PTA
　　上游方面，国内多套PX装置计划重启，广东石化新装置即将投产，PX国内供应预计将有大幅提升。元宵节后聚酯负荷提升，织机加弹开工大幅回升，但在聚酯产销弱势、pta偏高开工下PTA累库格局仍存，聚酯成品库存延续回升。内外需恢复的速度偏慢，一季度PX和pta累库压力大，PTA加工费估值偏低，短期价格预计震荡走势。PTA05合约5250-5750区间配合现货设计累沽/累购策略。
　　MEG
　　供应方面，榆林化学、浙江石化等装置减产以及卫星石化其中一条线计划推迟重启，乙二醇开工率继续下降，国内供应回升速度较预期偏慢。需求方面聚酯产销偏弱，上周聚酯成品库存小幅回升，乙二醇港口库存较历史同期水平偏高，一季度乙二醇仍将面临累库压力，价格震荡。期权以MEG05合约4050-4400区间配合现货设计累沽/累购策略。
　　PF
　　短纤工厂开工提升速度较快，短纤工厂库存偏高，产销整体弱势，上周贸易商降价出货，下游纯涤纱开工回升慢于往年，短期供需依然偏弱，加工费估值偏低，短期价格预计震荡走势。权以PF04合约6850-7250区间配合现货设计累沽/累购策略。

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Z0017025230203-230213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上游方面国内多套PX装置计划重启广东石化新装置即将投产PX国内供应预计将有大幅提升元宵节后聚酯负荷提升织机加弹开工大幅回升但在聚酯产销弱势pta偏高开工下PTA累库格局仍存聚酯成品库存延续回升内外需恢复的速度偏慢一季度PX和pta累库压力大PTA加工费估值偏低短期价格预计震荡走势PTA05合约5250-5750区间配合现货设计累沽累购策略MEG供应方面榆林化学浙江石化等装置减产以及卫星石化其中一条线计划推迟重启乙二醇开工率继续下降国内供应回升速度较预期偏慢需求方面聚酯产销偏弱上周聚酯成品库存小幅回升乙二醇港口库存较历史同期水平偏高一季度乙二醇仍将面临累库压力价格震荡期权以MEG05合约4050-4400区间配合现货设计累沽累购策略PF短纤工厂开工提升速度较快短纤工厂库存偏高产销整体弱势上周贸易商降价出货下游纯涤纱开工回升慢于往年短期供需依然偏弱加工费估值偏低短期价格预计震荡走势权以PF04合约6850-7250区间配合现货设计累沽累购策略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4500160040001400350012003000100025008002000600150010004005002000011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES1423MEG-价差GALAXYFUTURES1523MEG-价差MEG内外盘价差1200100080060040020002004006001121314151617181911011111212017201820192020202120222023EO-125EGMEG华东-华南500020004000150030001000200050010000050010001000200011213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES1623MEG-价差MEG东北亚-东南亚200150100500501001502001121314151617181911011111212017201820192020202120222023MEG中国-西北欧MEG中国-美国3002002001001000010010020030020040030050060040011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES1723MEG-利润MEG油制利润MTO制MEG利润8000300060002000400010002000001000200020004000300011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023MEG乙烯单体制利润MEG煤制利润内蒙古500020001500400010003000500200001000500010001000150020002000300025004000300011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES1824PF-价差GALAXYFUTURES19