Economic Indicators - In June, the official manufacturing PMI recorded 49.7%, a slight increase from 49.5% in May, but still below the expansion threshold[2] - The non-manufacturing PMI rose to 50.5% from 50.3%, indicating continued expansion in the service sector[2] - The composite PMI output index increased to 50.7%, reflecting overall economic recovery[2] Manufacturing Sector Insights - The production index continued to expand, with new orders rising above the threshold, indicating improved demand[3] - New export orders showed a minor recovery, with domestic orders performing better than foreign ones[3] - The purchasing volume surged into the expansion zone, reflecting a positive shift in corporate procurement attitudes[3] Price and Inventory Dynamics - Both factory prices and major raw material purchase prices increased, indicating a balance between downstream demand recovery and upstream commodity price fluctuations[3] - Finished goods inventory rose significantly, while raw material inventory continued to recover, suggesting a cautious approach to inventory management[3] Sectoral Performance - The equipment manufacturing PMI increased by 0.2 percentage points to 51.4%, while the consumer goods sector PMI rose to 50.4%, marking six consecutive months of growth[4] - Large enterprises maintained strong PMI performance, while small enterprises saw a decline of 2 percentage points, highlighting resource imbalances within the industry[4] Future Outlook - The EPMI index fell to 47.9%, down 2.1 percentage points from the previous month, indicating a divergence from the PMI due to ongoing trade tensions and tariff issues[10] - Economic recovery remains uncertain, with the real estate sector still in a downturn and consumer prices under pressure, suggesting reliance on fiscal stimulus for demand recovery[13] - The bond market is expected to remain stable, supported by the current economic data and policy expectations, despite external uncertainties[16]

Group 1: Core View - Crude oil has fallen sharply, causing the chemical industry to follow. Despite the expected reduction in polyester downstream load, it remains at 91.3%, and the actual polyester output has reached a new high. Recent promotions have helped with inventory reduction. PTA will reduce inventory in the coming period, and the actions of major factories to increase basis sales have had a significant impact on the market, making PTA spot supplies tight. Polyester has rapidly reduced inventory recently, and inventory has increased significantly. Affected by the rise in crude oil, market purchasing willingness has increased. The maintenance of a Northeast PX factory and a Zhejiang reforming unit has been postponed [2]. Group 2: Market Data Summary Spot and Futures Prices - PTA spot price increased from 5025 to 5030, a change of 5.00; PTA closing price rose from 4778 to 4798, a change of 20.00 [2]. - MEG inner - market price decreased from 4346 to 4334, a change of (12.00); MEG closing price dropped from 4271 to 4267, a change of (4.00) [2]. Short - Fiber Related Data - 1.4D direct - spun polyester staple fiber price remained at 6805, with a change of 0.00; short - fiber basis decreased from 84 to 79, a change of (5.00); 7 - 9 spread increased from 172 to 216, a change of 44.00 [2]. - Polyester short - fiber cash flow increased from 240 to 246, a change of 6.00; 1.4D imitation large - chemical fiber price remained at 5850, with a change of 0.00; the price difference between 1.4D direct - spun and imitation large - chemical fiber remained at 955, with a change of 0.00 [2]. Bottle - Chip Related Data - Polyester bottle - chip in the Jiangsu and Zhejiang market was mainly negotiated at 6020 - 6120 per ton, with the average price dropping 5 yuan/ton compared to the previous working day. The prices of East China water bottle - chip, hot - filled polyester bottle - chip, and carbonated - grade polyester bottle - chip all decreased by 27.00 [2]. - Outer - market water bottle - chip price decreased from 800 to 795, a change of (5.00); bottle - chip spot processing fee decreased from 291 to 263, a change of (27.25) [2]. Yarn and Other Product Data - T32S pure - polyester yarn price decreased from 10630 to 10620, a change of (10.00); T32S pure - polyester yarn processing fee decreased from 3825 to 3815, a change of (10.00) [2]. - Polyester - cotton yarn 65/35 45S price remained at 16300, with a change of 0.00; cotton 328 price remained at 14935, with a change of 0.00; polyester - cotton yarn profit remained at 1143, with a change of 0.00 [2]. - The price of primary three - dimensional hollow (with silicon) decreased from 7360 to 7330, a change of (30.00); the cash flow of hollow staple fiber 6 - 15D decreased from 408 to 377, a change of (30.25) [2]. - The price of primary low - melting - point staple fiber decreased from 7600 to 7575, a change of (25.00) [2]. Operating Rate and Sales Data - Direct - spun short - fiber load (weekly) increased from 88.90% to 91.30%, a change of 0.02; polyester staple fiber sales decreased from 40.00% to 43.00%, a change of - 3.00% [3]. - Polyester yarn startup rate (weekly) remained at 67.00%, with a change of 0.00; recycled cotton - type load index (weekly) remained at 50.40%, with a change of 0.00 [3].

