投资咨询业务资格:证监许可【2012】31号 【一国贸易报 瓶片短纤数据日报 | | | | 国贸期货研究院 | 投资咨询号:Z0017251 2026/1/6 | | --- | --- | --- | --- | --- | | | | | 能源化工研究中心 陈胜 | 从业资格号:F3066728 | | 指标 | 2025/12/31 | 2026/1/5 | 变动值 | | | PTA现货价格 | 5095 | 5030 | -65 | | | | | | | 现货资讯: | | MEG内盘价格 | 3681 | 3640 | -41 | 短纤:短纤主力期货下跌82到6462。现货市场: | | PTA收盘价 | 5110 | 5046 | -64 | 涤纶短纤生产工厂价格商谈下滑,贸易商价格跟 | | MEG收盘价 | 3803 | 3732 | -71 | 跌期货,下游刚需逢低价有少量补货,场内成交 | | | | | | 一般。1.56dtex*38mm半光本日(1.4D)涤纶短纤 | | 1.4D直纺涤短 | 6545 | 6510 | -35 | 华东市场价格在6370-6650现款现汇含税 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - PX market sentiment is supported by the expectation of tight supply in Q1 2026, with the PX - naphtha spread widening to $360 and the PX - mixed xylene spread rising to $244, which encourages PX producers to actively purchase MX for conversion [2]. - The demand side remains robust, with high PTA operation rates in China, benefiting from stable domestic demand and the recovery of exports to India since the end of November. High gasoline spreads support aromatics [2]. - New polyester installations drive high polyester operating loads, maintaining high PTA consumption. Market inventory - building intentions increase, and the basis strengthens rapidly. Although polyester demand weakens seasonally in China, polyester factory production cuts are insufficient to form a negative feedback. PTA prices are significantly boosted under the enthusiastic sentiment of commodities, and the costs of bottle chips and staple fibers follow [2]. 3. Summary by Relevant Indicators 3.1 Price and Spread Changes - PTA spot price increased from 5065 to 5100, a change of 35; MEG domestic price increased from 3687 to 3694, a change of 7 [2]. - PTA closing price rose from 5122 to 5144, an increase of 22; MEG closing price rose from 3817 to 3847, an increase of 30 [2]. - The price of 1.4D direct - spun polyester staple fiber increased from 6620 to 6640, a change of 20; the short - fiber basis decreased from 120 to 86, a change of - 34 [2]. - The 2 - 3 spread increased from 6 to 8, a change of 2; the polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2]. - The price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 1345 to 1365, a change of 20 [2]. - The prices of East China water bottle chips, hot - filling polyester bottle chips, and carbonated - grade polyester bottle chips all increased by 28, while the foreign - market water bottle chip price remained unchanged at 795 [2]. - The bottle - chip spot processing fee decreased from 462 to 458, a change of - 4 [2]. - The price of T32S pure polyester yarn increased from 10380 to 10400, a change of 20; the T32S pure polyester yarn processing fee remained unchanged at 3760 [2]. - The price of polyester - cotton yarn 65/35 45S remained unchanged at 16370; the cotton 328 price increased from 15240 to 15280, a change of 40 [2]. - The polyester - cotton yarn profit decreased from 1220 to 1192, a change of - 28 [2]. - The price of primary three - dimensional hollow (with silicon) decreased from 7216 to 7215, a change of - 1; the cash flow of hollow staple fiber 6 - 15D decreased from 450 to 417, a change of - 33 [2]. - The price of primary low - melting - point staple fiber remained unchanged at 7775 [2]. 3.2 Operating Rate and Sales - to - Production Ratio - The direct - spun staple fiber operating rate (weekly) increased from 88.37% to 89.32%, a change of 0.95% [3]. - The polyester staple fiber sales - to - production ratio increased from 54.00% to 55.00%, a change of 1.00% [3]. - The polyester yarn operating rate (weekly) remained unchanged at 66.00% [3]. - The recycled cotton - type load index (weekly) remained unchanged at 51.10% [3]. 3.3 Market Conditions - Short - fiber: The main futures of polyester staple fiber rose 30 to 6564. In the spot market, polyester staple fiber production factories mainly negotiated prices, while trader prices slightly decreased. Downstream buyers only made rigid - demand purchases, and on - site transactions were light [2]. - Bottle - chip: The mainstream negotiation prices of polyester bottle chips in the Jiangsu and Zhejiang markets were 6000 - 6100 yuan/ton, with the average price remaining flat compared to the previous working day. PTA and bottle - chip futures fluctuated slightly. Most supply - side offers remained unchanged. The market negotiation atmosphere was cautious, and downstream terminal demand was relatively stable, with the market negotiation center temporarily stable [2].

