金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 2 0 2 5 / 1 2 / 2 3 GOLDTRUST FUTURES CO.，LTD PTA 主力合约：12月23日PTA主力期货合约TA605今天上涨4.52%，基差走弱至-85元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价4955元/吨，较前一交易日上涨73元/吨。成本端布伦特原油期货反弹至62美元/桶；供给端PTA产能 利用率73.81%，华东一套220万吨装置计划24日复车；周度PTA工厂库存天数3.76天，环比减少0.1天。 主力合约：12月23日乙二醇主力期货合约eg2605下跌3.02%，基差走弱至-153元/吨。 基本面：今日乙二醇华东地区市场价3522元/吨，较前一交易日下跌93元/吨。华东主港地区MEG库存总量65.98万吨,较上一期增加3.18 万吨（库区样本调整为不含宁波库区数据）。 主力动向：空头主力增仓 走势预期：之前多套装置停车检修对乙二醇供应端压力形成缓解，随着近期部分装置重启，累库预期尚未扭转，且当前库存的绝对高 位对价格形成压制，关注本周库存变动情况。预计乙二醇价 ...

金信期货日刊 本刊由金信期货研究院撰写 2025/12/23 GOLDTRUST FUTURES CO.，LTD 看多焦煤主力合约的五大理由 5.情绪修复驱动：前期空头资金持续流出后，政策利好推动盘面大幅反弹，市场情绪从悲观转向修复，技 术性反弹动能充足。操作上，中长期逢回调分批布局多单，短期严控仓位。 GOLDTRUST FUTURES 数据来源：公开资料、金信期货 观点仅供参考，市场有风险，入市需谨慎 GOLDTRUST FUTURES CO.，LTD ibaotu.com 热点聚焦 1.估值已至低位：12月累计跌幅超20%，创下年内新低，当前价格低于蒙煤进口成本线，现货升水期货形 成安全垫，估值修复空间显著。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 2.政策暖风护航：六部门发文推动煤炭清洁高效利用，《求是》强调整治"内卷式"竞争，政策引导行业 秩序改善，提振市场预期。 3.补库需求临近：钢厂焦煤库存低于往年12%，春节前冬储补库窗口将启，焦企、钢厂需补至14-15天安 ...

GOLDTRUST FUTURES CO.，LTD PTA 主力合约：12月22日PTA主力期货合约TA605今天上涨4.52%，基差走强至-82元/吨。 金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 2 0 2 5 / 1 2 / 2 2 主力动向：空头主力增仓 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 走势预期：PTA之前检修的产能将逐步开始重启，去库格局不可持续；下游聚酯开工维持高位超预期，关注聚酯工厂节前提前放假情 况。预计短期PTA随成本端宽幅震荡。 MEG 主力合约：12月22日乙二醇主力期货合约eg2605下跌0.61%，基差走弱至-121元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价4882元/吨，较前一交易日上涨117元/吨。成本端布伦特原油重回61美元/桶；供给端PTA产能利用率 73.81%，华东一套220万吨装置计划24日复车；周度PTA工厂库存天数3.76天，环比减少0.1天。 基本面：今日 ...

GOLDTRUST FUTURES CO.， LTD 焦煤上涨属短期情绪+冬储预期驱动的反弹 金信期货日刊 本刊由金信期货研究院撰写 2 0 2 5 / 1 2 / 2 2 ibaotu.com 热点聚焦 驱动1：冬季环保预警频发，限产的不只是焦化 12月以来北方多地触发环保橙色预警，陕西韩城、山西临 汾及河南平顶山、安阳、河北邯郸地区焦企陆续执行环保限产，焦化企业限产幅度20%-35%不等。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 驱动2：年底煤矿检修、政策"反内卷"提振情绪，前期超跌后估值修复，冬储补库预期升温. 关键位：12月18日主力合约最高1136.5元，1200元为强阻力（套牢盘集中），1050元为短期支撑，1000 元整数关有成本托底 。 驱动3：国家发改委、工信部、生态环境部等部门关于发布《煤炭清洁高效利用重点领域标杆水平和基准 水平（2025年版）》，结合煤炭行业发展现状和潜力，在此前重点领域能效标杆水平和基准水平的基础上， 将燃煤发电供热煤耗、煤制天然气 ...

