Report Industry Investment Ratings - Methanol: ☆☆☆ [1] - Urea: ☆☆☆ [1] - Polyolefins: Not rated - Pure Benzene: Not rated - Styrene: ☆☆☆ [1] - Polyester (PX, PTA, Ethylene Glycol, Short Fiber, Bottle Chip): PX - ☆☆☆, PTA - ☆☆☆, Ethylene Glycol - ★☆☆, Short Fiber - ☆☆☆, Bottle Chip - ☆☆☆ [1] - Chlor - Alkali (PVC, Caustic Soda): ☆☆☆ [1] - Glass and Soda Ash: ☆☆☆ [1] Core Views - The overall chemical market shows a complex situation with different products having various supply - demand relationships and price trends. Some products are affected by factors such as inventory changes, seasonal demand, and cost fluctuations [2][3][4] Summary by Product Methanol - The main contract of methanol fluctuates in a narrow range. Import arrivals increase significantly, and ports accumulate inventory rapidly. Domestic producers in major production areas plan autumn maintenance, but some may postpone due to good profits. Downstream demand is for immediate needs, and production enterprise inventory changes little. The expected reduction in inland supply supports the market, but demand enters the off - season [2] Urea - The urea futures price rises first and then oscillates and回调 during the day. Daily production decreases slightly, and overall supply remains sufficient. Agricultural demand is approaching the end of the peak season, and the operating rate of compound fertilizer producers is still low. Producer inventory transfers to downstream and ports, with producers' inventory decreasing significantly and port inventory increasing rapidly. The domestic urea market is expected to have a loose supply - demand situation in the short term, and with the expected release of new export quotas, the market is likely to oscillate strongly within a range [3] Polyolefins - The main contracts of polyolefin futures continue to fluctuate in a narrow range, with a weakening trend. The cost of oil prices fluctuates widely without clear guidance. For polyethylene, the restart of some maintenance devices increases supply expectations, and short - term demand from North China's agricultural film has limited driving effect. For polypropylene, a high number of maintenance devices provide support, but weak downstream demand suppresses the market [4] Pure Benzene - Boosted by the overnight oil price rebound, the price of pure benzene rises in the morning but then falls. Domestic production increases slightly, and port supplies are abundant. There is a seasonal improvement in supply - demand expected in the second half of the third quarter, but pressure returns in the fourth quarter. It is recommended to conduct monthly spread band operations, with a positive spread strategy in the medium - short term and a negative spread in the fourth quarter. Considering the long - term bearish view on oil prices, shorting pure benzene at high prices is advisable [6] Styrene - The main contract of styrene futures has a narrow - range consolidation. The main port's inventory accumulates significantly, with refrigerated tank capacity in short supply. More selling and less buying in the spot market lead to a decline in spot prices and a weakening basis, which drags down the futures market [7] Polyester - PX and PTA prices rise first, then fall, and rebound in the afternoon. PX supply - demand improves, but low downstream PTA processing margins and weakening demand from long - filament inventory and cash - flow problems drag it down. PTA has a strong expectation of inventory accumulation, and the spot processing margin is at a low level with a repair drive. For ethylene glycol, domestic production decreases, and imports are low, with port inventory reduction and unstable overseas device operation boosting the market. Short - fiber and bottle - chip prices follow the raw materials, with short - fiber having a slight inventory reduction and repair of spot processing margins, while bottle - chip has a decline in industry operation rate and a slight increase in inventory [8] Chlor - Alkali - PVC fluctuates in a narrow range. Calcium carbide producers lower prices, and producer inventory decreases slightly while social inventory increases. The comprehensive profit of chlor - alkali improves, and new device production increases supply. Domestic demand is weak, and export deliveries decrease. Caustic soda futures price is weak. Profit improvement leads to increased device operation, but high - price sales are difficult. Alumina demand provides some support, but non - aluminum downstream demand is average [9] Glass and Soda Ash - Glass prices decline