行业 甲醇日报 日期 2025 年 6 月 11 日 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：任俊弛（PTA、MEG） 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 研究员：彭婧霖（聚烯烃） 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 研究员：刘悠然（纸浆） 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F3134307 能源化工研究团队 研究员：彭浩洲（尿素、工 ...

行业 甲醇日报 日期 2025 年 6 月 4 日 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：任俊弛（PTA、MEG） 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 研究员：彭婧霖（聚烯烃） 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 研究员：刘悠然（纸浆） 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F3134307 能源化工研究团队 研究员：彭浩洲（尿素、工业 ...

行业 甲醇日报 日期 2025 年 5 月 30 日 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：任俊弛（PTA、MEG） 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 研究员：彭婧霖（聚烯烃） 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 研究员：刘悠然（纸浆） 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F3134307 能源化工研究团队 研究员：彭浩洲（尿素、工 ...

Group 1: Business Performance - The offshore engineering segment achieved a revenue growth of 58% year-on-year, reaching 16.6 billion RMB, with a net profit of 224 million RMB in 2024 [3] - As of Q1 2025, the offshore engineering segment holds orders valued at 6.3 billion USD, with oil and gas business accounting for two-thirds of this [3] - CIMC Anrui's Q1 2025 revenue grew by 24.2% year-on-year to 5.765 billion RMB, with a significant increase in clean energy segment revenue by 33.4% to 4.342 billion RMB [4] Group 2: Strategic Developments - The company is focusing on high-end offshore engineering and aims to tackle high-tech challenges to maintain its global market leadership [3] - CIMC Anrui's core project in green methanol, a 50,000-ton facility in Zhanjiang, is on track for production in Q4 2025, with a second phase of 200,000 tons also in progress [5] - The company plans to optimize its asset structure by eliminating inefficient assets and focusing on core industries with national needs and industry pain points [7] Group 3: Market Opportunities and Challenges - The recent US-China tariff agreement may lead to a "rush to export," positively impacting the container industry by reducing inventory and generating short-term orders [3] - The modular construction business faces challenges such as financial support delays and labor resistance, but it remains a core direction for future development due to its efficiency and cost advantages [6][7] - The global shipping industry's net-zero emissions regulations, effective from 2027, are expected to positively influence the green methanol market [5] Group 4: Financial Management - The company has successfully restructured its debt, eliminating foreign USD debt and replacing it with RMB and HKD debt, resulting in a significant reduction in overall debt costs [8] - As of the end of 2024, the company's interest-bearing debt was reduced to 39 billion RMB from over 46 billion RMB in mid-2024 [8] - The company aims to further improve its debt management through coordinated control of debt scale and structure [8]

Group 1: General Information - Report Title: Methanol Daily Report [1] - Date: May 14, 2025 [2] - Research Team: Energy and Chemical Research Team [4] - Data Sources: Wind, CCB Futures Research and Development Department [5] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Viewpoints - The overall situation of the Chinese methanol market remains "supply increasing and demand weak". The direct impact of Sino-US economic and trade negotiations on the supply and demand of this product is relatively limited. In the short term, focus should be on the impact of macro factors on traders' sentiment and potential adjustments to tariff policies. In the short term, the main regional markets may show a stable and slightly rebounding trend following external factors. In the medium to long term, considering the gradual return of supply growth, relatively limited demand growth, and poor profits in many downstream industries, the methanol market still needs to be vigilant against the risk of the trading logic gradually returning to the fundamentals after the boost of macro-positive factors. In the short term, it is still regarded as a low-level oscillating rebound [5]. - From a technical perspective, on the hourly line cycle, the MACD fast and slow lines are both above the zero axis, and the RSI is about to enter the overbought area again, so pay attention to the callback after overbought. On the daily line cycle, the MACD fast and slow lines are still below the zero axis, with a confirmed bottom divergence, a stop-fall rebound, and the red bars continue to lengthen. In the short term, it is expected to operate in an oscillating rebound [6]. Group 4: Market Review and Outlook - On Tuesday's close, the methanol weighted contract increased positions and rebounded, with an increase of 10,064 lots in the weighted contract and 6,568 lots in the 09 main contract. The weighted contract showed a trend of opening high, rising, falling back, and then rising again during the day, and finally closed with a small real-body positive line with long upper and lower shadows, with an overall increase of 0.88%. The average spot transaction price of methanol in Taicang, Jiangsu today was 2,438 yuan/ton, an increase of 16 yuan/ton from the previous day [5]. - Futures market quotes: The MA2501 contract opened at 2,346, closed at 2,354, with a high of 2,371, a low of 2,319, a rise of 0.86%, a trading volume of 52,758, an open interest of 163,172, an open interest change of 6,087, and a speculation degree of 0.32. The MA2505 contract opened at 2,376, closed at 2,380, with a high of 2,380, a low of 2,338, a rise of 1.80%, a trading volume of 990, an open interest of 3,319, an open interest change of -542, and a speculation degree of 0.30. The MA2509 contract opened at 2,290, closed at 2,291, with a high of 2,308, a low of 2,256, a rise of 0.93%, a trading volume of 766,446, an open interest of 764,051, an open interest change of 6,569, and a speculation degree of 1.00 [7] Group 5: Industry News - A 3-million-ton green methanol integrated project in Ningxia, with an investment of approximately 10 billion yuan, has been approved. The project is a cooperation between Lingwu City and Shanxi Jinyuan Biomass Technology Co., Ltd. It will involve black corn cultivation, anthocyanin purification, fecal waste resource utilization, source-network-load-storage and new energy power generation projects, and biomass-to-methanol production. After completion, it will inject strong impetus into the construction of a modern energy system in Yinchuan and provide a "Yinchuan model" for the large-scale application of green methanol in China. Each ton of methanol produced can absorb 1.6 tons of carbon dioxide, and in the front-end cultivation stage, each mu of saline-alkali-tolerant black corn can sequester 2 tons of carbon. The project brings together high-quality resources from partners such as Meijin Energy, Air Liquide, and Weilili Group [12] Group 6: Data Overview - The report provides multiple data charts, including the basis of the main contract, the price difference between production and sales areas, futures prices and warehouse receipt quantities, the price difference between MA09 and MA01, the profits of three methanol production processes, and overseas methanol market prices [15][16][25]

