1. Report Industry Investment Rating - All the analyzed energy - chemical products, including crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and PVC, are rated as "oscillating" [1][2][4][6][8] 2. Core Views of the Report - Crude oil prices are affected by factors such as unexpected increases in US crude and fuel inventories, changes in Chinese crude processing, and Iraqi oil production, and will continue to oscillate [1] - Fuel oil prices are influenced by import - export volumes, supply - demand relationships of high - and low - sulfur fuel oils, and cost - end crude oil fluctuations. The LU - FU price difference has shown an inflection point, and the strategy of narrowing the spread can be continued [2] - Asphalt prices are affected by inventory levels, production capacity utilization, and demand. It may be a relatively weak variety among oil products, and a strategy of shorting the cracking spread can be considered [2][4] - Polyester product prices are affected by factors such as device maintenance, production load adjustment, and PX supply. In the short term, both PTA and ethylene glycol will be treated with an oscillating mindset [4] - Rubber prices are affected by factors such as inventory changes, anti - dumping investigations, and raw material prices, and will oscillate in the short term [6] - Methanol prices are affected by domestic and overseas supply, MTO device operation, and inventory levels, and price volatility may increase [6][8] - Polyolefin prices are affected by supply (upstream maintenance) and demand (tariff reduction), and will maintain an oscillating trend [8] - PVC prices are affected by supply (device maintenance and resumption) and demand (real - estate construction), and are expected to oscillate weakly [8][9] 3. Summary by Relevant Catalogs 3.1 Research Views Crude Oil - On Wednesday, WTI new July contract closed down $0.46 to $61.57 per barrel (down 0.74%), Brent July contract closed down $0.47 to $64.91 per barrel (down 0.72%), and SC2507 closed at 463.1 yuan per barrel, down 5.1 yuan per barrel (down 1.09%) [1] - EIA data showed that last week, US commercial crude inventories increased by 1.328 million barrels to 443.16 million barrels, contrary to the market expectation of a 1.3 - million - barrel decrease. Cushing crude inventories decreased by 457,000 barrels to 23.44 million barrels. US net crude imports increased by 110,000 barrels per day to 2.58 million barrels per day, reaching a six - week high. SPR inventories increased by 743,000 barrels to 400.493 million barrels [1] - In April, China's industrial crude processing slowed down, with processed crude oil of 58.03 million tons, a year - on - year decrease of 1.4%. From January to April, processed crude oil was 240.27 million tons, a year - on - year increase of 0.8% [1] - In 2025, Iraq's crude oil production was 3.99 million barrels per day, a decrease of 230,000 barrels per day compared to 2024, and exports were about 3.7 million barrels per day, a decrease of 110,000 barrels per day compared to the same period in 2024 [1] Fuel Oil - On Wednesday, the main fuel oil contract FU2507 on the Shanghai Futures Exchange rose 1.29% to 3,074 yuan per ton, and the low - sulfur fuel oil contract LU2507 rose 0.25% to 3,571 yuan per ton [2] - In April 2025, China imported 1.8274 million tons of fuel oil, a month - on - month increase of 32.17% and a year - on - year decrease of 50.87%; exported 1.7725 million tons, a month - on - month increase of 1.07% and a year - on - year increase of 1.56% [2] - In May, the arrival of low - sulfur arbitrage cargoes decreased. Before June, the supply of low - sulfur fuel oil may remain tight, and the demand is also satisfactory. For high - sulfur fuel oil, with the increase in summer power - generation demand and the strong performance of the downstream bunker market, inventories are gradually being digested [2] Asphalt - On Wednesday, the main asphalt contract BU2506 on the Shanghai Futures Exchange fell 0.06% to 3,537 yuan per ton [2] - According to Baichuan Yingfu statistics, this week, the total inventory level of domestic refinery asphalt was 30.64%, a decrease of 0.53% from last week; the social inventory rate was 34.80%, an increase of 0.07% from last week; the total operating rate of domestic asphalt plants was 32.5%, a decrease of 3.34% from last week [2] - From the perspective of June's refinery production schedule, with profit recovery, supply may further increase. However, next week, some refineries' production conversion and shutdown may temporarily