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 受,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,任何引用、转载以 行传播的行为均构成对国贸期货的侵权,我司将视情况追究法律责 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 南 lle 41 客 官 方 网 站 服 热线 la 风 400-8888-598 www.itf.com.cn | | | | 国贸期货研究院 | 投资咨询号:Z0017251 2026/1/7 | | --- | --- | --- | --- | --- | | | | | 能源化工研究中心 陈胜 | 从业资格号:F3066728 | | 指标 | 2026/1/5 | 2026/1/6 | 变动值 | | | PTA现货价格 | 5030 | 5080 | 50 | 现货资讯: | | MEG内盘价格 | 3640 | 3666 | 26 | 短纤:短纤主力期货涨38到6532。现货市场:涤 | | | | | | 纶短纤生产工厂价格窄幅波动,贸易商价格跟涨 | | PTA收盘 ...

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，万凯新材市值为102亿元。 每经AI快讯，万凯新材（SZ 301216，收盘价：17.52元）12月24日晚间发布公告称，公司第二届第二十 八次董事会会议于2025年12月24日以现场表决方式召开。会议审议了《关于与关联方灵心巧手签署业务 合同暨年度关联交易预计的议案》。 2024年1至12月份，万凯新材的营业收入构成为：聚酯行业占比99.52%，其他业务占比0.48%。 ...

每经AI快讯，华润材料（SZ 301090，收盘价：7.3元）12月8日晚间发布公告称，公司第二届第二十六 次董事会会议于2025年12月8日在公司总部1201会议室召开。会议审议了《关于修订公司〈董事会向股 东大会报告制度〉的议案》等文件。 2024年1至12月份，华润材料的营业收入构成为：聚酯行业占比99.92%，其他占比0.08%。 截至发稿，华润材料市值为107亿元。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 贾运可） ...

直纺短纤负荷(周) 品出口询盘明显增加,国内聚酯出口前景 88. 37% 89. 32% 0. 95% 观。瓶片、短纤成本跟随。以上数据来自 涤纶短纤产销 44. 00% 46. 00% 2. 00% Itto 涤纱开机率(周) 66. 00% 66. 00% 0. 00% 再生棉型负荷指数(周) 51. 10% 51. 10% 0. 00% 涤纶短纤与纯涤纱价格 涤纶短纤现金流 14000 10000 10000 1800 年会命德提SZEL (器皮) 照日品2251 (探偵) 太理念榜■ 条短现金流 = 1.4D直线投 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 200 T0000 5000 4000 4000 -200 9000 + 3000 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01 涂棉纱65/35 45S价格与利润 ...