Group 1: Report Basic Information - Report Name: Methanol Daily Report [1] - Date: May 7, 2025 [2] - Researcher: Li Jin, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Li Jie, Feng Zeren [3] Group 2: Market Conditions Futures Market - MA2501: Opened at 2311, closed at 2288, high of 2320, low of 2284, down 1.21%, volume 21008, open interest 122754, open interest change +5924, speculation degree 0.17 [6] - MA2505: Opened at 2270, closed at 2300, high of 2358, low of 2270, down 0.48%, volume 1070, open interest 6988, open interest change -747, speculation degree 0.15 [6] - MA2509: Opened at 2243, closed at 2219, high of 2257, low of 2215, down 1.42%, volume 511233, open interest 693078, open interest change +57587, speculation degree 0.74 [6] - Methanol weighted contract: Increased positions and declined, increased 64304 lots, 09 main contract increased 57587 lots, overall down 1.37% [6] Spot Market - The average spot price of methanol in Jiangsu Taicang was 2430 yuan/ton, down 3 yuan/ton from the previous day [7] Group 3: Industry Situation - Production: Recently, the output of domestic methanol due to maintenance and production - cut involving capacity is more than that of recovery - related capacity, with a slight decrease in overall production [7] - Inventory: Enterprise inventory remained low last week, while port inventory increased significantly. Jiangsu mainstream social warehouses had good dock pick - up [7] - Demand: Last week, the olefin plant in Shaanxi Pucheng resumed normal operation, while the Sierbang and Inner Mongolia Baofeng Phase I plants continued to be shut down. The olefin industry's operating rate still declined slightly [7] - Outlook: It is expected to run weakly in the short - and medium - term. Technically, it also shows a short - term weak and volatile trend [7] Group 4: Industry News - A 300,000 - ton/year hydrogen - based green methanol project in Xinjiang was signed, with a total investment of 14.2 billion yuan [13]

Report Information - Report Name: Methanol Daily Report [1] - Date: April 10, 2025 [2] - Researcher: Li Jin, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Li Jie, Feng Zeren [3] - Data Source: Wind, CCB Futures Research and Development Department [5] Market Conditions Futures Market - Methanol weighted contract increased positions and declined, with an increase of 15,166 lots. The 05 main contract decreased positions by 28,280 lots, and the 09 contract increased positions by 37,954 lots. The weighted contract showed a trend of rapid decline and then stopped falling and rebounded, finally closing with a small solid negative line with a long lower shadow, a overall decline of 1.29% [5] - MA2501: Opened at 2340, closed at 2307, high at 2360, low at 2223, down 1.66%, volume 13,148, open interest 23,092, open interest change +5456, speculation degree 0.57 [7] - MA2505: Opened at 2365, closed at 2352, high at 2395, low at 2253, down 0.68%, volume 1,082,918, open interest 495,866, open interest change -28280, speculation degree 2.18 [7] - MA2509: Opened at 2272, closed at 2229, high at 2282, low at 2130, down 1.68%, volume 569,048, open interest 467,493, open interest change +37954, speculation degree 1.22 [7] Spot Market - The average spot transaction price of methanol in Taicang, Jiangsu was 2,465 yuan/ton, a decrease of 28 yuan/ton compared with the previous day [5] Inventory - As of April 9, 2025, the domestic methanol sample production enterprise inventory was 314,300 tons, an increase of 2,800 tons from the previous period, a rise of 0.88%. The sample enterprise orders to be delivered were 254,600 tons, an increase of 31,200 tons from the previous period, a rise of 13.98% [5] - The total domestic methanol port inventory was 569,800 tons, a decrease of 46,300 tons from the previous data. Among them, the inventory in the East China region decreased by 51,000 tons, and the inventory in the South China region increased by 4,700 tons. The port inventory has declined for 6 consecutive weeks and is close to the historical low level in the past 4 years [5] Technical Analysis - In the hourly line cycle, the price reached a new low, MACD formed a bottom divergence and was confirmed, and the price stopped falling and rebounded. In the daily line, after the price broke below the previous low of 2286 support level, it quickly pulled back and stood above the 2286 support level. RSI entered the oversold area but was still in the钝化 stage. The short - term is regarded as oscillating weakly [6] Industry News - Zhonghua Business Co., Ltd. was entrusted by Jinfeng Green Energy Chemical (Xing'an League) Co., Ltd. to conduct a public competitive negotiation for the T+EPC general contracting project of the electrolytic water hydrogen production plant (Phase I) of the 2 million - kilowatt wind - power - to - green - hydrogen and 500,000 - ton green methanol demonstration project. The project plans a total investment of 13.665 billion yuan, with a planned wind power scale of 2 million kilowatts, an annual hydrogen production of 92,200 tons, and supporting facilities including 118 - ton hydrogen storage facilities and 160,000 - kilowatt/2 - hour energy storage facilities [12]