Group 1 - PX prices experienced a decline followed by a rebound this week, with the September contract dropping by 324 yuan to 6752 yuan, and spot CFR China prices decreasing by 28 USD to 868 USD [1] - Supply side analysis indicates that China's PX operating rate is at 83.8%, down 1.8% week-on-week, while Asia's operating rate is at 73%, down 1.3% week-on-week [1] - Korean PX exports to China in mid-June reached 243,000 tons, an increase of 42,000 tons year-on-year, while domestic maintenance season has ended with fewer upcoming maintenance plans [1] Group 2 - Demand side shows PTA operating rate at 77.7%, down 1.4% week-on-week, with a reduction in load from Yisheng New Materials [1] - As of the end of May, social inventory stood at 4.346 million tons, with a reduction of 165,000 tons month-on-month, continuing the trend of inventory reduction into June [1] - The valuation cost for PXN as of June 26 is 283 USD, an increase of 21 USD year-on-year, while the naphtha crack spread has risen by 14 USD to 80 USD [1] Group 3 - The geopolitical easing led to a significant drop in crude oil prices, which in turn affected PX prices; however, strong fundamentals supported the PXN [1] - With the maintenance season for PX concluded and operating rates remaining high, PXN is expected to expand in the short term due to liquidity tightening and downstream production expectations [1] - The third quarter may see continued inventory reduction for PX due to new PTA installations coming online, with current valuations at a neutral to slightly elevated level [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For crude oil, due to the unclear outcome of the US - Iran negotiation, although OPEC has shown clear production - increase data, considering the bottom - support effect of shale oil and the uncertainty of the US - Iran negotiation, the current risk - return ratio is not suitable for short - chasing, and short - term observation is recommended [1]. - For methanol, with sufficient domestic supply and a weak macro - environment, there may be a further decline. It is recommended to focus on short - selling opportunities on rallies. For cross -品种 trading, pay attention to the opportunity of going long on the 09 - contract PP - 3MA spread on dips [3]. - For urea, with high supply and lukewarm demand, the price is expected to have no obvious trend. Given the low basis at the same period, there is no safety margin for long - trading, so short - term observation is recommended [5]. - For rubber, after an oversold rebound, the price is oscillating. Short - long or neutral strategies with short - term operations are recommended. Also, pay attention to the band - trading opportunity of going long on RU2601 and shorting on RU2509 [11]. - For PVC, under the expectation of strong supply and weak demand, the market is expected to be weakly oscillating in the short term, but beware of rebounds if the weak export expectation fails to materialize [13]. - For polyethylene, the price is expected to remain oscillating in June as the short - term contradiction shifts from cost - driven decline to high - maintenance - boosted inventory reduction, and there is no new capacity - commissioning plan [16]. - For polypropylene, due to planned capacity expansion in June and a seasonal decline in demand, the price is expected to be bearish in June [17]. - For PX, the de - stocking is expected to slow down in June as the maintenance season ends, but it will re - enter the de - stocking cycle in the third quarter. The price is expected to oscillate at the current valuation level [19]. - For PTA, with supply still in the maintenance season and moderate inventory pressure in the polyester and chemical fiber sector, PTA will continue to de - stock, and the processing fee is supported. The price is expected to oscillate at the current valuation level [20]. - For ethylene glycol, the industrial fundamentals are still in the de - stocking stage, but the de - stocking of port inventory is expected to slow down. There is a risk of valuation correction as the maintenance season ends [21]. Summary by Related Catalogs Crude Oil - **Market Quotes**: WTI main - contract crude - oil futures rose $0.61, or 0.94%, to $65.38; Brent main - contract crude - oil futures rose $0.48, or 0.72%, to $67.13; INE main - contract crude - oil futures rose 8.20 yuan, or 1.76%, to 474.3 yuan [1]. - **Data**: China's weekly crude - oil arrival inventory decreased by 2.27 million barrels to 204.55 