Group 1 - Company signed a maximum guarantee contract with CITIC Bank Wuxi Branch, providing joint liability guarantee for a debt of 50 million yuan for its subsidiary Jiangsu Hailun Petrochemical Co., Ltd [1] - The total amount of guarantees provided by the company for its subsidiaries and inter-subsidiary guarantees is approximately 8.033 billion yuan, which is 139.21% of the company's latest audited net assets attributable to the parent company [1] - The company has provided a total guarantee of 600 million yuan for its controlling shareholder, accounting for 10.4% of the company's latest audited net assets attributable to the parent company [1] Group 2 - The total guarantees amount to approximately 8.633 billion yuan, which is 149.6% of the company's latest audited net assets attributable to the parent company [1] - For the year 2024, the company's revenue composition is as follows: polyester industry 77.73%, chemical industry 20.13%, other industries 1.16%, and thermal power 0.97% [1] - The company's market capitalization is 9 billion yuan [2]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - PX prices are rebounding due to limited production despite the end of some planned maintenance and capacity recovery, driven by high gasoline profit margins and low pure benzene prices. PTA supply has slightly shrunk, polyester production remains stable with a load above 90%, and domestic polyester exports are still optimistic. The downstream weaving industry is performing well and export demand may improve [2]. - The inventory of ethylene glycol in East China ports has increased significantly compared to last week, with an increase of 120,000 tons. The ethylene price cannot support the strengthening of the ethylene glycol price, and new device startups are pressuring the price. The coal price increase does not provide strong cost support, and the profit of coal - based ethylene glycol has been repaired. The reduction of tariffs after the Sino - US trade negotiation may increase textile and clothing export demand [2]. Summary by Directory Market Data - INE crude oil price increased from 447.4 yuan/barrel on November 21, 2025, to 447.9 yuan/barrel on November 24, 2025, with a change of 0.5 yuan/barrel [2]. - PTA - SC spread increased from 1414.7 yuan/ton to 1425.1 yuan/ton, with a change of 10.37 yuan/ton; PTA/SC ratio increased from 1.4351 to 1.4378, with a change of 0.0027 [2]. - CFR China PX price increased from 824 to 826, with a change of 2; PX - naphtha spread increased from 262 to 264, with a change of 2 [2]. - PTA main contract futures price increased from 4666 yuan/ton to 4680 yuan/ton, with a change of 14 yuan/ton; PTA spot price increased from 4615 yuan/ton to 4630 yuan/ton, with a change of 15 yuan/ton [2]. - PTA spot processing fee increased from 191 yuan/ton to 212 yuan/ton, with a change of 21 yuan/ton; PTA futures processing fee increased from 257 yuan/ton to 262 yuan/ton, with a change of 5 yuan/ton [2]. - PTA main contract basis increased from - 63 to - 49, with a change of 14; PTA warehouse receipt quantity increased from 117,192 to 117,828, with a change of 636 [2]. - MEG main contract futures price increased from 3808 yuan/ton to 3884 yuan/ton, with a change of 76 yuan/ton; MEG - naphtha spread decreased from - 151.12 yuan/ton to - 151.31 yuan/ton, with a change of - 0.2 yuan/ton [2]. - MEG domestic price increased from 3852 yuan/ton to 3890 yuan/ton, with a change of 38 yuan/ton; MEG main contract basis decreased from 35 to 33, with a change of - 2 [2]. Industry Chain Start - up Situation - PX start - up rate remained at 87.39% [2]. - PTA start - up rate remained at 72.11% [2]. - MEG start - up rate increased from 60.14% to 60.33%, with a change of 0.19% [2]. - Polyester load remained at 89.19% [2]. Polyester Product Data - POY150D/48F price decreased from 6580 yuan/ton to 6545 yuan/ton, with a change of - 35 yuan/ton; POY cash flow decreased from 94 to 33, with a change of - 61 [2]. - FDY150D/96F price remained at 6825 yuan/ton; FDY cash flow decreased from - 161 to - 187, with a change of - 26 [2]. - DTY150D/48F price remained at 7865 yuan/ton; DTY cash flow decreased from 179 to 153, with a change of - 26 [2]. - Long - filament sales rate increased from 39% to 43%, with a change of 4% [2]. - 1.4D direct - spinning polyester staple fiber price increased from 6340 yuan/ton to 6350 yuan/ton, with a change of 10 yuan/ton; polyester staple fiber cash flow decreased from 204 to 188, with a change of - 16 [2]. - Polyester staple fiber sales rate increased from 31% to 65%, with a change of 34% [2]. - Semi - bright chip price increased from 5540 yuan/ton to 5545 yuan/ton, with a change of 5 yuan/ton; chip cash flow decreased from - 46 to - 67, with a change of - 21 [2]. - Chip sales rate decreased from 75% to 60%, with a change of - 15% [2]. Device Maintenance - A 2.5 - million - ton PTA device in East China is currently restarting and is expected to produce products soon, having stopped for maintenance around November 17 [2]

Group 1 - The core viewpoint of the article is that China Resources Materials (SZ 301090) is actively engaging with investors, highlighting its financial performance and market position [1] - In the fiscal year 2024, the revenue composition of China Resources Materials is predominantly from the polyester industry, accounting for 99.92%, while other segments contribute only 0.08% [1] - As of the report date, the market capitalization of China Resources Materials stands at 11.7 billion yuan [1]

