成本拖累与终端韧性开工博弈，聚酯链震荡格局 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn www.thqh.com.cn 一、日度市场总结 1. PTA&PX 11月24日，PX 主力合约收6772.0元/吨，较前一交易日收涨0.33%，基差 为-229.0元/吨。PTA 主力合约收4680.0元/吨，较前一交易日收涨0.3%， 基差为-60.0元/吨。 成本端，11月24日，布油主力合约收盘62.51美元/桶。WTI收57.98美元/ 桶。需求端，11月24日，轻纺城成交总量为642.0万米，15 日平均成交为 693.8万米。 供给端 ： 潜在装置检修或开工率偏低，将加剧供给趋紧，PTA供给端依赖PX输入，PX 成本攀升将直接传导至PTA加工环节，若PTA装置开工率维持高位缺乏新增 产能释放，PTA成本支撑可能强化，未来价格或震荡偏强。 需求端 ： 轻纺城成交量显著低于15日平均水平终端纺织消费萎缩，聚酯开工率可能 因此承压走低，涤纶需求减弱将直接抑制PTA采购意愿。在PX需求端，作为 PTA上游 ...

装置检修动态:华东一套250万吨PTA装置目前重启中,预计近日出产品,该装置11.17附近停车检修。 投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据目报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/11/25 | | | | 能源化工研究中心 | 陈胜 | 从业资格号:F3066728 | | | | 指标 | 2025/11/21 | 2025/11/24 | 变动值 | 行情综述 | | | INE原油(元/桶) | 447. 4 | 447.9 | 0. 50 | 成交情况: PTA: PTA去库存,上周华东220万吨PTA装置延长检修 | | SC | PTA-SC(元/吨) | 1414. 7 | 1425. 1 | 10. 37 | 时间,导致宁波货源供应量下降,现货基差走强,PTA 行情小涨。 | | | PTA/SC(比价) | 1. 4351 | 1. 4378 | 0. 0027 | | | PX | CFR中国PX | 82 ...

来源：市场资讯 （来源：PTA的世界） 聚酯周度报告 聚酯行业周度报告（2025年11月14日-11月20日） 核心结论：本周聚酯行业供需僵持，原料端PTA偏强震荡、乙二醇持续走弱，终端织造需求疲软拖累下 游产品表现，多数聚酯产品利润压缩，短期市场仍以偏弱震荡为主。 •价格走势：CFR中国市场周均价829.2美元/吨，环比上涨0.53%，绝对价格小幅上行。 一、原料市场表现 （一）PTA •价格走势：华东现货周均价4626.8元/吨，环比上涨0.90%，现货价格偏强震荡。 •核心驱动：四川能投、逸盛宁波装置停车检修，供应持续缩量，供需维持偏紧格局，平衡表去库扩 大。 •库存与利润：社会库存324.88万吨，环比降1.21%；周均利润-281.76元/吨，环比修复3.42%。 （二）乙二醇（MEG） •价格走势：华东现货周均价3942.6元/吨，环比下跌0.92%，创年内新低。 •核心驱动：市场对后期悲观情绪浓厚，反弹乏力，叠加原油回调拖累成本支撑。 •库存与利润：华东主港库存63.3万吨，环比增2.4%；周均利润-990元/吨，环比小幅修复2.65%。 （三）PX •核心驱动：韩国工厂运行负荷低，歧化效益偏低 ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/11/20 | | | | 能源化工研究中心 | 陈胜 | 从业资格号:F3066728 | | | | 指标 | 2025/11/18 2025/11/19 | | 变动值 | 行情综述 | | | INE原油(元/桶) | 458. 8 | 464.5 | 5. 70 | 成交情况: PTA:担忧PX供应减少,且华东220万吨PTA装置检修时 | | | PTA-SC(元/陣) | | | | 间延长,PTA行情上涨,现货基差走强,下游聚酯产销 | | SC | | 1335.9 | 1336. 4 | 0. 58 | 般。 | | | PTA/SC(比价) | 1. 4007 | 1. 3959 | -0. 0047 | | | PX | CFR中国PX | 827 | 832 | 5 | | | | PX-石脑油价差 | 256 | 264 | ...

