音紧像胶呈报 图1 研究中心能化团队 2025/05/22 P 不 A A POY 1 仓单+有 PX CFR PTA内盘现 PTA平衡 PTA加 PTA负 石脑油 石脑油裂 聚酯毛利 TA基美 50D/4 日期 原油 PX加工美 产销 台湾 工差 效预报 日本 न्ह 解价差 荷 负荷 8F 图H 2025/0 5030 7050 80258 0.30 64.5 572 853 99.00 281.0 353 65 86.9 76.9 215 5/15 2025/0 70046 65.4 ୧୧୧ 839 4990 7050 85.92 274.0 386 103 87.9 76.9 200 0.25 5/16 (图H 2025/0 75 7025 87.9 200 0.35 65.5 569 841 4995 88.97 272.0 380 76.9 68831 5/19 2025/0 827 4860 7025 90.39 257.0 320 67816 0.25 65.4 570 205 87.9 76.9 165 5/20 2025/0 图H 65.4 570 4895 90.39 87.9 125 ...

| | LPG早报 | | | | | | | | 研究中心能化团队 2025/05/21 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | L P G | | | | | | | | | | | | | 日期 | 丙烷CFR华 丙烷CIF日 CP预测合 华南液化气 山东液化气 山东醚后碳四 山东烷基化油 主力基差 | 华东液化 气 | | 南 | 本 | MB丙烷 现货 | 同价 | | | 纸面进口 利润 | | | 2025/05/1 4 | 5000 | 4931 | 4670 | 625 | 570 | 80 | 582 | 4690 | 8000 | -160 | 514 | | 2025/05/1 5 | 4940 | 4909 | 4600 | 620 | 564 | 78 | 583 | 4640 | 7800 | -179 | 531 | | 2025/05/1 6 | 4940 | 4906 | 4590 | 615 | 565 | 78 | 587 | 4520 | 775 ...

金十期货图示 金十期货APP独家整理：05月19日国内期货基差数据已更新，点击查看。 | 广保 | 上内 | 70/H4 | UNNEZI | 120071 | 1100 | U. 970 | | --- | --- | --- | --- | --- | --- | --- | | 工业硅 | 华东 | 元/吨 | 8850 | 8110 | 740 | 8.4% | | 沪铜 | 上海 | 元/吨 | 78100 | 77820 | 280 | 0.4% | | 沪锌 | 上海 | 元/吨 | 22620 | 22455 | 165 | 0.7% | | 沪锡 三 | 上海 | 元/吨 | 265000 | 264860 | 140 | 0.1% | | 沪铝 | 上海 | 元/吨 | 20220 | 20110 | 110 | 0.5% | | 沪金 | 上金所黄金 t+d | 元/克 | 734 二 | 755.86 | -21.86 -3.0% | | | 氧化铝 | 贵州 | 元/吨 | 3047 | 3127 | -80 | -2.6% | | 沪铝 | 史上海 | 元/吨 | 16775 | ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The domestic LPG market is expected to gradually increase in supply, with chemical demand expected to recover and combustion demand continuing to decline. Overall, it may continue the trend of fluctuating downward [1]. 3. Summary by Relevant Content Price Changes - **Daily Changes**: On Friday, for civil gas, prices in Shandong decreased by 10 to 4590, in East China decreased by 3 to 4906, and remained stable in South China at 4940; for imported gas, prices in East China decreased by 8 to 5045, and in South China decreased by 10 to 5040; etherified C4 decreased by 12 to 4520. The PG futures price declined, the basis of the 06 contract weakened to 256, the spread between 06 - 07 contracts slightly weakened to 81, and the spread between 07 - 09 contracts remained basically flat at 159. The US - Far East arbitrage window closed [1]. - **Weekly Changes**: Last week, domestic civil gas prices declined significantly, with South China at 4920 (-3.3%), East China at 4906 (-0.7%), Shandong at 4570 (-4.8%), and Shandong etherified C4 at 4520 (-5.8%). The PG futures center of gravity moved slightly downward. The basis of the 06 contract was 256 (-187), the spread between 06 - 07 contracts was 81 (-23), and the spread between 07 - 08 contracts was 76 (-8). After the tariff eased, the overseas prices rose, with MB at 407 (+23), FEI at 544 (+22.8), and CP slightly increasing to 584 (+5.5). The discount of June CP cargoes decreased by nearly half, and the FEI discount returned to single - digit positive. The domestic - overseas price difference decreased significantly. The freight rates from the US Gulf to Japan and from the Middle East to the Far East slightly increased to 117 (+7) and 65 (+7) respectively [1]. Fundamental Situation - **Supply**: High arrival volumes and little change in demand led to port inventory accumulation, while factory inventory remained basically flat. The LPG commercial volume was 50.41 tons (+4.09%), and the expected increase in commercial volume in the next three weeks is expected to decrease [1]. - **Chemical Demand**: The PDH operating rate declined to 57.98% (-1.61), and production margins recovered. It is expected that the PDH operating rate will slightly increase next week. The alkylation operating rate was 39.87% (-2.37), the commercial volume was 18,450 (-1100), and the profit significantly expanded to 267 yuan/ton (+1113%). It is expected that the operating rate will slightly increase next week. Crude oil rebound drove MTBE to stop falling and rise. With low supply, stable exports, and manufacturers' intention to support prices, but increasing downstream resistance, it is expected that MTBE will slightly decline, but the overall decline will be limited [1]. - **Combustion Demand**: With the increase in temperature, combustion demand is expected to show a downward trend [1].