Group 1 - The controlling shareholder of Sanfangxiang Group holds approximately 2.967 billion shares, accounting for 76.15% of the total share capital of the company [1] - After the release and re-pledging of shares, the total pledged shares by Sanfangxiang Group amount to approximately 1.807 billion shares, which is 60.9% of the shares held by the group and 46.37% of the total share capital [1] - The revenue composition for Sanfangxiang in 2024 is as follows: polyester industry 77.73%, chemical industry 20.13%, other industries 1.16%, and thermal power 0.97% [1] Group 2 - The market capitalization of Sanfangxiang is 9.5 billion yuan [2]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Short fiber is expected to be strong in the short - term and weak in the medium - term. The cost side should focus on the upward support brought by PX, etc. There may be a 1 - 2 week of phased inventory accumulation, but overall demand remains good [7]. - Bottle chips are expected to be volatile and weak in the short - term. They will follow the cost to be strong in the short - term, but the inventory accumulation problem persists. The cost side should also focus on the upward support brought by PX, etc. The near - month processing fee is overestimated and has room for compression [9]. Summary by Directory Short Fiber (PF) Valuation and Profit - Spot plus fee is 1000 - 1100 yuan/ton, neutral; the disk processing fee is 900 yuan/ton, relatively undervalued, and the month - spread is significantly contango and relatively low [8]. Fundamental Operation - Supply: The average start - up rate reached 97.5%, and the start - up rate of direct - spinning polyester staple fiber for spinning reached 99.5%. It is expected to fluctuate around 95% in the fourth quarter [7]. - Demand: Domestic demand remains good in autumn and winter, and most profits in each textile link continue to recover. New orders have declined slightly month - on - month. Short - term export space is insufficient, and the export window period will be after December. India's cancellation of BIS certification requirements for various polyester products may bring new export increments in the short - term. Short fiber inventory has slightly increased [7]. - Strategy: Unilateral: oscillating and strong; Inter - period: consider small - scale positive arbitrage at low levels; Inter - variety: none [8]. Bottle Chips (PR) Valuation and Profit - The spot processing fee is 500 yuan/ton, overestimated; the 12 and 01 disk processing fees are 450 - 500 yuan/ton, also overestimated [9]. Fundamental Operation - Supply: The factory start - up rate is expected to remain around 80% in the fourth quarter. This week, it decreased slightly to 79.4%. After mid - December, the factory start - up rate may increase again [9][32]. - Demand: Demand continues to decline. The average start - up rate of beverage factories has dropped to around 60%, and the start - up rates of edible oil and sheet materials have also decreased. Exports from November to December are expected to be in the range of 55 - 60 tons. The inventory of bottle chip factories has increased to around 15.8 days [9]. - Strategy: Unilateral: none; Inter - period: basis and month - spread reverse arbitrage; Inter - variety: hold long TA and short PR positions for 12 and 01 contracts [9]. Market Conditions - Basis and near - month spreads have significantly weakened [22]. - The spot price this week was in the range of 5700 - 5920 yuan/ton, and the FOB price was in the range of 755 - 775 US dollars/ton [25]. - The bottle chip - PVC spread has been at a high level of 1000 - 1500 yuan/ton since 2024, with low driving force for further substitution. The cost - performance of bottle chips compared to PP and other general plastics is prominent, and the substitution in the packaging field continues [28][29]. Production and Start - up - Since 2024, the production capacity base has been continuously expanding, and the current effective production capacity has reached 2168 tons (CCF caliber). This week, the bottle chip load decreased slightly to 79.4% [32]. Raw Materials - PTA: New devices have been put into production, and supply - demand remains weak. The processing fee has fluctuated, and the load index has changed over time [39][41]. - MEG: Supply pressure has increased, and coal - based profits have been compressed. The load and port inventory have changed over time [45]. Cost and Profit - The polymerization cost fluctuates around 5250 yuan/ton. The bottle chip processing fee has been passively compressed, and the spot processing fee is around 450 yuan/ton. The export profit is about 800 - 850 yuan/ton [49]. Inventory - The domestic polyester bottle chip factory inventory has increased to around 16 days (CCF caliber). The estimated social inventory in September, October, and November is 277 tons, 302 tons, and 321 tons respectively [53]. Device Changes - Some devices have been shut down for maintenance, and the restart time has been postponed. For example, a 60 - ton polyester bottle chip device in Jiangyin, China Resources, stopped for maintenance in mid - September and is expected to restart in mid - November. New devices such as Fuhai's 30 - ton device are expected to be put into production at the end of November [59][60]. Demand - Beverage enterprises: The start - up rate has gradually declined to 50 - 75%. There are still many new production lines to be put into operation this year [63][69]. - Edible oil factories: The average start - up rate is around 5 - 70% [63]. - Sheet materials: The demand for sheet materials is neutrally supported due to the development of ready - to - drink beverages in the sinking market [74]. International Trade - Overseas production capacity has increased little in recent years, and overseas downstream demand increments will increasingly rely on imports. China's bottle chip exports have multiple main trade flows [80]. - In September 2025, the total export volume of polyester bottle chips and slices was 59.3 tons, a year - on - year increase of 12.9%. Short - term attention should be paid to the impact of the US removing bottle chips from the tariff exemption list and the increase in the proportion of African imports [87]. Short Fiber (PF) Short Fiber Valuation - The basis oscillates, and the inter - month remains in contango [104]. Start - up - The start - up rate of short - fiber factories is at a high level. The short - fiber load has increased to around 97%, and the start - up rate of direct - spinning polyester staple fiber for spinning has reached 99.5% [110][113]. Polyester Inventory - Downstream positive feedback has led to a trend of de - stocking, but there was mainly a slight inventory increase this week [117]. Polyester Export - In September, polyester exports increased year - on - year but showed differentiation month - on - month [122]. Polyester Profit - Raw materials are weak, and polyester profits have recovered month - on - month [124]. Short Fiber Downstream - The start - up rate of polyester yarn has remained stable month - on - month, and the profit of polyester yarn is generally better than last year [133][136]. Weaving Start - up - The start - up rate has decreased slightly [144]. Weaving Inventory - Raw material inventory has decreased slightly [152].

Company Overview - Wankai New Materials (SZ 301216) announced the convening of its 26th meeting of the second board of directors on November 10, 2025, to discuss the proposal for the first extraordinary general meeting of shareholders in 2025 [1] - As of the report date, Wankai New Materials has a market capitalization of 10.7 billion yuan [1] Revenue Composition - For the year 2024, Wankai New Materials' revenue composition is as follows: the polyester industry accounts for 99.52%, while other businesses contribute 0.48% [1]