玻璃纯碱早报 | | | | | | | | | 研究中心能化团队 | | 2025/12/10 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玻 璃 | | | | | | | | | | | | | 2025/12/2 2025/12/8 2025/12/9 周度变化 日度变化 | | | | | | | 2025/12/2 | 2025/12/8 | | 2025/12/9 周度变化 日度变化 | | | 沙河安全 | 1061.0 | 1044.0 | 1044.0 | -17.0 | 0.0 | FG05合约 | 1145.0 | 1112.0 | 1076.0 | -69.0 | -36.0 | | 5mm大 板 | | | | | | | | | | | | | 沙河长城 | 1044.0 | 1019.0 | 1010.0 | -34.0 | -9.0 | FG01合约 | 1034.0 | 1002.0 | 984.0 | -50.0 | -18.0 | | 5mm大板 | | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content. 2. Core Views - **PTA**: Near - term TA device runs stably, polyester load rises slightly, inventory remains stable, and basis is stable. In the future, the terminal weakening accelerates, polyester load may reach a turning point, TA inventory may gradually accumulate again, but the overall pressure is not large and the valuation is not high. Short - term wait - and - see, long - term pay attention to buying on dips due to good PX pattern [2]. - **MEG**: Near - term domestic maintenance and restart co - exist, overseas devices reduce load, port inventory accumulates. After the EG price drops again, coal - based losses intensify, and the supply reduction has not reversed the inventory accumulation trend. Short - term valuation is low but the driving force is limited, and the long - term pattern is expected to be weak [2]. - **Polyester Staple Fiber**: Near - term device runs stably, inventory decreases. Demand from the polyester yarn end remains stable, and short - fiber exports maintain high growth. Short - term inventory pressure is limited, but the pattern may weaken in the long run as downstream enters the off - season and new devices are about to be put into production. Pay attention to the warehouse receipt situation [2]. - **Natural Rubber & 20 - number Rubber**: The national explicit inventory is stable and at a low level, and the Thai cup - lump price is stable with rainfall affecting tapping. The strategy is to wait and see [2]. 3. Summary by Category PTA - **Price and Margin Data**: From 2025/12/03 to 2025/12/09, crude oil price decreased from 62.7 to 61.9, PTA internal - market spot price remained at 4650, PTA processing margin increased from 143 to 162 and then decreased back to 125, and polyester gross margin increased from 30 to 50. The basis was - 35 at the beginning and - 28 at the end, and the sales - to - production ratio increased from 0.40 to 0.60 [2]. - **Device and Market Situation**: Near - term TA device runs stably with the same start - up rate, polyester load rises slightly, inventory remains stable, basis is stable, and spot processing fee improves. PX domestic start - up rate is stable, overseas devices are stable, PXN strengthens, disproportionation and isomerization benefits improve, and the US - Asia aromatics spread remains [2]. MEG - **Price and Margin Data**: From 2025/12/03 to 2025/12/09, Northeast Asian ethylene price remained at 745, MEG internal - market price decreased from 3840 to 3699, and MEG coal - based profit decreased from - 531 to - 592. The MEG internal - market cash flow (ethylene) decreased from - 775 to - 987 [2]. - **Device and Market Situation**: Near - term domestic maintenance and restart co - exist, start - up rate decreases slightly, overseas devices reduce load, port inventory accumulates at the beginning of next week, the basis weakens, and coal - based benefits weaken again [2]. Polyester Staple Fiber - **Price and Margin Data**: From 2025/12/03 to 2025/12/09, the price of 1.4D cotton - type staple fiber decreased from 6425 to 6355, and the short - fiber profit increased from 102 to 148 [2]. - **Device and Market Situation**: Near - term device runs stably with a start - up rate of 97.5%, sales - to - production ratio is basically stable, and inventory decreases. The polyester yarn end start - up rate is stable, raw material inventory decreases, and finished - product inventory accumulates, and the benefits remain [2]. Natural Rubber & 20 - number Rubber - **Price Data**: From 2025/12/03 to 2025/12/09, the US - dollar Thai standard spot price decreased from 1805 to 1800, the Shanghai whole - latex price decreased from 14510 to 14390, and the RU main contract price decreased from 15210 to 14985 [2]. - **Market Situation**: The national explicit inventory is stable and at a low level, and the Thai cup - lump price is stable with rainfall affecting tapping [2]. Styrene - **Price and Margin Data**: From 2025/12/03 to 2025/12/09, ethylene (CFR Northeast Asia) price remained at 745, pure benzene (CFR China) price increased from 672 to 686, and styrene (CFR China) price decreased from 838 to 828. Styrene domestic profit decreased from - 27 to - 1411 [2][5].

