Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The fundamentals of glass remain weak, and it is expected to move in a sideways pattern in the short term. The glass supply is at a low level, downstream deep - processing factory orders are dismal, and glass factory inventories are rising. It is expected that glass will mainly move in a low - level, sideways, and weakly downward pattern [2][5]. 3. Summary by Directory Glass Futures Market - The closing price of the main glass futures contract increased from 1092 yuan/ton to 1148 yuan/ton, a rise of 5.13%. The spot price of Shahe Safety large - panel glass rose from 904 yuan/ton to 924 yuan/ton, a rise of 2.21%. The main basis changed from - 188 yuan/ton to - 224 yuan/ton, a change of 19.15% [6]. Glass Spot Market - The market price of 5mm white glass large - panel in the spot benchmark area of Hebei Shahe is 924 yuan/ton, up 20 yuan/ton from the previous day [12]. Fundamentals - Cost Side - Glass production profit is low, and there is an expectation of further cold - repair in the industry [4]. Fundamentals - Supply Side - The number of operating national float glass production lines is 218, with an operating rate of 73.89%, and the number of operating production lines is at a historical low for the same period. The daily melting capacity of national float glass is 154,500 tons, and the production capacity is at a historical low for the same period [22][24]. Fundamentals - Demand Side - In November 2025, the apparent consumption of float glass was 4.6944 million tons. The real - estate terminal demand is still weak, the number of orders from glass deep - processing enterprises is at a historical low for the same period, and the capital recovery of the deep - processing industry is not optimistic [28][4]. Fundamentals - Inventory - The inventory of national float glass enterprises is 56.866 million weight boxes, a decrease of 3.00% from the previous week, and the inventory is running above the five - year average [44]. Fundamentals - Supply - Demand Balance Sheet - From 2017 to 2024E, the production and consumption of float glass have fluctuated. For example, in 2024E, the production is expected to be 55.1 million tons, with a growth rate of 3.94%, and the consumption is expected to be 53.1 million tons, with a decline rate of 1.15% [45]. Influencing Factors - **Positive Factors**: Low glass production profit leads to an expectation of further cold - repair in the industry [4]. - **Negative Factors**: The real - estate terminal demand is weak, the number of orders from glass deep - processing enterprises is at a historical low for the same period, and the deep - processing industry has poor capital recovery, so traders and processors are cautious and mainly consume raw glass inventories [4].

Report Information - Report Title: Polyolefin Morning Report - Report Date: January 8, 2026 - Analyst: Zhu Tianyi from Dayue Futures Investment Consulting Department Industry Investment Rating - Not provided in the report Core Viewpoints - The LLDPE market is expected to fluctuate today, with an overall neutral fundamental situation, oversupply, neutral industrial inventory, and weak downstream demand [4]. - The PP market is expected to fluctuate today, with an overall neutral fundamental situation, oversupply, neutral industrial inventory, weak downstream demand, and an increasing PDH maintenance rate [7]. Summary by Section LLDPE Overview - **Fundamentals**: In December, the official manufacturing PMI was 50.1%, up 0.9 percentage points from the previous month, returning to the expansion range after 8 months. OPEC+ decided to maintain the production plan in February and March 2026. The impact of the US action in Venezuela on domestic crude oil and chemical products is expected to be limited. The demand for agricultural films is continuously weak, and packaging film enterprises mainly purchase on demand. The current spot price of LLDPE delivery products is 6460 (+40), with an overall neutral fundamental situation [4]. - **Basis**: The basis of the LLDPE 2605 contract is -182, and the premium/discount ratio is -2.7%, indicating a bearish signal [4]. - **Inventory**: The comprehensive PE inventory is 39.8 tons (-9.3), showing a neutral situation [4]. - **Market**: The 20-day moving average of the LLDPE main contract is downward, and the closing price is above the 20-day line, showing a neutral situation [4]. - **Main Position**: The main position of LLDPE is net short, with a reduction in short positions, indicating a bearish signal [4]. - **Expectation**: The LLDPE main contract is expected to fluctuate today, with oversupply, neutral industrial inventory, and weak downstream demand [4]. PP Overview - **Fundamentals**: In December, the official manufacturing PMI was 50.1%, up 0.9 percentage points from the previous month, returning to the expansion range