Group 1: Report's Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Viewpoints - The repair space of PX and TA is constrained by cost drag and weak demand [1]. - The PTA and PX markets face challenges from supply - side pressures, weak demand, and potential inventory accumulation, while the polyester industry is expected to maintain a weak - balance pattern [2][3][4]. Group 3: Summary by Section 1. Daily Market Summary PTA & PX - On September 8, 2025, the PX主力合约 closed at 6762.0 yuan/ton, up 0.71% from the previous trading day, with a basis of - 177.0 yuan/ton; the PTA主力合约 closed at 4690.0 yuan/ton, up 0.39%, with a basis of - 100.0 yuan/ton [2]. - The supply of PX and PTA is under pressure, with high - level operating rates and postponed maintenance plans. The falling crude oil prices weaken the cost support for PX and may suppress PTA production profits [2]. - The terminal textile demand has not shown a trend improvement. The polyester industry's开工 rate increase is limited, and there is a risk of negative feedback in the industrial chain. PTA factory inventory pressure may gradually build up [3]. Polyester - On September 8, 2025, the short - fiber主力合约 closed at 6358.0 yuan/ton, up 0.38% from the previous trading day. The spot price in the East China market was 6450.0 yuan/ton, up 15.0 yuan/ton, with a basis of 92.0 yuan/ton [4]. - The cost support from upstream raw materials is weakening, while the terminal restocking demand has marginally improved but remains below the peak - season threshold. There is a structural inventory contradiction, with short - fiber inventory much lower than that of long - filament products [4]. 2. Industrial Chain Price Monitoring - PX: The主力合约 price increased by 0.71%, the成交 decreased by 11.65%, and the持仓 increased by 3.00%. The Chinese main port CFR remained unchanged, and the South Korean FOB increased by 0.37% [5]. - PTA: The主力合约 price increased by 0.39%, the成交 increased by 19.47%, and the持仓 increased by 0.41%. The Chinese main port CFR remained unchanged. The PTA基差 decreased by 21.95% [5]. - Short - fiber: The主力合约 price increased by 0.38%, the成交 decreased by 17.57%, and the持仓 increased by 1.74%. The spot price in the East China market increased by 0.23% [4][5]. - Other products: The prices of some products such as CFR Japan naphtha, ethylene glycol, and polyester chips remained unchanged, while the prices of some others like polyester bottle - chips increased slightly [5]. 3. Industry Dynamics and Interpretation Macroeconomic Dynamics - On September 8, Trump announced the final candidates for the Fed Chair, and the US Senate Republicans planned to modify rules to speed up the confirmation of Fed governors. Trump exempted metals like gold, tungsten, and uranium from global tariffs, and the PBOC continued to increase its gold holdings for the 10th consecutive month [7]. Supply - Demand (Demand) - On September 8, the total trading volume at the Light Textile City was 676.0 million meters, a month - on - month decrease of 19.52% [8]. 4. Appendix: Inference Process - PX prices may be under pressure due to falling crude oil costs and sufficient supply. PTA may face supply - side pressure, and although demand has rebounded in the short term, inventory pressure may limit price increases [35][36][37].

矿山材料申报接力潜在变数，碳酸锂持续反弹 一、日度市场总结 碳酸锂期货市场数据变动分析 主力合约与基差：碳酸锂主力合约价格从9月5日的74260元/吨小幅走高至9 月8日的74800元/吨，涨幅0.73%，近一周合约价格呈现震荡上行态势。基 差进一步走弱，从440元/吨降至-300元/吨。 持仓与成交：主力合约持仓量基本稳定，仅微增135手至364137手，多空双 方观望情绪较浓；成交量收缩2.45%至782387手，市场活跃度有所下降。 产业链供需及库存变化分析 供给端：碳酸锂产能利用率维持在66.41%，但供应结构出现显著分化，锂 辉石工艺碳酸锂占比提升至60%以上，而锂云母工艺占比降至15%。此外， 江西宜春锂矿停产事件持续发酵，未来可能对区域性供给形成扰动，但目 前尚未体现在开工率数据中。 需求端：新能源车产业链进入"金九银十"传统旺季，8月新能源乘用车零 售销量环比增长9%，批发量同比增长23%，终端需求边际回暖。不过正极材 料环节表现分化，动力型磷酸铁锂价格继续下跌至33895元/吨，三元材料 价格微涨，下游对高价原料接受度仍有限。电芯环节价格持稳为主，钴酸 锂电芯因原料成本推动大幅上涨5.04% ...