Group 1: Report Information - Report Name: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: December 10, 2025 [3] Group 2: BR (Butadiene Rubber) Data Futures - BR主力合约(12): Price on 12/9 was 10,450, down 65 from the previous day and 125 from the previous week [4] - 持仓量: On 12/9, it was 76,409, up 48,955 from the previous day and 37,423 from the previous week [4] - 成交量: In Germany, on 12/9, it was 111,045, up 48,226 from the previous day and down 11,618 from the previous week [4] - 仓単数量: On 12/9, it was 17,320, unchanged from the previous day and up 1,870 from the previous week [4] - 虚实比: On 12/9, it was 22.06, up 14 from the previous day and 9 from the previous week [4] Basis and Spread - 顺丁基差: On 12/9, it was 50, with a daily change not provided and up 125 from the previous week [4] - 丁本县差: On 12/9, it was 520, up 115 from the previous day and 25 from the previous week [4] - 12 - 01: On 12/9, it was 20, up 10 from the previous day and 85 from the previous week [4] - 01 - 02: On 12/9, it was -20, down 5 from the previous day and 25 from the previous week [4] - RU - BR: On 12/9, it was 4,535, down 15 from the previous day and 100 from the previous week [4] - NR - BR: On 12/9, it was 1,630, up 80 from the previous day and 120 from the previous week [4] Spot - 山东市场价: On 12/9, it was 10,500, unchanged from the previous day and the previous week [4] - 传化市场价: On 12/9, it was 10,400, unchanged from the previous day and the previous week [4] - 齐鲁出厂价: On 12/9, it was 10,600, unchanged from the previous day and the previous week [4] - CFR东北亚: On 12/9, it was 1,325, up 25 from the previous day and the previous week [4] - CFR东南亚: On 12/9, it was 1,600, up 25 from the previous day and the previous week [4] Profit - 现货加工利润: On 12/9, it was 702, down 51 from the previous day and 179 from the previous week [4] - 进口利润: On 12/9, it was -579, down 190 from the previous day and 199 from the previous week [4] - 出口利润: On 12/9, it was 1,522, up 167 from the previous day and 176 from the previous week [4] Group 3: BD (Butadiene) Data Spot - 山东市场价: On 12/9, it was 7,250, down 50 from the previous day and 175 from the previous week [4] - 江苏市场价: On 12/9, it was 7,200, down 50 from the previous day and 50 from the previous week [4] - 扬子出厂价: On 12/9, it was 7,200, unchanged from the previous day and up 100 from the previous week [4] - CFR中国: On 12/9, it was 860, unchanged from the previous day and up 40 from the previous week [4] Profit - 乙烯裂解利润: Data for 12/9 was not available [4] - 碳四抽提利润: Data for 12/9 was not available [4] - 丁烯氧化脱氢利润: On 12/9, it was -1,614, down 50 from the previous day and 20 from the previous week [4] - 进口利润: On 12/9, it was 186, down 44 from the previous day and 369 from the previous week [4] - 出口利润: On 12/9, it was -975, up 39 from the previous day and 396 from the previous week [4] Production Profit - 丁苯生产利润: On 12/9, it was 1,450, unchanged from the previous day and down 88 from the previous week [4] - ABS生产利润: Data for 12/9 was not available [4] - SBS生产利润: On 12/9, it was -420, unchanged from the previous day and down 85 from the previous week [4] Group 4: Data Source - Data sources include Mysteel and Wind [8]