每经AI快讯，三维股份（SH 603033，收盘价：10.52元）12月24日晚间发布公告称，三维控股集团股份 有限公司控股股东、实际控制人之一叶继跃先生持有公司股份约3.75亿股，占公司总股本的36.32%。公 司控股股东、实际控制人叶继跃先生及其一致行动人张桂玉女士合计持有公司股份约4.39亿股，占公司 总股本的42.62%，本次股份质押后，叶继跃先生及其一致行动人张桂玉女士累计质押公司股份约2.14亿 股，占其持有公司股份总数的48.61%，占公司总股本的20.72%。 每经头条（nbdtoutiao）——左手"欠款"右手"豪购"！杨陵江收购"国内酒庄第一股"，1919是否重启上 市？"吹太多牛都实现了，但千亿还没实现，我很着急" （记者 曾健辉） 截至发稿，三维股份市值为108亿元。 2025年1至6月份，三维股份的营业收入构成为：聚酯化纤占比34.23%，BDO及电石占比32.76%，橡胶 行业占比24.6%，混凝土枕占比4.78%，其他占比3.62%。 ...

聚酯产业链期货周报 研究员：温健翔 从业资格证号： F03118724 投资咨询资格证号： Z0022792 目录 第一章 综合分析与交易策略 2 第二章 核心逻辑分析 5 | | | 目录 GALAXY FUTURES 1 目录 第一章 综合分析与交易策略 GALAXY FUTURES 2 综合分析与交易策略 | 品种 | 逻辑分析 | 交易策略 | | --- | --- | --- | | | 供应方面，福佳大化一套70万吨线3月26日停车，预计近期重启，中化泉州80万吨/年PX装置11月底检修，计划1月25附近重 | | | | 启；外盘方面沙特Satorp70万吨PX装置按计划重启中，预计近期出产品。亚洲歧化效益不佳对PX实际供应影响有限，目前PX | 单边：震荡偏弱 | | PX&P | 利润良好，开工维持高位，供需格局维持偏紧。 | 套利：1-5反套 | | TA | 本月下旬四川能投100万吨、逸盛宁波220万吨PTA检修装置计划重启，PTA开工率预期提升，下游聚酯产销相对平淡，终端采 | 期权：卖出虚值 | | | 购意向偏弱，聚酯加工费压缩。终端内需市场进入淡季，近期织造开机率环比下滑，新 ...

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - Gasoline crack spreads have declined, and gasoline blending performance has weakened. The economic performance of the PX industry chain has significantly diverged. On one hand, the PX - naphtha spread has widened to $252, reflecting raw material cost pressure. On the other hand, the price of by - product benzene has dropped significantly, causing the PX - benzene spread to only slightly increase to $210, which weakens the overall profit of integrated aromatics units. PX costs are high while PTA profits are under pressure, but integrated enterprises have significantly improved economic efficiency due to their raw material self - sufficiency advantage. New polyester plant startups have pushed polyester operating rates to remain high, and PTA consumption has approached the historical high set in May. Although the domestic demand is seasonally weak, polyester factories have low to medium inventory levels, so their willingness to cut production is low. Additionally, the cancellation of India's BIS certification is expected to drive export growth, providing additional support for demand. The costs of bottle chips and short fibers follow suit [2]. 3. Key Data Summaries Price Changes - PTA spot price decreased from 4670 to 4650, a change of - 20 [2]. - MEG domestic price decreased from 3759 to 3699, a change of - 60 [2]. - PTA closing price increased from 4678 to 4694, a change of 16 [2]. - MEG closing price decreased from 3723 to 3701, a change of - 22 [2]. - 1.4D direct - spun polyester staple fiber price decreased from 6390 to 6355, a change of - 35 [2]. - Short - fiber basis increased from 73 to 90, a change of 17 [2]. - 12 - 1 spread decreased from 108 to 90, a change of 18 [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 5350 [2]. - The price difference between 1.4D direct - spun and imitation large - chemical fiber decreased from 1040 to 1005, a change of - 35 [2]. - East China water bottle chip price decreased from 5709 to 5702, a change of - 7 [2]. - Hot - filling polyester bottle chip price decreased from 5709 to 5702, a change of - 7 [2]. - Carbonated - grade polyester bottle chip price decreased from 5809 to 5802, a change of - 7 [2]. - Outer - market water bottle chip price decreased from 760 to 755, a change of - 5 [2]. - Bottle chip spot processing fee increased from 457 to 487, a change of 30 [2]. - T32S pure polyester yarn price remained unchanged at 10280 [2]. - T32S pure polyester yarn processing fee increased from 3890 to 3925, a change of 35 [2]. - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300 [2]. - Cotton 328 price remained unchanged at 14580 [2]. - Polyester - cotton yarn profit increased from 1552 to 1575, a change of 23 [2]. - Primary three - dimensional hollow (with silicon) price remained unchanged at 7085 [2]. - Hollow short - fiber 6 - 15D cash flow increased from 633 to 670, a change of 37 [2]. - Primary low - melting - point short - fiber price remained unchanged at 7680 [2]. Operating Rate and Sales - to - Production Ratio - Direct - spun short - fiber operating rate (weekly) increased from 88.37% to 89.32%, a change of 0.95% [3]. - Polyester staple fiber sales - to - production ratio increased from 48.00% to 50.00%, a change of 2.00% [3]. - Polyester yarn startup rate (weekly) remained unchanged at 66.00% [3]. - Recycled cotton - type load index (weekly) remained unchanged at 51.10% [3].