during the day. Mid - and downstream restocking sentiment improves, industry profit rises slightly, and production capacity increases slightly. Processing orders are weak. Soda ash prices oscillate downward. Industry inventory accumulates, production increases, and the photovoltaic industry plans to cut production. The supply - demand situation of glass is better than that of soda ash, and the price spread is expected to widen [10]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The zinc market shows a trend of oscillating and strengthening. The overall sentiment is relatively positive, but there may be short - term oscillations. The report suggests that the Shanghai zinc contract ZN2509 will oscillate and strengthen [2][18]. 3. Summary According to Relevant Catalogs 3.1 Zinc Fundamental Data - In April 2025, global zinc sheet production was 1153000 tons, consumption was 1130200 tons, with a surplus of 22700 tons. From January to April, production was 4451400 tons, consumption was 4507900 tons, with a shortage of 56500 tons. From January to April, global zinc ore production was 4040600 tons [2]. - The spot price of zinc was 22140, and the basis was +20, showing a neutral situation [2]. - On July 17, LME zinc inventory increased by 125 tons to 121475 tons, and the Shanghai Futures Exchange zinc inventory warrants decreased by 598 tons to 11563 tons, also neutral [2]. - The previous day, Shanghai zinc showed an oscillating and rebounding trend, closing above the 20 - day moving average, with the 20 - day moving average trending upwards, indicating a positive situation [2]. - The main positions were net long, and the long positions increased, which is positive [2]. 3.2 Zinc Futures Market Quotes on July 17 - Multiple zinc futures contracts showed price increases. For example, the contract 2509 had an opening price of 21990, a closing price of 22120, and a price increase of 120. The total trading volume of all contracts was 194120 lots, and the total trading value was 2141848110 yuan [3]. 3.3 Domestic Main Spot Market Quotes on July 17 - The prices of various zinc - related products increased. Zinc concentrate in Linlizhou was priced at 16850 yuan/ton (+50), zinc ingots in Langshang were 22140 yuan/ton (+70), etc [4]. 3.4 National Main Market Zinc Ingot Inventory Statistics (July 7 - July 17, 2025) - The total inventory in major Chinese markets remained at 7.42 million tons on July 17. Compared with July 10, there were increases and decreases in different regions, with a net change of 0 [5]. 3.5 Zinc Warehouse Receipt Report of the Futures Exchange on July 17 - The total zinc warehouse receipts were 11563 tons, a decrease of 598 tons. Decreases mainly occurred in Guangdong and Tianjin [6]. 3.6 LME Zinc Inventory Distribution and Statistics on July 17 - The LME zinc inventory increased by 125 tons to 121475 tons [7]. 3.7 National Market Zinc Ingot Smelter Price Quotes on July 17 - The prices of zinc ingots from different smelters increased. For example, the price of 0 zinc ingots from Hunan Zhuzhou Smelting was 22470 yuan/ton (+60), and that from a certain producer was 26310 yuan/ton (+960) [12]. 3.8 Domestic Refined Zinc Production in June 2025 - The planned production value in June was 459700 tons, and the actual production was 471800 tons, with a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The planned production for July is 470300 tons [14]. 3.9 Zinc Concentrate Processing Fee Quotes on July 17 - Domestic zinc concentrate processing fees for different regions with a 50% grade ranged from 3400 - 4000 yuan/metal ton, and the import processing fee for 48% grade was 60 US dollars/dry ton [16]. 3.10 Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table on July 17 - In the zinc contract zn2509, in terms of trading volume, Citic Futures ranked first with 23753 lots, an increase of 5493 lots. In terms of long positions, Citic Futures also ranked first with 20897 lots, an increase of 503 lots. In terms of short positions, Citic Futures ranked first with 12007 lots, an increase of 1004 lots [17]. 3.11 Short - term View - The previous trading day, Shanghai zinc showed an oscillating and rebounding trend, with increased trading volume. Both long and short positions increased, with more short - position increases. Technically, the price closed above the long - term moving average, the short - term indicator KDJ rose, and the trend indicator showed that the long - term strength decreased while the short - term strength increased, and the market may oscillate in the short term [18].