after 8 months. OPEC+ decided to maintain the production plan in February and March 2026. The impact of the US action in Venezuela on domestic crude oil and chemical products is expected to be limited. The PDH maintenance rate has begun to increase. The demand for plastic weaving is mainly based on rigid demand, and the overall demand for pipes has declined. The current spot price of PP delivery products is 6350 (+20), with an overall neutral fundamental situation [7]. - **Basis**: The basis of the PP 2605 contract is -136, and the premium/discount ratio is -2.7%, indicating a bearish signal [7]. - **Inventory**: The comprehensive PP inventory is 49.1 tons (-4.3), showing a neutral situation [7]. - **Market**: The 20-day moving average of the PP main contract is downward, and the closing price is above the 20-day line, showing a neutral situation [7]. - **Main Position**: The main position of PP is net short, with a reduction in short positions, indicating a bearish signal [7]. - **Expectation**: The PP main contract is expected to fluctuate and rebound today, with oversupply, neutral industrial inventory, weak downstream demand, and an increasing PDH maintenance rate [7]. Supply and Demand Balance Sheet - **Polyethylene**: From 2018 to 2024, the production capacity, output, and apparent consumption of polyethylene generally showed an upward trend, while the import dependence gradually decreased. The expected production capacity in 2025E is 4319.5 [14]. - **Polypropylene**: From 2018 to 2024, the production capacity, output, and apparent consumption of polypropylene generally showed an upward trend, while the import dependence gradually decreased. The expected production capacity in 2025E is 4906 [16].

1. Report's Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View of the Report - The fundamentals of soda ash show high production at alkali plants, an expected ample supply, a continued downward trend in the daily melting volume of downstream float glass and photovoltaic glass, and the inventory at soda ash plants is at a historically high level. The basis indicates that the futures are at a premium to the spot. Although the cost side provides some support, the weak fundamentals remain unchanged, and it is expected to fluctuate in the short - term [2]. - The supply of soda ash is at a high level, the terminal demand is declining, the inventory is at a high level in the same period, and the mismatch between supply and demand in the industry has not been effectively improved [5]. 3. Summary According to the Directory 3.1 Soda Ash Futures Market - The closing price of the main contract of soda ash futures increased from 1190 yuan/ton to 1271 yuan/ton, a rise of 6.81%. The low - end price of heavy soda ash in Shahe, Hebei increased from 1135 yuan/ton to 1230 yuan/ton, a rise of 8.37%. The main basis changed from - 55 yuan/ton to - 41 yuan/ton, a decrease of 25.45% [6]. 3.2 Soda Ash Spot Market - The low - end price of heavy soda ash in the Shahe market in Hebei is 1230 yuan/ton, up 8.37% from the previous day [12]. - The profit of heavy soda ash production using the North China ammonia - soda process is - 137.40 yuan/ton, and that using the East China co - production process is - 88.50 yuan/ton, at a historically low level [15]. - The weekly operating rate of the soda ash industry is 81.65%. The weekly output of soda ash is 71.19 tons, including 38.56 tons of heavy soda ash, at a historically high level [18][21]. - From 2023 to 2025, there were significant new capacity additions in the soda ash industry. In 2023, the new capacity was 640 tons; in 2024, it was 180 tons; in 2025, the planned new capacity was 750 tons, with an actual production of 100 tons [23]. 3.3 Fundamental Analysis - Demand - The weekly sales - to - production ratio of soda ash is 108.54% [26]. - The daily melting volume of national float glass is 15.45 tons, and the operating rate is 73.89% [29]. 3.4 Fundamental Analysis - Inventory - The inventory of soda ash in national factories is 140.83 tons, a decrease of 2.10% from the previous week, and it is at a historically high level in the same period [35]. 3.5 Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data such as effective capacity, production, operating rate, imports, exports, apparent supply, total demand, and the supply - demand gap, as well as their growth rates [36]. 3.6 Influencing Factors - **Positive factors**: Equipment problems have led to reduced maintenance in enterprises, and the recovery of soda ash supply is slow [3]. - **Negative factors**: Since 2023, the production capacity of soda ash has expanded significantly, and there were still large production plans in 2025. The production in the industry is at a historically high level. The downstream photovoltaic glass of heavy soda ash has reduced production, and the demand for soda ash has weakened [4].