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The EIA's "Short-Term Energy Outlook (STEO)" report predicts that global oil inventories will continue to rise in 2026, with an average price of $55 per barrel. Supply surplus pressure is the core driver of oil prices, and geopolitical factors may cause short - term rebounds but not significant surges [4] - The domestic PX load is stable this week, and there are maintenance plans in January, with expected supply contraction. The PX processing fee continues to rise. The PTA device has little change, and downstream polyester load is high, but terminal demand is weak. PTA prices are expected to fluctuate with the cost side [4] - The domestic ethylene glycol (MEG) operating rate has decreased this week, and the spot price has rebounded from the bottom. High inventory is the core factor suppressing prices. In the short - term, prices may fluctuate widely, and in the long - term, there is a downward expectation [5] - Pure benzene has reduced production due to low profits, and its domestic operation has slightly decreased with high port inventories. Downstream demand is weak, and it is expected to fluctuate weakly. Styrene has a low operating rate due to many overhauls, and it is expected to fluctuate weakly with the cost side [5] Summary by Variety Crude Oil - The EIA's "Short - Term Energy Outlook (STEO)" report predicts that global oil inventories will continue to rise in 2026, with an average price of $55 per barrel [4] - The situation in Venezuela is favorable for the geopolitical level, but its oil exports are still normal. There is no new progress in deepening sanctions on the Russian energy sector [4] - Supply surplus pressure is the core driver of oil prices. Geopolitical factors may cause short - term rebounds but not significant surges [4] PX & PTA PX - The domestic PX weekly average capacity utilization rate is 89.21%, unchanged from last week; the Asian PX weekly average capacity utilization rate is 78.97%, a 0.15% decrease from last week [8] - The PX - naphtha spread reached a new high of $290 per barrel this year [8] - Zhejiang Petrochemical has a more than one - month maintenance plan for CDU and reforming in January 2026, and PX is expected to reduce its load by about 10% [8] - In the fourth quarter, the maintenance of PX devices at home and abroad is limited, and the PX operation can be stably maintained at a high level. Terminal demand is expected to stabilize and recover. Overall, supply and demand are stable, and PXN is supported. PX prices are expected to fluctuate with crude oil prices [8] PTA - The PTA spot market price this week is 4,617 yuan per ton, a 16 - yuan decrease from last week. The PTA weekly average capacity utilization rate is 73.81%, unchanged from last week [12] - The in - factory inventory days are 3.76 days, a 0.1 - day decrease from last week [12] - In 2026, the domestic PTA capacity is expected to remain stable with no new capacity put into operation [12] - This week's PTA processing fee is 175 yuan per ton, a 1 - yuan decrease from last week. In the long - term, there is a view of inventory accumulation, and the PTA price rebound is limited [12] MEG - The ethylene glycol price has hit a new low this year. The weekly market price is 3,650 yuan per ton, a 4 - yuan decrease from last week [16] - The domestic ethylene glycol comprehensive capacity utilization rate is 61.71%, a 0.24% decrease from last week. The coal - based ethylene glycol capacity utilization rate is 61%, a 0.16% increase from last week [16] - The production gross profit is - 1,045 yuan per ton, an 84 - yuan increase from last week [16] - An Inner Mongolia 400,000 - ton/year syngas - to - ethylene glycol device has advanced its maintenance plan, and it is expected to stop until January 9, 2026 [16] - This week, the ethylene glycol port inventory has continued to rise, with the East China port inventory reaching 770,000 tons, a 15,000 - ton increase from last week [16] BZ & EB Pure Benzene - The pure benzene operating rate this week is 74.94%, a 0.17% decrease from last week [26] - The pure benzene port inventory has significantly increased to 260,000 tons, unchanged from last week [26] - Downstream PS, ABS, and EPS operating rates are all decreasing year - on - year. The demand resilience needs further observation [26] Styrene - The styrene operating rate is 69.13%, a 0.84% increase from last week, and BZN is stable at about $115 per ton [26] - Styrene has reduced inventory, with the port inventory at 146,800 tons, a 13,800 - ton decrease from last week, and the East China in - factory inventory at 102,300 tons, a 3,400 - ton decrease from last week [26] Polyester - The weekly average capacity utilization rate of the Chinese polyester industry this week is 86.9%, a 0.06% increase from last week, with short - fiber inventory reduction and long - filament inventory accumulation [20] - The comprehensive operating rate of chemical fiber weaving in the Jiangsu and Zhejiang regions is 62.90%, a 0.79% decrease from the previous data [20] - The average terminal weaving order days are 11.07 days, a 0.83 - day decrease from last week; the average terminal weaving finished product inventory level is 26.12 days, a 0.54 - day increase from last week [20] - The demand of downstream industries is gradually weakening, the winter fabric stocking is coming to an end, new orders are significantly reduced, and the spring - summer order placement is hesitant [20]