欧美对俄制裁与OPEC持续增产博弈，油价宽幅震荡 一、日度市场总结 原油期货市场数据变动分析 主力合约与基差： SC原油主力合约9月8日报490.5元/桶，较前五日上涨1.76%，周内呈现"V 型"震荡。SC-Brent价差从1.86美元/桶扩大至3.1美元/桶，涨幅66.67%， 主要因SC近月合约走强（SC连续-连3价差从3.1元/桶跳涨至11.5元/桶）。 WTI与Brent价差维持3.7美元/桶不变，显示国际油市区域价差结构稳定。 持仓与成交： 燃料油仓单大幅下降（减少1.5万吨），暗示炼厂开工需求提升。SC原油仓 单持平于572.1万桶，显示交割库容稳定但近端供应偏紧。 产业链供需及库存变化分析 库存端：美国及OECD商业原油库存暂未更新，但燃料油仓单下降或反映炼 厂补库行为。中国战略石油储备（SPR）填充速率维持高位，间接抑制商业 库存波动。 价格走势判断 原油价格短期或维持宽幅震荡，SC表现强于外盘。供给端OPEC+补偿减产执 行延期加大供应脆弱性，俄油出口受欧盟潜在制裁威胁，沙特提价策略进 一步支撑价格。需求端亚洲结构性分化延续（中国成品油消费转型、印度 炼能扩张），但印度采购受阻及高库存压制 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The pure benzene market remains under pressure, but the cost side shows some resilience due to a slight rebound in oil prices. In the short term, it maintains a weak oscillating pattern, and the medium - to - long - term trend depends on whether the oil price can continue to rebound and the realization of import increments [2] - The styrene market rebounds briefly, with the short - term focus returning to the 7000 - 7100 yuan/ton range. However, in the medium term, the pressure remains. It mainly oscillates within a range, and the rebound height is limited. Attention should be paid to the downward pressure brought by inventory realization [3] Group 3: Summary by Relevant Catalogs 1. Daily Market Summary (1) Fundamentals - **Price**: On September 8, the styrene main contract closed down 0.42% at 7077 yuan/ton, with a basis of 38 (+20 yuan/ton); the pure benzene main contract closed down 0.60% at 6013 yuan/ton [2] - **Cost**: On September 8, Brent crude oil closed at $61.9 per barrel (-$1.6 per barrel), WTI crude oil closed at $65.5 per barrel (-$1.5 per barrel), and the spot price of pure benzene in East China was 5820 yuan/ton (-15 yuan/ton) [2] - **Inventory**: Styrene inventory was 19.7 million tons (+1.8 million tons), a 9.8% increase; pure benzene port inventory was 14.9 million tons (+1.1 million tons), an 8.0% increase [2] - **Supply**: Styrene will have device maintenance in September, and supply is expected to decrease. Currently, the weekly output of styrene is 37.6 million tons (+0.8 million tons), and the factory capacity utilization rate is 79.7% (+1.7%) [2] - **Demand**: The operating rates of downstream 3S vary. The EPS capacity utilization rate is 52.5% (-5.8%), the ABS capacity utilization rate is 69.0% (-1.8%), and the PS capacity utilization rate is 61.0% (+1.1%) [2] (2) Views - **Pure Benzene**: Although it gets some cost support after a technical rebound, the supply - demand contradiction is still prominent [2] - **Styrene**: The short - term price rebounds, but the medium - term pressure remains, and the supply - demand imbalance pattern remains unchanged [3] 2. Industrial Chain Data Monitoring - **Price**: The prices of styrene and pure benzene futures and spot, as well as upstream oil and naphtha, have different degrees of decline or increase from September 5 to September 8 [5] - **Output and Inventory**: From August 29 to September 5, the output of styrene and pure benzene in China increased slightly, and the inventory of styrene and pure benzene also increased [6] - **Operating Rate**: From August 29 to September 5, the capacity utilization rate of styrene increased, and the operating rates of downstream products of pure benzene and styrene changed differently [7] 3. Industry News - The US imposes high tariffs on some Asian chemical products, leading to adjustments in the global petrochemical industry structure [8] - In the first half of 2025, the overall loss of China's refining and chemical industry continued to intensify, with the loss in the refining and chemical sector exceeding 9 billion yuan [8] - With the accelerated implementation of private refining and chemical integration projects, China's pure benzene production capacity forms a pattern with East China as the core and coordinated development in South China and Northeast China [8] 4. Industrial Chain Data Charts - The report provides charts on pure benzene price, styrene price, styrene - pure benzene price difference, etc., with data sources from iFinD and Steel Union Data [9][11][21]

需求端：聚酯工厂及江浙织机负荷分别稳定于89.42%和63.43%，终端需求 缺乏增量信号，聚酯环节维持刚性采购模式，未能对乙二醇形成向上拉 动。 乙二醇港口累库压制盘面，关注国内装置检修情况 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 www.thqh.com.cn 一、日度市场总结 主力合约与基差：乙二醇期货主力合约价格微幅下跌0.14%至4349元/吨， 呈现震荡偏弱格局，而华东现货价格小幅上涨5元至4500元/吨，基差从145 元/吨扩大至151元/吨，反映现货市场略强于期货。近月价差方面，1-5价 差反弹2元至-30元/吨，远月价差则走弱，5-9价差下滑3元至-10元/吨，暗 示市场对中期供应压力仍存担忧。 持仓与成交：主力合约持仓量增加4646手至29.7万手，但成交量大幅收缩 22.99%至12.5万手，显示在价格波动收窄后市场活跃度下降，资金观望情 绪升温。 供给端：乙二醇总体开工率提升0.5个百分点至71.38%，主要来自煤制装置 负荷回升（+1.3%至66.74%），油制开工率持 ...

PX及PTA供需博弈延续，关注旺季预期支撑 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn www.thqh.com.cn 一、日度市场总结 1. PTA&PX 09月05日，PX 主力合约收6714.0元/吨，较前一交易日收涨0.51%，基差 为-7.0元/吨。PTA 主力合约收4672.0元/吨，较前一交易日收涨0.34%，基 差为-52.0元/吨。 成本端，09月05日，布油主力合约收盘66.88美元/桶。需求端，09月05 日，轻纺城成交总量为840.0万米，15 日平均成交为630.8万米。 供给端：PX近期装置开工率处于高位，叠加国内PX新产能投放预期增强， 供应压力逐步积累，可能对价格形成压制。PTA装置负荷提升且重启产能增 加，但加工费低位下部分装置存在降负可能，短期内供应压力或边际减弱 但中期仍偏宽松。 需求端：轻纺城日成交升至840万米（15日平均较前值+33%），终端需求显 著回暖，叠加"金九银十"旺季预期，下游织造及聚酯开工率存在进一步 上行空间，对PTA需求形成刚性支撑，进而传 ...

李英杰 从业编号：F3040852 投资咨询：Z0010294 手机：18516056442 liyingjie@thqh.com.cn 一、周报小结 碳酸锂减产去库预期基本兑现，9月或延续矿端预期定价 - 碳酸锂产业链周度数据报告 2025年09月08日 孙皓 从业编号：F03118712 投资咨询：Z0019405 sunhao@thqh.com.cn www.thqh.com.cn 基本面简述： 1、锂矿：预期反复，甚至传出枧下窝复产可能。反内卷与市场情绪已经有所消退，但是矿端仍旧是市 场中重点关注的对象，过去一周矿端的预期波动仍旧较大，甚至传出枧下窝会在9月20日复产的消息，言之 凿凿却未见下文，后市随着9月30日这一关键时间节点临近，不排除预期波动放大的可能。 2、锂盐：复产预期略显疲惫，"反内卷"题材卷土重来。碳酸锂LC2511合约触碰9万点后，期价便一 路下滑，枧下窝停产这一边际变化基本消化后，市场中便不断传来盐厂续证、复产等利空消息，重新触碰7 万元关口后，江西盐厂复产这一题材便显露疲态，上周后半段，"反内卷"题材卷土重来，期价也终于开始 出现较强力度的反弹。 3、正极材料及锂电池：季节性旺季 ...

