Group 1: Report Core Views Palm Oil - Internationally, Malaysian BMD crude palm oil futures are in a volatile consolidation. Short - term, they tried to break through 4,200 ringgit due to the rise of US soybean oil but fell back due to the expected record - high inventory of 2.71 million tons in late November. Watch if it can stand above 4,150 ringgit to avoid a downward trend [3]. - Domestically, Dalian palm oil futures attempted to break through the annual resistance of 8,800 yuan. If Malaysian palm oil fails to break through 4,200 ringgit, Dalian palm oil may weaken, possibly falling below 8,500 yuan. It's mainly near - strong and far - weak, and focus on the annual resistance breakthrough [3]. Soybean Oil - Domestically, factory soybean oil supply is sufficient, demand is limited, and the basis in some areas has declined, dragging down the futures market. CBOT soybean oil is rising, but the geopolitical risk premium of international crude oil decreased after the US - Russia talks, affecting domestic oil markets. The January contract of Dalian soybean oil is testing 8,300 yuan and may fall back to test 8,220 yuan [4]. Bean Meal - The main contract of Dalian bean meal has shifted to the 2605 contract. The high - yield pattern restricts its upside, but La Nina may cause production cuts. The spot price is stable, and the market is trading lightly in the 3,000 - 3,200 yuan/ton range [14]. Group 2: Price Information Oil Price - **Palm Oil**: Palm oil 01 is 8,730 yuan/ton (+0.11%), palm oil 05 is 8,764 yuan/ton (+0.25%), palm oil 09 is 8,596 yuan/ton (+0.33%), BMD palm oil is 4,155 ringgit/ton (-0.1%), Guangzhou 24 - degree palm oil is 8,740 yuan/ton (+80), and its basis is 10 yuan/ton (+70) [6]. - **Soybean Oil**: Soybean oil 01 is 8,286 yuan/ton (+0.03%), soybean oil 05 is 8,094 yuan/ton (-0.04%), soybean oil 09 is 8,030 yuan/ton (+0.07%), CBOT soybean oil is 52.58 cents/pound (+0.5%), Shandong first - grade soybean oil is 8,490 yuan/ton (unchanged), and its basis is 202 yuan/ton (+10) [10]. Oilseed Price - **Bean Meal**: Bean meal 01 is 3,046 (+1, +0.03%), bean meal 05 is 2,847 (-1, -0.04%), bean meal 09 is 2,959 (+2, +0.07%) [15]. - **Rapeseed Meal**: Rapeseed meal 01 is 2,408 (-15, -0.62%), rapeseed meal 05 is 2,409 (-4, -0.17%), rapeseed meal 09 is 2,476 (-3, -0.12%) [15]. Group 3: Spread Information Oil Spread - **Palm Oil Spread**: P 1 - 5 is - 22 yuan/ton (+24), P 5 - 9 is 174 yuan/ton (+10), P 9 - 1 is - 152 yuan/ton (-34) [5]. - **Soybean Oil Spread**: Y 1 - 5 is 192 yuan/ton (-10), Y 5 - 9 is 58 yuan/ton (+2), Y 9 - 1 is - 250 yuan/ton (+8) [5]. - **Inter - oil Spread**: Y - P 01 is - 432 yuan/ton (-68), Y - P 05 is - 646 yuan/ton (-34), Y - P 09 is - 530 yuan/ton (-26), Y/M 01 is 2.7218 (-0.2%), Y/M 05 is 2.8427 (-0.33%), Y/M 09 is 2.7183 (-0.24%) [5]. Oilseed Spread - **Bean Meal Spread**: M 01 - 05 is 197 (-7), M 05 - 09 is - 109 (+3), M 09 - 01 is - 88 (+4) [16][19]. - **Rapeseed Meal Spread**: RM 01 - 05 is 10 (-10), RM 05 - 09 is - 66 (-1), RM 09 - 01 is 56 (+11) [16][19]. - **Bean - Rapeseed Meal Spread**: The spot spread is 600 (-20), the futures spread is 622 (+6) [19].