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-7-17） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1、、基本面：近期部分煤矿受地质条件及安全检查等因素影响，开工一定程度受限。近期煤价上涨， 促进贸易氛用活跃，煤矿出货顺畅，上游库存压力继续下降。且线上竞拍成交表现较好，多数煤种溢价 成交，流拍现象较少，整体看焦煤需求表现依旧较好；偏多 2、基差：现货市场价940，基差43；现货升水期货；偏多 3、库存：钢厂库存774万吨，港口库存312万吨，独立焦企库存669.5万吨，总样本库存1775.5万吨，较 上周减少19.3万吨；偏多 4、盘面：20日线向上，价格在20日线上方；偏多 5、主力持仓：焦煤主力净空，空增；偏空 6、预期：焦炭第一轮涨价落地，焦化企业利润亏损得到缓解，焦企开工多维持高位，目前持正常发货， 厂内库存多保持低位，对优质煤种资源采购积极性不减，预计短期焦煤价格或暂稳运行。 焦煤 利 多：1.铁水产量上涨 2.供应难有增量 利 空：1.焦钢企业对原料煤采购放缓 2.钢材价格疲软 重要 ...

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-7-16） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 焦炭： 每日观点 焦煤： 1、基本面：个别煤矿因产量尚未恢复，煤矿方面产能释放有限。随着焦炭价格第一轮上涨落地，焦煤 市场情绪进一步提振，部分原料煤库存低位焦企仍积极补库为主，带动产地煤价延续涨势，且下游仍有 一定补库需求，短期市场将延续偏强态势；偏多 2、基差：现货市场价940，基差28.5；现货升水期货；偏多 3、库存：钢厂库存774万吨，港口库存312万吨，独立焦企库存669.5万吨，总样本库存1775.5万吨，较 上周减少19.3万吨；偏多 4、盘面：20日线向上，价格在20日线上方；偏多 5、主力持仓：焦煤主力净空，空增；偏空 6、预期：目前多数钢厂对焦炭第一轮提涨已正式接受，此次落地后将会对焦 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoint of the Report - The Shanghai zinc futures (ZN2509) are expected to oscillate and weaken. LME inventory warrants and SHFE warrants are both increasing [2][20]. Summary by Relevant Catalogs 1. Fundamental Analysis - In April 2025, global zinc sheet production was 1153,000 tons, consumption was 1,130,200 tons, with a surplus of 22,700 tons. From January to April, production was 4,451,400 tons, consumption was 4,507,900 tons, with a shortage of 56,500 tons. In April, global zinc sheet production was 1,072,200 tons, and from January to April, global zinc ore production was 4,040,600 tons [2]. - The basis is +100 with the spot price at 22,170, indicating a neutral situation [2]. - On July 15, LME zinc inventory increased by 5,200 tons to 118,600 tons, and SHFE zinc inventory warrants increased by 2,013 tons to 11,184 tons, which is bearish [2]. - The previous day, Shanghai zinc showed an oscillating trend, closing above the 20 - day moving average with the 20 - day moving average trending upward, which is bullish [2]. - The main positions are net long, but the long positions are decreasing, which is bullish [2]. 2. Futures Exchange Zinc Futures Quotes (July 15) - The trading volume of zinc futures on July 15 was 216,448 lots, with a turnover of 2,392,324,480 yuan, and the total open interest was 236,504 lots, a decrease of 1,770 lots [3]. 3. Domestic Main Spot Market Quotes (July 15) - Zinc concentrate in Linzhou was priced at 16,880 yuan/ton, down 10 yuan/ton; zinc ingots in Aoshi were 22,170 yuan/ton, down 20 yuan/ton; galvanized sheets in China were 3,951 yuan/ton, down 3 yuan/ton; galvanized pipes in China were 4,289 yuan/ton, up 4 yuan/ton; zinc alloy in Ningbo was 22,700 yuan/ton, down 30 yuan/ton; zinc powder in Changsha was 26,870 yuan/ton, down 20 yuan/ton; zinc oxide in Taizhou was 20,550 yuan/ton, down 150 yuan/ton; and secondary zinc oxide in Lin was 7,694 yuan/ton, unchanged [4]. 4. National Main Market Zinc Ingot Inventory Statistics (July 3 - July 14) - On July 14, the total social inventory of zinc ingots in major Chinese markets was 742,000 tons, an increase of 42,000 tons compared to July 7 and 15,000 tons compared to July 10 [5]. 5. Futures Exchange Zinc Warrant Report (July 15) - The total SHFE zinc warrants on July 15 were 11,184 tons, an increase of 2,013 tons. In Guangdong, the warrants increased significantly, with Zhongchu Shengshi increasing by 125 tons, Guangdong Jushen increasing by 396 tons, and Shengui increasing by 521 tons. In Tianjin, the warrants also increased, with Shanggang Yuncang Tianjin increasing by 760 tons and Quansheng Logistics Tianjin increasing by 732 tons [6]. 6. LME Zinc Inventory Distribution and Statistics (July 15) - The total LME zinc inventory on July 15 was 118,600 tons, an increase of 5,200 tons from the previous day. The注销 ratio was 22.45% [8]. 7. Domestic Refined Zinc Production in June 2025 - The production of refined zinc in June 2025 was 471,800 tons, a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The production was 2.63% higher than the planned value, and the capacity utilization rate was 87.10%. The planned production for July is 470,300 tons [16]. 8. Zinc Concentrate Processing Fee Quotes (July 15) - The domestic zinc concentrate processing fees for 50% grade vary by region, generally ranging from 3,400 to 4,000 yuan/metal ton. The import processing fee for 48% grade is 60 US dollars/dry ton [18]. 