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The PX market price has rebounded recently due to multiple factors. Although some planned maintenance has ended and production capacity is gradually recovering, PX output is still limited. This is mainly driven by two key factors: the soaring gasoline profit margin, which prompts refineries to reduce raw material input in aromatic units and increase gasoline production, and the low benzene price, which leads refineries to lower the load of reforming and STDP units to limit benzene output and thus PX supply [2]. - The supply side of PTA has slightly shrunk, while the polyester operation remains stable with a load of over 90%. Domestic polyester exports are still optimistic. Although the "Golden September and Silver October" period is over, the downstream weaving industry performs well, and export demand may improve. The costs of bottle chips and short fibers follow these trends [2]. Group 3: Summary Based on Related Catalogs Price and Index Changes - PTA spot price remained unchanged at 4630 from November 24 to November 25, 2025; MEG inner - market price increased by 30 to 3920; PTA closing price decreased by 24 to 4656; MEG closing price decreased by 11 to 3873; 1.4D direct - spinning polyester staple fiber price increased by 35 to 6385; short - fiber basis decreased by 4 to 121; 12 - 1 spread decreased by 8 to 60; polyester staple fiber cash flow increased by 6 to 246; 1.4D imitation large - chemical fiber price remained at 5400; the price difference between 1.4D direct - spinning and imitation large - chemical fiber increased by 35 to 985; East China water bottle chip price increased by 2 to 5711; hot - filling polyester bottle chip price increased by 2 to 5711; carbonated - grade polyester bottle chip price increased by 2 to 5811; outer - market water bottle chip price remained at 760; bottle chip spot processing fee decreased by 8 to 439; T32S pure polyester yarn price remained at 10300; T32S pure polyester yarn processing fee decreased by 35 to 3915; polyester - cotton yarn 65/35 45S price remained at 16300; cotton 328 price increased by 45 to 14475; polyester - cotton yarn profit decreased by 40 to 1595; primary three - dimensional hollow (with silicon) price remained at 7080; hollow short - fiber 6 - 15D cash flow decreased by 10 to 608; primary low - melting - point short - fiber price remained at 7580 [2]. Market Conditions - Short - fiber: The main futures of polyester staple fiber rose 26 to 6234. The spot market saw stable prices from production factories and slightly increased prices from traders. Downstream buyers purchased as needed, and factory sales were limited. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6170 - 6460 for cash on delivery, tax - included self - pick - up; in the North China market, it was 6290 - 6580 for cash on delivery, tax - included delivery; in the Fujian market, it was 6210 - 6350 for cash on delivery, tax - included delivery [2]. - Bottle chips: Raw materials provided strong support, and the processing fee on the futures market had been compressed to around 380 yuan/ton. The market center of polyester bottle chips rose, but downstream buyers were reluctant to chase the rising prices, and the trading was deadlocked. It was reported that the prices of November - December supplies were 5670 - 5740 or at a premium of 30 to 80 over the futures contract 2601, with stable basis. Some holders faced pressure to sell, and the prices of this month's supplies in the South China market were relatively low [2]. Load and Production and Sales Rates - The direct - spinning short - fiber load (weekly) increased by 0.95% to 89.32% [3]. - The polyester staple fiber production and sales rate increased by 3% to 71% [3]. - The polyester yarn startup rate (weekly) remained unchanged at 66% [3]. - The recycled cotton - type load index (weekly) remained unchanged at 51.1% [3].