lead to a decline in the operating rate. In terms of demand, the concentrated delivery of refinery orders and the start of northern terminal projects support the rigid demand to some extent, but the demand in the southern region is average, and with the upcoming rainy season, the terminal demand will be further suppressed [2] Polyester - TA509 closed at 4,788 yuan per ton yesterday, up 1.18%; the spot offer was at a premium of 125 yuan per ton over the 09 contract. EG2509 closed at 4,414 yuan per ton, up 0.02%, with the basis decreasing by 1 yuan per ton to 88 yuan per ton, and the spot price was 4,508 yuan per ton. The PX futures main contract 509 closed at 6,766 yuan per ton, up 1.47%. The spot negotiation price was $836 per ton, equivalent to 6,932 yuan per ton in RMB, and the basis widened by 30 yuan per ton to 196 yuan per ton [4] - The sales of polyester yarn in Jiangsu and Zhejiang were generally weak, with an average sales estimate of about 40%. A 3 - million - ton PTA plant in East China started maintenance today, expected to last about 2 weeks. A 500,000 - ton/year ethylene glycol plant in East China has recently switched from EG to EO production, and the current ethylene glycol production load has dropped to 30% - 40%, with a preliminary plan to start full - epoxy production in July. A 300,000 - ton/year syngas - to - ethylene glycol plant in Shanxi ended maintenance yesterday, and the current load is around 50%. A 2.5 - million - ton PTA plant in East China is restarting and is expected to produce products tomorrow [4] Rubber - On Wednesday, the main natural rubber contract RU2509 closed down 120 yuan per ton to 14,820 yuan per ton, the NR main contract closed down 200 yuan per ton to 12,715 yuan per ton, and the butadiene rubber BR main contract closed down 170 yuan per ton to 11,900 yuan per ton [6] - As of May 18, 2025, China's natural rubber social inventory was 1.342 million tons, a decrease of 13,000 tons (0.96%) from the previous week. The total inventory of dark - colored rubber was 818,000 tons, a decrease of 1.5% from the previous week, and the total inventory of light - colored rubber was 524,000 tons, a decrease of 0.1% from the previous week [6] - On May 21, 2025, the European Commission officially launched an anti - dumping investigation into new passenger cars and light - truck pneumatic rubber tires imported from China. At the beginning of the domestic and overseas rubber - tapping season, the production is low, and heavy rainfall in overseas production areas has disrupted tapping, providing support for raw material prices. Rubber imports have increased year - on - year, and inventories in Qingdao have slightly decreased [6] Methanol - On Wednesday, the spot price in Taicang was 2,320 yuan per ton, the price in Inner Mongolia's northern line was 2,037.5 yuan per ton, the CFR China price was $256 - 260 per ton, and the CFR Southeast Asia price was $330 - 335 per ton. Downstream, the formaldehyde price in Shandong was 1,115 yuan per ton, the acetic acid price in Jiangsu was 2,530 - 2,580 yuan per ton, and the MTBE price in Shandong was 4,985 yuan per ton [6] - Due to an increase in domestic plant maintenance, methanol supply has decreased but remains at a high level in the past five years. Overseas, the operating load of Iranian plants has dropped to about 70%, and the expected arrival volume in the far - month is expected to decrease, but the short - term arrival volume is still recovering. Overall, the operation of MTO plants has changed little, the port inventory level is low, and the inland inventory level is also not high. Future attention should be paid to the restart plan of MTO plants and changes in Iranian plants, and methanol price volatility may increase [6][8] Polyolefins - On Wednesday, the mainstream price of East China drawstring was 7,150 - 7,350 yuan per ton. In terms of profit, the gross profit of oil - based PP was 44.83 yuan per ton, the production gross profit of coal - based PP was 1,110.33 yuan per ton, the production gross profit of methanol - based PP was - 564 yuan per ton, the production gross profit of propane - dehydrogenation - based PP was - 746.74 yuan per ton, and the production gross profit of externally - purchased propylene - based PP was - 132.67 yuan per ton. For PE, the mainstream price of HDPE was 8,040 yuan per ton, the mainstream price of LDPE was 9,269 yuan per ton, and the mainstream price of LLDPE was 7,549 yuan per ton. The market gross profit of oil - based polyethylene was 76 yuan per ton, and the market gross profit