million barrels, a 1.10% week - on - week decline; gasoline commercial inventory decreased by 0.66 million barrels to 84.21 million barrels, a 0.78% decline; diesel commercial inventory increased by 0.81 million barrels to 96.16 million barrels, a 0.85% increase; total refined - oil commercial inventory increased by 0.15 million barrels to 180.37 million barrels, a 0.09% increase [1]. Methanol - **Market Quotes**: On June 9, the 09 - contract rose 13 yuan/ton to 2277 yuan/ton, and the spot price rose 23 yuan/ton, with a basis of + 58 [3]. - **Supply - Demand Situation**: Supply has bottomed out and rebounded as previously - maintained plants resume operation, and is at a high level in the same period. Enterprise profits have continuously declined from a high level. Demand has slightly improved as the MTO device at the port has returned to a high - operation level, and traditional demand has generally rebounded this week. The port inventory has increased slowly, and the price has shown strength. Inland supply has increased while demand has weakened, and the price has declined, leading to an expanding price difference between the port and the inland area [3]. Urea - **Market Quotes**: On June 9, the 09 - contract fell 23 yuan/ton to 1697 yuan/ton, and the spot price fell 70 yuan/ton, with a basis of + 83 [5]. - **Supply - Demand Situation**: Supply remains at a high level, and daily output continues to rise. Demand has decreased as the production of compound fertilizers for the summer season is ending, and the enterprise operation rate has rapidly declined. The pre - order volume of urea enterprises has continuously decreased. Under the situation of increasing supply and decreasing demand, enterprise inventory has accumulated to a high level in the same period, and the basis has widened [5]. Rubber - **Market Quotes**: NR and RU are oscillating and consolidating [8]. - **Supply - Demand Situation**: Bulls believe that the weather, rubber - forest situation, and relevant policies in Southeast Asia, especially in Thailand, may contribute to rubber production reduction. Bears believe that the macro - expectation has deteriorated, demand is flat and in a seasonal off - season, and high rubber prices will stimulate a large amount of new supply throughout the year, and the production - reduction amplitude may be lower than expected [9]. - **Industry Data**: As of June 5, 2025, the operation rate of full - steel tires of Shandong tire enterprises was 63.45%, 1.33 percentage points lower than last week but 2.56 percentage points higher than the same period last year. The inventory of tire factories is consumed slowly. The operation rate of domestic semi - steel tire enterprises was 73.49%, 4.39 percentage points lower than last week and 6.75 percentage points lower than the same period last year. Overseas new - order performance is poor. As of June 1, 2025, China's natural - rubber social inventory was 1.28 million tons, a decrease of 28,000 tons or 2.1% from the previous period. China's dark - rubber social inventory was 763,000 tons, a 3.4% week - on - week decline; light - rubber social inventory was 517,000 tons, a 0.1% decline. As of June 9, 2025, the natural - rubber inventory in Qingdao was 484,200 (- 1,500) tons [10]. - **Spot Prices**: Thai standard mixed rubber was 13,600 (+ 50) yuan; STR20 was reported at 1,685 (+ 5) US dollars; STR20 mixed was 1,675 (+ 5) US dollars; Jiangsu and Zhejiang butadiene was 9,450 (- 100) yuan; North China cis - butadiene rubber was 11,400 (0) yuan [11]. PVC - **Market Quotes**: The PVC09 contract rose 26 yuan to 4,816 yuan. The spot price of Changzhou SG - 5 was 4,700 (0) yuan/ton, with a basis of - 116 (- 26) yuan/ton, and the 9 - 1 spread was - 79 (- 4) yuan/ton [13]. - **Cost and Supply - Demand Situation**: The cost of calcium carbide has increased, and the overall operation rate of PVC has increased. The downstream operation rate has slightly increased. Factory inventory has increased, and social inventory has decreased. Fundamentally, enterprise profit pressure has improved, the maintenance season has ended, and future production is expected to increase. There are expectations of multiple device commissions. The domestic operation rate is still weak compared with previous years and is entering the off - season. Export orders have weakened, and there is an expectation of weakening due to Indian policies and anti - dumping and BIS certification. The cost of calcium carbide has decreased, and