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1月8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。 5 PTA 每日观点 PTA： 1、基本面：昨日PTA期货震荡收涨，现货市场商谈氛围尚可，贸易商商谈为主，少量聚酯工厂有补货，现货基差偏强。个别主 流供应商出货。本周在05贴水45附近商谈成交，月中在05贴水40附近成交，价格商谈区间在5020~5160，1月底在主流05贴水40 有成交。今日主流现货基差在05-41。中性 5、主力持仓：净空 空减 偏空 6、预期：近期聚酯负荷运行在90.8%附近，但是产业链传导不畅，终端负荷仍有局部下降，需求端支撑力度一般。乙二醇近月 存在季节性累库压力，1-2月累库幅度在55-60万吨附近，市场整体持货意向偏弱。近端受 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The ISO predicts a 163 - million - ton global sugar surplus in the 25/26 season. DATAGRO reduces its surplus forecast from 280 million tons to 100 million tons, Czarnikow raises it to 740 million tons, and StoneX estimates a 370 - million - ton surplus [4]. - As of the end of October 2025, the cumulative sugar production in the 25/26 season in China is 883 thousand tons, cumulative sales are 91.6 thousand tons, and the sales rate is 10.37%. In November 2025, China imported 440 thousand tons of sugar, a year - on - year decrease of 90 thousand tons, and the combined import of syrup and premixed powder was 114.4 thousand tons, a year - on - year decrease of 108.2 thousand tons [4]. - The basis in Liuzhou is 89 (for the 05 contract), with the spot price at a premium to the futures price [4]. - As of the end of October, the industrial inventory in the 25/26 sugar - crushing season is 791.4 thousand tons [4]. - The 20 - day moving average is flat, and the K - line is above the 20 - day moving average [4]. - The main position shows a net short - increase, with a bearish trend [4]. - The sugar main contract 05 is expected to rebound in the short - term with oscillations, and attention should be paid to the resistance around 5300 [4]. - Bullish factors include a possible decline in Brazil's sugar production in the 26/27 season, an increase in syrup tariffs, and the change in the US cola formula to use sucrose. Bearish factors are the increase in global sugar production, a new - season global supply surplus, the opening of the import profit window due to the fall of foreign sugar prices to around 14.5 cents per pound, and increased import impact [5]. 3. Summary by Directory 3.1 Previous Day's Review - No information provided 3.2 Daily Tips - Bullish: Possible decline in Brazil's sugar production in the 26/27 season, increase in syrup tariffs, and the change in the US cola formula to use sucrose. Bearish: Increase in global sugar production, new - season global supply surplus, opening of the import profit window due to falling foreign sugar prices, and increased import impact [5]. 3.3 Today's Focus - No information provided 3.4 Fundamental Data - Multiple institutions have different forecasts for the 25/26 global sugar supply - demand balance. StoneX predicts a 370 - million - ton surplus, ISO predicts a 163 - million - ton surplus, and Czarnikow raises the surplus forecast to 740 million tons [4]. - As of the end of October 2025, the cumulative sugar production in the 25/26 season in China is 883 thousand tons, cumulative sales are 91.6 thousand tons, and the sales rate is 10.37%. In November 2025, China imported 440 thousand tons of sugar (down 90 thousand tons year - on - year), and the combined import of syrup and premixed powder was 114.4 thousand tons (down 108.2 thousand tons year - on - year) [4]. - The basis in Liuzhou is 89 (for the 05 contract), with the spot price at a premium to the futures price. As of the end of October, the industrial inventory in the 25/26 sugar - crushing season is 791.4 thousand tons [4]. - The 20 - day moving average is flat, and the K - line is above the 20 - day moving average [4]. - The main position shows a net short - increase, with a bearish trend [4]. 3.5 Position Data - The main position shows a net short - increase, with a bearish trend [4]

