化工日报 | 2025-11-18 青岛港口库存继续小幅回升 市场要闻与数据 期货方面，昨日收盘RU主力合约15315元/吨，较前一日变动+100元/吨；NR主力合约12355元/吨，较前一日变动+90 元/吨；BR主力合约10455元/吨，较前一日变动+10元/吨。 现货方面，云南产全乳胶上海市场价格14850元/吨，较前一日变动+100元/吨。青岛保税区泰混14650元/吨，较前 一日变动+50元/吨。青岛保税区泰国20号标胶1850美元/吨，较前一日变动+10美元/吨。青岛保税区印尼20号标胶 1745美元/吨，较前一日变动+10美元/吨。中石油齐鲁石化BR9000出厂价格10500元/吨，较前一日变动+0元/吨。浙 江传化BR9000市场价10400元/吨，较前一日变动+0元/吨。 市场资讯 据第一商用车网初步统计，2025年10月份，我国重卡市场共计销售9.3万辆左右（批发口径，包含出口和新能源）， 环比今年9月下降约12%，比上年同期的6.64万辆大幅增长约40%。今年1-10月，我国重卡市场累计销量超过了90 万辆，达到91.6万辆，同比增长约22%，预计在11月过后，累计销量就会超过100万辆 ...

化工日报 | 2025-11-18 主港大幅累库，EG基差走弱明显 市场分析 期现货方面：昨日EG主力合约收盘价3938元/吨（较前一交易日变动+16元/吨，幅度+0.41%），EG华东市场现货价 3975元/吨（较前一交易日变动-7元/吨，幅度-0.18%），EG华东现货基差42元/吨（环比-11元/吨）。 生产利润方面：据隆众数据，乙烯制EG生产利润为-56美元/吨（环比+4美元/吨），煤制合成气制EG生产利润为-967 元/吨（环比+39元/吨）。 库存方面：根据 CCF 每周一发布的数据，MEG 华东主港库存为73.2万吨（环比+7.1万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为61.8万吨（环比+5.4万吨）。据CCF数据，上周华东主港计划到港总数17万吨，副 港到港量4.7万吨；本周华东主港计划到港总数11.1万吨，副港到港量2.8万吨，整体中性。 整体基本面供需逻辑：供应端，国内乙二醇负荷高位运行，国内供应表现宽裕；海外乙二醇海外装置变化有限， 单边：中性。投产压力较大，随着港口库存的回升，场内货源流动性增加，乙二醇现货基差趋弱。但近期高成本 装置负反馈逐渐出现，高供应和累库压力 ...

Report Industry Investment Rating No information provided. Core Viewpoints - In the pure benzene market, the lowest point of US refinery operations has passed, but US gasoline inventories are at a low level, and gasoline cracks continue to strengthen, which supports Asian aromatics for blending. The arbitrage spread from South Korea to the US has recovered but not opened up. The future arrival pressure in China may slow down, but in the short term, there is a concentrated arrival of pure benzene in China, and port inventories are rising faster. Domestic production operations continue to increase, while downstream operations are weak. Styrene maintenance is concentrated, waiting for recovery at the end of the month; phenol operations are dragged down by low operations of bisphenol A and PC; CPL operations remain at a low level, waiting for inventory reduction; aniline and adipic acid operations are fair [2]. - In the styrene market, port inventories continue to decline, partly due to increased exports and partly due to low domestic operations. However, there are expectations of resumption in late November. Attention should be paid to whether the maintenance period will be further extended. Downstream demand for pick-up remains stable, but downstream operations are still low. EPS continues to reduce operations during the off-season, while ABS and PS operations are at a low level. Inventories of EPS and PS have decreased, but ABS still faces inventory pressure [2]. Summary by Directory 1. Pure Benzene and EB Basis Structure, Inter - Period Spreads - Figures related to pure benzene basis and spreads include the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and pure benzene continuous first - continuous third contract spread. Figures related to EB include the EB main contract trend & basis, EB main contract basis, and EB continuous first - continuous third contract spread [7][12][16]. 2. Pure Benzene and Styrene Production Profits, Domestic - Foreign Spreads - Figures cover various aspects such as naphtha processing fees, the difference between pure benzene FOB South Korea and naphtha CFR Japan, styrene non - integrated plant production profits, and differences between pure benzene FOB US Gulf and other regions, as well as import profits of pure benzene and styrene [18][21][30]. 3. Pure Benzene and Styrene Inventories, Operating Rates - For pure benzene, figures show the East China port inventory and operating rate. For styrene, figures display the East China port inventory, commercial inventory, factory inventory, and operating rate [36][38][41]. 4. Styrene Downstream Operating Rates and Production Profits - Figures present the operating rates and production profits of EPS, PS, and ABS [46][48][53]. 5. Pure Benzene Downstream Operating Rates and Production Profits - Figures include the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, as well as the production profits of related products such as PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [57][62][71].