孙皓 从业编号：F03118712 投资咨询：Z0019405 sunhao@thqh.com.cn www.thqh.com.cn 李英杰 从业编号：F3040852 投资咨询：Z0010294 手机：18516056442 liyingjie@thqh.com.cn 周报小结 预期兑现却应涨未涨，电解铜定价短期或将向基本面回归 - 铜产业链周度数据报告 2025年09月08日 宏观经济：非农数据爆冷符合预期，提前price in使得美元指数反而坚挺；上周五公布的美国8月季调 后非农就业人口为2.2万人，远低于前值7.9万人，基本符合押注降息交易者的预期，由于这一预期早在全球 央行年会鲍威尔发言后就已被提前交易，故而该数据虽引发市场波动但整体可控，加之以英债为首的欧债在 上周引发投资者的违约担忧，故而美元指数在非农数据公布后反而显得坚挺，铜价也在拉升后同步回落。 铜精矿：矿端低增速持续压制TC价格；截至9月8日，TC报价维持-41美元，环比一周前持平，全球上周 阶段性的铜价上涨推升了远期需求预期，TC价格再度受到打压。 电解铜：预期兑现后，短期或向基本面回归；铜价上周在降息预期之下持续拉升，但是迟迟未能有效 ...

OPEC+决定继续增产，油价承压 一、日度市场总结 原油期货市场数据变动分析 主力合约与基差：2025年9月5日，SC主力合约收于481.0元/桶，较前一日 （9月4日）结算价下跌0.5%，盘中振幅扩大至超2%；WTI和Brent分别下跌 2.0%和1.9%至63.34、66.88美元/桶。SC对Brent及WTI价差分别走强至0.49 美元/桶（+1.87美元）、4.03美元/桶（+0.86美元），显示亚太区原油相 对走强。Brent-WTI价差收窄0.08美元至3.54美元，大西洋两岸跨区套利窗 口边际收缩。 产业链供需及库存变化分析 供给端： 伊拉克连续推动OPEC+重新谈判产量配额（9月6日宣称9月出口将达345万 桶/日，超配额约20%），叠加沙特计划争夺市场份额，导致油价承压震荡 下行。但俄罗斯伊尔斯基炼油厂遇袭及乌克兰对俄能源设施持续打击可能 加速俄成品油出口下滑，间接支撑原油加工需求。阿曼新建千万桶级储油 设施或增强中东现货贸易灵活性。 需求端： 西班牙7月原油进口同比激增17.8%，印度炼厂避开高价美油转购西非/中东 原油，反映现货市场结构性需求分化。匈牙利被迫采购俄油与斯洛伐克维 持管道输 ...

通惠期货•研发产品系列 2025 年 9 月 8 日 星期一 OPEC 增产压制油市，纯苯苯乙烯震荡承压 一、 日度市场总结 通惠期货研发部 （1）基本面 价格：9 月 5 日苯乙烯主力合约收涨 1.75%，报 7107 元/吨，基差 18（-32 元/吨）；纯苯主力合约收涨 1.32%，报 6049 元/吨。 成本：9 月 5 日布油主力收盘 63.5 美元/桶（-0.5 美元/桶），WTI 原油主力合约收盘 67.0 美元/桶（-0.6 美元/桶），华东纯苯现货报价 5835 元/吨（-25 元/吨）。 苯乙烯库存 19.7 万吨（+1.8 万吨），环比累库库 9.8%，苯乙烯累 库幅度较大。 能源化工 纯苯&苯乙烯日报 请务必阅读正文后的免责声明 市场有风险，入市需谨慎！ 纯苯港口库存 14.9 万吨（+1.1 万吨），环比累库 8.0%。 供应：苯乙烯 9 月将有装置检修，供应预计有所减少。目前，苯乙 烯周产量 37.6 万吨（+0.8 万吨），工厂产能利用率 79.7%（+1.7%）。 需求：下游 3S 开工率变化不一，其中 EPS 产能利用率 52.5%（- 5.8%），ABS 产能利用率 69. ...