聚烯烃产业期现日报 张晓珍 Z0003135 | 品种 | 11月19日 | 11月18日 | 涨跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | L2601收盘价 | 6833 | 6785 | 48.00 | 0.71% | | | L2605 收盘价 | 6883 | 6852 | 31.00 | 0.45% | | | PP2601 收盘价 | 6434 | 6392 | 42.00 | 0.66% | | | PP2605 收盘价 | 6532 | 6497 | 35.00 | 0.54% | | | L15价差 | -50 | -67 | 17.00 | 25.37% | 元/吨 | | PP15价差 | -98 | -105 | 7.00 | 6.67% | | | 华东PP拉丝现货价格 | 6400 | 6360 | 40.00 | 0.63% | | | 华北LLDPE现货价格 | 6800 | 6770 | 30.00 | 0.44% | | | 华北 LL基差 | -30 | -10 | -20.00 | -200.00% | ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号:Z0017251 | 2025/11/19 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/11/17 2025/11/18 | | 变动值 | 行情综述 | | | INE原油(元/桶) | 458. 1 | 458. 8 | 0. 70 | 成交情况: PTA:盘中原油行情下跌,成本下降,PTA行情小跌。 | | SC | PTA-SC(元/吨) | 1362. 9 | 1335.9 | -27.09 | PTA去库存,现货基差走强。 | | | PTA/SC(比价) | 1. 4094 | 1. 4007 | -0. 0087 | | | | CFR中国PX | 831 | 827 | -4 | | | PX | PX-石脑油价差 | 254 | 256 | 2 | | | | PTA主力期价(元/吨) | 469 ...

聚烯烃产业期现日报 投资咨询业务资格:证监许可【2011】1292号 2025年11月18日 Z0003135 张晓珍 | 品种 | 11月17日 | 11月14日 | 活成失 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | L2601收盘价 | 6843 | 6823 | -10.00 | -0.15% | | | L2605 收盘价 | 6902 | 6912 | -13.00 | -0.19% | | | PP2601 收盘价 | 6467 | 6474 | -7.00 | -0.11% | | | PP2605 收盘价 | ୧ટરર | 6575 | -10.00 | -0.15% | | | L15价差 | -20 | -62 | 3.00 | 4.84% | 元/吨 | | PP15价差 | -98 | -101 | 3.00 | 2.97% | | | 华东PP拉丝现货价格 | 6430 | 6450 | -20.00 | -0.31% | | | 华北LDPE现货价格 | 6810 | 6830 | -20.00 | -0.29% | ...

ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 能源化工研究中心 | 陈胜 | 投资咨询号: Z0017251 从业资格号:F3066728 | 2025/11/17 | | | 指标 | | 2025/11/13 2025/11/14 | 变动值 | 行情综述 | | | INE原油(元/桶) | 449.5 | 457. 4 | 7.90 | 成交情况: PTA:原油价格反弹,成本支撑增强,且印度bis取 | | SC | PTA-SC(元/陣) | 1433. 4 | 1376.0 | -57. 41 | 消,利好未来PTA出口,今日PTA行情上涨。 | | | PTA/SC(比价) | 1. 4388 | 1. 4140 | -0. 0249 | | | PX | CFR中国PX | 826 | 832 | 6 | | | | PX-石脑油价差 | 242 | 263 | 21 | | | | PTA主力期价(元/吨) | 4700 | 4700 | 0.0 | | | | PTA现货价格 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Although the decline in crude oil weakens the cost support for PTA, the news of India's BIS cancellation is positive for future PTA exports, partially offsetting the impact of the crude oil decline, resulting in a limited decline in PTA spot prices [2] - The PX market has shown a rebound trend recently. Despite the end of some planned maintenance and the gradual recovery of production capacity, PX output is still limited, driven by the soaring gasoline profit rate and the low price of pure benzene [2] - The supply side of PTA has slightly shrunk, polyester production 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 [2] - The inventory of ethylene glycol at ports in East China has increased significantly compared to last week, and the ethylene price cannot support the strengthening of the ethylene glycol price. New device commissions have continuously pressured the ethylene glycol price, and the tightness of spot goods due to low inventory is mainly reflected through the basis [2] - The coal price has risen, but it does not provide stronger cost support for ethylene glycol, and the profit of coal - based ethylene glycol has been repaired. The conclusion of the Sino - US trade negotiation and the tariff reduction may increase the subsequent export demand for textile and clothing, and the downstream weaving load may remain optimistic [2] Group 3: Summary According to the Catalog 1. Market Data - **Crude Oil**: The price of INE crude oil dropped from 466.2 yuan/barrel on November 12, 2025, to 449.5 yuan/barrel on November 13, 2025, a decrease of 16.7 yuan/barrel [2] - **PTA**: The PTA - SC spread increased by 151.36 yuan/ton, the PTA/SC ratio increased by 0.0604, the PTA主力期价 rose by 30 yuan/ton, the PTA现货价格 dropped by 25 yuan/ton, the spot processing fee decreased by 27.3 yuan/ton, the disk processing fee increased by 22.7 yuan/ton, the PTA仓单数量 increased by 5296, and the主力 basis remained unchanged [2] - **MEG**: The MEG主力期价 rose by 1 yuan/ton, the MEG - naphtha spread decreased by 0.2 yuan/ton, the MEG内盘 dropped by 20 yuan/ton, and the主力 basis decreased by 6 yuan/ton [2] - **PX**: The CFR China PX price rose by 1, and the PX - naphtha spread decreased by 6 [2] - **Polyester Products**: The POY150D/48F price dropped by 10 yuan/ton, the POY现金流 increased by 18 yuan/ton, the FDY150D/96F price remained unchanged, the FDY现金流 increased by 28 yuan/ton, the DTY150D/48F price remained unchanged, the DTY现金流 increased by 28 yuan/ton, the long - filament sales rate increased by 1%, the 1.4D直纺涤短 price dropped by 55 yuan/ton, the涤短现金流 decreased by 27 yuan/ton, the short - fiber sales rate increased by 14%, the semi - bright slice price dropped by 15 yuan/ton, the slice现金流 increased by 13 yuan/ton, and the slice sales rate remained unchanged [2] 2. Industrial Chain Operating Conditions - The PX operating rate remained at 88.03%, the PTA operating rate increased by 0.53% to 76.84%, the MEG operating rate increased by 0.10% to 64.20%, and the polyester load remained at 89.07% [2] 3. Device Maintenance - A 2.2 - million - ton PTA device in East China has slightly reduced its load, and the recovery time is to be tracked [2]