of coal - based polyethylene was 1,483 yuan per ton [8] - Currently, there is a lot of upstream maintenance, so the overall supply pressure is not high. In terms of demand, with the tariff reduction, downstream enterprises have increased their procurement of raw materials, and inventories have started to decline. In the short term, the fundamental pressure has been released, and the valuation of polyolefins has recovered. However, both inventory and supply are at relatively high levels, so there is still pressure on the upside of polyolefin valuation, and it is expected to maintain an oscillating trend [8] PVC - On Wednesday, the price of the PVC market in East China oscillated and adjusted. The price of calcium - carbide - based type 5 PVC was 4,750 - 4,880 yuan per ton, and the mainstream reference price of ethylene - based PVC was about 4,980 - 5,200 yuan per ton. In the North China PVC market, individual products were adjusted, with the mainstream reference price of calcium - carbide - based type 5 PVC being about 4,680 - 4,860 yuan per ton and the mainstream reference price of ethylene - based PVC being 5,150 - 5,200 yuan per ton. In the South China PVC market, the price changed little, with the mainstream reference price of calcium - carbide - based type 5 PVC being about 4,880 - 4,940 yuan per ton and the mainstream offer price of ethylene - based PVC being 5,000 - 5,150 yuan per ton [8] - Maintenance plants will resume production, and new maintenance is limited, so production is expected to increase. In terms of demand, the construction of domestic real - estate projects has temporarily stabilized, maintaining the operating rates of pipes and profiles at a relatively stable level. However, as real - estate construction gradually enters the off - season, demand will gradually weaken. Overall, in the short term, due to maintenance disruptions, the fundamental pressure has been released, but as plants gradually resume production, PVC prices are expected to oscillate weakly [8][9] 3.2 Daily Data Monitoring - The report provides the basis data of various energy - chemical products on May 22, 2025, including spot prices, futures prices, basis, basis rates, and their changes, as well as the quantile of the latest basis rate in historical data [10] 3.3 Market News - The American Petroleum Institute (API) reported that last week, US crude inventories increased, while gasoline and distillate inventories decreased. As of the week ending May 16, US crude inventories increased by 2.499 million barrels, gasoline inventories decreased by 3.238 million barrels, and distillate inventories decreased by 1.401 million barrels [13] - Trade and shipping data showed that with the increase in production, Russia's seaborne fuel - oil and vacuum - gasoil exports in April increased by 8.5% from the previous month to about 4 million tons. Russia's offline primary refining capacity last month was 2.91 million tons, a 21% decrease from March, leading to an increase in fuel supply [13] 3.4 Chart Analysis - The report presents various charts, including the closing prices of main contracts, basis of main contracts, spreads of inter - period contracts, spreads of inter - variety contracts, and production profits, to visually display the price trends and relationships of different energy - chemical products [14][30][44][60][69] 3.5 Team Member Introduction - The report introduces the members of the Everbright Futures Energy - Chemical Research Team, including the assistant director and energy - chemical director Zhong Meiyan, the crude - oil, natural - gas, fuel - oil, asphalt, and shipping analyst Du Bingqin, the natural - rubber/polyester analyst Di Yilin, and the methanol/PE/PP/PVC analyst Peng Haibo, along with their educational backgrounds, honors, and work experiences [75] 3.6 Contact Information - The company's address is Unit 703, 6th Floor, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company's phone number is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [80]

投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 宝城期货品种套利数据日报（2025 年 5 月 22 日） 一、动力煤 | 商品 | | | 动力煤（元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/05/21 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/20 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/19 | -189.4 | 0.0 | 0.0 | 0.0 | | 2025/05/16 | -187.4 | 0.0 | 0.0 | 0.0 | | 2025/05/15 | -187.4 | 0.0 | 0.0 | 0.0 | -250 -200 -150 -100 -50 0 50 100 150 450 500 550 600 650 700 750 800 850 900 950 动力煤基差 基差（右） 动力煤现货价:秦皇岛 期货结算价(活跃合约) :动力煤 www.bcqhgs.com 1 ...