9. Shanghai Futures Exchange Member Zinc Trading and Position Ranking (July 15, Contract zn2509) - In terms of trading volume, Guotai Junan ranked first with 21,619 lots, an increase of 1,123 lots. In terms of long positions, CITIC Futures ranked first with 21,225 lots, an increase of 215 lots. In terms of short positions, CITIC Futures ranked first with 10,712 lots, a decrease of 2,072 lots [19].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - PTA: In the short - term, PTA's driving force is weak, and its price follows cost fluctuations. In July, there are few PTA device overhauls, and the Sanfangxiang device is planned to be put into production. Meanwhile, it is the off - season for terminal demand, polyester sales are weak, inventory pressure accumulates, and there are news of production cuts. The PTA supply - demand forecast is negative, and the spot basis runs weakly [6]. - MEG: In the short - term, the price of ethylene glycol will be mainly adjusted in a wide range. The restart difficulties of some devices in the Saudi region have boosted market sentiment. In the long - term, the transferable spot in the ethylene glycol market will continue to be loose, and there is a clear expectation of inventory accumulation in August - September, with an overall range of about 18 - 20 tons. As the inventory pressure of polyester products increases, the intention of subsequent factories to participate in raw material procurement will also weaken [8]. 3. Summary by Relevant Catalogs 3.1. Previous Day's Review No relevant content provided. 3.2. Daily Tips PTA - Fundamental: PTA futures fluctuated and declined yesterday. The negotiation atmosphere in the spot market improved compared with the previous day. Individual polyester factories made bids, and the spot basis stabilized. The mainstream price of July goods was negotiated and traded at 09 + 8 - 10, and the price negotiation range was around 4680 - 4750. The night - session price was at the high end. A small amount of August goods were traded at 09 + 8 - 10. Today's mainstream spot basis is 09 + 9 [7]. - Basis: The spot price is 4712, the basis of the 09 contract is 16, and the futures price is at a discount [7]. - Inventory: The inventory of PTA factories is 3.86 days, a decrease of 0.09 days compared with the previous period [7]. - Disk: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average [7]. - Main - force position: Net short, short positions increasing, bearish [6]. MEG - Fundamental: On Tuesday, the price center of ethylene glycol was adjusted in a wide range, and the market negotiation was average. The night - session ethylene glycol fluctuated at a high level and then declined. The spot transaction was around a premium of 68 - 69 yuan/ton over the 09 contract. During the day, the ethylene glycol market fluctuated narrowly, and the spot transaction was carried out around a premium of 66 - 70 yuan/ton over the 09 contract. The overall market transaction was weak. In terms of US dollars, the center of the ethylene glycol outer market was sorted out narrowly, and the overall transaction was okay. The mainstream negotiation price of recent shipments during the day was around 513 - 517 US dollars/ton. There was a large - order transaction of Singaporean goods in the morning, and the recent shipments were traded around 513 - 514 US dollars/ton in the afternoon [8]. - Basis: The spot price is 4399, the basis of the 09 contract is 77, and the futures price is at a discount [9]. - Inventory: The total inventory in the East China region is 48.03 tons, a decrease of 5.17 tons compared with the previous period [9]. - Disk: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average [9]. - Main - force position: Net short, short positions increasing, bearish [8]. 3.3. Today's Focus - Influencing factors: - Bullish: The PX operating rate remains at a relatively high level [10]. - Bearish: Iran confirmed a cease - fire. From the demand side, it is the end of the export rush and the domestic demand off - season, and the trend of weakening terminal demand is certain. The short - term commodity market is greatly affected by the macro - level. Pay attention to the cost side, and after the disk rebounds, pay attention to the upper resistance level [11][12]. 