研究报告全文：目录第一部分聚酯产业链周报1-40第二部分苯乙烯产业链周报41-69GALAXYFUTURES0聚酯产业链周报能化投资研究部隋斐投资咨询资格证号Z0017025230901-230911目录第一章综述2第二章估值5第三章供需24GALAXYFUTURES2目录第一章综述11产业链周度数据观点GALAXYFUTURES311产业链周度数据观点PTA上周PTA基差小幅走弱PTA现货周均加工费继续压缩聚酯长丝利润回升供需方面PTA开工率环比上升聚酯和终端开工稳中有升金九银十旺季下聚酯开工高位产业链库存不高低估值下PTA价格支撑较强沙特超预期减产提振原油市场后俄罗斯宣布减少柴油出口进一步加剧了成品油市场尤其是中间馏分的紧缺程度油价继续走强PTA价格预计震荡偏强MEG供应方面上周乙二醇开工率小幅回落聚酯和终端开工稳中有升金九银十旺季下聚酯开工高位乙二醇现货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油强煤弱的格局下乙二醇充当空配角色PF上周短纤基差稳定短纤工厂开工回落江苏仪化10万吨涤短新装置已升温两条线另两条线上周升温下游纯涤纱开工小幅下降短纤工厂库存上升纯涤纱成品库存小幅下降高温结束金九银十旺季涤棉混纺转产纯涤下涤纱开机率整体稳定短纤估值不高原料价格重心抬升成本支撑较强短纤价格走势预计震荡偏强GALAXYFUTURES4目录第一章综述2第二章估值5第三章供需24GALAXYFUTURES5目录第二章估值21PX22PTA23MEG24聚酯GALAXYFUTURES621PX-价格GALAXYFUTURES721PX-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1600CFR1400140012001200100010008008006006004004002002000011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES821PX-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5002500200040015001000300500020050010010001500011213141516171819110111112111213141516171819110111112120172018201920201002021202220232017201820192020202120222023GALAXYFUTURES921PX-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6005004004003002002001000020010020040030011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES1021PX-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15010001008005060040001121314151617181911011111212005001002001121314151617181911011111212017201820192020201820192020202120222023202120222023GALAXYFUTURES1122PTA-价格GALAXYFUTURES1222PTA-价格180014000PTA现货价格160012000100001400100009000120080001000800070008006000600060050004000400040030002002000200000100001121314151617181911011111212017201820192020PTA现货价格PX韩国CFR右202120222023GALAXYFUTURES1322PTA-价差PTA-PX现货加工费PTA印度-中国3000250250020020001501500100100050500050011213141516171819110111112110050011213141516171819110111112120172018201920202021202220232017201820192020202120222023GALAXYFUTURES1422PTA-价差GALAXYFUTURES1522PTA-利润PTA-原油现货利润PTA-石脑油现货利润50005000400040003000300020002000100010000010001000200011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023PTA-PX理论利润2500200015001000500050010001121314151617181911011111212017201820192020202120222023GALAXYFUTURES1623MEG-价格GALAXYFUTURES1723MEG-价格MEG华东现货市场价乙二醇江苏现货价格内蒙古4500K煤价1000012000140080001000012006000800010006000800400040006002000200040000200112131415161718191101111121020172018201920201121314151617181911011111212021202220232020202120222023甲醇江苏出罐价乙烯东北亚450016004000140012003500100030008002500600200040020015000100011213141516171819110111112111213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES1823MEG-价差MEG内外盘价差12001000800600400200020040060011213141516171819110111112120172018201920202021202220235000EO-125EGMEG华东-华南40002000300015002000100010005000050010001000200011213141516171819110111112120172018201920202017201820192020202120222023202120222023GALAXYFUTURES19