Report on Stock Index Futures Spread Core Information - **Date**: May 22, 2025 - **Analysis of Spread Data**: The report provides detailed data on the current and inter - period spreads of various stock index futures (IF, IH, IC, IM), including the latest values, changes from the previous day, and historical quantiles [1]. Key Points - **IF Spreads**: The IF current - period spread was - 35.18, down 2.41 from the previous day. Inter - period spreads such as "next month - current month" were - 40.60, down 0.80 [1]. - **IH Spreads**: The IH current - period spread was - 15.83, up 1.40. The "next month - current month" inter - period spread was - 30.20, down 1.80 [1]. - **IC Spreads**: The IC current - period spread was - 102.32, down 5.76. The "next month - current month" inter - period spread was - 76.20, up 1.20 [1]. - **IM Spreads**: The IM current - period spread was - 131.58, down 4.96. The "next month - current month" inter - period spread was - 91.20, up 2.20 [1]. - **Cross - variety Ratios**: Ratios like CSI 500/CSI 300 were 1.4702, down 0.0042, with a 1 - year quantile of 45.90% [1]. Report on Treasury Bond Futures Spread Core Information - **Date**: May 22, 2025 - **Analysis of Spread Data**: The report presents data on the basis, inter - period spreads, and cross - variety spreads of treasury bond futures (TS, TF, T, TL), including the latest values, changes from the previous day, and historical quantiles [4]. Key Points - **Basis**: TS basis was 1.8110, down 0.0743; TF basis was 1.8222; T basis was 1.7962; TL basis was 1.7414 [4]. - **Inter - period Spreads**: For example, the "current quarter - next quarter" spread of TS was - 0.1180, down 0.0080 [4]. - **Cross - variety Spreads**: TS - TF was - 3.6300, down 0.0330; TS - T was - 6.4550, up 0.0270 [4]. Report on Precious Metals Spot - Futures Core Information - **Date**: May 22, 2025 - **Analysis of Market Data**: The report covers domestic and foreign futures closing prices, spot prices, basis, price ratios, interest rates, exchange rates, inventory, and positions of precious metals (gold and silver) [6]. Key Points - **Futures Prices**: Domestic AU2508 contract closed at 778.78 yuan/g, up 3.23%; AG2508 contract closed at 8272 yuan/kg, up 2.45%. COMEX gold closed at 3316.60 dollars/ounce, up 0.73%; COMEX silver closed at 33.58 dollars/ounce, up 0.95% [6]. - **Spot Prices**: London gold was 3314.36 dollars/ounce, up 0.76%; London silver was 33.38 dollars/ounce, up 0.95% [6]. - **Basis**: Gold TD - Shanghai gold main contract was - 5.16, down 2.97; silver TD - Shanghai silver main contract was - 35, down 18 [6]. - **Price Ratios**: COMEX gold/silver was 98.78, down 0.22%; Shanghai Futures Exchange gold/silver was 94.15, up 0.76% [6]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield was 4.58%, up 2.2%; 2 - year US Treasury yield was 4.00%, up 0.8%; US dollar index was 99.60, down 0.42% [6]. - **Inventory and Positions**: Shanghai Futures Exchange gold inventory was 17247 g, up 0.05%; silver inventory was 940799 kg, up 1.25% [6]. Report on Container Shipping Industry Spot - Futures Core Information - **Date**: May 22, 2025 - **Analysis of Market Data**: The report includes spot quotes, container shipping indices, futures prices, basis, and fundamental data of the container shipping industry [8]. Key Points - **Spot Quotes**: MAERSK's Shanghai - Europe future 6 - week freight was 2524 dollars/FEU, up 21.17%; CMA CGM's was 3402 dollars/FEU, up 15.09% [8]. - **Container Shipping Indices**: SCFIS (European route) was 1265.30, down 2.86%; SCFIS (US West route) was 1446.36, down 0.61% [8]. - **Futures Prices and Basis**: EC2602 was 1416.8, down 0.99%; the basis of the main contract EC2508 was - 411.9, up 11.4 [8]. - **Fundamental Data**: Global container shipping capacity supply was 3231.11 million TEU, up 0.05%; Shanghai port's arrival punctuality rate was 29.02, down 13.19% [8]. Report on Trading Calendar Core Information - **Date**: May 22, 2025 - **Data Schedules**: The report lists overseas and domestic economic data and financial events schedules for different industries [9]. Key Points - **Overseas Data**: Eurozone's May manufacturing PMI preliminary value will be released at 16:00; US May S&P Global manufacturing and service PMI preliminary values will be released at 21:45 [9]. - **Domestic Data**: Steel Union's weekly production, inventory, and apparent demand data will be released in the afternoon; steel mill's start - up rate, capacity utilization, and hot metal production will be released in the evening [9].