、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 780.0 -9.0 -32.0 -43.0 -35.0 25省终端可用天数 23.5 -0.5 3.5 2.6 5.9 秦皇岛5000 679.0 -10.0 -33.0 -52.0 -41.0 25省终端供煤 551.5 2.0 -57.1 -88.6 -71.4 广州港5500 850.0 -5.0 -10.0 -15.0 -45.0 北方港库存 2757.0 22.0 141.0 503.0 169.2 鄂尔多斯5500 525.0 -10.0 -40.0 -50.0 -85.0 北方锚地船舶 76.0 3.0 8.0 -36.0 38.0 大同5500 580.0 -10.0 -35.0 -45.0 -90.0 北方港调入量 161.0 -2.8 -19.3 6.9 -6.1 榆林6000 732.0 0.0 0.0 20.0 -80.0 北方港吞吐量 134.9 -26.6 -25.6 -25.1 -40.9 ...

棉花棉纱 棉花 棉纱 日期 3128 进口M级美棉 CotlookA(F E) 进口利润 仓单+预报 越南纱 现货 越南纱进口利 润 32S纺纱利润 2025/12/03 14570 73.8 74.8 1542 4889 2.53 21000 472 -298 2025/12/04 14585 73.8 74.7 1569 5385 2.53 21020 487 -294 2025/12/05 14580 73.5 74.2 1647 5490 2.53 21020 488 -289 2025/12/08 14580 - - - 5757 2.53 21020 491 -289 2025/12/09 14570 - - - 6070 - 21020 - -278 变化 -10 - - - 313 - 0 - 11 【行情分析】： 棉花：新棉收购基本完成，总产量预估较此前有所下调。中美釜山会谈结果较好，再次互相降低关税，利好我国纺服出口，整体外部氛围较4月 有好转，因此估值方面也难回到4月低点，适合长期做多。 研究中心农产品团队 2025/12/10 | 玉米/淀粉 | | | | 玉米 | | | | | ...

原油成品油早报 研究中心能化团队 2025/12/09 金十期货12月8日讯，最新数据显示，截至12月8日当周，山东独立炼厂原油到港量263.1万吨，环比上涨40.2万吨，涨 幅为18.04%。相比之下，去年同期，山东独立炼厂原油到港量为106.5万吨，环比下跌103.2万吨，跌幅为49.21%，到 港原油以中质原油为主，其中俄罗斯原油到港29.7万吨，且有1船新的稀释沥青到港。 二、库存 ·美国至11月28日当周API原油库存 248万桶，前值-185.9万桶。 ·美国至11月28日当周API汽油库存 313.6万桶，前值53.9万桶。 · 美国至11月28日当周EIA原油库存 57.4万桶，预期-82.1万桶，前值277.4万桶。 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- 2月差 | WTI-BREN T | DUBAI-B RT（EFS | NYMEX RB OB | RBOB-BR T | NYMEX HO | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | ...

SP主力合约收盘价： 5392.00 | 日期 | 2025/12/08 | 2025/12/05 | 2025/12/04 | 2025/12/03 | 2025/12/02 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5392.00 | 5450.00 | 5496.00 | 5458.00 | 5328.00 | | 折美元价 | 673.36 | 673.36 | 679.27 | 674.79 | 658.04 | | 距上一日涨跌 | -1.06422% | -0.83697% | 0.69623% | 2.43994% | 2.65896% | | 山东银星基差 | 108 | 50 | 29 | 67 | 97 | | 江浙沪银星基差 | 158 | 115 | 79 | 67 | 97 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR | 780 | 630 ...

现 货 价 格 | 日期 | 豆粕江苏 | 菜粕广东 | 豆油江苏 | 棕榈油广州 | 菜油江苏 | | --- | --- | --- | --- | --- | --- | | 2025/12/02 | 3020 | 2520 | 8550 | 8670 | 10020 | | 2025/12/03 | 3020 | 2510 | 8580 | 8680 | 10000 | | 2025/12/04 | 3020 | 2520 | 8520 | 8620 | 9890 | | 2025/12/05 | 3020 | 2500 | 8540 | 8720 | 9870 | | 2025/12/08 | 3020 | 2500 | 8500 | 8660 | 9760 | 蛋 白 粕 基 差 ： 油 脂 基 差 ： 油脂油料早报 研究中心农产品团队 2025/12/09 隔 夜 市 场 信 息 ： 民间出口商报告向中国出口销售13.2万吨大豆 民间出口商报告向中国出口销售132,000吨大豆，2025/2026市场年度付运。 12月4日止当周美国大豆出口检验量为1,018,127吨，符合预期 美国农业部公布的 ...