. 贵金属有色金属产业日报 2025/12/03 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和建议。 在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形下做出修 改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使独立判断。对交 易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻版、复制、发表、引用 或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。 本 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Views - **Steel**: The overall finished steel products are supported by raw material costs, with improving profits. The market may pre - trade market expectations, and steel prices will fluctuate moderately. The operating range of rebar is likely between 3000 - 3300 yuan/ton, and that of hot - rolled coil is between 3200 - 3500 yuan/ton. Attention should be paid to the destocking speed of steel and downstream consumption. The risk lies in the potential negative feedback from the decline in the profitability of steel enterprises [3]. - **Iron Ore**: In the short term, the fundamentals of iron ore have improved, and the valuation has been repaired. The price will maintain high - level fluctuations. The current supply - demand contradiction is not prominent, and the accumulation speed of port inventory has slowed down [22]. - **Coking Coal and Coke**: The supply of coking coal has limited marginal changes, but the profits of terminal steel mills are under pressure, and pig iron production is continuously decreasing. Coking coal supply and demand have turned into a slight surplus, and short - term coal prices will remain under pressure. For coke, due to the decline in coking coal cost, the immediate coking profit has been repaired. Subsequently, coke supply is expected to increase and may face inventory accumulation pressure [35]. - **Ferroalloys**: Ferroalloys face a fundamental situation of high self - inventory and weak demand. The cost center of gravity may shift downward, but the supply side maintains a trend of production reduction. The downside space of ferroalloys is limited, and they are expected to fluctuate weakly. Although the recent strength of finished steel prices may drive the rebound of ferroalloys, they may return to their own fundamentals after the rebound [50]. - **Soda Ash**: Soda ash is mainly priced by cost. Without trend - based production cuts, the valuation has limited upward flexibility. The rigid demand expectation of soda ash has weakened further. The medium - and long - term supply of soda ash is expected to remain high, and the upper - and middle - stream inventory is high, which restricts the price [68]. - **Glass**: In December, the expectation of cold - repair of glass production lines has resurfaced. Near - month contracts will follow the reality (delivery logic), and the key lies in the spot expectation in Hubei. In reality, with the recent acceleration of cold - repair and the expectation of further decline in daily melting, the short - term near - end of glass has strengthened, and the spot price has increased, but the sustainability remains to be observed [92]. 3. Summary by Relevant Catalogs Steel - **Futures Prices**: On December 3, 2025, the closing price of rebar 01 contract was 3137 yuan/ton, and that of hot - rolled coil 01 contract was 3319 yuan/ton [4]. - **Spot Prices**: On December 3, 2025, the aggregated price of rebar in China was 3331 yuan/ton, and the price of hot - rolled coil in Shanghai was 3310 yuan/ton [10][12]. - **Spreads**: The 01 - 05 spread of rebar was - 32 yuan/ton, and that of hot - rolled coil was - 5 yuan/ton on December 3, 2025 [4]. Iron Ore - **Futures Prices**: On December 3, 2025, the closing price of 01 contract was 799.5 yuan/ton, and the 01 - 05 spread was 22.5 yuan/ton [23]. - **Spot Prices**: On December 3, 2025, the price of Rizhao PB powder was 797 yuan/ton [23]. - **Fundamentals**: As of November 28, 2025, the daily average pig iron output was 234.68 tons, and the port inventory was 15210.12 tons [29]. Coking Coal and Coke - **Futures Spreads**: On December 3, 2025, the 09 - 01 spread of coking coal was 162.5 yuan/ton, and that of coke was 179.5 yuan/ton [39]. - **Spot Prices**: On December 3, 2025, the ex - factory price of Anze low - sulfur main coking coal was 1580 yuan/ton, and the ex - factory price of Jinzhong quasi - first - grade wet coke was 1430 yuan/ton [42]. - **Profits**: The immediate coking profit was 55 yuan/ton on December 3, 2025 [42]. Ferroalloys - **Silicon Iron**: On December 3, 2025, the spot price of silicon iron in Ningxia was 5200 yuan/ton, and the 01 - 05 spread was - 14 yuan/ton [51]. - **Silicon Manganese**: On December 3, 2025, the spot price of silicon manganese in Inner Mongolia was 5530 yuan/ton, and the 01 - 05 spread was - 48 yuan/ton [52]. Soda Ash - **Futures Prices**: On December 3, 2025, the closing price of soda ash 05 contract was 1233 yuan/ton, and the 5 - 9 spread was - 62 yuan/ton [69]. - **Spot Prices**: On December 3, 2025, the market price of heavy soda ash in North China was 1300 yuan/ton [69]. Glass - **Futures Prices**: On December 3, 2025, the closing price of glass 05 contract was 1125 yuan/ton, and the 5 - 9 spread was - 54 yuan/ton [93]. - **Spot Prices**: The 01 contract basis in Shahe was 37 yuan/ton on December 3, 2025 [93]. - **Sales and Production**: On November 28, 2025, the sales - to - production ratio of glass in Shahe was 162% [94].