Core Viewpoint - The announcement from Sanwei Co., Ltd. reveals significant shareholding details and the financial performance of the company, indicating a substantial portion of shares is pledged by its major shareholders [1] Group 1: Shareholding Structure - Mr. Ye Jiyue, a major shareholder and actual controller of Sanwei Co., Ltd., holds approximately 375 million shares, accounting for 36.32% of the total share capital [1] - Mr. Ye Jiyue and his concerted party, Ms. Zhang Guiyu, collectively hold about 439 million shares, representing 42.62% of the total share capital [1] - After the release of share pledges, Mr. Ye Jiyue and Ms. Zhang Guiyu have a total of approximately 210 million pledged shares, which is 47.7% of their total holdings and 20.33% of the total share capital [1] Group 2: Financial Performance - For the first half of 2025, the revenue composition of Sanwei Co., Ltd. is as follows: polyester fiber accounts for 34.23%, BDO and calcium carbide account for 32.76%, the rubber industry accounts for 24.6%, concrete sleepers account for 4.78%, and others account for 3.62% [1] - As of the announcement, the market capitalization of Sanwei Co., Ltd. is 11.3 billion yuan [1]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Recently, the PX market has shown a rebound due to multiple factors. Despite the end of some planned maintenance and the gradual recovery of production capacity, PX output is still limited. This is mainly driven by two key factors: the soaring gasoline profit margin, which prompts refineries to reduce raw material input in aromatic units and increase gasoline production; and the drop of benzene prices to a near - three - year low, leading refineries to lower the load of reforming and STDP units to suppress benzene output, thus restricting PX supply. PTA supply has slightly shrunk, polyester operation remains stable with a load above 90%, and domestic polyester exports are still optimistic. Although the "Golden September and Silver October" period has ended, downstream weaving has performed well, and export demand may improve. The costs of bottle chips and short fibers follow these trends [2] Group 3: Summary According to Related Data Price and Index Changes - PTA spot price dropped from 4630 to 4615, a decrease of 15; MEG inner - market price fell from 3885 to 3852, a decrease of 33; PTA closing price declined from 4696 to 4666, a decrease of 30; MEG closing price decreased from 3822 to 3808, a decrease of 14; 1.4D direct - spinning polyester staple fiber price dropped from 6370 to 6340, a decrease of 30; short - fiber basis increased from 110 to 126, an increase of 16; 12 - 1 spread remained unchanged at 50; polyester staple fiber cash flow increased from 240 to 246, an increase of 6; 1.4D imitation large - chemical fiber price remained unchanged at 5400; the price difference between 1.4D direct - spinning and imitation large - chemical fiber decreased from 970 to 940, a decrease of 30; East China water bottle chip price dropped from 5716 to 5682, a decrease of 34; hot - filling polyester bottle chip price dropped from 5716 to 5682, a decrease of 34; carbonated - grade polyester bottle chip price dropped from 5816 to 5782, a decrease of 34; outer - market water bottle chip price dropped from 760 to 755, a decrease of 5; bottle - chip spot processing fee decreased from 456 to 446, a decrease of 10; T32S pure polyester yarn price remained unchanged at 10300; T32S pure polyester yarn processing fee increased from 3930 to 3960, an increase of 30; polyester - cotton yarn 65/35 45S price remained unchanged at 16300; cotton 328 price dropped from 14340 to 14335, a decrease of 5; polyester - cotton yarn profit increased from 1656 to 1678, an increase of 22; primary three - dimensional hollow (with silicon) price increased from 7035 to 7080, an increase of 45; hollow short - fiber 6 - 15D cash flow increased from 575 to 644, an increase of 69; primary low - melting - point short - fiber price increased from 7480 to 7580, an increase of 100 [2] Market Conditions - Short - fiber: The main futures of polyester staple fiber dropped 68 to 6162. In the spot market, the prices of polyester staple fiber production factories were stable, while those of traders declined. Customers replenished goods at low prices, and the trading volume in the intermediate links increased, but the production and sales of factories were average. The price of 1.56dtex*38mm semi - bright (1.4D) polyester staple fiber in the East China market was 6080 - 6460 in cash, tax - included and self - picked; in the North China market, it was 6200 - 6580 in cash, tax - included and delivered; in the Fujian market, it was 6150 - 6350 in cash, tax - included and delivered [2] - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5660 - 5780 yuan/ton, with the average price dropping 30 yuan/ton compared to the previous working day. PTA and bottle - chip futures were weakly operating. Most offers on the supply side were lowered, the market trading