the valuation support has weakened [13]. Polyethylene - **Market Quotes**: The futures price has risen. The main - contract closing price was 7,078 yuan/ton, up 12 yuan/ton, and the spot price was 7,150 yuan/ton, up 15 yuan/ton, with a basis of 72 yuan/ton, strengthening by 3 yuan/ton [16]. - **Supply - Demand Situation**: The fire in Alberta, Canada, has offset the OPEC +'s planned production increase of 411,000 barrels in July. The spot price of polyethylene has risen, and the downward space for PE valuation is limited. The new - capacity addition in June is small, and the supply - side pressure may be relieved. The inventory at the upper and middle reaches has decreased from a high level, which supports the price. It is a seasonal off - season, and the demand for agricultural films has decreased marginally, with the overall operation rate oscillating downward [16]. Polypropylene - **Market Quotes**: The futures price has risen. The main - contract closing price was 6,932 yuan/ton, up 7 yuan/ton, and the spot price was 7,120 yuan/ton, unchanged. The basis was 188 yuan/ton, weakening by 7 yuan/ton [17]. - **Supply - Demand Situation**: The fire in Alberta, Canada, has offset the OPEC +'s planned production increase of 411,000 barrels in July. Although the spot price has not changed, the decline is much smaller than that of PE. There is a planned capacity expansion of 2.2 million tons in June, which is the most concentrated month of the year. The downstream operation rate is expected to decline seasonally as the plastic - weaving orders have reached a phased peak [17]. PX - **Market Quotes**: The PX09 contract fell 62 yuan to 6,494 yuan, and PX CFR fell 10 US dollars to 808 US dollars. The basis was 198 yuan (- 20), and the 9 - 1 spread was 138 yuan (- 42) [19]. - **Supply - Demand Situation**: The PX operation rate in China has increased to 87%, a 4.9% increase, and the Asian operation rate has increased to 75.1%, a 3.1% increase. Some domestic and overseas plants have restarted or adjusted their operation loads. The PTA operation rate is 81.3%, a 4.9% increase. In May, South Korea's PX exports to China were 303,000 tons, a year - on - year decrease of 87,000 tons. The inventory at the end of April was 4.51 million tons, a month - on - month decrease of 170,000 tons. The PXN is 240 US dollars (- 18), and the naphtha crack spread is 72 US dollars (- 7) [19]. PTA - **Market Quotes**: The PTA09 contract fell 50 yuan to 4,602 yuan, and the East - China spot price fell 65 yuan/ton to 4,830 yuan. The basis was 208 yuan (- 17), and the 9 - 1 spread was 110 yuan (- 26) [20]. - **Supply - Demand Situation**: The PTA operation rate is 81.3%, a 4.9% increase. Some plants have restarted, postponed restart, or carried out maintenance. The downstream operation rate is 91.1%, a 0.6% decrease. Some downstream plants have adjusted their production. The terminal draw - texturing operation rate has decreased by 2% to 80%, and the loom operation rate has decreased by 1% to 68%. As of May 30, the social inventory (excluding credit warehouse receipts) was 2.208 million tons, a decrease of 94,000 tons from the previous period. The PTA spot processing fee has decreased by 11 yuan to 440 yuan, and the futures processing fee has decreased by 9 yuan to 342 yuan [20]. Ethylene Glycol - **Market Quotes**: The EG09 contract fell 5 yuan to 4,256 yuan, and the East - China spot price fell 26 yuan to 4,382 yuan. The basis was 115 (- 8), and the 9 - 1 spread was 3 yuan (- 18) [21]. - **Supply - Demand Situation**: The ethylene - glycol operation rate is 59.9%, unchanged from the previous period. Some domestic and overseas plants have carried out maintenance or restarted. The downstream operation rate is 91.1%, a 0.6% decrease. Some downstream plants have adjusted their production. The terminal draw - texturing operation rate has decreased by 2% to 80%, and the loom operation rate has decreased by 1% to 68%. The import arrival forecast is 108,000 tons, and the average daily departure from the East - China port from June 6 - 8 was 930 tons, with an increase in outbound volume. The port inventory is 634,000 tons, an increase of 13,000 tons. The naphtha - based production profit is - 356 yuan, the domestic ethylene - based production profit is - 461 yuan, and the coal - based production profit is 1,218 yuan. The cost of ethylene has remained unchanged at 780 US dollars, and the price of Yulin pit - mouth bituminous coal fines has decreased to 450 yuan [21].