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2026-1-8） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 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。 每日观点 焦煤： 1、基本面：产地煤企保持正常生产节奏，焦煤供应量逐步提升。下游用户采购多继续按需进行为主， 终端保持刚需跟进，产地煤矿签单冷清，高价煤出货稍显困难，多数矿点报价已陆续下调。竞拍方面， 线上竞拍成交价格环比上期多有所下降，成交不佳，市场观望心态浓厚，坑口报价以弱稳为主；偏空 2、基差：现货市场价1100，基差-64；现货贴水期货；偏空 3、库存：钢厂库存801万吨，港口库存295万吨，独立焦企库存861万吨，总样本库存1957万吨，较上 周减少21万吨；偏多 6、预期：铁水虽小幅反弹但增量有限，市场情绪偏悲观，焦炭再降预期偏强，焦企对原料煤仍有压价 预期，对原料煤采购节奏放缓，仅以刚需采购为主，预计短 ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The current daily production and operating rate of urea are stable, the comprehensive inventory continues to decline, and the de - stocking pattern is obvious. The overall demand is not strong, and the domestic urea market is still in a state of oversupply. The UR2605 contract basis and the net short position of the main contract indicate a bearish trend, while the position of the closing price relative to the 20 - day moving average is bullish. It is expected that the market will fluctuate today [4]. - The positive factor is inventory de - stocking, and the negative factor is domestic oversupply. The main influencing factors are international prices and marginal changes in domestic demand [5]. 3. Summary by Relevant Catalogs Urea Overview - **Fundamentals**: Current daily production and operating rate are stable, comprehensive inventory continues to decline, and the de - stocking pattern is obvious. Agricultural and industrial demands are mainly on - demand, with overall inactive procurement. The operating rates of compound fertilizers and melamine are stable, and the reserve demand continues to slow down. There is a large price difference between domestic and international export markets, and recent information on new export quotas still affects the futures market. The domestic urea market is overall oversupplied. The spot price of the delivery product is 1750 (+10), and the overall fundamentals are neutral [4]. - **Basis**: The basis of the UR2605 contract is - 40, with a premium - discount ratio of - 2.3%, indicating a bearish trend [4]. - **Inventory**: The UR comprehensive inventory is 119.1 million tons (-5.5), which is neutral [4]. - **Futures Market**: The 20 - day moving average of the main UR contract is flat, and the closing price is above the 20 - day line, indicating a bullish trend [4]. - **Main Position**: The net position of the main UR contract is short, and the short - selling position is decreasing, indicating a bearish trend [4]. - **Expectation**: The futures price of the main urea contract fluctuates and rebounds. The industrial demand is mainly on - demand, and the inventory is being de - stocked. The domestic oversupply situation is still obvious. It is expected that the UR will fluctuate today [4]. Spot and Futures Quotes | Category | Details | |--|--| | **Spot** | The price of the spot delivery product is 1750 (+10), Shandong spot is 1750 (+10), Henan spot is 1750 (0), and FOB China is 2797 [6]. | | **Futures** | For the 05 contract, the price is 1790 (+12); the basis is - 40 (-2); UR01 is 1698 (+4), UR05 is 1790 (+12), and UR09 is 1769 (+24) [6]. | | **Inventory** | The number of warehouse receipts is 12619 (0), the UR comprehensive inventory is 119.1 (-5.5), the UR factory inventory is 101.9 (0), and the UR port inventory is 17.2 (0) [6]. | Supply - Demand Balance Sheet | Year | Capacity | Capacity Growth Rate | Production | Net Imports | Import Dependence | Apparent Consumption | Ending Inventory | Actual Consumption | Consumption Growth Rate | |--|--|--|--|--|--|--|--|--|--| | 2018 | - | 2245.5 | - | 1956.81 | 448.38 (18.6%) | 2405.19 | 23.66 | 2405.19 | - | | 2019 | - | 2445.5 | 8.9% | 2240 | 487.94 (17.9%) | 2727.94 | 37.86 | 2713.74 | 12.8% | | 2020 | - | 2825.5 | 15.5% | 2580.98 | 619.12 (19.3%) | 3200.1 | 37.83 | 3200.13 | 17.9% | | 2021 | - | 3148.5 | 11.4% | 2927.99 | 352.41 (10.7%) | 3280.4 | 35.72 | 3282.51 | 2.6% | | 2022 | - | 3413.5 | 8.4% | 2965.46 | 335.37 (10.2%) | 3300.83 | 44.62 | 3291.93 | 0.3% | | 2023 | - | 3893.5 | 14.1% | 3193.59 | 293.13 (8.4%) | 3486.72 | 44.65 | 3486.69 | 5.9% | | 2024 | - | 4418.5 | 13.5% | 3425 | 360 (9.5%) | 3785 | 51.4 | 3778.25 | 8.4% | | 2025E | - | 4906 | 11.0% | - | - | - | - | - | - | [9]