atmosphere was rather dull, downstream terminal purchases were mainly for rigid demand, and the market sentiment was cautious [2] Operational Indicators - Direct - spinning short - fiber load (weekly) increased from 88.37% to 89.32%, an increase of 0.95%; polyester staple fiber production and sales decreased from 35.00% to 33.00%, a decrease of 2.00%; polyester yarn startup rate (weekly) remained unchanged at 66.00%; recycled cotton - type load index (weekly) remained unchanged at 51.10% [3]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Due to some domestic reforming units reducing their load, the load of PX units has declined. On the supply side, the supply of PTA has contracted, with Ningbo Yisheng Petrochemical's Phase 4 reducing its load by 50% until the end of the month. The processing fee of PTA has continued to be low. Industry profits are still constrained by over - capacity due to the commissioning of new devices. The downstream load of polyester has remained above 90%. Although the "Golden Nine and Silver Ten" period has ended, the demand for textile and clothing is still acceptable. In the later stage, the operating rate of PTA may decline further. With the rebound of crude oil prices, PTA has risen accordingly. Bottle chips and staple fibers continue to fluctuate with costs [2] Group 3: Summary by Related Catalogs 1. Price Changes - PTA spot price increased from 4370 to 4425, with a change of 55; MEG inner - market price rose from 4107 to 4173, a change of 66; PTA closing price went from 4482 to 4508, up 26; MEG closing price increased from 4051 to 4095, a gain of 44; 1.4D direct - spun polyester staple fiber price rose from 6365 to 6390, up 25; short - fiber basis decreased from 184 to 178, a decline of 6; 11 - 12 spread increased from 10 to 18, a change of 28; polyester staple fiber cash flow increased from 240 to 246, up 6; 1.4D direct - spun and imitation large - chemical spread increased from 965 to 990, up 25; East China water bottle chip price rose from 5663 to 5670, up 7; hot - filled polyester bottle chip price rose from 5663 to 5670, up 7; carbonated - grade polyester bottle chip price rose from 5763 to 5770, up 7; outer - market water bottle chip price rose from 745 to 750, up 5; bottle - chip spot processing fee decreased from 551 to 489, a decline of 62.13; T32S pure polyester yarn price rose from 10280 to 10300, up 20; T32S pure polyester yarn processing fee decreased from 3915 to 3910, a decline of 5; cotton 328 price rose from 14560 to 14575, up 15; polyester - cotton yarn profit decreased from 1626 to 1604, a decline of 22.25; 1.4D imitation large - chemical price remained unchanged at 5400; polyester - cotton yarn 65/35 45S price remained unchanged at 16350 [2] 2. Market Conditions - **Short - fiber Market**: The main futures of polyester staple fiber rose by 30 to 6160. In the spot market, the prices of polyester staple fiber production plants were stable, the prices of traders fluctuated, downstream buyers purchased as needed, and spot - futures buying decreased, with general trading volume. The price range of 1.56dtex*38mm semi - bright (1.4D) polyester staple fiber in the East China market was 6120 - 6460 (cash on the spot, tax - included, self - pick - up), 6240 - 6580 in the North China market (cash on the spot, tax - included, delivered), and 6130 - 6370 in the Fujian market (cash on the spot, tax - included, delivered) [2] - **Bottle - chip Market**: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5650 - 5740 yuan/ton, with the average price increasing by 25 yuan/ton compared to the previous working day. On the day, polyester raw material PTA and bottle - chip futures fluctuated upwards. Most supply - side offers were raised, downstream terminal purchases maintained rigid demand, market trading was light, and the price center of bottle chips moved upwards [2] 3. Load and Production and Sales Data - The weekly load of direct - spun staple fibers increased from 93.90% to 94.40%, a change of 0.01; the production and sales rate of polyester staple fibers decreased from 138.00% to 77.00%, a decline of 61.00%; the weekly starting rate of polyester yarn remained unchanged at 63.50%; the weekly load index of recycled cotton - type increased from 51.00% to 51.50%, a change of 0.01 [3]

Core Viewpoint - Dongfang Shenghong (000301.SZ) is a global leader in the energy and chemical industry, with a fully integrated vertical supply chain and a strong focus on new energy and new materials [1] Group 1: Company Overview - The company operates in multiple sectors, including petroleum refining, new energy and new materials, and polyester fibers [1] - Dongfang Shenghong has an EVA production capacity of 900,000 tons per year and a POE production capacity of 100,000 tons per year [1] Group 2: Product Applications - The company's products are utilized in downstream applications such as photovoltaic encapsulation materials [1] - The production and sales of these products are reported to be smooth [1]