Supply Side - PX inventory is experiencing a destocking trend entering 2025, particularly after May, driven by limited supply increments and unexpected demand performance, leading to a significant recovery in PX valuation [1] - This year is not a major maintenance year for PX, with high operating rates in Q1 and limited maintenance plans in Q2, resulting in unexpected supply losses in May due to unplanned reductions at certain facilities [1] - Domestic PX production remains stable, with over half of the capacity being integrated refining and chemical facilities launched after 2019, while imports are still 20% reliant on regions like South Korea and Japan, which lack new capacity and have lower operational stability [1] Demand Side - Demand for PX has fluctuated between reality and expectations, with PTA processing fees compressed to low levels after the Spring Festival, leading to a delay in PX destocking [2] - The escalation of US-China trade tensions initially weakened demand expectations, causing PX prices to drop to yearly lows, but a subsequent easing of tensions and strong export orders improved demand and operational rates in the downstream [2] - As of May, the recovery in PTA operating rates has continued the PX destocking trend, with improved buying intentions from PTA factories leading to a rapid recovery in PX prices [2] Future Outlook - In the short term, the recovery in PTA operating rates is expected to continue the PX destocking trend, with improved PX production profits and delayed maintenance in domestic and overseas facilities indicating that PX valuations are entering a reasonable range [3] - Long-term projections suggest that with only 3 million tons of new PX capacity expected from Yulong Petrochemical, while PTA has significant upcoming capacity additions, the domestic PX supply gap is likely to widen [3] - Although tariffs may limit terminal demand growth compared to PTA capacity growth, restricted operating levels in other Asian regions are expected to constrain import increases, indicating further improvement potential in the long-term supply-demand landscape for PX [3]

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Views - The price of finished products is expected to move in a sideways consolidation [3] - The price of aluminum is expected to fluctuate strongly in the short - term, and macro - sentiment and downstream start - up should be monitored [4] 3) Summary by Related Content Finished Products - In the Yungui region, short - process construction steel producers' Spring Festival shutdown is mostly from mid - to late January, and the resumption is expected around the 11th to 16th day of the first lunar month, affecting a total of 741,000 tons of construction steel output [2] - In Anhui, 1 out of 6 short - process steel mills stopped production on January 5th, most will stop around mid - January, and some after January 20th, with a daily output impact of about 16,200 tons [3] - From December 30, 2024, to January 5, 2025, the transaction area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% MoM decrease and a 43.2% YoY increase [3] - The price of finished products continued to decline in a volatile manner, hitting a new low. In the context of weak supply and demand, market sentiment is pessimistic, and the price center continues to shift downward. This year's winter storage is sluggish, providing little price support [3] Aluminum - Yesterday, the aluminum price fluctuated strongly. In April, the US PPI unexpectedly fell, and retail sales growth slowed. Fed officials need more data to determine the impact of tariff statements on prices and the economy [2] - Last week, the operating rate of domestic aluminum downstream processing leading enterprises rose 0.3 percentage points to 61.9%. The aluminum cable operating rate increased 1.4 percentage points to 65.6%, while the national profile operating rate decreased 1.5 percentage points to 57.5% [3] - On May 15, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 581,000 tons, a decrease of 20,000 tons from Monday, 39,000 tons from last Thursday, and 166,000 tons from the same period last year, remaining at a near - three - year low [3] - Although the inventory of domestic aluminum ingots can maintain a de - stocking trend in the short term, around the end of May and early June, the circulation in domestic mainstream consumption areas may gradually ease. The key node of the subsequent inventory accumulation of domestic aluminum ingots needs to be confirmed [3] - Short - term warming of the macro - atmosphere boosts prices, but subsequent consumption will enter the off - season, and inventory faces accumulation pressure. Attention should be paid to the support of fundamentals after the dissipation of macro - sentiment [4]