| 股指期货价差日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | 2025年5月16日 | | | | 叶倩宁 | Z0016628 | | 价差 | 品种 | 最新值 | 较削一日变化 | 历史1年分位数 | 全历史分位数 | | | F期现价差 | -34.40 | 1.41 | 11.00% | 9.40% | | 期现价差 | H期现价差 | -17.30 | -1.11 | 15.90% | 10.80% | | | IC期现价差 | -92.30 | 9.02 | 6.90% | 4.10% | | | IM期现价差 | -108.04 | 9.33 | 90.00% | 7.00% | | | 次月-当月 | -35.40 | 0.20 | 2.40% | 9.20% | | | 委員-景月 | -100.00 | 1.60 | 1.20% | 7.10% | | | 远月-当月 | -137.00 | 2.60 | 1.20% | 9.70% | | F跨期 ...

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| 股指期货价差日报 | | | | | | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 叶倩宁 2025年5月12日 | | | Z0016628 | | | 价差 品种 最新值 较前一日变化 历史1年分位数 | | | | 全历史分位数 | | F期现价差 -37.56 -0.66 | | 8.60% | | 7.80% | | -17.81 -3.10 期现价差 H期现价差 | | 14.70% | | 10.30% | | IC期验价套 -116.92 | -3.12 | 4.90% | | 2.10% | | IM期现价去 -136.88 | 2.40 | 85.00% | | 4.90% | | 次月-当月 -31.60 | -1.80 | 4.50% | | 11.00% | | 李月-当月 -96.60 | -6.20 | 0.40% | | 7.40% | | 元月-当月 -133.40 | -12.20 | 0.40% | | 10.50% | | IF跨期价差 -65.00 李月-次月 | -4.40 | 0.40% ...

期 2025 年 5 月 9 日 1. 股指期货基差情况 表 1：股指期货基差 | | | IF | | | | --- | --- | --- | --- | --- | | 合约代码 | 上周基差 | 本周基差 | 基差变动 | 指增年化收益 | | IF2505 | -18.57 | -5.96 | 12.61 | 8.1% | | IF2506 | -54.37 | -37.56 | 16.81 | 9.5% | | IF2509 | -107.37 | -102.56 | 4.81 | 8.5% | | IF2512 | -132.77 | -139.36 | -6.59 | 7.2% | | | | IH | | | | 合约代码 | 上周基差 | 本周基差 | 基差变动 | 指增年化收益 | | IH2505 | -5.96 | -0.41 | 5.55 | 2.2% | | IH2506 | -23.96 | -17.81 | 6.15 | 6.9% | | IH2509 | -55.16 | -52.01 | 3.15 | 6.6% | | IH2512 | -57.36 | -57.01 ...