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - This week, the high - sulfur crack strengthened, the 380 near - end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low - sulfur crack oscillated at a high level, the near - end monthly spread strengthened, and the basis continued to strengthen [3]. - This week, Singapore's on - shore inventory continued to decline, ARA ports' inventory decreased, and the US residue oil inventory increased significantly. Singapore's high - sulfur floating storage decreased, with overall inventory decline. The floating storage in the Middle East oscillated at a high level, and Saudi Arabia's exports were at a neutral level year - on - year. The floating storage in Fujairah oscillated, and the European floating storage decreased [3]. - Recently, the low - sulfur market has strengthened. Attention should be paid to the subsequent realization of supply increments and the change in the low - sulfur export volume of the Dangote refinery. The high - sulfur crack is running strongly, with profits higher than the historical average. This year, due to the impact of consumption tax deductions and tariff adjustments in China, the feedstock demand of fuel oil refineries has dropped significantly. The bunker fuel demand is expected to be weaker year - on - year due to tariff impacts. In the short term, the bunker fuel market has turned prosperous due to rush shipments. In the future, attention should be paid to the procurement demand for power generation and the opportunity for the high - sulfur crack to decline in the medium term [4]. 3) Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data | Product | Change from 2025/05/15 - 2025/05/21 | |--|--| | Rotterdam 3.5% HSF O Swap M1 | +2.35 [1] | | Rotterdam 0.5% VLS FO Swap M1 | +1.90 [1] | | Rotterdam HSFO - Brent M1 | +0.25 [1] | | Rotterdam 10ppm Gasoil Swap M1 | +1.27 [1] | | Rotterdam VLSFO - Gasoil M1 | +0.63 [1] | | LGO - Brent M1 | +0.60 [1] | | Rotterdam VLSFO - HSFO M1 | - 0.45 [1] | Singapore Fuel Oil Swap Data | Product | Change from 2025/05/15 - 2025/05/21 | |--|--| | Singapore 380cst M1 | +9.53 [1] | | Singapore 180cst M1 | +9.13 [1] | | Singapore VLSFO M1 | +4.25 [1] | | Singapore Gasoil M1 | +0.72 [1] | | Singapore 380cst - Brent M1 | +0.70 [1] | | Singapore VLSFO - Gasoil M1 | - 1.08 [1] | Singapore Fuel Oil Spot Data | Product | Change from 2025/05/15 - 2025/05/21 | |--|--| | FOB 380cst | +8.93 [2] | | FOB VLSFO | +3.34 [2] | | 380 Basis | +0.55 [2] | | High - sulfur Domestic - Foreign Spread | +1.5 [2] | | Low - sulfur Domestic - Foreign Spread | +2.5 [2] | Domestic FU Futures Data | Product | Change from 2025/05/15 - 2025/05/21 | |--|--| | FU 01 | +26 [2] | | FU 05 | +7 [2] | | FU 09 | +36 [2] | | FU 01 - 05 | +19 [2] | | FU 05 - 09 | - 29 [2] | | FU 09 - 01 | +10 [2] | Domestic LU Futures Data | Product | Change from 2025/05/15 - 2025/05/21 | |--|--| | LU 01 | +3 [3] | | LU 05 | - 7 [3] | | LU 09 | +11 [3] | | LU 01 - 05 | +10 [3] | | LU 05 - 09 | - 18 [3] | | LU 09 - 01 | +8 [3] |

Gasoil月差结构(美元/吨) 50 25 40 20 15 10 5 0 0 -10 r -20 -10 -30 -15 202502 202505 2025 3DSCO2 1500 205504 707585 MI-M6 - M1-M6 - 41-M2 MI-M9 M1-M2 - - M1-M3 - - M1-M9 M1-M3 321裂解价差(美元/桶) 532裂解价差 (美元/桶) 70.00 70.00 60.00 60.00 50.00 50.00 40.00 40.00 30.00 30.00 20.00 20.00 10.00 10.00 000 0.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 - 2025 -2022 -- 2023 -- 2024 -- 2024 -- 2024 -- -2021 - -2022 -- 2023 -- 2024 -- 202 -2021 - - 2025 亚洲石脑油裂解 (美元/桶) | 美国汽油裂解 (美元/桶) 20.00 70.00 1 ...