Report Overview - The report is a Feed and Livestock Daily, covering the markets of pigs, corn & starch, and eggs on December 2, 2025 [1] Pig Market Core View - Policy disturbances may affect long - term pig supply. Long - term strategy is bullish, but short - to - medium - term is still based on fundamentals. Recent second - fattening purchases have weakened, near - month supply pressure persists, while far - month prices are bullish due to expectations [3] Price Information - **Spot Prices**: The national average spot price is 11.32 yuan, down 0.06 yuan (-0.53%). Prices vary in different regions, with Guangdong up 1.63% and Henan down 1.66% [4] - **Futures Prices**: For example, the closing price of Live Pig 01 is 11455 yuan, down 40 yuan (-0.35%), while Live Pig 03 is up 0.45% [5] - **Spreads and Basis**: The spread of LH01 - 03 is 290 yuan, up 75 yuan (34.88%) [10] Corn & Starch Market Core View - National prices continue to rise slightly. Ports and Northeast production areas are up, while high arrivals in Shandong suppress the increase. Spot trading is good. Futures are consolidating after a continuous rally, with some long - liquidation, but the trend is still bullish in the medium - term [14] Price Information - **Futures Prices**: Corn 01 closes at 2243 yuan, up 7 yuan (0.31%); Corn Starch 05 is down 0.34% [15][16] - **Spot and Basis**: For example, the price at Jinzhou Port is 2295 yuan, up 10 yuan, and the basis of Jinzhou Port's main - continuous contract is 49 yuan, up 18 yuan [20] - **Monthly Spreads**: The corn 1 - 5 monthly spread is -37 yuan, down 5 yuan [23] - **US Corn**: CBOT Corn Main - continuous is down 0.61%, and the import profit of US Gulf is 288.14 yuan [28] Egg Market Core View - Long - term egg - laying hen capacity is still in surplus, putting pressure on prices. Short - term, due to a rapid post - holiday price drop, some farmers are culling or molting hens. Overall, capacity is at a high but approaching a turning point, with a generally bearish long - term trend [30] Price Information - **Futures Prices**: Egg 05 closes at 3652 yuan, up 59 yuan (1.64%), while Egg 09 is down 0.48% [31] - **Spot Prices**: The price of main - producing area eggs is 3.09 yuan, unchanged [32] - **Spreads and Basis**: The spread of Egg 1 - 5 is -392 yuan, down 77 yuan (24.44%) [43]

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - In the medium - to long - term, central bank gold purchases and the growth prospects of investment demand will boost the price of precious metals. In the short - term, low inventory and potential short - term demand release increase the upward price elasticity. Platinum and palladium prices mainly follow gold and silver [3]. - The arrival of domestic electrolytic copper is scarce, and downstream restocking at low prices has led to a decline in inventory, keeping the futures market strong. However, new downstream orders are growing weakly, and the market will maintain a high - level shock consolidation after the breakthrough [15]. - The Shanghai Aluminum futures are oscillating strongly due to improved macro - sentiment and the impetus from copper and silver. Alumina is in an oversupply situation. Cast aluminum alloy has strong follow - up to Shanghai Aluminum and has strong downside support [34][35]. - Macro - sentiment has improved, and the probability of interest - rate cuts is considered high. On the fundamental side, smelters are competing fiercely for ore, leading to a significant decline in TC. Supply is shrinking, and demand is entering the off - season. The market is in a stalemate and will oscillate strongly in the short - term [65]. - Nickel iron prices have been declining recently, and some iron plants are inclined to cut production. Stainless steel is running strongly, but its upward momentum is expected to be limited [80]. - In the short - term, the supply of tin has raw - material problems and frequent disturbances, so Shanghai Tin will maintain a high - level shock [96]. - In the context of Ningde's resumption of production, the supply - demand game in the lithium carbonate market will intensify, and price fluctuations are expected to widen. There is a short - term pressure at the 100,000 yuan/ton mark, and prices may experience a phased correction [109]. - Industrial silicon is in a situation of weak supply and demand, and its fundamentals are difficult to improve in the short - term. In the long - term, the downward price space is limited. The short - term trading of the polysilicon market focuses on the game between warehouse receipts and open interest, and price fluctuations are expected to increase [121]. 