Group 1: Metals and Minerals - Copper (CU): Spot price is 79,500, with a month - to - month basis rate of 0.44%. The settlement price of the current - month contract is 78,300, and the price change compared to yesterday is 795 [4]. - Aluminum (AL): Spot price is 20,630, basis rate is 1.18%. The price change compared to yesterday is 455, and the current - month contract price is 20,390 [4]. - Zinc (ZN): Spot price is 22,000, basis rate is 0.92%. The price change compared to yesterday is 200, and the current - month contract price is 21,520 [4]. - Lead (PB): Spot price is 16,920, basis rate is - 1.00%. The price change compared to yesterday is - 165, and the current - month contract price is 16,925 [4]. - Tin (SN): Spot price is 265,300, basis rate is 0.29%. The price change compared to yesterday is 770, and the current - month contract price is 264,280 [4]. - Nickel (NI): Spot price is 120,725, basis rate is 0.88%. The price change compared to yesterday is 755, and the current - month contract price is 119,970 [4]. - Industrial Silicon: Spot price is 8,700, basis rate is 11.95%. The price change compared to yesterday is 795, and the current - month contract price is 7,355 [4]. - Iron Ore: Spot price is 863, basis rate is 8.07%. The price change compared to yesterday is - 23, and the current - month contract price is 704.5 [4]. - Coke: Spot price is 1,392.5, basis rate is - 4.90%. The price change compared to yesterday is - 67.2, and the current - month contract price is 1,371 [4]. - Coking Coal: Spot price is 980, basis rate is 23.19%. The price change compared to yesterday is 184.5, and the current - month contract price is 795.5 [4]. - Power Coal (ZC): Spot price is 801.4, basis rate is - 23.01%. The price change compared to yesterday is - 184.4, and the current - month contract price is 617 [4]. - Silicon Iron (SF): Spot price is 5,292, basis rate is - 1.85%. The price change compared to yesterday is - 202, and the current - month contract price is 5,090 [4]. - Manganese Silicon (SM): Spot price is 5,622, basis rate is - 2.07%. The price change compared to yesterday is 266, and the current - month contract price is 5,584 [4]. - Stainless Steel: Spot price is 12,750, basis rate is 4.76%. The price change compared to yesterday is 145, and the current - month contract price is 12,530 [4]. - Glass (FG): Spot price is 1,130, basis rate is 15.31%. The price change compared to yesterday is 89, and the current - month contract price is 980 [4]. Group 2: Agricultural Products - Soybean (A): Spot price is 4,242, basis rate is - 6.65%. The price change compared to yesterday is - 170, and the current - month contract price is 4,130 [4]. - Soybean Meal (M): Spot price is 3,073, basis rate is - 6.40%. The price change compared to yesterday is - 223, and the current - month contract price is 2,850 [4]. - Rapeseed Meal (RM): Spot price is 2,671, basis rate is - 4.90%. The price change compared to yesterday is 159, and the current - month contract price is 2,374 [4]. - Soybean Oil (Y): Spot price is 8,300, basis rate is 4.27%. The price change compared to yesterday is 724, and the current - month contract price is 7,960 [4]. - Rapeseed Oil (OI): Spot price is 9,650, basis rate is 1.53%. The price change compared to yesterday is 466, and the current - month contract price is 9,374 [4]. - Peanut (PK): Spot price is 9,400, basis rate is 13.31%. The price change compared to yesterday is 1,306, and the current - month contract price is 8,296 [4]. - Palm Oil (P): Spot price is 8,790, basis rate is - 0.59%. The price change compared to yesterday is 532, and the current - month contract price is 8,372 [4]. - Corn (C): Spot price is 2,391, basis rate is 0.89%. The price change compared to yesterday is 68, and the current - month contract price is 2,312 [4]. - Corn Starch (CS): Spot price is 2,781, basis rate is 0.52%. The price change compared to yesterday is 20, and the current - month contract price is 2,720 [4]. - Apples (AP): Spot price is 7,800, basis rate is 2.50%. The price change compared to yesterday is 177, and the current - month contract price is 7,610 [4]. - Eggs (JD): Spot price is 5,666, basis rate is 27.41%. The price change compared to yesterday is - 1,069, and the current - month contract price is 3,660 [4]. - Live Pigs: Spot price is 