豆粕生猪：基差维持低位 远月放量成交 朱皓天 zhuhaotian@jsfco.com 期货从业资格号：F03090081 投资咨询从业证书号：Z0016204 表 1：豆粕生猪期货日度数据监测 1、据巴西全国谷物出口商协会(Anec)预计，巴西 5 月大豆出口料为 1452 万吨，较上周 的预估值 1427 万吨增加 1.75%。如果该预估应验，则巴西 5 月大豆出口量较上年同期增加 100 万吨。今年 3 月巴西大豆出口量曾创出 1570 万吨的纪录。 2、5 月 20 日，全国主要油厂豆粕成交 88.95 万吨，较前一交易日增 71.15 万吨，其中 现货成交 7.64 万吨，较前一交易日增 2.81 万吨，远月基差成交 81.31 万吨，较前一交易日 增 68.34 万吨。开机方面，全国动态全样本油厂开机率为 63.77%，较前一日上升 3.10%。 | | 元日期货 | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | THEAT FILLINES | | | | | | | | ...

Group 1: Report Industry Investment Rating - No information provided in the given reports Group 2: Core Views - The reports present daily data on various futures, including stock index futures, treasury bond futures, precious metal futures, shipping industry futures, and trading calendars, along with information on price differences, prices, rates, inventories, and data schedules [1][2][6][9][11] Group 3: Summary by Relevant Catalogs Stock Index Futures - **Price Differences**: IF, IH, IC, and IM show different current - price and inter - period price differences and their historical percentile positions. For example, the IF current - price difference is - 32.77, with a 1 - year historical percentile of 12.70% and an all - time historical percentile of 10.10% [1] - **Cross - Variety Ratios**: There are various cross - variety ratios, such as CSI 500/Shanghai Composite 50, CSI 500/CSI 300, etc., with their respective values and historical percentile positions [1] Treasury Bond Futures - **Basis**: TS, TF, T, and TL basis values and their changes compared to the previous day, along with their historical percentile positions since the contract's listing. For example, the TS basis on May 20, 2025, is 1.8116, with a change of - 0.0751 and a historical percentile of 37.40% [2] - **Inter - Period Price Differences**: Each type of treasury bond futures has different inter - period price differences and their historical percentile positions [2] - **Cross - Variety Price Differences**: There are cross - variety price differences such as TS - TF, TS - T, etc., and their historical percentile positions [2] Precious Metal Futures - **Prices**: Domestic and foreign futures closing prices, spot prices, and their changes and percentage changes. For example, the AU2508 contract closed at 754.38 yuan/g on May 20, 2025, down 1.48 yuan or - 0.20% from the previous day [6] - **Basis**: The basis values between different precious metal products and their historical percentile positions [6] - **Ratios**: The ratios between gold and silver in different markets and their changes [6] - **Interest Rates and Exchange Rates**: Information on 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, the US dollar index, and the offshore RMB exchange rate and their changes [6] - **Inventory and Position**: The inventory and position data of precious metals in different exchanges and their changes [6] Shipping Industry Futures - **Shipping Rates**: Shanghai - Europe shipping rates for different shipping companies and their changes, as well as various shipping indices and their changes [9] - **Futures Prices and Basis**: Futures prices of different contracts and the basis of the main contract and their changes [9] - **Fundamentals**: Data on container shipping capacity supply, foreign trade - related indicators, and overseas economic indicators and their changes [9] Trading Calendar - **Overseas Data/Information**: Economic indicators and financial events in the energy and chemical sector in the US, such as API and EIA crude oil inventories [11] - **Domestic Data/Information**: Economic indicators and financial events in different domestic sectors, including black and non - ferrous metals, energy and chemicals, and special commodities [11]