Group 1 - The current spot prices for various commodities show significant variations across different regions, with stainless steel in Wuxi priced at 13,600 yuan per ton and coking coal in Liulin at 1,230 yuan per ton, indicating a diverse market landscape [1] - The price of lithium carbonate for battery-grade is reported at 66,850 yuan per ton, with a futures price of 65,260 yuan per ton, reflecting a basis of 1,590 yuan and a basis rate of 2.4% [2] - Industrial silicon in East China is priced at 9,150 yuan per ton, with a futures price of 8,325 yuan per ton, resulting in a basis of 825 yuan and a basis rate of 9.0% [3] Group 2 - In the agricultural futures market, cotton is priced at 14,113 yuan per ton, with a futures price of 12,745 yuan per ton, leading to a basis of 1,368 yuan and a basis rate of 9.7% [4] - The price of live pigs in Henan is reported at 14,980 yuan per ton, with a futures price of 13,960 yuan per ton, resulting in a basis of 1,020 yuan and a basis rate of 6.8% [4] - The price of corn at Bayuquan Port is 2,310 yuan per ton, with a futures price of 2,365 yuan per ton, indicating a basis of -55 yuan and a basis rate of -2.4% [5] Group 3 - The price of pulp in Shandong is 6,200 yuan per ton, with a futures price of 5,036 yuan per ton, resulting in a basis of 1,164 yuan and a basis rate of 18.8% [6] - The current price of LPG in Guangdong is 5,250 yuan per ton, with a futures price of 4,447 yuan per ton, leading to a basis of 803 yuan and a basis rate of 15.3% [6] - The price of short fiber in East China is 6,310 yuan per ton, with a futures price of 6,138 yuan per ton, resulting in a basis of 172 yuan and a basis rate of 2.7% [7] Group 4 - The Shanghai Composite Index futures show a current spot price of 2,647.72 points, with a futures price of 2,629.6 points, indicating a basis of -18.12 points and a basis rate of -0.7% [8] - The CSI 300 Index futures are priced at 3,808.54 points, with a futures price of 3,766.2 points, resulting in a basis of -42.34 points and a basis rate of -1.1% [8] - The basis for the CSI 500 Index futures is reported at -118.33 points, with a current spot price of 5,740.33 points and a futures price of 5,622 points, indicating a basis rate of -2.1% [8]

Group 1: Futures Market Overview - The article provides updated basis data for various domestic futures as of April 14, highlighting the current spot prices, futures prices, and basis values across different commodities [1][2][4][6][8]. - Notable commodities include stainless steel with a basis of 1045 Yuan/ton (7.5%), coking coal at 344.5 Yuan/ton (27.6%), and iron ore at 20 Yuan/ton (7.7%) [2][4]. Group 2: Agricultural Futures - Agricultural futures show varied performance, with cotton priced at 14,293 Yuan/ton and a basis of -1,303 Yuan/ton (9.1%), while live pigs are at 14,870 Yuan/ton with a basis of 400 Yuan/ton (2.7%) [4][5]. - The price of eggs is reported at 3,403.8 Yuan/500g, with a basis of 264.8 Yuan (7.8%) [4]. Group 3: Energy and Chemical Futures - Energy and chemical futures indicate significant basis values, with pulp at -960 Yuan/ton (15.1%) and PX at 788 Yuan/ton (11.6%) [6][7]. - LPG is priced at 5,200 Yuan/ton with a basis of 713 Yuan/ton (13.7%) [6]. Group 4: Financial Futures - Financial futures data shows the Shanghai Composite Index futures (IH) at 2,628.21 points with a basis of -21.61 points (-0.8%) [8]. - The CSI 300 index futures are at 3,759.14 points with a basis of -64.34 points (-1.7%) [8].