3. Summaries According to Relevant Catalogs Precious Metals - **Price Forecast**: London Silver's target has been raised to 65 after breaking through 55, with the first resistance at 60. London Gold has resistance at 4250 and strong resistance at 4400, with support at 4000 [3]. - **Price Index**: SHFE gold and silver futures prices, COMEX gold prices and gold - silver ratios, and the relationship between gold prices, the US dollar index, and US Treasury real interest rates are presented [4][8][9]. - **Inventory**: SHFE and COMEX gold and silver inventories are shown [14]. Copper - **Market Situation**: The futures market is strong due to low inventory, but new downstream orders are growing weakly. The market will maintain a high - level shock [15]. - **Price Data**: Futures and spot prices, import profits and losses, and refined - scrap price differences are provided [15][22][26][29]. - **Inventory**: SHFE and LME copper inventories are presented [30][31]. Aluminum - **Market Situation**: Shanghai Aluminum is oscillating strongly due to macro - factors and the impetus from other metals. Alumina is in an oversupply situation [34]. - **Price Data**: Futures and spot prices, price differences between different contracts, and import profits and losses are provided [36][43][50][56]. - **Inventory**: SHFE and LME aluminum and alumina inventories are presented [58]. Zinc - **Market Situation**: Macro - sentiment has improved, but the fundamental side is in a stalemate. The market will oscillate strongly in the short - term [65]. - **Price Data**: Futures and spot prices, price differences between different contracts, and LME zinc's 0 - 3m and 3 - 15m spreads are provided [66][71]. - **Inventory**: SHFE and LME zinc inventories are presented [74][76]. Nickel - **Market Situation**: Nickel iron prices are declining, and some iron plants are inclined to cut production. Stainless steel is running strongly, but its upward momentum is limited [80]. - **Price Data**: Futures and spot prices, trading volume, open interest, and basis are provided [81]. - **Related Data**: Nickel ore prices, inventory, and downstream profit margins are presented [87][88][90]. Tin - **Market Situation**: The supply of tin has raw - material problems and frequent disturbances, so it will maintain a high - level shock [96]. - **Price Data**: Futures and spot prices, import profits and losses, and processing fees are provided [97][102][107]. - **Inventory**: SHFE and LME tin inventories are presented [104]. Lithium Carbonate - **Market Situation**: The supply - demand game will intensify, and price fluctuations are expected to widen. There is short - term pressure at the 100,000 yuan/ton mark, and prices may correct [109]. - **Price Data**: Futures and spot prices, price differences between different contracts, and price differences between different grades are provided [110][113]. - **Inventory**: Exchange and social inventories are presented [119]. Industrial Silicon and Polysilicon - **Market Situation**: Industrial silicon is in a weak supply - demand situation, and its fundamentals are difficult to improve in the short - term. The polysilicon market's short - term trading focuses on the game between warehouse receipts and open interest [121]. - **Price Data**: Industrial silicon and polysilicon spot and futures prices are provided [121][131]. - **Related Data**: Production, inventory, and cost data of industrial silicon and polysilicon are presented [145][152][154].