14,250, basis rate is 3.41%. The price change compared to yesterday is 670, and the current - month contract price is 13,780 [4]. - Cotton (CF): Spot price is 13,530, basis rate is 9.53%. The price change compared to yesterday is - 1290, and the current - month contract price is 14,820 [4]. Group 3: Chemicals - Methanol (MA): Spot price is 2,630, basis rate is 2.20%. The price change compared to yesterday is 166, and the current - month contract price is 2,464 [4]. - Ethanol (EG): Spot price is 4,455, basis rate is 0.10%. The price change compared to yesterday is 81, and the current - month contract price is 4,323 [4]. - PTA: Spot price is 5,000, basis rate is 4.91%. The price change compared to yesterday is 234, and the current - month contract price is 4,766 [4]. - Polypropylene (PP): Spot price is 7,370, basis rate is 3.32%. The price change compared to yesterday is 237, and the current - month contract price is 7,059 [4]. - Polyester Staple Fiber (PF): Spot price is 6,530, basis rate is 0.31%. The price change compared to yesterday is 94, and the current - month contract price is 6,442 [4]. - Plastic: Spot price is 7,350, basis rate is 0.16%. The price change compared to yesterday is 12, and the current - month contract price is 7,338 [4]. - PVC (V): Spot price is 5,405, basis rate is 11.21%. The price change compared to yesterday is 486, and the current - month contract price is 4,860 [4]. - Rubber (RU): Spot price is 14,825, basis rate is - 0.07%. The price change compared to yesterday is - 925, and the current - month contract price is 13,900 [4]. - 20 - number Rubber (NR): Spot price is 12,315, basis rate is 1.28%. The price change compared to yesterday is 420, and the current - month contract price is 12,055 [4]. - Soda Ash (SA): Spot price is 1,214, basis rate is 3.41%. The price change compared to yesterday is 40, and the current - month contract price is 1,174 [4]. - Urea (UR): Spot price is 1,750, basis rate is 1.57%. The price change compared to yesterday is - 175, and the current - month contract price is 1,723 [4]. - Pulp (SP): Spot price is 6,133, basis rate is - 0.71%. The price change compared to yesterday is 16.28, and the current - month contract price is 5,232 [4]. Group 4: Energy and Others - Crude Oil (SC): Spot price is 524.6, basis rate is - 6.05%. The price change compared to yesterday is 3.3, and the current - month contract price is 505.5 [4]. - Fuel Oil: Spot price is 3,497, basis rate is 0.33%. The price change compared to yesterday is 221, and the current - month contract price is 3,079 [4]. - Asphalt (BU): Spot price is 3,800, basis rate is 3.63%. The price change compared to yesterday is 301, and the current - month contract price is 3,499 [4]. - Low - Sulfur Fuel Oil (LU): Spot price is 3,946, basis rate is 1.85%. The price change compared to yesterday is 117, and the current - month contract price is 3,260 [4]. - LPG (PG): Spot price is 4,698, basis rate is 6.82%. The price change compared to yesterday is 488, and the current - month contract price is 4,275 [4]. Group 5: Financial Index - CSI 300 (IF): Spot price is 3,873.8, basis rate is 0.10%. The price change compared to yesterday is 4.0, and the current - month contract price is 3,869.8 [4]. - SSE 50 (IH): Spot price is 2,685.0, basis rate is 0.25%. The price change compared to yesterday is 6.6, and the current - month contract price is 2,637.6 [4]. - CSI 500 (IC): Spot price is 5,767.8, basis rate is 0.01%. The price change compared to yesterday is 11.6, and the current - month contract price is 5,582.0 [4].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the content. 2. Core View The report presents the basis rate statistics of various futures on May 27, 2025, including details such as trading codes, prices of different contracts, spot prices, basis rates, and their changes compared to the previous day. This data can be used by investors to analyze the market conditions and potential investment opportunities of different commodities futures [4]. 