Report Industry Investment Rating - The investment rating for PX/PTA/PF/PR is neutral [5] Core Viewpoints - The market's focus has been shifting between macro and geopolitical factors, with oil prices in a range - bound consolidation. Attention should be paid to the progress of the US - Iran nuclear talks and the Russia - Ukraine negotiations [2] - The gasoline crack has rebounded recently, but its seasonal performance is still weaker than in the previous two years. The aromatics blending demand for gasoline is not promising this year, and the intermittent blending demand at home and abroad can be basically met by naphtha [2] - PXN has rebounded from a low level due to macro - level positive factors and unexpected losses of multiple PX plants. In May, domestic PX maintenance plants will gradually restart, and PX will continue to draw down inventory under the commissioning of new PTA plants [2] - The PTA spot basis has weakened, and the processing fees have declined. With the high - operation of downstream polyester plants, PTA will continue to draw down inventory significantly in May. As the PTA price rebounds, the maintenance of PTA plants is postponed, and the supply will gradually return [3] - The polyester operating rate has increased, and downstream orders have improved after the positive progress of the China - US negotiations and tariff reduction. The inventory of filament has decreased significantly, and the average monthly polyester load in May may increase instead of decrease [3] - The spot processing fee of polyester bottle - chips has increased, and the market supply is gradually rising, which may put pressure on the market price. Attention should be paid to the maintenance news of bottle - chip plants due to rising costs [4] - After the continuous and rapid rise, the current valuations of PXN and PTA are no longer at low levels, and the market sentiment has declined. Attention should be paid to the downstream negative feedback and the support from the crude oil cost side [5] Summary by Directory Price and Basis - The report includes figures on the TA main - contract, basis, and inter - period spread trends; PX main - contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber basis [9][10][12] Upstream Profits and Spreads - Figures cover PX processing fee (PXN), PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [17][20] International Spreads and Import - Export Profits - It includes figures on the toluene US - Asia spread, toluene South Korea FOB - Japan naphtha CFR, and PTA export profit [25][27] Upstream PX and PTA Start - up - Figures show the operating rates of Chinese, South Korean, and Taiwanese PTA plants, as well as Chinese and Asian PX plants [28][31][33] Social Inventory and Warehouse Receipts - Figures present the weekly social inventory of PTA, monthly social inventory of PX, and various types of warehouse receipts for PTA, PX, and PF [36][39][40] Downstream Polyester Load - It includes figures on the production and sales of filament and short - fiber, polyester load, and the inventory days and profits of various filament products, as well as the operating rates of weaving, texturing, and dyeing in Jiangsu and Zhejiang [48][50][60] PF Detailed Data - Figures cover the load of polyester staple fiber, factory equity inventory days, physical and equity inventories, and the operating rates and processing fees of related yarns [71][73][80] PR Fundamental Detailed Data - Figures show the load of polyester bottle - chips, factory inventory days, processing fees, export profits, and various price spreads [91][93][99]

芳烙橡胶早报 價H 研究中心能化团队 2025/05/21 P 不 A 点 点 点 用 POY 1 PX CFR PTA内盘现 仓单+有 PTA平衡 石脑油 石脑油裂 PTA加 PTA负 TA基美 50D/4 聚酯毛利 日期 原油 PX加工美 产销 台湾 解价差 工差 效预报 日本 न्ह 负荷 荷 8F 图什 2025/0 870 5095 7000 105.56 85394 240 0.40 66.1 590 280.0 324 -59 86.9 76.9 5/14 2025/0 80258 64.5 572 853 5030 7050 99.00 281.0 353 65 86.9 76.9 215 0.30 5/15 (图H 2025/0 65.4 4990 7050 103 87.9 200 0.25 565 839 85.92 274.0 386 76.9 70046 5/16 2025/0 841 4995 7025 88.97 272.0 380 68831 200 0.35 65.5 ୧୧୫ 75 87.9 76.9 5/19 2025/0 r ( 65.4 570 827 4860 702 ...

