面相对健康，供需偏紧，但 1 月存累库 | | | | | 预期。 | | | | | 国内乙二醇装置整体开工负荷提升，海外装置整体变动不大（伊朗 | | | | | Morvarid12 月上停车检修 3 周、Farsa 计划 12 月底停车检修 2-3 周； | | | 乙二醇 | 反弹布空 | Equate1#月底检修）；下游需求相对较好但预期走弱。港口库存回升，12 | | | ★ | | 月存累库预期。乙二醇估值偏低， ...