3. Summary by Commodity Category Non - Ferrous Metals - **Copper (CU)**: The spot price is 78,590, the basis rate is 0.15%, and the price of the next - month contract is 77,910 with a change of 320 compared to the previous day [4]. - **Aluminum (AL)**: The spot price of SMM A00 aluminum is 20,350, the basis rate is 0.97%, and the price of the next - month contract is 20,155 with a change of - 0.05% compared to the previous day [4]. - **Zinc (ZN)**: The spot price of SMM 0 zinc ingot is 22,570, the basis rate is 1.69%, and the price of the next - month contract is 22,195 with a change of - 0.15% compared to the previous day [4]. - **Lead (PB)**: The spot price of SMM 1 lead ingot is 16,835, the basis rate is - 0.98%, and the price of the next - month contract is 16,840 with a change of - 160 compared to the previous day [4]. - **Tin**: The spot price of SMM 1 tin is 264,640, the basis rate is - 0.02%, and the price of the next - month contract is 264,500 with a change of - 50 compared to the previous day [4]. - **Nickel (NI)**: The spot price of SMM 1 electrolytic nickel is 123,210, the basis rate is 1.06%, and the price of the next - month contract is 122,850 with a change of 940 compared to the previous day [4]. Industrial Metals and Minerals - **Industrial Silicon**: The spot price of SMM Huayue Tongyang 553 silicon is 8,800, the basis rate is 11.40%, and the price of the next - month contract is 7,720 with a change of 875 compared to the previous day [4]. - **Carbonate Lithium**: The spot price of domestic 99.5% carbonate lithium is 60,400, the basis rate is 3.43%, and the price of the next - month contract is 61,420 with a change of 1,01% compared to the previous day [4]. Precious Metals - **Gold (AU)**: The spot price of AuT + D on the Shanghai Gold Exchange is 779.22, the basis rate is - 5.36%, and the price of the next - month contract is 777.30 with a change of - 3.44 compared to the previous day [4]. - **Silver (AG)**: The spot price of Ag(T + D) on the Shanghai Gold Exchange is 8,299, the basis rate is - 0.50%, and the price of the next - month contract is 8,280 with a change of - 41 compared to the previous day [4]. Steel and Related Products - **Rebar (RB)**: The spot price of HRB400 20mm in Shanghai is 3,140, the basis rate is 4.53%, and the price of the next - month contract is 3,020 with a change of 120 compared to the previous day [4]. - **Hot - Rolled Coil (HC)**: The spot price of Q235B 4.75mm in Shanghai is 3,220, the basis rate is 2.61%, and the price of the next - month contract is 3,161 with a change of 82 compared to the previous day [4]. Energy and Chemicals - **Crude Oil (SC)**: The spot price of Chinese Shengli crude oil in the Pacific Rim is 455.0, the basis rate is - 1.63%, and the price of the next - month contract is 452.2 with a change of - 2.8 compared to the previous day [4]. - **Fuel Oil (FU)**: The spot price of bonded marine fuel oil 380CST in Zhoushan is 3,57, the basis rate is 5.13%, and the price of the next - month contract is 3,193 with a change of - 3.04 compared to the previous day [4]. - **LPG (PG)**: The spot price in Guangzhou is 4,798, the basis rate is 18.12%, and the price of the next - month contract is 4,091 with a change of - 0.61% compared to the previous day [4]. - **Methanol (MA)**: The spot price in East China is 2,293, the basis rate is 3.87%, and the price of the next - month contract is 2,239 with a change of - 0.77% compared to the previous day [4]. - **PTA (TA)**: The spot price in East China is 4,905, the basis rate is 3.83%, and the price of the next - month contract is 4,598 with a change of 0.14% compared to the previous day [4]. - **Polypropylene (PP)**: The market price of Hangzhou Shaoxing Sanyuan T30S is 7,430, the basis rate is 7.23%, and the price of the next - month contract is 6,896 with a change of 0.29% compared to the previous day [4]. - **Styrene (EB)**: The spot price in East China is 7,825, the basis rate is 8.76%, and the price of the next - month contract is 7,005 with a change of 3.90% compared to the previous day [4]. - **Short - Fiber (PF)**: The price of Fangxiang semi - glossy natural white 1.56 * 38mm polyester staple fiber is 6,560, the basis rate is 2.02%, and the price of the next - month contract is 6,402 with a change of 0.01% compared to the previous day [4]. - **PVC**: The spot price of the calcium - carbide method in East China is 5,405, the basis rate is 11.10%, and the price of the next - month contract is 5,100 with a change of - 0.25% compared to the previous day [4]. - **Rubber (RU)**: The spot price of Thai - made rubber in the Qingdao Free Trade Zone is 15,285, the basis rate is - 0.69%, and the price of the next - month contract is 14,300 with a change of - 860 compared to the previous day [4]. - **20 Standard Rubber (NR)**: The spot price of Thai 20 standard rubber in the Qingdao Free Trade Zone is 12,771, the basis rate is 1.00%, and the price of the next - month contract is 12,410 with a change of - 0.51% compared to the previous day [4]. - **Soda Ash (SA)**: The market price in Shache and Chongqing is 1,289, the basis rate is 2.79%, and the price of the next - month contract is 1,237 with a change of 1 compared to the previous day [4]. - **Urea (UR)**: The spot price of small - particle urea in Henan is 1,850, the basis rate is 1.87%, and the price of the next - month contract is 1,737 with a change of - 1.03% compared to the previous day [4]. - **Pulp (SP)**: The spot price of bleached softwood pulp (Silver Star, Chile) is 6,248, the basis rate is 15.65%, and the price of the next - month contract is 5,300 with a change of 948 compared to the previous day [4]. Agricultural Products - **Soybeans**: The spot price of domestic third - grade soybeans in Harbin is 4,087, the basis rate is - 3.3%, and the price of the next - month contract is 2,950 with a change of - 152 compared to the previous day [4]. - **Soybean Meal**: The spot price of ordinary protein soybean meal in Zhangjiagang is 3,002, the basis rate is - 3.7%, and the price of the next - month contract is 2,709 with a change of - 100 compared to the previous day [4]. - **Rapeseed Meal**: The spot price of ordinary rapeseed meal in Nantong is 2,349, the basis rate is 0.01%, and the price of the next - month contract is 2,332 with a change of - 96 compared to the previous day [4]. - **Vegetable Oils and Fats**: - **First - Grade Soybean Oil**: The spot price in Zhangjiagang is 8,120, the basis rate is 5.40%, and the price of the next - month contract is 7,682 with a change of 590 compared to the previous day [4]. - **Rapeseed Oil**: The spot price in Jiangsu is 9,610, the basis rate is 2.43%, and the price of the next - month contract is 9,026 with a change of 228 compared to the previous day [4]. - **Peanut Oil**: The spot price of Baisha peanuts (45% oil content, 9% water content) in Changtu is 8,800, the basis rate is 6.64%, and the price of the next - month contract is 8,252 with a change of 548 compared to the previous day [4]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong is 8,520, the basis rate is 7.12%, and the price of the next - month contract is 7,954 with a change of - 0.30% compared to the previous day [4]. - **Grains**: - **Corn**: The spot price of second - grade national standard corn at Bayuquan Port is 2,344, the basis rate is 0.09%, and the price of the next - month contract is 2,320 with a change of - 24 compared to the previous day [4]. - **Corn Starch**: The factory price in Changchun is 2,723, the basis rate is 1.39%, and the price of the next - month contract is 2,690 with a change of - 33 compared to the previous day [4]. - **Livestock and Poultry Products - **Pigs**: The spot price of external ternary pigs in Henan is 14,430, the basis rate is 6.10%, and the price of the next - month contract is 13,00 with a change of 130 compared to the previous day [4]. - **Soft Commodities - **Cotton**: The spot price of the cotton price index 328 in Xinjiang is 13,445, the basis rate is 0.19%, and the price of the next - month contract is 13,385 with a change of 1221 compared to the previous day [4]. - **Sugar**: The spot price of daily - consumption sugar in Liuzhou is 6,200, the basis rate is 6.26%, and the price of the next - month contract is 5,653 with a change of - 0.04% compared to the previous day [4]. Stock Index Futures - **CSI 300 (IF)**: The spot price is 3,860.1, the basis rate is - 0.18%, and the price of the next - month contract is 3,831.2 with a change of 28.9 compared to the previous day [4]. - **SSE 50 (IH)**: The spot price is 2,699.4, the basis rate is 0.56%, and the price of the next - month contract is 2,646.2 with a change of 47.2 compared to the previous day [4]. - **CSI 500 (IC)**: The spot price is 5,669.5, the basis rate is - 0.30%, and the price of the next - month contract is 5,400.0 with a change of 74.9 compared to the previous day [4].

1.基差率为主力合约基差率，计算公式： 基差率－ (现货价格-主力合约价格) /主力合约价格。基基率历史最值计算的样本为2015年1月1日至今。 2.数据来源： Wind金融终端、钢联数据终端。带"报价为周更数据； 带"报价现货与基准交割品有差别。 迈科期货基差统计表 备注 ※有色金属期货价格为结算价,其他期货价格为收盘价。 Maike 迈科期货 TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE www.mkgh.com | 交易代码 基差率 | 名称 | | | 较昨日增减 | 当月基差 | 次月基差 | 再次月基差 | 当月合约 | 次月合约 | 再次月合约 | 现货价格 | 现货价格来源 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.40% | 詞 | CU | 1.10% | | 852 | 1305 | 1725 | 77580 | 77130 | 76710 | 78435 | SMM 1#电解铜 | | 铝 | | AL | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Last week, asphalt production increased slightly, and terminal demand recovered seasonally. Some refineries fulfilled contracts at the end of the month, boosting overall shipments. However, demand recovery was slow amidst increased production, leading to inventory accumulation. With rising and stabilizing temperatures in the north and the absence of the rainy season in the south, road construction conditions have improved, and demand is expected to continue rising under the catch - up construction expectations in the final year of the 14th Five - Year Plan. Currently, the asphalt crack spread is at a high level, with limited upside potential. It may fluctuate under the continuous rebound of crude oil. It is advisable to wait and see. The reference support for BU2506 is 3000, and the pressure is 3600 [5]. 3. Summary by Relevant Catalogs Supply - **Profit**: The asphalt crack spread decreased. The profit of independent refineries' atmospheric and vacuum distillation units decreased, while that of major refineries increased. The production profit of asphalt decreased [4][6][8]. - **Capacity Utilization**: The capacity utilization rates of both independent and major refineries slightly decreased. However, the stable production of Xinjiang Tianze, Qilu Petrochemical, CNOOC Sichuan, and Yunnan Petrochemical, along with the resumption of asphalt production at Jiangsu Xinhai and Henan Fengli, increased the overall capacity utilization and production [4][8][19]. - **Production**: As of the 16th, the Longzhong petroleum asphalt operating rate was 28.7%, a 4% increase from the previous period. The large - sample production was 492,000 tons, a 13,000 - ton (2.7%) increase [19]. Demand - **Shipment Volume**: The weekly shipment volume increased, mainly in Shandong. The shipment volume of 54 samples reached 367,100 tons, a 14.6% increase. Shandong's shipment volume increased significantly due to the resumption of asphalt production at Shandong Dongming Petrochemical and the fulfillment of contracts by some refineries. In contrast, the shipment volume in the Northeast decreased significantly due to the impact of falling international oil prices on downstream purchasing enthusiasm [19]. - **Modified Asphalt Operating Rate**: Last week, the operating rates of downstream rubber shoe materials, road modified asphalt, and waterproofing membranes remained flat at 23.33%, 20%, and 32% respectively. Currently, the operating rates of various modified asphalts have basically returned to seasonal levels but are still relatively low compared to historical periods. The capacity utilization rate of 69 modified asphalt plants was 6.4%, a 1.1% increase. The resumption of work in the modified asphalt industry accelerated intermittently, especially in the north where good weather boosted production enthusiasm, while the south showed a slow increase [33]. Inventory - The weekly factory inventory, social inventory, and total inventory all increased. As of the 14th, the inventory of 54 Longzhong asphalt factories was 917,000 tons, a 0.8% (7500 - ton) increase. Except for Shandong, inventories increased in all regions, with the largest increase in the Northeast due to slow downstream demand. The inventory of 76 social warehouses was 1.393 million tons, a 1.2% (16,000 - ton) increase, mainly in Central China due to concentrated stocking by some traders [22].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The short - term market will fluctuate and adjust. Policy changes are frequent, and risks should be controlled. The reference price ranges for the main contracts are 7500 - 7800 for soybean oil, 7900 - 8200 for palm oil, and 9100 - 9400 for rapeseed oil [40] Summary by Related Catalogs Palm Oil - **Production and Inventory**: High - frequency data shows a 4% increase in Malaysian palm oil production in the first 15 days of April. With more rainfall in the next 1 - 2 weeks in southern Malaysia, April production is expected to reach the 5 - year average. In March, production was 1.39 million tons, up 16.76% month - on - month, and the end - of - March inventory was 1.56 million tons, up 3.52% month - on - month, still at a relatively low level [6][9] - **Export**: According to SGS, Malaysia's palm oil exports from April 1 - 15 increased 7.05% month - on - month. India's import profit has improved, and it may increase palm oil purchases, which eases the short - term inventory build - up pressure [11][15] - **Domestic Situation**: As of the end of the 15th week of 2025, domestic palm oil commercial inventory was 348,000 tons, down 9,000 tons from the previous week. Spot prices weakened, with a weekly decline of 170 - 270 yuan, and the basis also decreased slightly [19][23] Soybean Oil - **International Market**: CBOT soybeans and Brazilian soybean premiums show an inverse relationship. Brazilian farmers' active sales and the new soybean harvest in Argentina suppress the increase in premiums, limiting the performance of domestic soybean - related products [28] - **Domestic Situation**: As of the end of the 15th week of 2025, domestic soybean oil port inventory was about 687,000 tons, down 54,000 tons from the previous week. The factory operating rate recovered to nearly 40% but was still low. This week's factory soybean oil sales volume was 278,700 tons, an increase of 62,500 tons week - on - week [31][33] Rapeseed Oil - **Inventory and Sales**: As of the end of the 15th week of 2025, domestic rapeseed oil inventory in East China was 645,000 tons, and coastal inventory was 127,000 tons, basically unchanged from the previous week. Terminal demand was weak, and inventory increased slightly. This week's average transaction price was 9,349 yuan, down 49 yuan from last week [38]

Report Industry Investment Rating - Not provided in the given content Core Views - Cost side: Affected by Trump's tariff exemption news, risk assets in the macro - level have stabilized temporarily, but related negotiations are at a stalemate, and market sentiment is cautious. The fundamentals of crude oil have limited marginal changes, with overall expectations slightly improved and support still existing [6]. - Supply side: Last week, the PTA capacity utilization rate decreased. Over the weekend, PTA plants such as Fujian Baihong and Yisheng Dahua restarted. Without new maintenance plans, the PTA operating rate is expected to rise this week [8]. - Production profit: Last week, the PTA production profit declined. Before the macro - pessimistic sentiment eases and there are no obvious positive signs on the demand side, the PTA production profit is unlikely to recover significantly [8]. - Inventory: Last week, the total PTA inventory continued to decline, but the available days of in - factory inventory increased. The raw material inventory of downstream polyester and the warehouse receipt inventory both decreased [8]. - Demand side: Last week, the polyester operating rate remained high, but the average available days of inventory increased, and the average production profit decreased [8]. - Overall logic: The cost - side support from crude oil remains. In terms of PTA supply and demand, supply decreased and demand remained high last week. The fundamentals are good, and the total inventory is continuously decreasing, but the pessimistic sentiment caused by tariffs has led to a decline in PTA processing fees. In the later stage, if there is no new maintenance for the restarted PTA plants last week, the operating rate will rise this week. Although the polyester on the demand side is at a seasonal high in operating rate, under the pressure of high inventory, insufficient orders, and compressed profits, the high operating rate is difficult to maintain in the long term. If the PTA operating rate continues to increase, supply and demand may turn weak. However, considering the cost - side support, the short - term PTA price is expected to fluctuate. The view is to take a wait - and - see attitude towards the short - term PTA price, with the reference range for the main contract being 4200 - 4500 [6][8][9]. Summary by Related Catalogs Market Review - PTA futures price: Last week, the PTA price fluctuated narrowly and rose, with the highest price reaching 4398 yuan/ton and the lowest dropping to 4218 yuan/ton [15]. - PTA futures trading volume and open interest: Last week, the PTA futures trading volume decreased from 2.1226 million lots to 1.3233 million lots, and the open interest increased from 1.5443 million lots to 1.6102 million lots [20]. Supply - PTA weekly operating rate: The PTA capacity utilization rate decreased from 77.99% to 76.74%, and the output decreased from 1.3617 million tons to 1.3385 million tons [28]. - PTA restart and maintenance plans: Fujian Baihong and Yisheng Dahua plants restarted over the weekend. Without new maintenance, the operating rate is expected to increase this week. There are also multiple plants with maintenance and restart schedules, such as Hainan Yisheng, Sichuan Energy Investment, etc. [32]. Profit - PTA processing fee: Last week, the PTA spot processing fee decreased from 393.4 yuan/ton to 322.89 yuan/ton, and the average disk processing fee decreased from 392.63 yuan/ton to 338.43 yuan/ton [38]. Inventory - PTA total inventory: The PTA total inventory continued to decline, from 2.7843 million tons to 2.5549 million tons. The available days of in - factory inventory increased from 4.32 days to 4.36 days, the PTA raw material inventory of polyester factories decreased from 760,600 tons to 701,200 tons, and the warehouse receipt inventory decreased from 810,900 tons to 695,100 tons [47]. Demand - Polyester operating rate and output: Last week, the polyester capacity utilization rate decreased from 91.31% to 91.09%, and the output increased from 1.5506 million tons to 1.5588 million tons [53]. - Polyester inventory and production profit: The average polyester inventory increased from 15.56 days to 16.16 days, and the average production profit decreased from 53.02 yuan/ton to - 8.02 yuan/ton [60].

www.mkqh.com 宏观仍有风险，关注北美种植期天气 投研服务中心 2025.4.14 @2019 Maike Futures 豆粕 近端弱预期，宏观仍有扰动 近端弱预期，宏观仍有扰动 -国际方面： 上周美方关税政策震荡反复，对其他国家关税延迟，CBOT大豆回升。但关税政策仍极大 影响中方进口美豆意愿。全球大豆贸易流向继续重塑，显著推涨巴西大豆升贴水，抬升 国内进口大豆成本。从美豆进口季节性规律来看，远月09合约受影响更大。在新作美豆 播种面积减少的情况下，种植期天气将加大盘面波动性。但需注意巴西大豆本年度产量 增加，出口窗口的拉长或将熨平三季度美豆紧缺影响。同时关注未来中美贸易关系是否 会有缓和。 -国内供需： 当前为巴西大豆上市高峰期，进口大豆将逐步进入压榨环节，近月供应相对充足。目前 部分区域进口大豆通关速度较慢，油厂开机率下滑。关税提振市场情绪，下游买兴增加， 油厂豆粕去库。 -结论及观点： USDA4月供需报告维持此前预估，关注5月新作供需格局预估 | | | | | 全球和主要国家新作大豆供需平衡表(百万吨) | | | | | | | --- | --- | --- | --- | --- ...

玻璃厂库存去化，纯碱产量高位碱厂累库 TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE 迈科期货投研服务中心 2025.04.07 Maike 迈科期货 www.mkqh.com @2019 Maike Futures 玻璃：下游深加工恢复较慢，玻璃厂库存去化 供应：短中期内玻璃产量变化不大，上周玻璃产量环比小幅回升。上周浮法玻璃产量110.88万吨（+0.05），全国浮法玻璃 开工率75.42%（-0.24）。 需求：3月31日下游深加工厂订单天数8.2天（+0.2），浮法玻璃周度表需2461.45万重量箱（+161.7），下游需求恢复缓 慢。中长期看，房地产竣工下行对玻璃需求有压制，但需关注二手房成交好转或将带来超预期的需求支撑。短期需警惕盘面 下行或将带动投机需求走弱。 库存：玻璃产销好转，玻璃厂库存去化。湖北地区玻璃厂库存去化。上周全国浮法玻璃样本企业总库存6575.7万重箱（一 125.5）。上周湖北厂内库存580万重量箱（-55.4）。 成本与利润：玻璃成本环比下滑，价格略有上升，上周利润环比回升。 结论及观点：美国对华关税政策带动市场情绪悲观，风险 ...