1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Macro news disturbances have intensified market fluctuations, leading to a slight repair in the valuations of PX and PTA. The negotiation process between the US and Iran has hindered the rebound of oil prices, and Trump's intervention in the Fed's independence has reignited risk - aversion sentiment. Subsequently, Trump's claim that China's reciprocal tariff level is too high has alleviated market concerns, resulting in a slight upward movement in oil prices. The pessimistic export outlook for the polyester downstream and weak domestic demand may cause the negative feedback in the industrial chain to continue. The US reciprocal tariff policy has impacted the terminal demand for polyester. Attention should be paid to future tariff negotiation trends, and in the short - term, it will follow cost changes [1][3][4]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 PX & PTA - PX: The main contract PX2509 closed at 6,110 yuan/ton, up 0.26% from the previous trading day, with a basis of - 162 yuan/ton. Multiple domestic PX plants have maintenance plans, with the domestic operating rate at 77.8% and the Asian operating rate at 72.5% [1][2]. - PTA: The main contract PTA2509 closed at 4,350 yuan/ton, up 0.46% from the previous trading day, with a basis of - 40 yuan/ton. Some PTA plants have maintenance and restart plans, and the operating rate is around 81.1%. The total transaction volume in the Light Textile City was 1.076 million meters, with a 15 - day average of 885,200 meters [1][2]. 3.1.2 Polyester - Short - fiber: The main contract PF2506 closed at 6,010 yuan/ton, up 0.84% from the previous trading day. The mainstream price in the East China market was 6,285 yuan/ton, unchanged from the previous day, with a basis of 260 yuan/ton. Some short - fiber production capacities have implemented production cuts, and the supply - side pressure is expected to be significantly reduced [4]. - Bottle chips: The operating rate of bottle chips has increased by 15.47% to 80.46% as the maintenance devices have gradually restarted, putting pressure on the supply side [4]. 3.2 Industrial Chain Data Monitoring - **PX**: The main contract price decreased by 0.98%, the trading volume increased by 2.01%, and the open interest decreased by 0.05%. The CFR price in the Chinese main port decreased by 0.40%, and the basis increased by 35.80% [6]. - **PTA**: The main contract price decreased by 1.01%, the trading volume increased by 4.58%, and the open interest increased by 5.41%. The CFR price in the Chinese main port remained unchanged, the basis increased by 88.00%, and the import profit increased by 6.06% [6]. - **Short - fiber**: The main contract price decreased by 0.47%, the trading volume decreased by 15.75%, and the open interest increased by 0.01%. The mainstream price in the East China market decreased by 0.40%, and the basis increased by 23.20% [6]. - **Other indicators**: The prices of Brent crude oil and WTI crude oil increased, while the price of ethylene glycol decreased. The prices of polyester chips, polyester bottle chips, polyester POY, polyester DTY, and polyester FDY remained unchanged. The processing spreads of most products increased, and the inventory days of some polyester products changed [7][8]. 3.3 Industry Dynamics - China's central bank released March financial data, showing that the new loans and social financing increment significantly exceeded expectations, indicating a slow recovery in financing demand. However, due to the uncertain progress of the tariff war, the economic uncertainty remains high, and the bottom - supporting policy will be implemented according to the situation [9]. - In the US, the import prices unexpectedly decreased in March due to the decline in energy product prices, indicating that inflation was easing before Trump's comprehensive tariff policy took effect [9].

李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn www.thqh.com.cn 能源化工 通惠期货•研发产品系列 原油、燃料油日报 2025 年 4 月 22 日 星期二 油价因空头回补而攀升，但关税担忧仍笼罩市场 一、 日度市场总结 通惠期货研发部 油价周一下跌超 2%，原因是有迹象表明美国和伊朗之间的谈判取得了进展，同时 市场利用此跌势回补空头头寸，尽管对关税和美国货币政策可能抑制燃料需求的经济 阻力的担忧依然存在。内盘，4 月 21 日 SC 主力合约跌幅 0.29%，报 489.2 元/桶；夜 盘 SC 收跌于 487.2 元/桶。外盘，4 月 21 日 WTI 收跌 1.32 美元/桶，报 62.69 美元/ 桶；Brent 收跌 1.41 美元/桶，报 65.59 美元/桶。 宏观面，美国总统特朗普继续公开施压美联储并威胁解雇鲍威尔，加剧市场对货币 政策独立性的担忧，美元指数跌至近五个月新低，避险情绪推动黄金创历史新高，包括 美股在内的风险资产普遍承压。地缘方面，美伊双方在 4 月 19 日会谈后确认起草核 ...

