Domestic News - China is committed to high-level opening-up and welcomes U.S. financial institutions to participate in the development of its capital markets [1] - The Chinese government emphasizes the importance of creating a good ecosystem for platform economy and maintaining a fair market environment [1] - The National Health Commission reports a slowdown in the upward trend of COVID-19 cases nationwide [1] - The National Medical Insurance Administration is investigating issues related to pharmacists' licenses in retail pharmacies [1] - The Ministry of Commerce is strengthening the communication of rare earth export control policies, which may indicate a relaxation of export restrictions on European chip companies [1] - China has implemented visa-free travel for citizens of Saudi Arabia, Oman, Kuwait, and Bahrain [1] International News - NATO plans to increase the number of brigade-level troops, with Germany being asked to deploy an additional 40,000 troops [2] - The German Ministry of Defense announces an additional military aid package of approximately €5 billion to Ukraine [2] - Hamas has reached an agreement with the U.S. Middle East envoy on a ceasefire outline for Gaza [2] - The EU officially lifts economic sanctions on Syria, with the stock market set to reopen on June 2 [2] - OPEC representatives state that no production policy recommendations were made during the recent OPEC+ JMMC meeting [2] - Discussions are ongoing between BMW, Mercedes, and Volkswagen with the U.S. Department of Commerce regarding tariff issues, aiming for an agreement by early July [2] - The EU trade chief will hold talks with U.S. officials regarding tariff policies and cooperation in sectors such as aviation, semiconductors, and steel [2] - The Swiss Federal Council is consulting on the impact of U.S. tariffs, with expectations that overall economic development will not decline [2]

Core Viewpoint - OPEC+ is not expected to make any decisions regarding oil production policy in today's meeting [1] Group 1 - The meeting will not address changes to oil production levels [1]

Core Viewpoint - The OPEC+ Joint Ministerial Monitoring Committee (JMMC) did not propose any production policy recommendations during the meeting [1] Group 1 - OPEC+ held a meeting where no production policy suggestions were made [1]

Core Viewpoint - OPEC representatives revealed that the OPEC+ JMMC meeting did not propose any production policy recommendations [1] Group 1 - The absence of production policy suggestions indicates a potential stability in oil supply dynamics [1]

Gold Market - The probability of the Federal Reserve maintaining interest rates in June is 94.4%, and in July, it is 74.9%, indicating a low likelihood of short-term rate cuts, which may pressure gold prices [2] - The EU plans to accelerate trade negotiations with the US under pressure, while Japan is set to hold the fourth round of tariff talks with the US on the 30th, suggesting a cooling of trade tensions [2] - Analysts warn of further risks of gold price declines due to reduced safe-haven demand and the recent bearish market trend, with key resistance at $3328 and support at $3285 [2] Oil Market - OPEC+ has not yet discussed increasing oil production by 410,000 barrels per day ahead of their upcoming meetings, which may impact oil prices negatively [3] - Geopolitical uncertainties remain, with Germany lifting restrictions on military aid to Ukraine and Iran preparing for potential actions against Israel, which may limit the downside for oil prices [3] Copper Market - Recent trading shows a decline from high levels, with a warning of further potential drops; support may be found at the 62-day moving average [7] Nikkei 225 Index - The index has shown strong upward movement, closing positively, and has regained its position above the 20-day moving average, indicating potential for further gains [8]

Group 1 - The International Aluminium Institute (IAI) reports that global alumina production is projected to reach 12.407 million tons in April 2025, with a daily average production of 413.6 thousand tons, showing a slight increase from the previous month [1] - China's estimated alumina production for April 2025 is 7.384 million tons, which represents a decrease compared to the previous month [1]

摘要：【图】2025年1-3月海南省石脑油产量数据分析 2025年3月石脑油产量统计： 石脑油产量：26.1 万吨 同比增长：73.6% 增速较上一年同期变化：低276.3个百分点 据统计，2025年3月海南省规模以上工业企业石脑油产量与上年同期相比增长了73.6%，达26.1万吨，增 速较上一年同期低276.3个百分点，增速放缓，增速较同期全国高74.2个百分点，约占同期全国规模以上 企业石脑油产量674.4万吨的比重为3.9%。 详见下图： 图1：海南省石脑油产量分月（当月值）统计图 石脑油产量：76.1 万吨 同比增长：46.0% 增速较上一年同期变化：低179.5个百分点 据统计，2025年1－3月，海南省规模以上工业企业石脑油产量与上年同期相比增长了46.0%，达76.1万 吨，增速较上一年同期低179.5个百分点，增速放缓，增速较同期全国高46.7个百分点，约占同期全国规 模以上企业石脑油产量1988.5万吨的比重为3.8%。详见下图： 图2：海南省石脑油产量分月（累计值）统计图 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 2025年1 ...

Group 1 - In the first three months of 2025, Shandong Province's petroleum coke production reached 243.8 million tons, a decrease of 16.6% compared to the same period in 2024, with a growth rate 19.6 percentage points lower than in 2024 and 12.0 percentage points lower than the national average [1] - The total petroleum coke production in the same period for the entire country was 806.3 million tons, with Shandong accounting for 30.2% of this total [1] Group 2 - In March 2025, Shandong Province's petroleum coke production was 75.5 million tons, down 20.5% from March 2024, with a growth rate 23.5 percentage points lower than in 2024 and 17.6 percentage points lower than the national average [2] - The national petroleum coke production for March 2025 was 274.1 million tons, with Shandong's contribution being 27.5% [2]

增速较上一年同期变化：高8.9个百分点 据统计，2025年3月浙江省规模以上工业企业液化石油气产量与上年同期相比增长了2.5%，达97.2万 吨，增速较上一年同期高8.9个百分点，增速较同期全国高5.3个百分点，约占同期全国规模以上企业液 化石油气产量451.5万吨的比重为21.5%。 详见下图： 摘要：【图】2025年3月浙江省液化石油气产量数据分析 2025年3月液化石油气产量统计： 液化石油气产量：97.2 万吨 同比增长：2.5% 同比增长：1.9% 增速较上一年同期变化：高1.4个百分点 据统计，2025年1－3月，浙江省规模以上工业企业液化石油气产量与上年同期相比增长了1.9%，达 296.7万吨，增速较上一年同期高1.4个百分点，继续保持增长，增速较同期全国高3.4个百分点，约占同 期全国规模以上企业液化石油气产量1357万吨的比重为21.9%。详见下图： 图2：浙江省液化石油气产量分月（累计值）统计图 图1：浙江省液化石油气产量分月（当月值）统计图 2025年1-3月液化石油气产量统计： 液化石油气产量：296.7 万吨 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入 ...

王江楠（F03108382，Z0021543），联系电话：010-82295006 | | PX&PTA&PR | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/5/27 | 品种 | 更新日期 | 单位 | 现值 | 前值 | 涨跌(幅) | | | 期货结算价(连续):WTI原油 | 2025/5/23 | 美元/桶 | 61.53 | 61.20 | 0.54% | | 上 | 期货结算价(连续):布伦特原油 | 2025/5/26 | 美元/桶 | 64.74 | 64.78 | -0.06% | | 游 | 现货价(中间价):石脑油:CFR日本 | 2025/5/26 | 美元/吨 | 566.13 | 560.38 | 1.03% | | | 现货价(中间价):二甲苯(异构级):FOB韩国2025/5/23 | | 美元/吨 | 707.50 | 704.50 | 0.43% | | | 现货价:对二甲苯PX:CFR中国主港 | 2025/5/26 | 美元/吨 | 834.00 | 825.67 | 1.01% | | ...