丙烯日报 | 2025-11-18 下游装置集中重启带动需求回升 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价5913元/吨（-4），丙烯华东现货价5900元/吨（+25），丙烯华北现货价5845元/吨（+40）， 丙烯华东基差-13元/吨（+29），丙烯华北基差-45元/吨（+53）。丙烯开工率74%（-1%），中国丙烯CFR-日本石脑油 CFR148美元/吨（-8），丙烯CFR-1.2丙烷CFR60美元/吨（-1），进口利润-279元/吨（+25），厂内库存47190吨（-2630）。 丙烯下游方面：PP粉开工率44%（+0.59%），生产利润-115元/吨（-40）；环氧丙烷开工率75%（+1%），生产利润310 元/吨（+58）；正丁醇开工率83%（-3%），生产利润-186元/吨（-25）；辛醇开工率69%（-2%），生产利润-280元/吨 （-28）；丙烯酸开工率75%（+3%），生产利润561元/吨（-18）；丙烯腈开工率79%（+1%），生产利润-242元/吨（-31）； 酚酮开工率67%（-9%），生产利润-415元/吨（+0）。 市场分析 局部PDH装置检修提振叠加下游装置重启带来需求 ...

新能源及有色金属日报 | 2025-11-18 策略 目前碳酸锂信息面影响较多，乐观的需求刺激支撑价格上行，但矿端可能的复产带来的供应回升需要保持关注。 盘面上看，近期成交量逐步放大，市场炒作情绪浓厚，持仓量增加明显，多空博弈进一步加强。短期来看，市场 维持强势，但考虑到碳酸锂期货价格弹性较大，追高需谨慎。 消息及资金情绪扰动，碳酸锂期货强势涨停 单边：短期观望为主，关注库存与消费拐点及矿端复产情况，择机逢高卖出套保 市场分析 2025-11-17，碳酸锂主力合约2601开于87700元/吨，收于95200元/吨，当日收盘价较昨日结算价变化9.00%。当日成 交量为1366919手，持仓量为562954手，前一交易日持仓量516778手，根据SMM现货报价，目前基差为-5390元/吨 （电碳均价-期货）。当日碳酸锂仓单26953手，较上个交易日变化-217手。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价84200-88100元/吨，较前一交易日变化1000元/吨，工业级碳酸锂 报价83300-84300元/吨，较前一交易日变化1000元/吨。6%锂精矿价格1080美元/吨，较前一日变化25美元/吨。据SMM ...