油脂油料产业日报 2025/12/02 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究 ...

Report Investment Rating - No investment rating for the industry is provided in the report. Core Views - Overall, the cost of raw materials supports the prices of finished steel products, and profits are gradually improving. The steel market may anticipate future trends, leading to a slightly upward - trending price movement. The expected price range for rebar is between 3000 - 3300 yuan/ton, and for hot - rolled coil, it is between 3200 - 3500 yuan/ton. Attention should be paid to the inventory reduction speed and downstream consumption. However, a decline in steel enterprise profitability may trigger negative feedback [3]. - In the short term, the fundamentals of iron ore have improved, and its valuation has been restored. The price is expected to maintain a high - level oscillation. There is no significant supply - demand contradiction currently, and the accumulation rate of port inventory has slowed down [22]. - For coking coal, the supply change is limited, but due to the pressure on terminal steel mill profits and the continuous reduction of molten iron production, the supply - demand balance has shifted to a slight surplus. Short - term coal prices will remain under pressure. For coke, as the cost of coking coal decreases, the profit of coking enterprises has been restored, and subsequent coke supply is expected to increase, potentially leading to inventory accumulation [35]. - Ferroalloys face high inventory and weak demand. Although the cost may decrease due to the impact of coking coal supply guarantee, the supply reduction trend limits the downward price space. It is expected to oscillate weakly. Although the strength of finished steel prices may drive a short - term rebound, ferroalloys are likely to return to their weak fundamentals after the rebound [51]. - Soda ash is mainly priced based on cost. Without a trend - based production reduction, its valuation lacks upward flexibility. The acceleration of glass cold - repair has weakened the rigid demand for soda ash. Although exports remain high, the high inventory of the upstream and mid - stream restricts the price [67]. - In December, there are expectations of glass production line cold - repair, which will affect long - term pricing and market expectations. The near - term contract will follow the current market situation. Recently, due to the acceleration of cold - repair and the expected decline in daily melting volume, the short - term price of glass has strengthened, but the sustainability is uncertain. High inventory levels during the off - season pose pressure on the spot market [92]. Summary by Category Steel - **Futures Price**: On December 2, 2025, the closing price of rebar 01 contract was 3133 yuan/ton, 05 contract was 3169 yuan/ton, and 10 contract was 3208 yuan/ton. The closing price of hot - rolled coil 01 contract was 3325 yuan/ton, 05 contract was 3322 yuan/ton, and 10 contract was 3338 yuan/ton [4]. - **Spot Price**: On December 2, 2025, the aggregated rebar price in China was 3331 yuan/ton, and the aggregated hot - rolled coil price in Shanghai was 3310 yuan/ton [9][11]. - **Price Difference**: The 01 contract spread between hot - rolled coil and rebar was 192 yuan/ton, and the spot price difference in Shanghai was 10 yuan/ton [16]. Iron Ore - **Futures Price**: On December 2, 2025, the closing price of 01 contract was 800.5 yuan/ton, 05 contract was 775.5 yuan/ton, and 09 contract was 751.5 yuan/ton [23]. - **Spot Price**: On December 2, 2025, the price of Rizhao PB powder was 797 yuan/ton, Rizhao Carajas powder was 890 yuan/ton, and Rizhao Super Special powder was 690 yuan/ton [23]. - **Fundamentals**: As of November 28, 2025, the daily average molten iron production was 234.68 tons, 45 - port cargo clearance volume was 330.58 tons, and the global shipping volume was 3323.2 tons [30]. Coking Coal and Coke - **Futures Spread**: On December 2, 2025, the 09 - 01 spread of coking coal was 148 yuan/ton, and the 09 - 01 spread of coke was 201 yuan/ton [39]. - **Spot Price**: On December 2, 2025, the ex - factory price of Anze low - sulfur coking coal was 1580 yuan/ton, and the ex - factory price of Jinzhong quasi - first - grade wet coke was 1430 yuan/ton [42]. Ferroalloys - **Silicon Iron**: On December 2, 2025, the basis in Ningxia was 2 yuan/ton, and the spot price in Ningxia was 5200 yuan/ton [52]. - **Silicon Manganese**: On December 2, 2025, the basis in Inner Mongolia was 158 yuan/ton, and the spot price in Inner Mongolia was 5530 yuan/ton [53]. Soda Ash - **Futures Price**: On December 2, 2025, the 05 contract price was 1244 yuan/ton, the 09 contract price was 1307 yuan/ton, and the 01 contract price was 1183 yuan/ton [68]. - **Spot Price**: On December 2, 2025, the heavy - soda market price in North China was 1300 yuan/ton, and the light - soda market price was 1250 yuan/ton [68]. Glass - **Futures Price**: On December 2, 2025, the 05 contract price was 1145 yuan/ton, the 09 contract price was 1195 yuan/ton, and the 01 contract price was 1034 yuan/ton [93]. - **Spot Market**: As of November 28, 2025, the sales - to - production ratio in Shahe was 162%, and in Hubei, it was 160% [94].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint of the Report - Supply has increased. Although the maintenance of equipment remains at a medium level, the gradual recovery of some major overhaul equipment has put pressure on the supply side. The performance of the traditional peak demand season is below expectations. Although the operating rates of most downstream industries remain at a high level for the year, the subsequent orders of some factories have slowed down. Downstream buyers are highly cautious, with low willingness to purchase raw materials, and most are making just - in - time purchases at low prices. Overall, the supply - demand trend is loose [5]. 3. Summary by Directory Supply - PE production enterprises' operating rate is 84.51%, a 2.17% week - on - week increase; PE weekly output is 68.48 tons, also a 2.17% week - on - week increase [8]. Demand - The weighted operating rate of PE downstream industries remains stable, with a rate of 44.3%, a 0.39% week - on - week decrease [8]. Inventory - This week, PE enterprises' inventory is 45.4 tons, a 9.80% week - on - week decrease; social inventory is 47.11 tons, a 3.05% week - on - week decrease [8]. Upstream and Cost No specific data or analysis provided in the summary part, only some upstream - related charts are shown. Price and Profit - This week, the PE spot price has decreased by 0.40% week - on - week to 7076 yuan/ton, and the PE futures price has decreased by 0.44% week - on - week to 6789 yuan/ton [8]. Basis and Calendar Spread - The basis is 288; the (1 - 5) calendar spread is - 60 [8].

交易咨询业务：沪证监许可【2012】1515号 能源化工周报—苯乙烯 2025年12月1日 研究员：兰雪 交易咨询：Z0018543 审核：唐韵 Z0002422 http://www.eafutures .com 免责声明：本报告的信息均来源于公开资料，我公司对这些信息的准确性和完整性不做任何 保证，也不保证所包含的信息和建议不会发生任何变更。文中的观点、结论和建议仅供参考， 报告中的信息或意见并不构成所述证券或期货的买卖出价或征价，投资者据此做出 的任何投 资决策与本公司和作者无关。 地址：上海市虹口区东大名路1089号26层2601-2608单元 • 观点：成本端原油反弹，给苯乙烯带来支撑。苯乙烯短期有部分装置检修提振，但是整体供应仍旧处高位。本周华东港口库存延续 累库，库存高位现状难改，处于近五年同期高位。三大下游利润普遍亏损，整体刚性需求为主，没有明显增量，现货需求预期偏弱， 同时三大下游库存处于同期高位。整体供需趋势宽松。 数据来源：同花顺、隆众资讯 东亚期货 2 基本面要点： 数据来源：同花顺、隆众资讯 东亚期货 3 基本面信息： • 供给： EB生产企业开工率67.29% ，环比-1.66%； ...

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