CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2026年2月27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。 PTA 每日观点 PTA： 1、基本面：昨日PTA期货震荡收跌，市场商谈氛围一般，现货基差变动不大。本周货在05-65附近商谈成交，下周货在05-60附 近成交，价格商谈区间在5180~5290。3月中在05-50~53成交，个别略高。今日主流现货基差在05-63。中性 6、预期：2月供需开工分化，库存积累较为明显，不过短期码头库存积累一般，基差下行压力可控。近期加工差尚可，装置检 修不多，即使聚酯负荷预期内提负，去库节奏有所延后，关注后期上下游装置变动。 2、基差：现货5235，05合约基差-25，盘面升水 中性 3、库存：PTA工厂库存4.01天 ...

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2026年2月25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。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 1、基本面：昨日PTA期货上涨，市场商谈氛围一般，少量聚酯工厂递盘，个别主流供应商出货，现货基差先稳后松，本周货在 05贴水60~65有成交，下周货在05贴水50~60成交，价格商谈区间在5230~5340。3月中05贴水40成交，3月下05贴水35有成交。今 日主流现货基差在05-62。中性 5、主力持仓：净空 空增 偏空 6、预期：2月供需开工分化，库存积累较为明显，不过短期码头库存积累一般，基差下行压力可控。近期加工差尚可，装置检 修不多，即使聚酯负荷预期内提负，去库节奏有所延后，关注后期上下游装置变动。 2、基差： ...

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2026年2月24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。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 1、基本面：短期压力明确，春节期间下游聚酯和织造负荷大幅下滑是主要压力源。聚酯负荷一度降至77%以下，江浙织机开工 率也降至低位。这导致PTA出现季节性累库，产业链利润分配呈现"上强下弱"格局，原料价格上涨难以顺畅传导至下游。中性 2、基差：现货5130，05合约基差-74，盘面升水 中性 3、库存：PTA工厂库存4.01天，环比增加0.27天 偏空 4、盘面：20日均线向上，收盘价收于20日均线之下 偏多 5、主力持仓：净空 空减 偏空 6、预期：聚酯负荷降至年度低位，PTA个别装置检修，供需格局偏累，贸易商活跃度明显下 ...

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2026年2月13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 5 PTA 每日观点 PTA： 6、预期：随着春节假期临近，聚酯减产幅度扩大，终端逐步放假，PTA供需趋累，现货市场商谈清淡，预计年前PTA现货价格跟 随成本端震荡，现货基差区间波动。关注商品氛围及上下游装置变动。 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。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5、主力持仓：净空 空增 偏空 6、预期：基本面来看，1-2月乙二醇季节性强累库预期依旧存在，但中期供需结构存在适度好转。海外装置存在推迟重启以及新增 检修量，二季度内进口量存在下修预期，后续关注伊朗地区供货稳定性。乙二醇绝对价格已经处于低位，低位存在买气支撑，预计 节前市场维持低区间整理为主。 1、基本面：周四，乙二醇价格重心震荡走弱，市场 ...

交易咨询业务资格：证监许可【2012】1091号 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA&MEG早报-2026年2月12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。 6、预期：随着春节假期临近，聚酯减产幅度扩大，终端逐步放假，PTA供需趋累，现货市场商谈清淡，预计年前PTA现货价格跟 随成本端震荡，现货基差区间波动。关注商品氛围及上下游装置变动。 2、基差：现货5180，05合约基差-80，盘面升水 中性 3、库存：PTA工厂库存3.74天，环比增加0.16天 偏空 4、盘面：20日均线向上，收盘价收于20日均线之上 偏多 MEG 每日观点 MEG： 5、主力持仓：净空 空减 偏空 6、预期：基本面来看，1-2月乙二醇季节性强累库预期依旧存在，但中期供需结构存在适度好转。海外装置存在推迟重启以及新增 检修量，二季 ...