黑色建材日报 | 2025-11-18 钢材去库加速，钢价震荡运行 钢材：钢材去库加速，钢价震荡运行 市场分析 期现货方面：昨日钢材期货主力合约震荡偏强运行，现货方面，钢材现货成交表现尚可，价格跟随盘面上涨，低 价投机和期现成交为主，刚需偏少。昨日全国建材成交13.36万吨，钢银数据显示，钢材去库幅度环比增加。 供需与逻辑：建材产销环比回落，库存维持去化，供给受到利润压制，基本面有所缓解。板带材矛盾在于高库存 和高产量，仍然需通过减产来化解基本面矛盾。短期价格维持震荡运行，后续观察冬储博弈及原料支撑情况。 策略 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 风险 宏观政策、关税政策、成材需求情况、钢材出口、钢厂利润、成本支撑等。 铁矿：需求预期走弱，铁矿高位震荡 市场分析 期现货方面：昨日铁矿石期货价格震荡偏强运行，现货方面，进口铁矿主流品种价格小幅波动，贸易商报盘积极 性一般，报价多随行就市。全国主港铁矿累计成交75.8万吨，环比下跌25.76%。本期全球矿石发运总量大幅增长， 到港量有所下降。 供需与逻辑：目前铁矿石供给维持高位，库存持续增长，同时伴随着钢厂亏损减产，北方钢厂陆续公布检修计划， 铁 ...

Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 中 信 期 货 国 际 化 研 究 | 中 信 期 货 研 究 所 International 2024-10-09 中信期货国际化研究 | CITIC Futures International Research 2025/11/18 China Futures Daily Note 中国期货每日简报 桂晨曦 Gui Chenxi 从业资格号 Qualification No：F3023159 投资咨询号 Consulting No.：Z0013632 CITIC Futures International Service Platform：https://internationalservice.citicsf.com 摘要 Abstract Macro News: Premier Li Qiang has no plans to meet Japanese leaders during G20 Summit. ...