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 每日观点 供给端来看，根据隆众，2025年12月份沥青总计划排产量为215.8万吨，环比降幅3.24%。本周国内石油沥青样 本产能利用率为29.3624%，环比减少3.78个百分点，全国样本企业出货26.305万吨，环比减少3.22%,样本企业 产量为49万吨，环比减少11.39%,样本企业装置检修量预估为96.1万吨，环比增加1.05%,本周炼厂有所减产，降 低供应压力。下周或将减少供给压力。 需求端来看，重交沥青开工率为27.4%，环比减少0.12个百分点，低于历史平均水平；建筑沥青开工率为6.6%， 环比持平，低于历史平均水平；改性沥青开工率为7.4823%，环比增加0.38个百分点，高于历史平均水平；道路 改性沥青开工率为20%，环比持平，高于历史平均水平；防水卷材开工率为25%，环比持平。高于历史平均水平； 总体来看，当前需求低于历史平均水平。 1、基本面: 偏多。 成本端来看，日度加工沥青利润为188.99元/吨，环比持平，周度山东地炼延迟焦化利润为627.0286元/吨，环 比减少4.39%，沥青加工利润持平，沥青与延迟焦化利润差减 ...

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - The overall supply pressure of PVC is increasing, and the current demand may continue to be sluggish. The PVC2605 contract is expected to fluctuate in the range of 4875 - 4963. The main logic is the strong overall supply pressure and the poor recovery of domestic demand [8][9][10]. - The positive factors include the resumption of supply, cost support from calcium carbide and ethylene, and export advantages. The negative factors are the rebound in overall supply pressure, high - level inventory with slow consumption, and weak domestic and foreign demand [12]. 3. Summary According to the Directory 3.1 Daily Views - **Supply Side**: In December 2025, PVC production was 2.137356 million tons, a month - on - month increase of 2.79%. The capacity utilization rate of sample enterprises this week was 78.63%, a month - on - month increase of 0.02 percentage points. The output of calcium - carbide - based enterprises was 338,150 tons, a month - on - month decrease of 0.17%, and the output of ethylene - based enterprises was 145,710 tons, a month - on - month increase of 6.51%. Supply pressure increased this week, and it is expected that maintenance will decrease next week with a slight increase in production scheduling [8]. - **Demand Side**: The overall downstream operating rate was 43.94%, a month - on - month decrease of 0.58 percentage points, higher than the historical average. The operating rates of downstream profiles, pipes, films, and paste resin were 29.78%, 35.6%, 66.43%, and 80.75% respectively, with varying degrees of decline or flat compared to the previous period, all higher than the historical average. Shipping costs are expected to rise, and domestic PVC export prices are competitive. Current demand may continue to be sluggish [9]. - **Cost Side**: The profit of calcium - carbide - based production was - 713.56 yuan/ton, with a month - on - month decrease in losses of 6.00%, lower than the historical average. The profit of ethylene - based production was - 279.49 yuan/ton, with a month - on - month decrease in losses of 16.00%, lower than the historical average. The double - ton price difference was 2102.35 yuan/ton, with a month - on - month profit increase of 6.00%, lower than the historical average. Production scheduling may be under pressure [9]. - **Other Aspects**: On January 6th, the price of East China SG - 5 was 4670 yuan/ton, and the basis of the 05 contract was - 249 yuan/ton, with the spot price at a discount to the futures price. Factory inventory was 309,226 tons, a month - on - month increase of 0.98%. Social inventory was 525,200 tons, a month - on - month increase of 2.21%. The MA20 was upward, and the price of the 05 contract closed above the MA20. The main position was net short, and short positions increased [10]. 