新能源锂电 通惠期货•研发产品系列 碳酸锂日报 2025 年 04 月 22 日 星期二 4 月 21 日，碳酸锂期货窄幅波动，主力合约 LC2507 收 69000 元/吨，较前一交易日收盘下跌 1.68%。碳酸锂现货报 价松动，低位波动，电池级碳酸锂现货成交均价较前一交易 日下跌 600 元/吨。 有色网数据显示，4 月 18 日当周碳酸锂的周度产量为 17388 吨，环比前一周减少 3.20%，周度产量变化幅度较 小，整体处于历史绝对高位；截至 4 月 18 日当周碳酸锂周 度库存为 131605 吨，环比增加 0.45%，同时磷酸铁锂电池周 产量为 15.69GWh，环比增加 1.62%。 据乘联会数据，4 月 1-13 日，新能源车市场零售同比增 长 15%，环比下降 17%。全国乘用车厂商新能源批发同比去 年同期增长 25%，环比下降 9%。 上周碳酸锂周度产量仍旧维持高位，下游产量也有恢 复，但是相比于年初的高产量仍有差距；碳酸锂产业链中间 环节的传导也并不通常，整体上碳酸锂仍旧呈现持续累库的 局面。 期货方面，昨日空头资金发力再度打压，主力合约价格 下行至 70000 元下方，现货价格波动范围 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the short - term, the easing of the US "reciprocal tariff" policy supports the stabilization and rebound of oil prices. In the medium - to - long - term, the downward macro - economic pressure and the expected deterioration of fundamentals due to OPEC's production increase continue to suppress oil prices. After significant fluctuations, oil prices may continue to oscillate in a low - level range [4]. - Fuel oil and low - sulfur fuel oil are dragged down by the cost side and have difficulty in having independent market trends. The high - sulfur variety's short - term strong support pattern remains unchanged, but its upward space is restricted. The low - sulfur variety has not shown significant pressure for the time being [5]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary - The US Treasury's Office of Foreign Assets Control (OFAC) strengthened restrictions on Iran's oil trade, adding a Chinese independent refinery and multiple shipping companies and vessels to the sanctions list. On April 17, the domestic SC main contract rose 1.88% to 482.7 yuan/barrel, and closed at 495.3 yuan/barrel at night. Internationally, WTI closed up 1.92 dollars/barrel at 63.75 dollars/barrel, and Brent closed up 1.96 dollars/barrel at 66.92 dollars/barrel [2]. 3.2 Macroeconomic and Geopolitical Situation - Powell mentioned that the Trump administration's "reciprocal tariff" policy may lead to persistent inflation and slower economic growth, and reiterated not to rush to cut interest rates. Trump criticized Powell, and the conflict between them may affect US economic policies and financial market stability. Ukraine and the US signed a memorandum on a mineral agreement, and Trump said the agreement would be signed on the 24th [3]. 3.3 Supply and Demand Fundamentals Supply - The US imposed the eighth round of sanctions on Iran, targeting its oil trade network, which increased concerns about a decline in Iran's crude oil production. The IEA expects global oil supply to increase by 1.2 million barrels per day this year, 260,000 barrels per day lower than last month's forecast. Russia plans to keep its crude oil production and exports stable until 2050 [13][14]. Demand - Due to trade tensions, the IEA and OPEC both lowered their forecasts for global oil demand growth in 2025. China's imports of Iranian crude oil reached a record high of 1.8 million barrels per day in March, with Shandong alone absorbing over 1.5 million barrels per day [15]. 3.4 Inventory Situation - The US EIA crude oil inventory increased by 515,000 barrels in the week ending April 11. The refinery operating rate decreased by 0.4%, indicating that the spring maintenance this year may last longer than usual. The terminal demand was weak, and the reduction in gasoline inventory slowed down [3]. 3.5 Price Monitoring Crude Oil - On April 17, the futures prices of SC, WTI, and Brent all rose, with increases of 3.32%, 2.92%, and 2.71% respectively. Most of the spot prices also increased, and the price differences between different varieties changed to varying degrees [7]. Fuel Oil - On April 17, the futures prices of FU, LU, and NYMEX fuel oil all increased, with increases of 2.42%, 3.36%, and 1.26% respectively. Most of the spot and paper - cargo prices also increased, and the inventory in Singapore increased by 3.93% [8]. 3.6 Industry Dynamics and Interpretations - The domestic SC main contract and some spot prices rose. Internationally, WTI and Brent prices also increased. The US - Iran sanctions, trade tensions, and other factors affected the supply and demand of the oil market [9][10][13]. 3.7 Industry Data Charts - The report provides multiple data charts, including the prices and spreads of WTI and Brent contracts, US crude oil production, OPEC crude oil production, and various inventory and operating rate data, which visually show the historical trends and current situations of the oil market [18][21][23]