Report Industry Investment Rating - No information provided in the documents. Core Viewpoints - No explicit core viewpoints are presented in the given documents. The reports mainly offer data on various financial products including futures, precious metals, and shipping container transportation. Summary by Relevant Categories 1. Stock Index Futures Spread - **IF, IH, IC, IM Spot - Futures Spread**: On May 20, 2025, the IF spot - futures spread was -33.95 (up 9.14 from the previous day), IH was -16.29 (up 5.17), IC was -97.79 (up 16.25), and IM was -119.94 (up 14.38) [1]. - **IF, IH, IC, IM Inter - delivery Spread**: Different inter - delivery spreads (e.g., next month - current month, quarterly month - current month) for each index showed various changes compared to the previous day, with some increasing and some decreasing [1]. - **Cross - variety Ratios**: Ratios such as CSI 500/CSI 300, IC/IF, etc., also had corresponding changes on May 20, 2025, compared to the previous day [1]. 2. Treasury Bond Futures Spread - **Basis**: On May 19, 2025, the TF basis was 1.0799 (up 0.0148 from the previous day), T basis was 1.6603 (down 0.0272), etc. [4]. - **Inter - delivery Spread**: For TS, TF, T, and TL, different inter - delivery spreads (e.g., current quarter - next quarter) had their respective changes compared to the previous day [4]. - **Cross - variety Spread**: Spreads like TS - TF, TS - T, etc., also showed changes on May 19, 2025 [4]. 3. Precious Metals Spot - Futures - **Domestic Futures Closing Prices**: On May 19, 2025, the AU2508 contract closed at 755.86 yuan/gram (up 0.54% from May 16), and the AG2506 contract closed at 8133 yuan/kg (up 0.40%) [5]. - **Foreign Futures Closing Prices**: The COMEX gold主力 contract closed at 3232.20 US dollars/ounce (up 0.84% from May 16), and the COMEX silver主力 contract closed at 32.50 (up 0.20%) [5]. - **Spot Prices**: London gold was at 3229.21 US dollars/ounce (up 0.86% from May 16), and Shanghai Gold Exchange's gold T + D was at 754.09 yuan/gram (up 0.95%) [5]. - **Basis**: The basis between gold TD and Shanghai gold主力 was -1.11 (up 3.05 from the previous day), and between silver TD and Shanghai silver主力 was -20 (up 19) [5]. - **Ratios**: The COMEX gold/silver ratio was 99.47 (up 0.63 from the previous day), and the SHFE gold/silver ratio was 92.94 (up 0.13) [5]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield was 4.46% (up 0.7% from the previous day), and the US dollar index was 100.37 (down 0.60%) [5]. - **Inventory and Holdings**: The SHFE gold inventory remained unchanged at 17238, and the SPRD gold ETF holding was 921 (up 0.25% from the previous day) [5]. 4. Container Shipping Industry Spot - Futures - **Spot Quotes**: On May 20, 2025, MAERSK's Shanghai - Europe 6 - week future freight rate was 1574 US dollars/FEU (down 4.26% from May 19), and CMA's was 2954 (up 8.76%) [7]. - **Container Shipping Indexes**: The SCFIS (European route) settlement price index on May 19 was 1265.30 (down 2.86% from May 12), and the SCFI composite index was 1479.39 (up 9.98% from February 16) [7]. - **Futures Prices and Basis**: On May 19, 2025, the EC2602 contract was at 1451.2 (up 2.23% from May 16), and the basis of the main contract was -506.9 (down 32.56% from the previous day) [7]. - **Fundamental Data**: On May 19, 2025, the global container shipping capacity supply was 3228.60 FITEU (up 0.10% from May 18), and the Shanghai port's vessel berthing number was 317.00 (down 4.52% from the previous day) [7]. 5. Overseas and Domestic Data/Information - **Overseas Data**: On May 20, 2025, at 16:00, the eurozone's seasonally - adjusted current account balance for March was to be released, and at 22:00, the eurozone's May consumer confidence index preliminary value was due [9]. - **Domestic Data**: At 9:00 on May 20, 2025, China's 1 - year loan prime rate was to be announced, and various industry - specific data such as manganese ore inventory in Qinzhou Port and glass production - sales ratio were also to be reported [9].