PTA&MEG早报-2026年2月11日 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。 交易咨询业务资格：证监许可【2012】1091号 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 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 6、预期：随着春节假期临近，聚酯减产幅度扩大，终端逐步放假，PTA供需趋累，现货市场商谈清淡，预计年前PTA现货价格跟 随成本端震荡，现货基差区间波动。关注商品氛围及上下游装置变动。 1、基本面：昨日PTA期货震荡上涨，现货市场商谈氛围一般，现货基差变动不大。本周在05贴水75附近商谈成交，价格商谈区 间在5080~5145。2月下在05贴水57~60成交，3月中在05贴水43成交。今日主流现货基差在05-75。中性 2、基差：现货5145，05合约基差-85，盘面升水 中性 3、库存：PTA工厂库存3.74天，环比增加0 ...

1. Report Industry Investment Rating - No relevant information provided in the report 2. Core Views of the Report - **PTA**: As the Spring Festival holiday approaches, polyester production cuts are expanding and end - users are gradually on holiday. PTA supply and demand are likely to accumulate, with light spot market negotiations. It is expected that the PTA spot price will fluctuate with the cost side before the Spring Festival, and the spot basis will fluctuate within a range. Attention should be paid to the commodity atmosphere and upstream and downstream device changes [5]. - **MEG**: Due to the unloading of some ocean - going vessels this week, the visible inventory of ethylene glycol is expected to continue to rise at the beginning of the week. From the second half of the month, the arrival of foreign vessels will be more dispersed. Fundamentally, there is still a strong seasonal inventory accumulation expectation for ethylene glycol from January to February, but the medium - term supply - demand structure is expected to improve moderately. Overseas device restarts are postponed and new maintenance volumes emerge, and the import volume in the second quarter is expected to be revised down. The absolute price of ethylene glycol is already at a low level, with limited downside space and buying support at low levels. It is expected that the pre - holiday market will mainly maintain range consolidation [7]. 3. Summary According to the Directory 3.1. Previous Day's Review - **PTA**: The PTA futures fluctuated and rose yesterday. The negotiation atmosphere in the spot market was average, and the spot basis changed little. This week, transactions were negotiated at a discount of around 75 to the 05 contract, with the price negotiation range at 5080 - 5145. For the end of February, transactions were at a discount of 57 - 60 to the 05 contract, and for mid - March, at a discount of 43 to the 05 contract. Today's mainstream spot basis is at 05 - 75. The spot price is 5108, the basis of the 05 contract is - 84, and the futures price is at a premium. The PTA factory inventory is 3.74 days, a 0.16 - day increase from the previous period. The 20 - day moving average is upward, but the closing price is below the 20 - day moving average. The net long position of the main contract decreased [6]. - **MEG**: On Monday, the price center of ethylene glycol was narrowly sorted, and the market negotiation was average. During the day, the spot negotiation was around a discount of 105 - 115 yuan/ton to the 05 contract, with some contract traders participating in the purchase. The negotiation atmosphere in the market was average, and the spot basis weakened slightly in the afternoon. In the US dollar market, the center of the ethylene glycol outer market fluctuated little. During the day, the arrival cargo was traded at around 433 - 435 US dollars/ton, and the cargo for the end of February was negotiated at around 445 - 450 US dollars/ton, with a transaction at around 448 US dollars/ton. Some suppliers participated in the purchase. The spot price is 3635, the basis of the 05 contract is - 104, and the futures price is at a premium. The total inventory in East China is 83.1 tons, a 4.83 - ton increase from the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The net short position of the main contract decreased [7]. 3.2. Daily Tips - **PTA**: The impact of the 700,000 - ton Gulei Petrochemical device's shutdown for maintenance from early March to around the end of April is positive. The resumption of the 1 - million - ton PTA device of Nengtou last week is negative [8][9]. - **MEG**: The short - term commodity market is greatly affected by the macro - level. Attention should be paid to the cost side, and the upper resistance level should be watched for the futures price rebound [9]. 3.3. Today's Focus - **PX Supply - Demand Balance Table**: The table shows the monthly supply - demand balance of PX from September 2025 to June 2026, including production, import, demand, inventory changes, domestic utilization rate, and the balance of PX for polyester [10]. - **PTA Supply - Demand Balance Table**: The table presents the monthly balance of PTA from October 2025 to September 2026, covering production, import, export, total consumption, refined consumption, other consumption, surplus, year - on - year growth rate of production and consumption, and cumulative year - on - year growth rate [11]. - **Ethylene Glycol Supply - Demand Balance Table**: The table shows the monthly balance of ethylene glycol from October 2025 to September 2026, including production, import, total consumption, polyester consumption, other consumption, surplus, year - on - year growth rate of production, import, supply, and consumption, and cumulative year - on - year growth rate of supply and consumption [12]. 3.4. Fundamental Data - **PET Bottle Chip**: Data on market price, production profit, operating rate, capacity utilization rate, and inventory are presented in the form of charts, showing the trends from 2022 to 2026 [15][16][18][21]. - **PTA**: Data on inter - month spread, basis, processing fee, and factory inventory are presented in charts, covering the period from 2022 to 2026 [24][27][58][41]. - **MEG**: Data on inter - month spread, basis, profit from different production methods, and port inventory are presented in charts, showing the trends from 2022 to 2026 [30][34][59][41]. - **Polyester Upstream and Downstream**: Data on the operating rates of PTA, PX, ethylene glycol, polyester, and textile enterprises in the Jiangsu and Zhejiang regions are presented in charts, covering the period from 2022 to 2026 [51][55]. - **Polyester Fiber**: Data on the production profit of polyester short - fiber and different types of polyester long - fiber are presented in charts, showing the trends from 2023 to 2026 [62][63][65].

