原油继续大涨，持续关注能化板块投资机会：申万期货早间评论-20260305

Group 1 - The Ministry of Industry and Information Technology and five other departments released guidelines to promote the comprehensive utilization of photovoltaic modules, aiming for a cumulative utilization of 250,000 tons by 2027 [1] - Key technological breakthroughs are needed in areas such as surface structure disassembly, efficient separation of laminates, and component extraction [1] - By 2030, the goal is to establish a comprehensive utilization capacity for retired photovoltaic modules to handle large-scale retirements [1] Group 2 - International news highlights the escalating conflict in the Middle East, with Israel and the U.S. attacking multiple targets, leading to Iranian retaliatory strikes in the Persian Gulf [5] - The conflict has caused Iraq to cut its oil production by nearly 1.5 million barrels per day, with potential for further reductions due to storage space constraints [2] - The domestic manufacturing PMI for February is reported at 49%, a decrease of 0.3 percentage points from the previous month, indicating a slowdown in manufacturing activity [6] Group 3 - The average operating load of domestic coal-to-methanol (CTO) and methanol-to-olefins (MTO) facilities remains stable at 80.88%, with a slight decrease in overall methanol production load to 78.24% [3] - Coastal methanol inventory has increased to 1.3987 million tons, up 1.07 million tons from February 12, reflecting a 0.77% increase and a 35.14% year-on-year rise [3] - The upcoming National People's Congress will focus on expanding domestic demand and promoting consumption, with an emphasis on core technology independence [6]