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: December 9, 2025 [3] Key Data Summary BR (Butadiene Rubber) - **Futures Information**: The closing price of the BR main contract (12) on December 8 was 10,515, with a daily increase of 105 and a weekly decrease of 170. The open interest was 27,454, a daily decrease of 2,743 and a weekly decrease of 18,149. The trading volume was 62,819, a daily decrease of 2,624 and a weekly decrease of 108,468. The warrant quantity was 17,320, a daily increase of 4,000 and a weekly increase of 1,830. The long - short ratio was 7.93, a daily decrease of 3 and a weekly decrease of 7 [4]. - **Basis/Spread/Inter - Variety**: The butadiene rubber basis was - 15, with a daily change not provided and a weekly increase of 170. The styrene - butadiene basis was 435, a daily decrease of 105 and a weekly increase of 120. The 12 - 01 spread was 10, a daily increase of 45. The 01 - 02 spread was - 15, a daily increase of 10 and a weekly change of 0. The RU - BR spread was 4,550, a daily decrease of 105 and a weekly decrease of 125. The NR - BR spread was 1,550, a daily decrease of 85 and a weekly increase of 5 [4]. - **Spot Price**: The Shandong market price was 10,500, a daily increase of 50 and a weekly change of 0. The Transfar market price was 10,400, with no daily or weekly change. The Qilu ex - factory price was 10,600, with no daily or weekly change. The CFR Northeast Asia price was 1,300, with no daily change and a weekly decrease of 25. The CFR Southeast Asia price was 1,575, with no daily change and a weekly decrease of 25 [4]. - **Profit**: The spot processing profit was 854, a daily decrease of 52 and a weekly increase of 204. The import profit was - 389, a daily increase of 52 and a weekly increase of 200. The export profit was 1,356, a daily decrease of 46 and a weekly decrease of 177 [4]. BD (Butadiene) - **Spot Price**: The Shandong market price was 7,300, a daily increase of 100 and a weekly decrease of 200. The Jiangsu market price was 7,250, a daily increase of 200 and a weekly change of 0. The Yangzi ex - factory price was 7,200, a daily increase of 100 and a weekly increase of 100. The CFR China price was 860, a daily increase of 10 and a weekly increase of 40 [4]. - **Profit**: The ethylene cracking profit data was incomplete. The C4 extraction profit data was incomplete. The butene oxidative dehydrogenation profit was - 1,564, a daily increase of 200. The import profit was 229, a daily increase of 122 and a weekly decrease of 319. The export profit was - 1,014, a daily decrease of 34 and a weekly increase of 283. The styrene - butadiene production profit was 1,450, a daily decrease of 88 and a weekly decrease of 113. The ABS production profit data was incomplete. The SBS production profit was - 405, a daily decrease of 70 and a weekly decrease of 100 [4]

废钢早报 研究中心黑色团队 2025/12/09 日期 华东 华北 中部 华南 东北 西南 | 2025/12/02 | 2191 | 2263 | 2022 | 2229 | 2225 | 2089 | | --- | --- | --- | --- | --- | --- | --- | | 2025/12/03 | 2192 | 2264 | 2032 | 2231 | 2225 | 2090 | | 2025/12/04 | 2192 | 2264 | 2035 | 2231 | 2223 | 2092 | | 2025/12/05 | 2194 | 2263 | 2037 | 2231 | 2223 | 2093 | | 2025/12/08 | 2187 | 2262 | 2035 | 2218 | 2216 | 2089 | | 环比 | -7 | -1 | -2 | -13 | -7 | -4 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息 ...