PTA
　　供应端近期PTA多套检修装置已重启，开工率回升，春节前后下游消费淡季，终端逐渐进入放假状态，织机加弹印染开工下滑，PTA供需面驱动向下，短期价格预计震荡偏弱走势。
　　MEG
　　供应端国内外装置重启，乙二醇开工率回升，需求方面，春节前后消费淡季，下游终端进入放假状态，中期供需走弱的预期下仍有累库压力，乙二醇价格预计震荡走势。
　　PF
　　临近春节纺纱厂开机率偏低，部分纺企放假，短纤产销维持弱势，短纤工厂高开工高库存，供需走弱下短纤加工费预计维持偏低水平，价格有下行压力。

研究报告全文：聚酯产业链周报能化投资研究部隋斐投资咨询资格证号Z0017025221230-230109银河能化微信公众号目录第一章综述1第二章估值5第三章供需20GALAXYFUTURES1目录第一章综述11产业链周度数据观点GALAXYFUTURES211产业链周度数据观点PTA供应端近期PTA多套检修装置已重启开工率回升春节前后下游消费淡季终端逐渐进入放假状态织机加弹印染开工下滑PTA供需面驱动向下短期价格预计震荡偏弱走势MEG供应端国内外装置重启乙二醇开工率回升需求方面春节前后消费淡季下游终端进入放假状态中期供需走弱的预期下仍有累库压力乙二醇价格预计震荡走势PF临近春节纺纱厂开机率偏低部分纺企放假短纤产销维持弱势短纤工厂高开工高库存供需走弱下短纤加工费预计维持偏低水平价格有下行压力GALAXYFUTURES3目录第一章综述1第二章估值5第三章供需20GALAXYFUTURES4目录第二章估值21PX22PTA23MEG24聚酯GALAXYFUTURES521PX-价格GALAXYFUTURES621PX-价差利润PX-BLENT亚洲PX-NAP亚洲9008008007007006006005005004004003003002002001001000011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023PX-MX韩国PX理论利润5002500400200015003001000500200050010010001500011213141516171819110111112111213141516171819110111112120172018201920201002021202220232017201820192020202120222023GALAXYFUTURES721PX-价差利润PX韩国-美国亚洲甲苯调油价差2005001004000100300200200300400100500060070010080020011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023亚洲甲苯歧化利润亚洲歧化-调油6005005004004003003002002001001000010010020020030011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES822PTA-价格GALAXYFUTURES922PTA-价差PTA印度-中国PTA-PX现货加工费2503000200250015020001001500501000050050010011213141516171819110111112111213141516171819110111112150020172018201920202017201820192020202120222023202120222023GALAXYFUTURES1022PTA-利润PTA-原油现货利润PTA-石脑油现货利润50005000400040003000300020002000100010000010001000200011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023PTA-PX理论利润2500200015001000500050010001121314151617181911011111212017201820192020202120222023GALAXYFUTURES1123MEG-价格GALAXYFUTURES1223MEG-现货价格GALAXYFUTURES1323MEG-上游价格无烟煤3000250020001500100050001121314151617181911011111212017201820192020202120222023甲醇江苏出罐价乙烯东北亚4500160040001400350012003000100025008002000600150040010005002000011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES1423MEG-价差GALAXYFUTURES1523MEG-价差MEG内外盘价差1200100080060040020002004006001121314151617181911011111212017201820192020202120222023MEG华东-华南EO-125EG200050001500400010003000200050010000050010001000112131415161718191101111121200020172018201920202017201820192020202120222023202120222023GALAXYFUTURES1623MEG-价差MEG东北亚-东南亚20015010050050100150200112131415161718191101111121201720182019202020212022MEG中国-西北欧MEG中国-美国3002002001001000010010020030020040030050060040011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES1723MEG-利润MEG油制利润MTO制MEG利润8000300060002000100040000200010000200020003000400011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023MEG煤制利润内蒙古MEG乙烯单体制利润500020004000100030002000010001000010002000200030003000112131415161718191101111121400011213141516171819110111112120172018201920202021202220232017201820192020202120222023GALAXYFUTURES1824聚酯-利润聚酯切片利润聚酯瓶片利润10003000800250060020004001500200100005002000400500600100011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023涤纶长丝平均利润涤纶短纤利润1200200010001500800600100040050020000200500400600100011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES19