www.thqh.com.cn 一、日度市场总结 乙二醇期货主力合约价格5月20日收于4366元/吨，较前日下跌32元 （-0.73%），现货华东市场价格同步走弱至4500元/吨，跌幅1.64%。 情绪消化后理性预期回归，乙二醇盘面高位回落等待消息指引 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn 供应方面，黔希煤化30万吨产能装置4月30日停车检修一个月左右，新疆天 业95万吨产能4月3日-5月6日停车检修，哈密广汇40万吨产能3月21日因管 道问题停车，预计持续到7月，中化学新材料30万吨装置3月23日停车，预 计6月初重启。扬子巴斯夫34万吨装置4月7日检修30-40天，中沙天津38万 吨装置4月21日检修45天左右，中海壳牌35万吨装置5月6日停车检修20天左 右。截至5月15日，中国大陆地区乙二醇整体开工负荷在60.51%（环比上期 下降8.48%），其中草酸催化加氢法（合成气）制乙二醇开工负荷在60.04% （环比上期下降6.71%）。5月12日-5月18日，张家港到货数量约为4.3万 吨 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - Geopolitical risks have led to an increase in oil prices at the cost - end, providing short - term support for PX and PTA. PX and PTA are in the maintenance season, with a significant reduction in supply. The resonance of cost and supply - demand factors drives the market to run strongly. However, attention should be paid to terminal orders, production and sales, and transaction situations. The short - term volatile pattern of oil prices has limited support for the cost - end of polyester. The inventory pressure of polyester yarn has been relieved, and future attention should be paid to the stocking rhythm of downstream yarn mills [2][4][5] - The future price of PX may fluctuate or rebound slightly due to the large basis and possible cost impact of oil prices. PTA may face the dual pressure of weakening cost support and insufficient demand, and its price may continue to decline [34] Group 3: Summary According to Relevant Catalogs 1. Daily Market Summary PTA & PX - On May 20, the PX main contract closed at 6,668.0 yuan/ton, down 1.24% from the previous trading day, with a basis of 204.0 yuan/ton. The PTA main contract closed at 4,732.0 yuan/ton, down 0.92% from the previous trading day, with a basis of 268.0 yuan/ton. The closing price of the Brent crude oil main contract was 65.48 US dollars/barrel, and WTI closed at 62.15 US dollars/barrel. The total transaction volume of the Light Textile City was 748.0 million meters, and the 15 - day average transaction volume was 987.53 million meters [3] - Regarding supply, many PX and PTA plants have maintenance plans or have been restarted. The domestic PX plant operating rate is 73%, and the Asian operating rate is 67.9%. The PTA operating rate is around 75.6%, and the polyester operating rate is around 94.2%. Geopolitical risks may cause a rapid increase in crude oil prices [4] Polyester - On May 20, the short - fiber main contract closed at 6,506.0 yuan/ton, down 0.58% from the previous trading day. The spot price in the East China market was 6,585.0 yuan/ton, down 50.0 yuan/ton from the previous trading day, with a basis of 79.0 yuan/ton. The 15 - day average trading volume of the Light Textile City showed a slight downward trend. The inventory of polyester yarn decreased, and the inventory pressure was not large [5] 2. Industrial Chain Price Monitoring - The prices of PX, PTA, and short - fiber futures and spot, as well as their trading volume, open interest, basis, and price differences, are presented in detail in the report. The prices of some products such as Brent crude oil, US crude oil, and ethylene glycol remained unchanged on May 20 compared with the previous day. The prices of some polyester products such as polyester bottle chips decreased [6] - The processing spreads of some products such as PTA decreased slightly, and the trading volume of the Light Textile City decreased. The inventory days of polyester yarn decreased [7] 3. Industrial Dynamics and Interpretation Macro Dynamics - On May 20, Atlanta Fed President Bostic reiterated his preference for only one interest rate cut this year; New York Fed President Williams said the recent economic data was very good but the economy was full of uncertainties; Fed Vice - Chair Jefferson treated Moody's downgrade of the US rating as general data for policy - making; Dallas Fed President Logan said the Fed should consider strengthening mechanisms to prevent money - market rate spikes more effectively when the market is under pressure [8] - On May 19, the US one - year inflation expectation in May reached the highest level since 1981; consumer confidence slightly declined to the second - lowest in history but ended four consecutive months of sharp decline. Fed Bostic expected one interest rate cut this year and that the US would not fall into a recession. It was reported that the Fed planned to lay off 10% of its staff in the next few years [8] Supply - Demand (Demand) - On May 20, the total transaction volume of the Light Textile City was 748.0 million meters, a month - on - month decrease of 8.56%. The trading volume of long - fiber fabrics was 588.0 million meters, and that of short - fiber fabrics was 160.0 million meters. On November 6, the 15 - day average production and sales rate of polyester factories was 53.56% [9] 4. Industrial Chain Data Charts - The report includes multiple data charts such as PX and PTA futures and basis, spot prices, capacity utilization rates, and processing profits, as well as charts related to short - fiber futures and basis, and industrial chain load rates [10][12][14]

能源化工 通惠期货•研发产品系列 苯乙烯日报 2025 年 5 月 21 日 星期三 苯乙烯日报：地缘消息反复，警惕上游价格波动 一、 日度市场总结 通惠期货研发部 （1）基本面 价格：5 月 20 日苯乙烯主力合约收跌 1.88%，报 7580 元/吨，基差 270 元/吨（+24 元/吨）； 成本：5 月 20 日布油主力合约收盘 62.1 美元/桶（+0.1 美元/桶），WTI 原油主力合约收盘 65.5 美元/桶（+0.1 美元/桶），华东纯苯现货报价 6100 元/吨（+40 元/吨）。 库存：苯乙烯样本工厂库存 21.3 万吨（-1.9 万吨），环比减少 8.2%，江 苏港口库存 5.7 万吨（-1.2 万吨），环比下降 17.2%，苯乙烯库存持续去化， 现货流动性收紧。 供应：苯乙烯检修装置逐渐回归，供应有增量预期。受部分装置重启影 响，苯乙烯周产量环比下滑 1.29%至 32.65 万吨（-0.42 万吨），工厂产能利 用率 71.3%（-0.9%）。 需求：下游 3S 开工率变化不一，其中 EPS 产能利用率 62.3% （+15.0%），ABS 产能利用率 67.4%（-1.6%），PS ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The current maintenance of ethylene glycol plants has led to an expansion of supply reduction, and the supply - demand structure is relatively good. Polyester production remains at a high level. The result of the Sino - US trade negotiation exceeded market expectations, the terminal export expectation was repaired, orders were advanced, and the stocking demand may increase significantly. Under strong expectations, ethylene glycol should be treated with cautious optimism, and the actual arrival rhythm of ports should be continuously monitored [2][3] Summary by Relevant Catalogs 1. Daily Market Summary - **Price**: The price of the main ethylene glycol futures contract fell slightly by 0.39% to 4,398 yuan/ton, while the spot price in the East China market rose by 35 yuan to 4,575 yuan/ton, and the basis widened to 172 yuan/ton [2] - **Supply**: Multiple ethylene glycol production facilities are under maintenance. As of May 15, the overall ethylene glycol operating load in mainland China was 60.51% (down 8.48% from the previous period). From May 12 - 18, the planned arrival volume at major ports was about 5.5 tons [2] - **Demand**: The polyester factory load was 94.2%. The domestic weaving comprehensive operating rate was around 63.80%, up 63.80% from last week. The comprehensive operating rate in the Jiangsu and Zhejiang regions was 60.68%, up 0.62% from last week [3] - **Inventory**: As of May 18, the inventory at major ports in East China was about 74.3 tons, a decrease of 0.8 tons from the previous period [3] 2. Industrial Chain Price Monitoring - **Futures and Spot**: The main ethylene glycol futures contract price decreased by 0.39%, the trading volume decreased by 16.16%, and the open interest decreased by 1.49%. The spot price in the East China market increased by 0.77%, and the basis increased by 10.97% [5] - **Profit**: The ethylene - based production profit decreased by 0.92%, while the coal - based production profit remained unchanged [5] - **Operating Rate**: The overall ethylene glycol operating rate, coal - based and oil - based operating rates, polyester factory load, and Jiangsu - Zhejiang loom load remained unchanged [5] - **Inventory and Arrival**: The inventory at major ports in East China decreased by 4.08%, and the arrival volume increased by 26.32% [5] 3. Industrial Chain Data Charts - The report includes charts on the closing price and basis of the main ethylene glycol contract, ethylene glycol production profit, and the operating rate of downstream polyester plants [6][8][10] 4. Appendix: Big Model Inference Process - The ethylene glycol futures price decreased, the spot price increased, and the basis widened. The production profit was in a loss state, which may affect the future operating rate. The overall supply was stable, and the demand showed limited growth. The port inventory decreased, but the increase in arrival volume may bring subsequent pressure. Overall, ethylene glycol may maintain a volatile trend [13][15][16]

下游涤丝库存压力缓解，聚酯原料盘面下方存支撑 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 www.thqh.com.cn 一、日度市场总结 1. PTA&PX 05月19日，PX 主力合约收6752.0元/吨，较前一交易日收涨0.12%，基差为122.0 元/吨。PTA 主力合约收4776.0元/吨，较前一交易日收涨0.04%，基差为214.0元/ 吨。 成本端，05月19日，布油主力合约收盘65.33美元/桶。WTI收61.93美元/桶。 需求端，05月19日，轻纺城成交总量为818.0万米，15 日平均成交为1005.0万 米。 供应端，PX：中海油惠州150万吨3月29日检修50天左右，扬子石化重整检修至5 月上旬，PX有降负预期，天津石化PX计划6-7月份检修，海南炼化计划4-5月检 修，浙石化250万吨装置已重启，盛虹炼化400万吨原计划4月检修，目前推迟至 5月。PX国内装置开工率为73%，亚洲开工率为67.9%。PTA：台化兴业150万吨 5月6日检修，逸盛大连225万吨计划4月26日检修6周，另375万吨4月21日重启。 嘉兴 ...

Report Investment Rating - Not provided in the content Core Viewpoints - For pure benzene, the short - term trend is supply - dominated, with a "supply exceeds demand" pattern. It's recommended to maintain a bearish approach and focus on whether export recovery can support demand [3] - For styrene, it has basically recovered from pre - holiday declines. However, short - term price fluctuations are intense, and caution is needed when chasing high prices [4] Summary by Directory 1. Daily Market Summary (1) Fundamental Aspects - **Price**: On May 19, the styrene main contract rose 0.45% to 7779 yuan/ton, with a basis of 246 yuan/ton (-43 yuan/ton) [2] - **Cost**: On May 19, the Brent crude oil main contract closed at 62.0 dollars/barrel (+0.4 dollars/barrel), WTI at 65.4 dollars/barrel (+0.9 dollars/barrel), and East China pure benzene spot at 6155 yuan/ton (+60 yuan/ton) [2] - **Inventory**: Styrene sample factory inventory was 21.3 tons (-1.9 tons), down 8.2% month - on - month; Jiangsu port inventory was 5.7 tons (-1.2 tons), down 17.2% [2] - **Supply**: Styrene maintenance devices are gradually resuming, with an expected increase in supply. Weekly production decreased 1.29% to 32.65 tons (-0.42 tons), and factory capacity utilization was 71.3% (-0.9%) [2] - **Demand**: The capacity utilization rates of downstream 3S varied. EPS was 62.3% (+15.0%), ABS 67.4% (-1.6%), and PS 57.1% (+0.8%) [2] (2) Views - **Pure Benzene**: It's in a weak pattern, with a high BZ - SM near - month contract spread and adjustment pressure. Supply is abundant, and demand is weak, remaining in a "supply exceeds demand" situation. A bearish approach is recommended [3] - **Styrene**: Last week's price increase was driven by Sino - US trade relaxation, low port paper - cargo inventory, and a major factory's device maintenance. Short - term price fluctuations are large, and caution is needed when chasing high prices [4] 2. Industrial Chain Data Monitoring (1) Styrene & Pure Benzene Prices - From May 16 to May 19, styrene futures rose 1.54% to 7779 yuan/ton, spot fell 0.56% to 8224 yuan/ton, and the basis decreased 14.88% to 246 yuan/ton. Pure benzene in East China rose 0.98% to 6155 yuan/ton [6] (2) Styrene & Pure Benzene Output and Inventory - From May 9 to May 16, styrene output decreased 1.29% to 32.6 tons, and pure benzene output decreased 2.94% to 39.0 tons. Styrene port inventory in Jiangsu decreased 17.23% to 5.7 tons, and factory inventory decreased 8.17% to 21.3 tons. Pure benzene port inventory increased 2.50% to 12.3 tons [7] (3) Capacity Utilization Rates - From May 9 to May 16, the capacity utilization rate of styrene decreased 0.93 to 71.3, that of aniline decreased 6.44 to 68.9, EPS increased 14.96 to 62.3, ABS decreased 1.61 to 67.4, and PS increased 0.80 to 57.1 [8] 3. Industry News - The 1 - year LPR in May dropped 10bp to 3%, and the over - 5 - year variety dropped to 3.5% [9] - The Iranian deputy foreign minister warned that nuclear talks would fail if the US insisted on Iran stopping uranium enrichment [9] - Putin, Trump, and Zelensky made statements regarding the Russia - Ukraine peace talks [9] 4. Industrial Chain Data Charts - The report includes charts of pure benzene price, styrene price, styrene - pure benzene spread, etc., with data sources from iFinD and Steel Union Data [10][17][20]

从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn www.thqh.com.cn 一、日度市场总结 1.数据变化分析 EIA原油超预期累库，油价再度转弱 通惠期货研发部 李英杰 | | 数据指标 | 2025-05-14 | 2025-05-13 | 变化 | 涨跌幅 | 黃勢 | 单位 | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SC | 486. 60 | 479. 50 | 7. 10 | 1. 48% | | 元/辆 | | | WII | 62. 43 | 63. 63 | -1. 20 | -1.89% | | 美元/簡 | | | Brent | 65. 85 | 66. 60 | -0. 75 | -1. 13% | | 美元/簡 | | 现货价格 | OPEC 一览子 | 65. 38 | 65. 38 | 0.00 | 0.00% | | 美元/簡 | | | Brent | 66. 06 | 66. 19 | -0. 13 | - ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report In the next 1 - 2 weeks, the upside space for copper is limited. There is a continuous game between the shortage of recycled copper raw materials and the release of mine production capacity on the supply side, and the resumption of scrap copper trade between China and the US still takes time. On the demand side, post - delivery restocking by downstream enterprises may briefly boost the spot premium, but high copper prices still suppress purchasing willingness. At the macro level, the decline of the US April CPI to 2.3% weakens the support for the US dollar. Overall, copper needs to be wary of inventory pressure and the risk of macro - sentiment switching [6]. 3. Summary by Related Catalogs 3.1 Daily Market Summary - **Copper Futures Market Data Changes Analysis** - On May 14, 2025, the price of the SHFE copper main contract rose slightly to 78,630 yuan/ton, a 0.95% increase from the previous day, and the LME copper price also rose to $9,624.5/ton. The spot discount of domestic premium copper widened to - 15 yuan/ton, and the discounts of flat - water copper and wet - process copper deepened to - 40 yuan/ton and - 80 yuan/ton respectively. The LME (0 - 3) premium dropped from $23.87/ton on May 8 to $19.17/ton [1]. - The SHFE copper open interest continued to shrink, with the inventory on May 14 dropping to 185,575 tons, a 2.15% decrease from the previous week, while the LME copper inventory soared to 50,069 tons, a 71.72% increase from the previous period. In terms of trading volume, the trading volume of the BC copper main contract was 16,871 lots, and the open interest increased to 2,471 lots, indicating increased capital activity [2]. - **Analysis of Industrial Chain Supply - Demand and Inventory Changes** - **Supply Side**: In April 2025, the operating rate of Chinese scrap - produced anode copper enterprises decreased by 5.33 percentage points to 44.32% month - on - month due to the shortage of recycled copper raw materials, while the operating rate of mineral anode copper enterprises increased slightly by 2.50 percentage points to 72.40%. The new project of Chifeng Chehugou Copper - Molybdenum Mine (with a reserve of 9 billion tons) and the progress of the Ambler Mining Area Act in Alaska, USA, indicate the potential for medium - and long - term mine production capacity release, but it is difficult to alleviate the supply gap of recycled copper in the short term. The suspension of Sino - US trade has led to a loosening of scrap copper exports, but inventory transfer still takes time [3]. - **Demand Side**: Downstream demand is marginally weakening. Near the delivery date, the purchasing sentiment in the spot market is suppressed by the high monthly spread. In North China, the spot discount widened to 480 yuan/ton, and downstream enterprises generally wait to purchase after the contract change. There is a structural adjustment in the consumer electronics field, such as Solus, a Samsung supplier, accelerating the divestiture of its OLED business to focus on copper foil production, reflecting the industry's long - term bet on copper demand for electric vehicle batteries, but there is no significant boost in short - term demand in the power and construction sectors [4]. - **Inventory Side**: Global inventories are diverging. The LME copper inventory soared by 20,912 tons to 50,069 tons, reaching a phased high; the SHFE inventory continued to decline to 185,600 tons. The COMEX inventory also slightly increased to 165,100 short tons [5]. 