Group 1: Report Overview - Report Date: December 19, 2025 [1] - Report Issuer: Jinxin Futures Research Institute [1] Group 2: Coking Coal Analysis Core View - Coking coal price increase is a short - term rebound driven by sentiment and winter storage expectations [2] Driving Factors - Since December, environmental protection warnings in the north have led to coking enterprises' production restrictions of 20% - 35% [3] - Year - end coal mine maintenance, policy support, and winter storage replenishment expectations have boosted sentiment [3] - Relevant departments have released standards for the clean and efficient use of coal [3] Supply and Demand - Mongolian coal imports are at a high level, and domestic high - quality production capacity is steadily increasing, with a loose supply pattern [4] - Real estate has dragged down steel demand, and the blast furnace hot metal output of steel mills is low, making it difficult for the rigid demand for coking coal to significantly recover [4] Market Rhythm - Winter storage may bring short - term pulses but is difficult to sustain; rapid price increases may trigger an increase in imported coal, suppressing the increase [4] Operation Suggestions - In the medium and long term, gradually lay out long positions on dips; in the short term, strictly control positions [4] Key Price Levels - On December 18, the highest price of the main contract was 1,136.5 yuan; 1,200 yuan is a strong resistance level, 1,050 yuan is a short - term support level, and 1,000 yuan has cost support [3] Group 3: A - share Market Analysis Market Performance - The A - share market showed a differentiated trend. The technology sector adjusted, and the banking sector supported the market. The Shanghai Composite Index closed slightly up, while other indices generally rose and then fell [6] Technical Analysis - The 15 - minute cycle can be regarded as a consolidation of the previous day's afternoon rally. If the consolidation ends, there may be another rally [6] Operation Suggestions - High - sell on rallies tomorrow, but do not chase the rise [6] Group 4: Gold Market Analysis Market Trend - After a period of sideways consolidation, gold shows signs of upward movement [8] Operation Suggestions - Try to go long [8] Group 5: Iron Ore Market Analysis Supply and Demand - With the commissioning of the Simandou project, the expectation of a loose supply has further fermented. On the demand side, except for exports, the real estate and infrastructure sectors are still in the process of bottom - seeking, and domestic demand support is weak [10][11] Technical Analysis - Adopt a wide - range oscillation strategy, selling high and buying low [10] Group 6: Glass Market Analysis Market Drivers - The daily melting volume has declined, and the inventory has decreased this week. The main drivers are policy - side stimulus and supply - side clearance [15] Technical Analysis - In the short term, regard it as an oscillating market [14][15] Group 7: Palm Oil Market Analysis Market Situation - As the palm oil - producing areas gradually enter the production - reduction season, if Malaysian palm oil exports remain weak, there may be inventory accumulation in December [16] Operation Suggestions - Seize short - selling opportunities [16] Group 8: Pulp Market Analysis Market Outlook - With domestic policies boosting domestic demand, overseas pulp mills reducing production, and the elimination of backward papermaking production capacity, the demand for commercial pulp is expected to improve [19] Market Judgment - An oscillating market is expected [19]