Group 1: Report Title and Analyst Information - Report Title: "De-stocking Pressure Remains, Focus on Raw Material Industries - Industry Prosperity Series II" [1] - Analyst: Xu Wenyu,从业资格号: F0299877, Investment Consulting Number: Z0011454, Email: xuwenyu@htfc.com [2] Group 2: Report Investment Rating - No investment rating information provided Group 3: Core Views Manufacturing - Overall: In April, the manufacturing PMI's five - year percentile was 6.7%, with a change of - 62.7%. Five industries' manufacturing PMI was in the expansion range, a decrease of 3 month - on - month and 4 year - on - year [4] - Supply: On hold. In April, the manufacturing PMI production index was 49.8, a decrease of 2.8 percentage points month - on - month. Nine industries improved month - on - month, and 6 declined [4] - Demand: On hold. In April, the manufacturing PMI new orders were 49.2, a decrease of 2.6 percentage points month - on - month. Eight industries improved month - on - month, and 7 declined [4] - Inventory: De - stocking continued. In April, the manufacturing PMI finished - goods inventory increased by 0 percentage points to 47.6. Four industries' inventory increased month - on - month, and 11 declined. In March, the manufacturing PMI raw material inventory decreased by 0.4 percentage points to 47.3. Five industries' inventory increased month - on - month, and 10 declined [4] Non - manufacturing - Overall: In April, the non - manufacturing PMI's five - year percentile was 23.7%, with a change of - 10.1%. Eleven industries' non - manufacturing PMI was in the expansion range, unchanged month - on - month and a decrease of 3 year - on - year [5] - Supply: Employment slowed. In April, the non - manufacturing PMI employee index was 46.3, unchanged month - on - month. The service industry increased by 0.1 percentage points, and the construction industry decreased by 0.4 percentage points [5] - Demand: Demand declined. In March, the non - manufacturing PMI new orders were 46.4, a decrease of 0.7 percentage points month - on - month. The service industry's new orders decreased by 0.4 percentage points, and the construction industry's decreased by 2.6 percentage points [5] - Inventory: De - stocking continued. In March, the non - manufacturing PMI inventory was 45.3, a decrease of 0.1 percentage points month - on - month. The service industry decreased by 0.1 percentage points, and the construction industry decreased by 0.7 percentage points [5] Group 4: Summary by Directory Overview - Manufacturing PMI: In April, the manufacturing PMI's five - year percentile was 6.7%, with a change of - 62.7%. Five industries' manufacturing PMI was in the expansion range, a decrease of 3 month - on - month and 4 year - on - year [10] - Non - manufacturing PMI: In April, the non - manufacturing PMI's five - year percentile was 23.7%, with a change of - 10.1%. Eleven industries' non - manufacturing PMI was in the expansion range, unchanged month - on - month and a decrease of 3 year - on - year [10] Demand: Focus on the Improvement of Special - Purpose Equipment and Information - Manufacturing: Based on the three - month average, in April, the manufacturing PMI new orders were 49.2, a decrease of 2.6 percentage points month - on - month. Eight industries improved month - on - month, and 7 declined [17] - Non - manufacturing: Based on the three - month average, in April, the non - manufacturing PMI new orders were 45.9, a decrease of 0.5 percentage points month - on - month. The service industry's new orders decreased by 0.3 percentage points, and the