【重要资讯】 此步兵列：深刻射背下公司员还在但这些就这过的机发着惊似，已具备别使家务涉降企业资产品。本报告分析及实现依据的信息的实动于没干受计、本公司向这些信息的准明出版念整理不作任何来证、也不得证 新优都的意思想这次会发生经时变化。我们它办我们喜见。公正，但文中的观点。我他都这次将参考，不的说任何发变变动。凝贵者候都本相关提供的信息是为您会议所造成的一切后来。 本公司相不负责 。本报告版权仅为本公司所有，永容书面评可。任何知何办人不得以任何到到细胞、复制和发布。如引用、消息，实注明出处考家源规、且不得时本技等进行有限界意的引用、微学和多数 数据来源:SMM和WIND。风险提示:期市有风险,投资需谨慎! 王文虎(F03087656,Z0019472),联系电话:010-82293558 供给端，天齐锂业旗下格林布什锂矿3.万吨湿法项目或于25年10月投产后总产能将达到2.1万吨年，引导国产(进口)跑矿价格震荡趋降下降)，或使国内智精矿4月生产(进口)显环比增加(增加); 中国破避免能打工率(生产量)较上周下降(减少)，中国碳酸图(工业与电池级)(月生产量或环化增加(增加、增加)而供给预期偏检，雅保成减轻盐产线 ...

| ①据海关总署数据显示，2025年3月中国进口铝矿砂及其精矿1647万吨，环比增加39.1%；1~3月累计进口4707万吨，同比增加29.9%。 | | | --- | --- | | ②近日，唐山市在产业布局上取得重大突破，总投资超过435亿元的两大氢氧化铝项目相继落地，年产能规划均为740万吨。 | | | 资讯 | ◎据海外媒体报道，国际矿业巨头力拓集团（Rio Tinto）与能源转型方案供应商AMO金属与材料公司（MC MM）于4月06日签署合作备忘录，共同评估在印度开发一体化低碳格 | | 项目的技术可行性。根据协议，他们将重点研究建设一座车产能100万吨原铝的电解铝厂及配套200万吨氧化铝生产设施。所有生产环节将通过曲水蓄能系统整合的风电、太阳能等 | | | 可再生能源供电。这个项目计划分阶段推进，首期将建设年产50万吨的电解铝示范工厂。 | | | 【重要资讯】 | 1》上诉：山西乡数矿和河南露天矿仍未复采，几内亚政府计划25年底推出"八内亚陪走矿价格指数"但铝击矿管产预期引导供给趋松预期，使国产和贝尔亚(澳洲) 盘击矿价格和 | | 比万降（下降），或使国内铝土矿4月生产（进口）量6化减少 ...

| 国际 价格有所调整，建议投资者前期多单逢高止盈并考虑短线轻仓逢高试空主力合约，伦敦金关注3050~3150附近支撑位及3500~3700附近压力 | | --- | | 位，沪金750~800附近支撑位及850~900附近压力位，伦敦银28~30附近支撑位及35~36附近压力位，沪银7400~7800/8000附近支撑位及 | | 8600-8900附近压力位。(观点评分:-1) | | 電風販売 m 贵金属日评20250423:特朗普表示不会解雇鲍威尔,对中国加征的关税将降低 | | --- | | 交易日期 较昨日变化 较上周变化 2025-04-22 2025-04-21 2025-04-16 | | 成交量 872580.00 385994.00 449355.00 486, 586. 00 423, 225. 00 期货活跃合约 | | 库存(十克) 15678.00 15678.00 15678.00 0. 00 0. 00 上海黄金 | | 收盘价 826. 67 803. 87 780. 70 22. 80 45. 97 (元/克) | | 现货沪金T+D 成交重 124468.00 63 ...