资料来源：同花顺 iFinD，隆众资讯，CCF，国泰君安期货 【现货消息】 短纤：今日短纤期货偏弱震荡，现货方面工厂报价维稳，半光 1.4D 主流报价在 6450~6500 出厂或短送， 成交优惠商谈。随着期货走低，部分期现商低位点价增多。半光 1.4D 主流商谈在 6150~6400 区间。今日工 厂销售十分清淡，截止下午 3:00 附近，平均产销 35%，部分工厂产销：40%、10%、30%、50%、40%、10%、 30%、30%、30%，40%。 瓶片：上游原料期货偏弱震荡，聚酯瓶片工厂部分下调报价 20 元附近。日内聚酯瓶片市场交投气氛清 淡，不同品牌价格高低差距较大。11-1 月订单多成交在 5710-5750 元/吨出厂不等，少量略低 5630-5680 元/吨 出厂附近，少量略高 5760-5830 元/吨出厂不等。 （资料来源：华瑞信息） 2025 年 11 月 18 日 短纤：上游波动放大，短期震荡市 瓶片：上游波动放大，短期震荡市 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin024367@gtjas.com 钱嘉寅（联系人） 从业资格号：F03124480 Qianj ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On November 17, 2025, the A-share market showed mixed performance with major indices mostly declining, and trading volume decreased. Different futures varieties had varying price movements influenced by factors such as supply - demand, weather, and policy expectations [1][2][3][4][5] Summary by Variety Stock Index Futures - On November 17, the three major A - share indices collectively declined. The Shanghai Composite Index fell 0.46% to 3972.03, the Shenzhen Component Index dropped 0.11% to 13202.00, and the ChiNext Index decreased 0.20% to 3105.20. The trading volume of the two markets was 1910.8 billion yuan, a decrease of 47.3 billion yuan from the previous trading day. The CSI 300 index was weak, closing at 4598.05, a decline of 30.9 [1][2] Coke and Coking Coal - On November 17, the coke weighted index rebounded strongly, closing at 1743.3, up 33.2. The coking coal weighted index fluctuated and closed at 1234.4 yuan, up 15.4. The fourth round of coking price increase was fully implemented this week. Coking profit was still average, and daily production decreased slightly. Coke inventory decreased slightly. Coking coal mine output increased slightly, and total inventory rose slightly [2][3][4] Zhengzhou Sugar - Although US sugar stabilized and rebounded last Friday, the Zhengzhou sugar 2601 contract on November 17 did not follow. Constrained by the lower spot price, long - position liquidation pressured the futures price to decline. The Dutch Cooperative Bank predicted a 2.6 - million - ton surplus in the global sugar industry in the 2025/26 season, which may depress international prices until 2026 [4] Rubber - Thailand's weather warning of possible floods from November 18 - 22 led to short - position liquidation, pushing up the Shanghai rubber futures price on November 17. In the third quarter of 2025, the European replacement tire market sales decreased 0.6% year - on - year to 63.984 million units, and sales in the first three quarters were generally lower than in 2024 [4] Palm Oil - On November 17, palm oil futures fluctuated slightly at a low level. The main contract P2601 closed at 8680, up 0.42%. Shipping survey data showed a significant decrease in Malaysia's palm oil exports from November 1 - 15 compared to the previous month [4][5] Live Hogs - On November 17, the LH2601 main contract closed at 11695 yuan/ton, down 0.68%. The high inventory of breeding sows led to an increase in hog supply from Q4 2025 to early 2026. Demand was weak, and the short - term supply - demand imbalance was difficult to reverse [5] Soybean Meal - Internationally, on November 17, CBOT soybean futures reached the highest level since June 2024 due to improved demand prospects. US soybean export inspection and domestic soybean crushing data were positive. Domestically, the M2601 main contract closed at 3043 yuan/ton, down 1.58%. Short - term supply was sufficient, and the upward momentum of the soybean meal market may weaken [5] Shanghai Copper - Fed officials' hawkish remarks and the need for more economic data to measure the US economy led to a decline in the expectation of a December interest rate cut, weakening copper prices. Supply was tight, and demand in new energy and power grid construction provided support [5] Cotton - On the night of November 17, the main contract of Zhengzhou cotton closed at 13435 yuan/ton, with inventory decreasing by 5 lots. The purchase price of machine - picked cotton in Xinjiang on November 17 was 6.2 - 6.3 yuan/kg. The US cotton harvest was expected to be good due to favorable weather [5] Iron Ore - On November 17, the 2601 main contract of iron ore rose 1.81% to 788.5 yuan. Iron ore shipments and domestic arrivals decreased. Although iron - water production increased, steel mill profits declined, and iron ore prices were expected to fluctuate [5] Asphalt - On November 17, the 2601 main contract of asphalt rose 0.13% to 3032 yuan. Supply and demand were both weak, with supply decreasing and demand affected by cold weather, and prices were expected to fluctuate [5][6] Logs - On November 17, the 2601 log contract had an opening price of 786, a low of 786, a high of 794, and a closing price of 789, with a reduction of 809 lots. Spot prices in Shandong and Jiangsu remained stable. Inventory increased to a 5 - week high, and future price trends depend on multiple factors [6] Steel - On November 17, rb2601 closed at 3097 yuan/ton, and hc2601 closed at 3302 yuan/ton. Steel production cuts did not lower raw material prices, and steel costs remained high. Steel prices were expected to be slightly stronger in the short term but limited by the off - season demand [6] Alumina - On November 17, ao2601 closed at 2817 yuan/ton. Spot prices were close to the cost line, and production cuts were expected due to environmental protection. The trading atmosphere improved, but the futures price was in a low - level oscillation [6] Shanghai Aluminum - On November 17, al2601 closed at 21725 yuan/ton. The market's positive sentiment towards previous macro - policies cooled, and the probability of a December Fed interest rate cut decreased. Supply was stable, and demand was weak in November [6]

2025 年 11 月 18 日 商 品 研 究 工业硅：仓单去化，底部支撑较强 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2601收盘价（元/吨） Si2601成交量（手） | 9,080 | 60 | -210 | 475 | | | | Si2601持仓量（手） | 271,811 251,549 | -21,399 247 | -93,938 -29,954 | 62,223 119,900 | | | 工业硅、多晶硅期货市场 | PS2601收盘价（元/吨） | 52,655 | -1,390 | -1,065 | - | | | | PS2601成交量（手） | 249,766 | -20,841 | 30,980 | - | | | | PS2601持仓量（手） | 136,243 | -8,948 | 10,269 | - | | | | 工业硅：近月合约对连一价差（元/吨） | 15 | 375 | -15 | 15 | | | | ...