construction industry's decreased by 1.7 percentage points. Five industries improved month - on - month, and 10 declined [17] Supply: Focus on the Contraction of Petroleum and Construction - Manufacturing: Based on the three - month average, in April, the manufacturing PMI production index was 49.8, a decrease of 2.8 percentage points month - on - month. Nine industries improved month - on - month, and 6 declined. In April, the manufacturing PMI employee index was 48.2, a decrease of 0.1 percentage points month - on - month. Eight industries improved month - on - month, and 7 declined [24] - Non - manufacturing: Based on the three - month average, in April, the non - manufacturing PMI employee index was 45.9, a decrease of 0.4 percentage points month - on - month. The service industry increased by 0.2 percentage points, and the construction industry decreased by 3.6 percentage points. Six industries improved month - on - month, and 8 declined [24] Price: Focus on the Pressure of Non - Metallic Products and Real Estate - Manufacturing: Based on the three - month average, in April, the manufacturing PMI ex - factory price index was 47.1, a decrease of 0.9 percentage points month - on - month. Four industries' ex - factory prices improved month - on - month, and 11 declined. In terms of profit, in March, the profit trend increased by 0.8 percentage points month - on - month, and the overall continued to converge [32] - Non - manufacturing: Based on the three - month average, in April, the non - manufacturing charge price index was 47.0, a decrease of 0.7 percentage points month - on - month. The service industry decreased by 0.8 percentage points, and the construction industry decreased by 0.2 percentage points. Four industries improved month - on - month, and 11 declined. In terms of profit, in March, the profit increased by 0.4 percentage points month - on - month. The service industry increased by 0.7 percentage points, and the construction industry decreased by 1.6 percentage points [32] Inventory: Focus on the Low Levels of the Ferrous Metal Smelting and Rolling Processing Industry and the Nation - Manufacturing: Based on the three - month average, in April, the manufacturing PMI finished - goods inventory increased by 0.3 percentage points to 47.9. Eight industries' inventory increased month - on - month, and 7 declined. In March, the manufacturing PMI raw material inventory decreased by 0.2 percentage points to 47.1. Six industries' inventory increased month - on - month, and 9 declined [41] - Non - manufacturing: Based on the three - month average, in April, the non - manufacturing PMI inventory was 45.3, an increase of 0.2 percentage points month - on - month. The service industry increased by 0.2 percentage points, and the construction industry decreased by 0.9 percentage points. Ten industries' inventory increased month - on - month, and 5 declined [41] Main Manufacturing Industry PMI Charts - The report provides PMI data for various manufacturing industries including special - purpose equipment, general equipment, automobiles, computers, motors, pharmaceuticals, etc., showing values, month - on - month and year - on - year changes, and three - year averages [48][49][52]

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/4/30 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/4/28 | 2025/4/29 | 变动值 | 行情综述 | | SC | INE原油(元/桶) | 498.0 | 483.6 | -14. 40 | 成交情况: PTA:PTA行情小跌,原油下跌,利空PTA行情,但去库 | | | PTA-SC(元/陣) | 861.0 | 925.6 | 64. 65 | 存预期之下PTA主力供应商报盘基差较强,支撑PTA现 货基差。 | | | PTA/SC(比价) | 1. 2379 | 1. 2634 | 0. 0255 | | | | CFR中国PX | 758 | 756 | -2 | | | PX | PX-石脑油价差 | 176 | 178 | 2 | | | | PTA主力 ...

工业硅&多晶硅日报（2025 年 4 月 8 日） 一、研究观点 点评 7 日多晶硅震荡偏弱，主力 2506 收于 43265 元/吨，日内跌幅 0.67%，持仓增仓 1788 手至 33190 手；SMM 多晶硅 N 型硅料价格 42000 元/吨，现货对主力贴水收至 1265 元/吨。工业硅震荡偏弱，主力 2505 收于 9550 元/吨，日内跌幅 2.7%，持仓减仓 9409 手至 17.02 万手。百川工业硅现货参考价 10605 元/吨，较上一交易日下调 45 元/吨。最低交割品#553 价格降至 9650 元/吨，现货贴水收至 20 元/吨。企业联合 减产量级有限且需求持续疲弱，硅厂关于后续减产扩大与否仍未达成共识，难以形 成持续有效去库效果。预计减产在消息端有一定稳定市场情绪作用，但过剩压力高 企状态下，市场对再次减产的反应将逐步弱化。4 月多晶硅交割业务开启，交仓承 载结构性需求，但现货成交未见增速，且期现贸易商和厂家关于远月定价意见分 歧。供需错配预期加码、多晶硅延续近强远弱格局，持续跟踪交割进度及产业库存 去化节奏。 工业硅日报 请务必阅读正文之后的免责条款部分 EVERBRIGHT FU ...