| | | 尿素早评20250423: 宏观情绪或有好转 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 日度 | 变化值 変化值 单位 4月22日 4月21日 | | | | (絶対值) | (相对值) | | 期现价格 | 民素期货价格 | UR01 山东 山西 | 元/吨 元/吨 元/吨 | 1738.00 1840.00 1690.00 | 1725.00 1850.00 1710.00 | 13.00 -10.00 -20.00 | 0.75% -0.54% -1.17% | | | | UR05 | 元/吨 | 1774.00 | 1772.00 | 2.00 | 0.11% | | | (收盘价) | UR09 | 元/吨 | 1783.00 | 1760.00 | 23.00 | 1.31% | | | | | 元/吨 | 1840.00 | 1850.00 | -10.00 | -0.54% | | 国内现货价格 | | 河南 | | | | | | | | (小顆粒) | 河北 | 元/吨 | 1840.0 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The current methanol market shows a certain divergence between the inland and port regions. The inland spot is relatively strong due to factors such as spring maintenance, while the port is relatively weak due to the expected recovery of imports, resulting in a relatively weak performance of methanol futures. There is no obvious driving force for methanol from both the supply and demand sides. The strategy suggestion is to wait and see in the short - term (View score: 1) [1] 3. Summary According to the Catalog 3.1. Futures and Spot Prices and Basis - **Methanol Futures Prices (Closing Prices)**: MA01 decreased from 2342 yuan/ton to 2326 yuan/ton, a decrease of 16 yuan/ton (-0.68%); MA05 decreased from 2353 yuan/ton to 2335 yuan/ton, a decrease of 18 yuan/ton (-0.76%); MA09 decreased from 2275 yuan/ton to 2260 yuan/ton, a decrease of 15 yuan/ton (-0.66%) [1] - **Methanol Spot Prices (Daily Averages)**: Prices in Shandong, Shaanxi, Sichuan - Chongqing, and Inner Mongolia remained unchanged, while prices in Hubei decreased from 2465 yuan/ton to 2415 yuan/ton, a decrease of 50 yuan/ton (-2.03%) [1] - **Basis**: The basis of Taicang spot - MA increased from 63 yuan/ton to 64 yuan/ton, an increase of 1 yuan/ton [1] - **Coal Spot Prices**: The price of Ordos Q5500 decreased from 470 yuan/ton to 462.5 yuan/ton, a decrease of 7.5 yuan/ton (-1.60%); the price of Datong Q5500 decreased from 540 yuan/ton to 532.5 yuan/ton, a decrease of 7.5 yuan/ton (-1.39%); the price of Yulin Q6000 decreased from 535 yuan/ton to 530 yuan/ton, a decrease of 5 yuan/ton (-0.93%) [1] - **Industrial Natural Gas Prices**: Prices in Hohhot and Chongqing remained unchanged [1] 3.2. Profit Situation - **Methanol Production Profit**: The profit of coal - to - methanol in the Northwest MTO increased from 623 yuan/ton to 633 yuan/ton, an increase of 10 yuan/ton (1.61%); the profit of natural gas - to - methanol increased from - 410 yuan/ton to - 350 yuan/ton, an increase of 60 yuan/ton (14.63%) [1] - **Methanol Downstream Profit**: The profit of East China MTO increased from - 749.57 yuan/ton to - 734.07 yuan/ton, an increase of 15.5 yuan/ton (2.07%); the profit of acetic acid increased from 573.93 yuan/ton to 584.93 yuan/ton, an increase of 11 yuan/ton (1.92%); the profit of MTBE decreased from 187.84 yuan/ton to 134.08 yuan/ton, a decrease of 53.76 yuan/ton (-28.62%); the profit of formaldehyde decreased from - 268.80 yuan/ton to - 273.60 yuan/ton, a decrease of 4.8 yuan/ton (-1.79%); the profit of diethylene glycol decreased from 366 yuan/ton to 352 yuan/ton, a decrease of 14 yuan/ton (-3.83%) [1] 3.3. Important Information - **Domestic Futures Prices**: The main methanol contract MA2509 oscillated within a range, opening at 2269 yuan/ton, closing at 2260 yuan/ton, down 12 yuan/ton, with a trading volume of 487391 lots and an open interest of 665951, showing a decrease in volume and an increase in open interest [1] - **Foreign Information**: The reference negotiation price of non - Iranian methanol cargoes arriving in the far - future is 258 - 268 US dollars/ton, and the reference negotiation price of non - Iranian cargoes arriving in the far - future is +1 - 1.5%. For other regions in the Middle East, the reference negotiation price of a small number of far - future arriving cargoes from other Middle Eastern regions is +0.4 - 0.6%. Attention should be paid to the logistics situation in a certain Middle Eastern country recently [1] 3.4. Trading Strategy - The previous trading day saw the MA contract oscillating within a range, with the 09 night session closing at 2258. The Trump administration released a signal of tariff relaxation with China, improving market risk appetite, leading to a rise in US stocks, a fall in gold, and a rise in crude oil, which had a certain boost to the prices of methanol and other energy - chemical products. The strategy suggestion is to wait and see in the short - term [1]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - **Lead**: The lead market is in a state of game between tight raw materials and poor demand. With some refineries reducing production due to raw material shortages and the demand side in the off - season, short - term lead prices are expected to be mainly in wide - range consolidation, and subsequent macro uncertainties need to be continuously monitored [1]. - **Zinc**: In the short term, the macro sentiment has great uncertainties, and zinc prices are mainly in wide - range consolidation. In the long - term, as TC has room for further increase, the center of zinc prices may move down, and subsequent macro sentiment disturbances need to be continuously monitored [1]. 3. Summary by Related Catalogs **Lead Market Data** - **Prices**: The average price of SMM1 lead ingots was 16,850 yuan/ton, unchanged from the previous day; the closing price of the main futures contract of Shanghai lead was 16,950 yuan/ton, down 0.56% from the previous day; the LME3 - month lead futures closing price (electronic disk) was 1,915 US dollars/ton, down 0.36% [1]. - **Basis and Spreads**: The Shanghai lead basis was - 100 yuan/ton; the spread between Shanghai lead near - month and Shanghai lead continuous - one was - 10 yuan/ton, etc. [1]. - **Trading Volume and Open Interest**: The trading volume of the active futures contract was 28,503 lots, down 17.15%; the open interest was 37,471 lots, down 1.80%; the trading volume to open interest ratio was 0.76, down 15.63% [1]. - **Inventory**: LME lead inventory was 281,275 tons, unchanged; Shanghai lead warehouse receipt inventory was 42,746 tons, down 1.86% [1]. **Lead Industry News** - Several lead refineries in central and eastern China have reduced production due to raw material shortages. For example, a refinery in central China reduced production by 50% and now has a daily refined lead output of 200 - 300 tons [1]. **Lead Fundamental Analysis** - **Supply**: Primary lead refineries have basically resumed production, with a significant increase in electrolytic lead output in March. In April, some refineries in Henan entered maintenance, and primary lead output may decrease. Secondary lead refineries are under pressure from losses and raw material shortages, forcing them to reduce their operating rates [1]. - **Demand**: It is currently the off - season for lead consumption, providing limited support for lead prices [1]. **Zinc Market Data** - **Prices**: The average price of SMM1 zinc ingots was 22,510 yuan/ton, up 0.18% from the previous day; the closing price of the main futures contract of Shanghai zinc was 22,285 yuan/ton, down 0.49% from the previous day; the LME3 - month zinc futures closing price (electronic disk) was 2,601 US dollars/ton, up 0.93% [1]. - **Basis and Spreads**: The Shanghai zinc basis was 225 yuan/ton; the spread between Shanghai zinc near - month and Shanghai zinc continuous - one was 240 yuan/ton, etc. [1]. - **Trading Volume and Open Interest**: The trading volume of the active futures contract was 161,940 lots, down 16.81%; the open interest was 130,353 lots, up 3.67%; the trading volume to open interest ratio was 1.24, down 19.76% [1]. - **Inventory**: LME zinc inventory was 192,225 tons, unchanged; Shanghai zinc warehouse receipt inventory was 5,168 tons, down 24.61% [1]. **Zinc Industry News** - Several companies released their Q1 2025 production reports. Sierra Metals' zinc concentrate output in Q1 was about 0.49 million tons, a 12% decrease from the previous quarter; South 32's zinc output in Q1 was 11,000 tons, a 1.85% increase from the previous quarter [1]. **Zinc Fundamental Analysis** - **Supply**: Refineries have sufficient raw material stocks, zinc concentrate processing fees are rising, the restriction of raw material shortage on refinery production is weakening, and the production and profit of refineries are improving, with an obvious trend of increasing output [1]. - **Demand**: The start - up rate of the galvanizing sector has increased, while that of die - casting zinc alloys and zinc oxide has decreased. Downstream enterprises have relatively high raw material inventories and are mainly consuming existing stocks, reducing their purchases of zinc ingots [1].

