PTA
　　PTA基差小幅走强，PTA现货加工费压缩至200元/吨附近。供应方面受台风影响，英力士一套125万吨PTA装置于上周末短停，目前恢复中；另一套110万吨装置降负至5成，后期计划提负。另外恒力220万吨/年PTA装置9月初有检修计划，虹港石化（二期） 250万吨/年PTA装置计划9月中检修8-10天，聚酯和终端开工旺季下维持在偏高水平，PTA供需压力不大，产业链库存不高，低估值下PTA价格支撑较强，PTA价格预计偏强震荡。
　　MEG
　　据CCF统计，截止本周一，华东主港地区MEG港口库存约119.6万吨附近，环比上期增加2.9万吨。今日乙二醇现货价格重心抬升，基差小幅走弱。上周乙二醇开工回升，聚酯和终端开工旺季下维持在偏高水平，目前乙二醇供应仍显充裕，港口高位库存难去，中期供需相对平衡，但去库力度不足，高库存将继续对价格带来压制。
　　PF
　　供应方面，江苏某直纺涤短工厂10万吨新装置已升温两条线，另两条线本周升温。由于高温结束，金九银十旺季涤棉混纺转产纯涤下，近期涤纱开机率稳中有升，短纤工厂开工稳定，下游纯涤纱开工回升，短纤工厂库存回落，纯涤纱成品库存天数下降，下游有所改善，对短纤加工费带来支撑。

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Z0017025230825-230904目录第一章综述2第二章估值5第三章供需24GALAXYFUTURES1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PTAPTA基差小幅走强PTA现货加工费压缩至200元吨附近供应方面受台风影响英力士一套125万吨PTA装置于上周末短停目前恢复中另一套110万吨装置降负至5成后期计划提负另外恒力220万吨年PTA装置9月初有检修计划虹港石化二期250万吨年PTA装置计划9月中检修8-10天聚酯和终端开工旺季下维持在偏高水平PTA供需压力不大产业链库存不高低估值下PTA价格支撑较强PTA价格预计偏强震荡MEG据CCF统计截止本周一华东主港地区MEG港口库存约1196万吨附近环比上期增加29万吨今日乙二醇现货价格重心抬升基差小幅走弱上周乙二醇开工回升聚酯和终端开工旺季下维持在偏高水平目前乙二醇供应仍显充裕港口高位库存难去中期供需相对平衡但去库力度不足高库存将继续对价格带来压制PF供应方面江苏某直纺涤短工厂10万吨新装置已升温两条线另两条线本周升温由于高温结束金九银十旺季涤棉混纺转产纯涤下近期涤纱开机率稳中有升短纤工厂开工稳定下游纯涤纱开工回升短纤工厂库存回落纯涤纱成品库存天数下降下游有所改善对短纤加工费带来支撑GALAXYFUTURES3目录第一章综述2第二章估值5第三章供需24GALAXYFUTURES4目录第二章估值21PX22PTA23MEG24聚酯GALAXYFUTURES521PX-价格GALAXYFUTURES621PX-价格18000016000014000012000010000080000600004000020000000现货价中间价石脑油CFR日本Wind现货价中间价对二甲苯PXFOB韩国金联创PXCFR韩国日本石脑油1600CFR1400140012001200100010008008006006004004002002000011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES721PX-价差利润NAP日本-BLENT结算价PX-NAP亚洲PX-BLENT亚洲4008001000700300600800200500600100400030040020010010020020001121314151617181911011111210112131415161718191101111121112131415161718191101111121201720182019202020172018201920202017201820192020202120222023202120222023202120222023PX-MX韩国PX理论利润5002500200040015001000300500020050010010001500011213141516171819110111112111213141516171819110111112120172018201920201002021202220232017201820192020202120222023GALAXYFUTURES821PX-价差利润二甲苯调油和生产PX价差亚洲甲苯调油价差甲苯调油价差和歧化利润4005006005003004004002003003002001002001000100010010002002001003004003002001121314151617181911011111212017201820192020202120222023亚洲甲苯调油价差甲苯歧化利润PX-MX二甲苯调油价差亚洲甲苯歧化利润亚洲歧化-调油6005004004003002002001000020010020040030011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES921PX-价差利润PX美国-韩国甲苯美国-韩国8001000700600800500400600300200400100020010002001121314151617181911011111212002017201820192020112131415161718191101111121202120222023201820192020202120222023PX中国-韩国二甲苯美国-韩国15010001008005060040001121314151617181911011111212005001002001121314151617181911011111212017201820192020201820192020202120222023202120222023GALAXYFUTURES1022PTA-价格GALAXYFUTURES1122PTA-价格1400000200000现货价格180000PTA12000001600001000010000001400009000800000120000800010000070006000008000060005000400000600004000400002000003000200002000000000100001121314151617181911011111212006-02-282007-02-282008-02-292009-02-282010-02-282011-02-282012-02-292013-02-282014-02-282015-02-282016-02-292017-02-282018-02-282019-02-282020-02-292021-02-282022-02-282023-02-282005-02-282017201820192020PTA现货价格PX韩国CFR右202120222023GALAXYFUTURES1222PTA-价差PTA-PX现货加工费PTA印度-中国3000250250020020001501500100100050500050011213141516171819110111112110050011213141516171819110111112120172018201920202021202220232017201820192020202120222023GALAXYFUTURES1322PTA-价差GALAXYFUTURES1422PTA-利润PTA-原油现货利润PTA-石脑油现货利润50005000400040003000300020002000100010000010001000200011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023PTA-PX理论利润2500200015001000500050010001121314151617181911011111212017201820192020202120222023GALAXYFUTURES1523MEG-价格GALAXYFUTURES1623MEG-价格乙二醇江苏现货价格MEG华东现货市场价内蒙古褐煤12000100007001000080008000600600060005004000400040030020002000020001121314151617181911011111211000201720182019202011213141516171819110111112120212022202320182019202020212023甲醇江苏出罐价乙烯东北亚450016004000140012003500100030008002500600200040020015000100011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES1723MEG-价差MEG内外盘价差12001000800600400200020040060011213141516171819110111112120172018201920202021202220235000EO-125EGMEG华东-华南40002000300015002000100010005000050010001000200011213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES1823MEG-价差GALAXYFUTURES19