3.2 PVC Market Overview - The report presents the previous day's PVC market data, including prices, spreads, inventory, operating rates, profits, and costs of different types of PVC (such as calcium - carbide - based and ethylene - based), as well as their changes compared to the previous period [16]. 3.3 PVC Futures Market - **Base Price Trend**: The report shows the historical trend of the PVC futures base price, reflecting the relationship between the spot price and the futures price [19]. - **Futures Price and Volume**: It presents the price and trading volume trends of the PVC main contract, as well as the changes in the positions of the top 5 and top 20 seats [22]. - **Spread Analysis**: The report analyzes the spread trends between different contracts of PVC futures, such as the 1 - 9 spread and the 5 - 9 spread [25]. 3.4 PVC Fundamental - Calcium - Carbide - Based - **Lump Coke**: It shows the price, cost - profit, operating rate, inventory, and daily output trends of lump coke used in calcium - carbide production [28]. - **Calcium Carbide**: The report presents the mainstream price, cost - profit, operating rate, maintenance loss, and production trends of calcium carbide [31]. - **Liquid Chlorine and Raw Salt**: It shows the price, production, and monthly production trends of liquid chlorine and raw salt [33]. - **Caustic Soda**: The report presents the price, cost - profit, operating rate, weekly production, maintenance volume, apparent consumption, inventory, and flake caustic soda inventory trends of caustic soda. It also shows the cost - profit of Shandong chlor - alkali and the double - ton price difference [36][39]. 3.5 PVC Fundamental - Supply Trend - It presents the capacity utilization rate, profit, daily output, weekly maintenance volume, and weekly production trends of calcium - carbide - based and ethylene - based PVC [40][42]. 3.6 PVC Fundamental - Demand Trend - It shows the daily trading volume of PVC traders, weekly pre - sales volume, production - sales ratio, apparent consumption, downstream average operating rate, and operating rates of profiles, pipes, films, paste resin, as well as the profit, cost, monthly production, and apparent consumption of paste resin. It also presents the real - estate investment, construction area, new construction area, sales area, and completion area, as well as social financing scale, M2 increment, local government new - issue special bonds, and infrastructure investment (excluding electricity) year - on - year [45][47][52]. 3.7 PVC Fundamental - Inventory - It shows the trends of exchange warehouse receipts, calcium - carbide - based factory inventory, ethylene - based factory inventory, social inventory, and production enterprise inventory days [56]. 3.8 PVC Fundamental - Ethylene - Based - It presents the import volume of vinyl chloride and ethylene dichloride, PVC export volume, FOB spread of ethylene - based PVC (Tianjin - Taiwan), and import spread of vinyl chloride (Jiangsu - Far East CIF) [58]. 3.9 PVC Fundamental - Supply - Demand Balance Sheet - The report shows the monthly supply - demand situation of PVC from September 2024 to October 2025, including export, demand, social inventory, factory inventory, production, import, and supply - demand difference [61].

交易咨询业务资格：证监许可【2012】1091号 2026-01-07甲醇早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号：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 每日提示 2 多空关注 3 基本面数据 4 检修状况 甲醇2605： 1.部分装置停车：榆林凯越、新疆新业等。 2.伊朗甲醇开工降低；港口库存处于低位。 3.荆门60万吨/年醋酸装置已于5月16日出产品；新疆中和合众60万吨/年醋酸本月下旬 有投产计划。 4.西北CTO工厂甲醇外采。 利空： 1.前期停车装置恢复：内蒙古东华等。 2. 下半月港口预计到船集中； 1、基本面：委内瑞拉遇袭事件虽未直接推高原油期货，但仍带来短期风险溢价，提振市场情绪。然而，当前基本面支 撑不强。国内企业开工率稳在八成以上高位，且部分前期检修装置已回归，上游继续保持低库存销售策略，而冬季传统 下游需求跟进缓慢，部 ...