1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Views of the Report - For PTA, as the Spring Festival approaches, polyester production cuts increase, terminals gradually shut down, PTA supply - demand accumulates, and the spot market negotiation is light. It is expected that the pre - holiday PTA spot price will fluctuate with the cost side, and the spot basis will fluctuate in a range [5]. - For MEG, due to the unloading of some ocean - going vessels this week, the visible inventory of ethylene glycol will still maintain an upward trend at the beginning of this week, and the arrival of foreign ships will be decentralized in the second half of the month. There is a strong seasonal inventory accumulation expectation in January - February, but the medium - term supply - demand structure will moderately improve. The import volume in the second quarter is expected to be revised down, and the supply stability in Iran should be monitored. The absolute price of ethylene glycol is at a low level, with limited downside space and buying support at low levels. It is expected that the pre - holiday market will mainly consolidate in a range [8]. 3. Summary According to the Table of Contents 3.1前日回顾 (Previous Day Review) - No specific content provided for this section. 3.2每日提示 (Daily Tips) - PTA: On Friday, the negotiation for February middle - upper was at a discount of 60 - 85 yuan/ton to the 05 contract, and there was a transaction for late February at a discount of 55 yuan/ton to the 05 contract, with the price negotiation range at 5015 - 5135 yuan/ton. The mainstream spot basis today is 05 - 72. The spot is 5090 yuan/ton, the 05 contract basis is - 76, with the futures price higher than the spot price. PTA factory inventory is 3.74 days, a 0.16 - day increase compared to the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The net long position has changed from short to long [5][6]. - MEG: On Friday, the price of ethylene glycol rebounded slightly from a low level, and the market negotiation was average. The spot market fluctuated widely. Today's spot transactions were at a discount of 115 - 120 yuan/ton to the 05 contract, and next - week's spot transactions were at a discount of 105 - 108 yuan/ton to the 05 contract. It rebounded slightly due to plant news during the session, but the increase was limited. The spot is 3630 yuan/ton, the 05 contract basis is - 113, with the futures price higher than the spot price. The total inventory in East China is 83.1 tons, a 4.83 - ton increase compared to the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The net short position has decreased [8][9]. 3.3今日关注 (Today's Focus) - No specific content provided for this section. 3.4基本面数据 (Fundamental Data) 3.4.1 PX Supply - Demand Balance Sheet - It shows the PX supply - demand situation from September 2025 to June 2026, including production, import, demand, inventory change, domestic utilization rate, and balance with polyester [12]. 3.4.2 PTA Supply - Demand Balance Sheet - It presents the monthly balance of PTA from October 2025 to September 2026, covering total production, import, export, consumption, surplus, year - on - year changes in production and consumption, and cumulative year - on - year changes [13]. 3.4.3 Ethylene Glycol Supply - Demand Balance Sheet - It details the monthly balance of ethylene glycol from October 1, 2025, to September 1, 2026, including production, import, consumption, surplus, and various year - on - year and cumulative year - on - year changes [14]. 3.5影响因素总结 (Summary of Influencing Factors) - **Likely Positive Factors**: The 700,000 - ton plant of Gulei Petrochemical will be shut down for maintenance from early March, expected to last until around the end of April [10]. - **Likely Negative Factors**: The 1,000,000 - ton PTA plant of Nengtou resumed operation last week [11]. 3.6价格相关 (Price - Related) - It includes historical price charts of PET bottle chips (market price, production margin, operating rate, inventory), PTA (month - to - month spread, basis), MEG (month - to - month spread, basis), and spot spreads (TA - EG, p - xylene processing spread) [16][17][18][20][23][26][29][32][36][39]. 3.7库存分析 (Inventory Analysis) - It shows the historical inventory data of PTA (factory inventory), MEG (port inventory), PET chips (factory inventory), and polyester products (DTY, FDY, short - fiber inventory in Jiangsu and Zhejiang looms) [42][43][44][46]. 3.8聚酯上下游开工 (Polyester Upstream and Downstream Operating Rates) - **Upstream**: It includes the historical operating rates of PTA, p - xylene, and ethylene glycol [53][54][56]. - **Downstream**: It shows the historical capacity utilization rates of polyester and the operating rates of chemical fiber textile enterprises in Jiangsu and Zhejiang [57][58]. 3.9利润情况 (Profit Situation) - It presents the historical profit data of PTA (processing fee), MEG (production margins of different production methods), polyester fiber short - fiber, and polyester fiber long - filament (DTY, POY, FDY production margins) [59][60][61][64][65].