Report Industry Investment Rating - Not provided Core Viewpoints - Gasoline supply contraction leads to profit expansion, indirectly supporting the price of PX. Sanctions on Russia cause tight supply at the crude oil end, widening the spread between PX and naphtha, while PTA processing fees are compressed to below 200. Despite the end of the peak seasons (Golden September and Silver October), export demand may improve due to the easing of the China-US trade war. Downstream weaving has performed well, and the current peak season is expected to last until November. The impact of potential tariff cuts on domestic exports needs attention [2]. - The inventory of East China's ethylene glycol ports has increased significantly compared to last week, with an increase of 120,000 tons. The price of ethylene is unable to support the upward trend of ethylene glycol prices, and new plant startups continue to put pressure on ethylene glycol prices. The tightness of spot supply due to low inventory is mainly reflected in the basis. Although coal prices have risen, they do not provide strong cost support for ethylene glycol, and the profit of coal-based ethylene glycol has been restored. The China-US trade negotiation has reached an agreement, and tariff cuts may increase the subsequent export demand for textile and clothing, and the downstream weaving load may remain optimistic [2]. Summary by Relevant Catalogs Market Quotes - **PTA**: The PTA spot price decreased from 4,600 yuan/ton to 4,590 yuan/ton, a decrease of 10 yuan/ton. The PTA main futures price increased from 4,648 yuan/ton to 4,670 yuan/ton, an increase of 22 yuan/ton. The spot processing fee decreased from 192.6 yuan/ton to 173.3 yuan/ton, a decrease of 19.3 yuan/ton. The basis remained unchanged at -77. The number of PTA warehouse receipts increased from 93,560 to 98,450, an increase of 4,890 [2]. - **MEG**: The MEG main futures price increased from 3,875 yuan/ton to 3,891 yuan/ton, an increase of 16 yuan/ton. The MEG domestic price decreased from 3,981 yuan/ton to 3,961 yuan/ton, a decrease of 20 yuan/ton. The basis decreased from 68 to 66, a decrease of 2 [2]. - **PX**: The CFR China PX price increased from 821 to 825, an increase of 4. The PX-naphtha spread increased from 239 to 248, an increase of 10 [2]. Industry Chain Start - Up Conditions - The PX startup rate remained unchanged at 88.03%. The PTA startup rate remained unchanged at 76.31%. The MEG startup rate increased from 63.74% to 64.10%, an increase of 0.36%. The polyester load decreased from 89.70% to 89.07%, a decrease of 0.63% [2]. Product Sales - **Polyester Filament**: The POY 150D/48F price decreased from 6,600 to 6,580, a decrease of 20. The POY cash flow decreased from 83 to 79, a decrease of 4. The FDY 150D/96F price decreased from 6,805 to 6,795, a decrease of 10. The FDY cash flow increased from -212 to -206, an increase of 6. The DTY 150D/48F price increased from 7,860 to 7,865, an increase of 5. The DTY cash flow increased from 143 to 164, an increase of 21. The filament sales rate decreased from 54% to 43%, a decrease of 11 percentage points [2]. - **Polyester Staple Fiber**: The 1.4D direct - spun polyester staple fiber price increased from 6,365 to 6,385, an increase of 20. The staple fiber cash flow increased from 198 to 234, an increase of 36. The staple fiber sales rate decreased from 41% to 40%, a decrease of 1 percentage point [2]. - **Polyester Chips**: The semi - bright chip price decreased from 5,595 to 5,575, a decrease of 20. The chip cash flow decreased from -22 to -26, a decrease of 4. The chip sales rate increased from 51% to 57%, an increase of 6 percentage points [2]. Device Maintenance - A 2.2 million - ton PTA device in East China has slightly reduced its load, and the recovery time needs further tracking [2].