3.2 Industrial Chain Price Monitoring | Data Index | May 14, 2025 | May 13, 2025 | May 8, 2025 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | --- | | SMM: 1 Copper | 79,060 | 78,270 | 78,560 | 790 | 1.01% | yuan/ton | | Premium Copper (Spot Premium/Discount) | - 15 | 5 | - 5 | - 20 | - 400.00% | yuan/ton | | Flat - Water Copper (Spot Premium/Discount) | - 40 | - 25 | - 30 | - 15 | - 60.00% | yuan/ton | | Wet - Process Copper (Spot Premium/Discount) | - 80 | - 70 | - 75 | - 10 | - 14.29% | yuan/ton | | LME (0 - 3) | - | 19 | 24 | - | - | dollars/ton | | SHFE | 78,630 | 77,890 | 78,070 | 740 | 0.95% | yuan/ton | | LME | - | 9,625 | 9,502 | - | - | dollars/ton | | LME Inventory | 50,069 | 29,157 | 20,084 | 20,912 | 71.72% | tons | | SHFE Inventory | 185,575 | 189,650 | 190,750 | - 4,075 | - 2.15% | tons | | COMEX Inventory | - | 165,112 | 163,458 | - | - | short tons | [8] 3.3 Industry Dynamics and Interpretations - In May 2025, the expected operating rate of scrap - produced anode copper enterprises is 43.62%, a 0.70 - percentage - point decrease month - on - month, mainly affected by the shortage of recycled copper raw materials [9]. - In April 2025, the operating rate of Chinese anode copper enterprises was 53.37%, a 2.80 - percentage - point decrease month - on - month. The operating rate of scrap - produced enterprises was 44.32%, a 5.33 - percentage - point decrease month - on - month [9]. - The 19.8 - million - ton/year engineering design project of Chifeng Chehugou Copper - Molybdenum Mine was signed, with an estimated reserve of about 9 billion tons and a total investment of about 5 billion yuan, involving the mining and beneficiation of non - ferrous metals such as copper and molybdenum [9]. - Dianzhong Non - ferrous and Chinalco Environmental Protection signed a recycled copper resource supply contract, achieving cross - regional circulation and the establishment of a recycling system, and enhancing resource security capabilities [9]. - In March 2023, Codelco's copper production increased by 14.8% year - on - year to 123,200 tons; the production of Escondida Copper Mine increased by 18.9% to 120,600 tons, and the production of Collahuasi Copper Mine decreased by 29.3% to 35,200 tons [9]. 3.4 Industrial Chain Data Charts The report includes charts on China's PMI, US employment situation, the correlation between the US dollar index and LME copper price, the correlation between US interest rates and LME copper price, TC processing fees, CFTC copper open interest, LME copper net long positions analysis, Shanghai copper warrant volume, LME copper inventory changes, COMEX copper inventory changes, and SMM social inventory [10][12][14].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report The policy - driven demand expectations for lithium carbonate are in a multi - empty game with high inventory levels and cost collapses. Over the next 1 - 2 weeks, the futures price of lithium carbonate will be constrained by the oversupply situation and the decline in Australian ore costs on the upside, while being supported by short - term export rush expectations and market sentiment on the downside. If the demand boost fails to meet expectations, the price may face downward pressure again, and overall, it will continue the low - level oscillation pattern [3]. 3. Summary by Relevant Sections 3.1 Daily Market Summary - On May 14, the main futures contract of lithium carbonate closed at 65,200 yuan/ton, up 3.13% from the previous day, with an intraday fluctuation range of 63,020 - 65,200 yuan/ton, showing an oscillatory upward trend. The basis weakened significantly, dropping from 2,980 yuan/ton to 1,000 yuan/ton, a decrease of 66.44%. The futures price increase was significantly higher than that of the spot price [2]. - The open interest of the main contract decreased by 5.87% to 277,000 lots, indicating some funds left the market, while the trading volume expanded by 73.95% to 378,000 lots, suggesting intensified market competition [2]. - In the spot market, the average price of battery - grade lithium carbonate remained flat at 66,200 yuan/ton. The prices of spodumene and lepidolite concentrates also remained stable, but the capacity utilization rate of lithium carbonate decreased by 1.3 percentage points to 61% month - on - month, as upstream production was still constrained by profit margins [2]. 