成本端，中美关税博弈引发油价波动加剧。WTI 原油主力收 61.94 美 元/桶，布油收 65.04 美元/桶。供应端，PX：盛虹炼化 400 万吨装置 4 月 有重整计划，预计 PX 降负荷，扬子石化重整检修至 5 月上旬，PX 有降负 预期，天津石化计划 4-6 月份检修，海南炼化计划 4-5 月检修，中海油 惠州 150 万吨计划 3 月底检修 50 天左右。浙石化 250 万吨计划 3 月下检 修 35-45 天左右，九江石化计划 3 月 15 日停车检修至 5 月。PX 国内装置 开工率为 77.8%，亚洲开工率为 72.5%。PTA：恒力石化计划 4 月 28 日开 始对惠州 PTA-2 装置例行检修，涉及产能 250 万吨，计划 5 月 10 日附近 开始对大连 PTA-2 装置例行检修，涉及产能 220 万吨。逸盛海南 210 万 吨预计 4 月 5 日起停车改造 2 个月，逸盛大连 375 万吨计划 4 月中恢复。 PTA 开工率在 81.1%附近。聚酯：聚酯开工率在 93.4%附近。需求端，轻 纺城成交总量 927 万米，15 日平均成交为 878.73 万米。 美国继续推动对伊朗制裁，欧 ...

Report Summary 1. Investment Rating The document does not provide an investment rating for the industry. 2. Core View The ethylene glycol market maintains a weak and volatile pattern due to increased arrivals and pessimistic demand expectations. The cost side is affected by Sino - US tariff games, causing oil price fluctuations. The supply side has multiple device changes, and the overall start - up load has declined. The demand side shows a certain polyester load, and the inventory has decreased. There is a need to wait for inventory depletion signals for valuation repair opportunities [1][3][4]. 3. Summary by Directory 3.1 Daily Market Summary - **Price**: The spot price of ethylene glycol in East China was 4,170 yuan/ton, a decrease of 5 yuan/ton from the previous day. The closing price of the main contract was 4,113 yuan/ton, a 0.02% increase from the previous trading day, with a basis of 107 yuan/ton [2]. - **Cost**: Sino - US tariff games have intensified oil price fluctuations. WTI crude oil closed at $61.94 per barrel, and Brent oil closed at $65.04 per barrel [3]. - **Supply**: Multiple ethylene glycol production devices have changes in start - up and shutdown schedules. As of April 17, the overall start - up load in mainland China was 65.32% (a 1.73% decrease from the previous period), and the planned arrivals at the main ports from April 14 - 20 were about 16.1 tons [3]. - **Demand**: The polyester load was around 93.4%, and the total turnover in the Light Textile City was 9.27 million meters [3]. - **Inventory**: On April 14, the inventory at the main ports in East China was about 771,000 tons, a decrease of 29,000 tons from the previous period [3]. 3.2 Industrial Chain Data Monitoring - **Futures and Spot**: The main contract price of MEG futures increased by 0.02%, the trading volume increased by 23.12%, and the open interest decreased by 17.52%. The spot price in the East China market decreased by 0.12%, and the basis decreased by 0.93% [6]. - **Profit**: The profit of naphtha - based production decreased by 12.14%, the profit of ethylene - based production increased by 1.27%, the profit of methanol - based production increased by 2.75%, and the profit of coal - based production remained unchanged [6]. - **Start - up Load**: The overall start - up rate of ethylene glycol decreased by 0.37%, the polyester factory load decreased by 1.50%, and the loom load in Jiangsu and Zhejiang increased by 15.62% [6]. - **Inventory and Arrivals**: The inventory at the main ports in East China decreased by 3.63%, the inventory in Zhangjiagang remained unchanged, and the arrivals increased by 8.32% [6]. 3.3 Industry Dynamics and Interpretation - **Macro - dynamics**: China's central bank released March financial data, showing that financing demand is slowly recovering. However, the tariff war has brought uncertainties, and the central bank's supportive policies are waiting for opportunities. The US plans to impose new tariffs on Chinese products such as semiconductors and electronics [7][8]. - **Domestic and Overseas Markets**: The external market of MEG declined in the morning, and the internal market was also weak. The current spot basis and forward contract basis have corresponding price ranges [9]. 3.4 Industrial Chain Data Charts The report provides multiple charts, including the price of ethylene glycol futures and spot, international spot prices, profit calculations of mainstream processes, start - up rates of domestic devices and the polyester industry chain, import arrivals, port out - bound volumes, and inventory at the main ports in East China [11][12][14][15][17][19][20].

新能源锂电 通惠期货•研发产品系列 碳酸锂日报 2025 年 04 月 17 日 星期四 碳酸锂近期缺乏边际变化，期现价格波动幅度收窄 一、 日度市场总结 4 月 16 日，碳酸锂期货反弹，主力合约 LC2505 收 70420 元/吨，较前一交易日收盘下跌 0.42%。碳酸锂现货报 价松动，低位波动，电池级碳酸锂现货成交均价较前一交易 日持平，但波动范围缩窄。 有色网数据显示，4 月 11 日当周碳酸锂的周度产量为 17962 吨，环比前一周增加 1.91%，周度产量变化幅度较 小，整体处于历史绝对高位；截至 4 月 11 日当周碳酸锂周 度库存为 131020 吨，环比增加 1.26%，同时磷酸铁锂电池周 产量为 15.44GWh，环比增加 5.46%。 据乘联会数据，4 月 1-13 日，新能源车市场零售同比增 长 15%，环比下降 17%。全国乘用车厂商新能源批发同比去 年同期增长 25%，环比下降 9%。 上周碳酸锂周度产量维持高位，下游终端需求虽有所起 色但是仍未能顺利传导至碳酸锂需求端，高基差抑制碳酸锂 仓单的注册增速，市场流通库存逐周增加。 期货方面，昨日碳酸锂期货 LC3505 合约持续在七 ...

能源化工 聚酯日报 通惠期货研发产品系列 2025 年 4 月 11 日 星期五 纺服需求受关税直接影响更大，川普言论反复或引发盘面修正加快 通惠期货研发部 一、日度市场总结 1. PX & PTA 昨日，PX主力合约PX2505收6104元/吨，较前一交易日上涨6.64%， 基差为-495 元/吨。PTA 主力合约 PTA2505 收 4350 元/吨，较前一交易日 上涨 5.84%,基差为-200 元/吨。 成本端，中美关税博弈引发油价波动加剧。WTI 原油主力收 59.79 美 元/桶，布油收 63.40 美元/桶。供应端，PX：盛虹炼化 400 万吨装置 4 月 有重整计划，预计 PX 降负荷，扬子石化重整检修至 5 月上旬，PX 有降负 预期，天津石化计划 4-6 月份检修，海南炼化计划 4-5 月检修，中海油 惠州 150 万吨计划 3 月底检修 50 天左右。浙石化 250 万吨计划 3 月下检 修 35-45 天左右，九江石化计划 3 月 15 日停车检修至 5 月。PX 国内装置 开工率为 77.8%，亚洲开工率为 72.5%。PTA：福建百宏计划 4 月 5 日起 检修两周，仪征化纤 30 ...

新能源锂电 通惠期货•研发产品系列 碳酸锂日报 2025 年 04 月 11 日 星期五 碳酸锂现货波动幅度放大，市场投机氛围仍未完全恢复 一、 日度市场总结 4 月 10 日，碳酸锂期货反弹，主力合约 LC2505 收 70540 元/吨，较前一交易日收盘上涨 0.92%。碳酸锂现货报 价松动，低位波动，电池级碳酸锂现货成交均价较前一交易 日上涨 350 元/吨。 有色网数据显示，3 月 28 日当周碳酸锂的周度产量为 17318 吨，环比前一周减少 3.50%，周度产量环比下滑，但 仍处于历史绝对高位；截至 3 月 14 日当周碳酸锂周度库存 为 127910 吨，环比增加 1.20%，同时磷酸铁锂电池周产量为 14.48GWh，环比增加 6.94%。 据乘联会数据，3 月 1-31 日，新能源车市场零售同比增 长 39%，环比增长 44%。全国乘用车厂商新能源批发同比去 年同期增长 40%，环比增长 36%。 上周碳酸锂周度产量继续下滑，但是仍旧处于高位，下 游终端周度产量持续有所回升，但是全市场仍旧面临着较大 的库存压力，同时此次碳酸锂新仓单的注册速度缓慢，流通 市场压力再度加大。 期货方面，昨日碳酸 ...

能源化工 乙二醇日报 通惠期货研发产品系列 2025 年 4 月 11 日 星期五 乙二醇需求继续受悲观预期冲击，关注关税具体落地情况 一、日度市场总结 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn www.thqh.com.cn 昨日，乙二醇华东现货价格 4345 元/吨，较前一日上涨 205 元/吨。主力合约收盘 4271 元/吨，较前一交易上涨 5.22%。基差 为-181 元/吨。 成本端，特朗普关税政策反复引发国际油价大幅波动。WTI原 油主力收59.79美元/桶，布油收63.40美元/桶。供给端，内蒙古 中化学30万吨装置重启推迟至4月中旬，此前该装置于3月23日附 近停车。上海石化38万吨装置预计4月底重启，此前主产环氧。新 疆一套40万吨装置因故于3月20日停车，初步预计7月份重启。沙 特一套55万吨装置近期重启，此前于2月份停车检修。沙特一套70 万吨装置计划于4月中前后开始停车检修，预计检修两个月左右。 上海石化38万吨产能预计4月份重启，镇海炼化原计划3月底重启， 现推迟至年底，内蒙兖矿40万吨 ...