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2026年2月6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。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 利多： 1、基本面：昨日PTA期货震荡下跌，现货市场商谈氛围一版，现货基差走弱。本周货在05-75~85附近有成交，下周货在05- 63~65附近有成交，价格商谈区间在5050~5145。2下在05-55有成交。3月中在05-43有成交。今日主流现货基差在05-77。中性 2、基差：现货5115，05合约基差-29，盘面升水 中性 3、库存：PTA工厂库存3.74天，环比减少0.16天 偏空 4、盘面：20日均线向下，收盘价收于20日均线之下 偏空 5、主力持仓：净空 空减 偏空 6、预期：随着春节假期临近，聚酯减产幅度扩大 ...

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。 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2月4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 5 PTA 每日观点 PTA： 1、基本面：昨日PTA期货大幅下跌，现货市场商谈氛围好转，少量聚酯工厂有递盘，基差走强。本周在05-75有成交，下周在 05-65~70附近成交，价格商谈区间在5010~5170。2月底在05贴水60附近有成交，3月中在05贴水40~45有成交。今日主流现货基 差在05-71。中性 5、主力持仓：净空 空减 偏空 6、预期：近日商品氛围骤冷后，PTA期货盘面低位震荡，本周现货基差略有走强。供需层面，随着春节假期临近，聚酯减产幅 度扩大，终端逐步放假，PTA供需趋累，关注商品氛围及上下游装置变动。 2、基差：现货5085，05 ...