| 工业硅&多晶硅日评20250423：重心下移 | | | | --- | --- | --- | | 单位 近期趋势 2025/4/23 指标 | 今值 | 变动 | | 不通氧553#（华东）平均价格 元/吨 | 9,600.00 | 0.00% | | 工业硅期现价格 期货主力合约收盘价 元/吨 | 8,800.00 | -0.68% | | 基差（华东553#-期货主力） 元/吨 | 800.00 | 60.00 | | 元/千克 N型多晶硅料 | 39.50 | 0.00% | | 多晶硅期现价格 元/吨 期货主力合约收盘价 | 38,020.00 | -1.04% | | 基差 元/吨 元/吨 | 1,480.00 9,600.00 | 400.00 0.00% | | 不通氧553#（华东）平均价格 不通氧553#（黄埔港）平均价格 元/吨 | 9,650.00 | 0.00% | | 元/吨 不通氧553#（天津港）平均价格 | 9,500.00 | 0.00% | | 不通氧553#（昆明）平均价格 元/吨 | 9,850.00 | 0.00% | | 元/吨 不通氧553#（四川）平均价 ...

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| | | PX&PTA&PR | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/4/23 | 品种 | 更新日期 | 单位 | 现值 | 前值 | 涨跌(幅) | | | 期货结算价(连续):WTI原油 | 2025/4/22 | 美元/桶 | 63.67 | 63.08 | 0.94% | | | 期货结算价(连续):布伦特原油 | 2025/4/22 | 美元/桶 | 67.44 | 66.26 | 1.78% | | 上 游 | 现货价(中间价):石脑油:CFR日本 | 2025/4/22 | 美元/吨 | 576.00 | 572.50 | 0.61% | | | 现货价(中间价):二甲苯(异构级):FOB韩国2025/4/21 | | 美元/吨 | 658.50 | 649.50 | 1.39% | | | 现货价:对二甲苯PX:CFR中国主港 | 2025/4/22 | 美元/吨 | 738.00 | 741.00 | -0.40% | | | CZCE TA 主力合约 收盘价 | 2025/4/22 | 元/吨 | 430 ...