3.2 Industry Chain Analysis and Future Trend Judgment - **Supply Side**: The prices of spodumene (740 yuan/ton) and lepidolite (800 yuan/ton) have remained stable for many days, but the CIF price of Australian ore has dropped to $700/ton, weakening cost support. Upstream lithium salt plants are maintaining high prices due to losses, and the weekly output has increased by 28% month - on - month, so the supply pressure persists [3]. - **Demand Side**: The prices of power ternary materials (116,375 yuan/ton) and lithium iron phosphate (31,445 yuan/ton) increased slightly. The purchasing willingness of downstream cathode material enterprises is low, and demand relies on long - term contracts. The exemption of tariffs on Chinese energy - storage cells in the US may stimulate the expectation of a rush to export, potentially driving up the production of energy - storage cells in May - June and improving short - term marginal demand [3]. - **Inventory Side**: The weekly inventory of lithium carbonate decreased by 464 tons, but the inventory of smelters increased to 55,000 tons. Downstream replenishment remains cautious, and the overall inventory pressure has not been substantially alleviated [3]. 3.3 Industry Chain Price Monitoring - The price of the main lithium carbonate contract increased by 3.13% from May 13 to May 14, while the basis decreased by 66.44%. The open interest decreased by 5.87%, and the trading volume increased by 73.95% [5]. - The average price of battery - grade lithium carbonate remained unchanged, and the prices of spodumene and lepidolite concentrates were stable. The prices of power ternary materials and lithium iron phosphate increased slightly, by 0.02% and 0.16% respectively [5]. - The capacity utilization rate of lithium carbonate decreased by 1.3 percentage points from May 9 to May 2, a decrease of 2.09% [5]. 3.4 Industry Dynamics and Interpretation - **Spot Market Quotations**: On May 14, the SMM battery - grade lithium carbonate index price was 64,959 yuan/ton, up 197 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 64,700 yuan/ton, up 100 yuan/ton, and that of industrial - grade lithium carbonate was 63,050 yuan/ton, also up 100 yuan/ton. The downstream purchasing willingness is low, and the overall demand is mainly met by customer - supplied and long - term contracts. Upstream lithium salt plants have a strong willingness to maintain high prices due to cost losses. Only some transactions occur between traders and downstream enterprises. Considering the high inventory and weakening cost support, the price of lithium carbonate will continue the low - level oscillatory pattern [6]. - **Downstream Consumption**: According to the Passenger Car Association, from April 1 - 30, the retail sales of new energy passenger vehicles in the country were 922,000 units, a year - on - year increase of 37% and a month - on - month decrease of 7%. The retail penetration rate of the new energy market was 52.3%. The cumulative retail sales this year were 3.342 million units, a year - on - year increase of 37%. The wholesale volume of new energy vehicles by manufacturers was 1.142 million units, a year - on - year increase of 41% and a month - on - month increase of 1%. The wholesale penetration rate of new energy manufacturers was 53.9%, and the cumulative wholesale volume this year was 3.99 million units, a year - on - year increase of 42% [7].

能源化工 通惠期货•研发产品系列 苯乙烯日报 2025 年 5 月 15 日 星期四 苯乙烯日报：原油价格下跌，关注成本端压力 一、 日度市场总结 通惠期货研发部 成本：5 月 14 日布油主力合约收盘 63.7 美元/桶（+1.7 美元/桶），WTI 原油主力合约收盘 66.6 美元/桶（+1.6 美元/桶），华东纯苯现货报价 6205 元/吨（+100 元/吨）。 库存：苯乙烯样本工厂库存 23.2 万吨（+2.2 万吨），环比提升 10.3%， 江苏港口库存 6.85 万吨（-1.67 万吨），环比下降 19.6%，苯乙烯港口库存持 续去化，现货流动性收紧。 供应：苯乙烯检修装置逐渐回归，供应有增量预期。受部分装置重启影 响，苯乙烯周产量环比提升 2.43%至 33.07 万吨（+0.78 万吨），工厂产能利 用率 72.2%（+1.7%）。 需求：下游 3S 开工率变化不一，其中 EPS 产能利用率 47.4%（- 1.35%），ABS 产能利用率 69.0%（+1.9%），PS 产能利用率 57.4%（-1.3%）。整 体而言下游需求走弱。 李英杰 从业编号：F03115367 投资咨询：Z0019 ...