3.4. Fundamental Data - PTA supply - demand balance sheet: It shows the PTA supply - demand situation from January 2024 to December 2025, including capacity, output, import, export, consumption, and inventory data [13]. - Ethylene glycol supply - demand balance sheet: It shows the supply - demand situation of ethylene glycol from January 2024 to December 2025, including operating rate, output, import, export, consumption, and inventory data [14]. - Price data: It includes the price changes of various products such as naphtha, PX, PTA, ethylene glycol, and polyester on July 15 - 14, 2025, as well as data on basis, spread, and profit [15]. - Inventory analysis: It shows the inventory data of various products such as PTA, ethylene glycol, PET chips, and polyester from 2021 to 2025 [44][45][47]. - Operating rate data: It shows the operating rate data of various products in the polyester industry chain such as PTA, PX, ethylene glycol, polyester factories, and Jiangsu - Zhejiang looms from 2020 to 2025 [57][58][60]. - Profit data: It shows the profit data of various products such as PTA, ethylene glycol, and polyester fibers from 2022 to 2025 [67][69][71].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The PVC market presents a complex situation with both positive and negative factors. Positive factors include supply resumption, cost support from calcium carbide and ethylene, and export advantages. Negative factors involve overall supply pressure rebound, high - level and slow - consuming inventory, and weak domestic and external demand. The main logic is the strong overall supply pressure and the poor recovery of domestic demand. The PVC2509 is expected to fluctuate in the range of 4975 - 5045 [8][12][13] 3. Summary According to the Directory 3.1 Daily Views - **Fundamentals**: The supply pressure decreased this week, and the expected production is likely to increase next week as the expected maintenance decreases. The downstream overall and most sub - sectors'开工率 is lower than the historical average, with the current demand potentially remaining sluggish. The cost side shows that the losses of calcium carbide and ethylene methods are decreasing, but the profit is still lower than the historical average, which may put pressure on production scheduling. The fundamentals are considered neutral [6][8] - **Basis**: On July 14, the price of East China SG - 5 was 4930 yuan/ton, and the basis of the 09 contract was - 80 yuan/ton, with the spot at a discount to the futures, which is bearish [10] - **Inventory**: The factory inventory decreased by 1.21% month - on - month, with the calcium carbide factory inventory down 1.61% and the ethylene factory inventory up 0.22%. The social inventory increased by 5.25% month - on - month, and the production enterprise's in - stock inventory days decreased by 0.32%. The inventory situation is considered neutral [10] - **Disk**: MA20 is upward, and the price of the 09 contract closed above MA20, which is bullish [10] - **Main Position**: The main position is net short, and the short position increased, which is bearish [10] 3.2 PVC Market Overview - The report provides detailed data on yesterday's PVC market, including prices, spreads, inventory, and production of different types of PVC, as well as the operating rates of downstream industries [15] 3.3 PVC Futures Market - **Basis Trend**: The report shows the historical basis trend of PVC futures, including the relationship between the basis, PVC East China market price, and the main contract closing price [17][18] - **Price and Volume Trends**: It presents the price, trading volume, and position changes of the PVC futures main contract, including the trends of MA5, MA10, MA20, MA60, and MA120, as well as the position changes of the top 5 and top 20 seats [21] - **Spread Analysis**: It shows the historical spread trends of different contract months of PVC futures, such as the 1 - 9 and 5 - 9 spreads [23][24] 3.4 PVC Fundamentals - **Calcium Carbide Method - Related**: It includes the price, cost - profit, operating rate, and inventory of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, and caustic soda in the calcium carbide method of PVC production [26][29][31][34] - **PVC Supply Trend**: It shows the capacity utilization rates of calcium carbide and ethylene methods, production profits, daily and weekly production volumes, and maintenance losses of PVC [40][42] - **Demand Trend**: It includes the sales volume of PVC traders, pre - sales volume, production - sales ratio, apparent consumption, and the operating rates of downstream industries such as profiles, pipes, films, and paste resin. It also shows the relationship between PVC demand and real estate and infrastructure investment - related indicators [44][45][49][54][55][57] - **Inventory**: It presents the inventory data of the exchange, calcium carbide and ethylene factory warehouses, social inventory, and the inventory days of production enterprises [60] - **Ethylene Method - Related**: It includes the import volumes of vinyl chloride and dichloroethane, PVC export volume, and relevant price spreads in the ethylene method of PVC production [61][62] - **Supply - Demand Balance Sheet**: It shows the monthly supply - demand trends of PVC, including import, production, factory and social inventories, demand, and export from May 2024 to June 2025 [64][65]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **For Threaded Steel (Rebar)**: The demand shows no improvement, with low - level inventory slightly decreasing. Traders' purchasing willingness remains weak, and the downstream real - estate industry is in a downward cycle. However, considering factors such as low inventory, positive basis, and price above the 20 - day line, it should be treated with a volatile and slightly bullish mindset [2]. - **For Hot - Rolled Coil**: Both supply and demand have weakened, inventory continues to decline, and exports are blocked. Although there are some positive factors like positive basis and price above the 20 - day line, due to the weakening market situation and export obstacles, it should also be treated with a volatile and slightly bullish mindset [6]. 3. Summary by Related Catalogs Threaded Steel (Rebar) - **Fundamentals**: Demand is poor, inventory is at a low level and slightly decreasing, and the downstream real - estate industry is in a downward cycle; bearish [2]. - **Basis**: The spot price of rebar is 3210, and the basis is 72; bullish [2]. - **Inventory**: The inventory in 35 major cities across the country is 359.49 million tons, decreasing both month - on - month and year - on - year; bullish [2]. - **Disk**: The price is above the 20 - day line, and the 20 - day line is upward; bullish [2]. - **Main Position**: The main position of rebar is net short, and short positions are increasing; bearish [2]. - **Likely Influencing Factors**: Positive factors include low production and inventory levels and spot premium. Negative factors are the continuous downward cycle of the downstream real - estate industry and weak terminal demand lower than the same period [2][3]. Hot - Rolled Coil - **Fundamentals**: Both supply and demand have weakened, inventory continues to decline, exports are blocked, and domestic policies may play a role; neutral [6]. - **Basis**: The spot price of hot - rolled coil is 3300, and the basis is 24; bullish [6]. - **Inventory**: The inventory in 33 major cities across the country is 267.75 million tons, increasing month - on - month but decreasing year - on - year; neutral [6]. - **Disk**: The price is above the 20 - day line, and the 20 - day line is upward; bullish [6]. - **Main Position**: The main position of hot - rolled coil is net short, and short positions are increasing; bearish [6]. - **Likely Influencing Factors**: Positive factors are fair demand and spot premium. Negative factors are that downstream demand has entered a seasonal off - season with a pessimistic outlook [8][9].

交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2025年7月14日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 供给端来看，据隆众统计，2025年6月PVC产量为199.134万吨，环比减少1.40%；本周样本企业产能利 用率为76.97%，环比减少0.01个百分点；电石法企业产量33.819万吨，环比减少1.92%,乙烯法企业产 量11.439万吨，环比增加3.62%；本周供给压力有所减少；下周预计检修有所减少，预计排产少量增加 需求端来看，下游整体开工率为41.11%，环比减少1.77个百分点，低于历史平均水平；下游型材开工率 为34.55%，环比减少0.20个百分点，低于历史平均水平；下游管材开工率为37.67%，环比减少1.83个 百分点，低于历史平均水平；下游薄膜开 ...

交易咨询业务资格：证监许可【2012】1091号 PVC期货早报 2025年7月11日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 供给端来看，据隆众统计，2025年6月PVC产量为199.134万吨，环比减少1.40%；本周样本企业产能利 用率为77.44%，环比减少0.01个百分点；电石法企业产量34.4825万吨，环比减少0.25%,乙烯法企业产 量11.039万吨，环比减少2.73%；本周供给压力有所减少；下周预计检修有所减少，预计排产少量增加 需求端来看，下游整体开工率为42.88%，环比增加.100个百分点，低于历史平均水平；下游型材开工率 为34.75%，环比减少0.25个百分点，低于历史平均水平；下游管材开工率为39.5%，环比增加.939个百 分点，低于历史平均水平；下游薄膜开 ...