金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 2 0 2 5 / 1 2 / 1 8 GOLDTRUST FUTURES CO.，LTD PTA 主力合约：12月18日PTA主力期货合约TA605今天上涨1.54%，基差走强至-69元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价4655元/吨，较前一交易日上涨51元/吨。成本端布伦特原油60美元附近震荡；供给端PTA产能利用 率73.81%；周度PTA工厂库存天数3.76天，环比减少0.1天。 主力动向：多空主力分歧 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 走势预期：PTA之前检修的产能将逐步开始重启，去库格局不可持续；下游聚酯开工维持高位超预期，预计终端需求或将转弱，关注 聚酯工厂节前提前放假情况。预计PTA市场依旧跟随成本端震荡运行。 MEG 主力合约：12月18日乙二醇主力期货合约eg2605下跌0.21%，基差走弱至-130元/吨。 基本面：今日乙二醇华东地 ...

金信期货日刊 本刊由金信期货研究院撰写 2 0 2 5 / 1 2 / 1 8 GOLDTRUST FUTURES CO.， LTD 非农有喜有忧，11月失业率升至四年新高 ibaotu.com 热点聚焦 美国11月季调后非农就业人口增加6.4万人，增幅大于市场普遍预期的5万人。美国11月失业率录得4.6%， 超过预期的4.4%，为2021年9月以来新高。美国11月平均每小时工资年率和月率分别录得3.5%和0.1%， 低于预期的3.6%和0.3%。 沪银主力12月17日收涨5.05%至15006元，中长期上涨逻辑未破，短期需防高位震荡回调 。 支撑端，光伏、新能源汽车等工业需求占比超58%，2025年供需缺口约5000吨，上期所库存处于5年低位， 供应端扩产乏力。 宏观上，美联储12月降息落地，2026年降息预期延续，美元走弱强化白银金融属性，资金持续涌入 。 短期风险在于，年内涨幅超125%，技术面RSI超买，上期所上调保证金与涨跌停板抑制投机，高位获利了 结压力上升 。 技术面呈高位震荡偏强，关键支撑14600-14800元。 操作上，中长期逢回调分批布局多单，短期严控仓位，谨防非农等数据冲击引发波动。 ...

本刊由金信期货研究院撰写 2 0 2 5 / 1 2 / 1 7 GOLDTRUST FUTURES CO.，LTD PTA 主力合约：12月17日PTA主力期货合约TA605今天上涨0.30%，基差走强至-72元/吨。 金 信 期 货 P T A 乙 二 醇 日 刊 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价4604元/吨，较前一交易日上涨10元/吨。成本端布伦特原油跌破60美元；供给端PTA产能利用率 73.81%；周度PTA工厂库存天数3.86天，环比减少0.06天。 主力动向：空头主力减仓 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 走势预期：PTA之前检修的产能将逐步开始重启，去库格局不可持续；下游聚酯开工维持高位超预期，预计终端需求或将转弱，关注 聚酯工厂节前提前放假情况。预计PTA市场依旧跟随成本端震荡运行。 MEG 主力合约：12月17日乙二醇主力期货合约eg2605上涨0.67%，基差走弱至-107元/吨。 基本面：今日乙二醇华东地区 ...

金信期货日刊 本刊由金信期货研究院撰写 ibaotu.com 热点聚焦 12月16日纯碱主连价格报1170元/吨，此前纯碱期货经历一波低位反弹 。其后续走势短期或震荡偏强，中 长期仍偏空，具体如下： 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 短期：纯碱持续去库且行业长期亏损，对价格形成底部支撑，16日SA2601合约价涨且基差收敛，空头平 仓主导反弹。 同时下游玻璃企业按需补库，短线可依托1140-1150支撑看多头，关注1190 - 1200区间压制情况，整体 大概率维持震荡偏强态势。 中长期 ：供应端压力难消，阿拉善天然碱产能及远兴能源二期产能逐步释放，行业供应宽松格局不变。 需求端浮法玻璃产能出清、光伏玻璃行业调整，纯碱刚需走弱，仅碳酸锂高开工率提供少量支撑。均预计 中长期纯碱价格区间下移，整体需以超跌反弹思路对待。 2 0 2 5 / 1 2 / 1 7 GOLDTRUST FUTURES CO.， LTD 纯碱价格上涨，短多反弹对待？ GOLDTRUST FUTUR ...