智通财经7月10日电，OPEC在周四发布的《2025年世界石油展望》中表示，今年全球石油需求平均为 1.05亿桶/日。OPEC预计2026年全球石油需求将增至1.063亿桶/日，2029年将攀升至1.116亿桶/日；对 2026年至2029年需求的预测均低于去年的预期。OPEC仍预计2030年日均需求为1.133亿桶，与去年预测 相同。 OPEC：对2026年至2029年石油需求的预测均低于去年 ...

下调2026年、2027年、2028年和2029年的全球石油需求预测。 OPEC：到2050年，全球石油需求将增长约19%，达到近1.23亿桶/日。 ...

Core Insights - The article highlights that energy investments in China, particularly in energy storage, distribution networks, and charging stations, are expected to see significant growth during the 14th Five-Year Plan period, driven by the need for flexibility and resilience in the power system [1][4] - It is projected that global energy investments will reach $3.3 trillion by 2025, with China accounting for over 25% of this total [1][5] - The construction of a new power system in China, primarily based on solar and wind energy, is accelerating, but the volatility of renewable energy generation poses challenges for grid stability [1][2] Energy Demand and Supply - China's electricity demand is not yet at its peak, with an expected annual increase of 4-5%, translating to approximately 500 TWh of new electricity demand that needs to be met [1][2] - Current approved projects in nuclear and hydropower can only contribute about 50-60 TWh of new electricity annually, necessitating an annual investment of 300-500 GW in wind and solar energy to fill the gap [2][4] Investment Focus Areas - The flexibility and resilience of the power system are identified as key areas for increased investment, with a projected annual addition of 50 GW in energy storage and gas turbines during the 14th Five-Year Plan [4] - There is a shift in investment logic towards enhancing distribution networks to support zero-carbon parks and integrated energy systems, moving away from previous focuses on distributed solar power [4][6] - Demand-side investment opportunities are highlighted, particularly in charging stations, which could significantly reduce the need for additional coal power generation [4][6] Global Energy Transition - The IEA emphasizes the imbalance in global energy investments, noting that while major economies like China, the US, and the EU have seen rapid growth, many developing countries, especially in Africa, have experienced a decline in energy investments [6][7] - China is recognized as a leader in clean energy investment and production, with its experiences serving as a reference for other countries in developing their energy markets [6][7] Regional Investment Trends - Central Asia is emerging as a focal point for market investment, benefiting from land resources and large projects, although it faces challenges due to insufficient grid investment [7] - China's photovoltaic equipment price reductions have spurred rapid market expansion in developing countries, making distributed generation a preferred choice in regions with unreliable grid access [7]

EIA周度数据报告 2025-07-10 10:40:09 摘要:汽油需求强劲 EIA間度 REAT 数据来源: EIA 报告点评: 上周美国商业原油意外大幅增加，不过与进出口和开工率无关。上周炼厂开工率咯降0.2%至94.7%，仍处于同期高位，净进口大幅减少。库存大 幅增加主要由于一项180万桶/日的数据调整,以反映…未统计的原油"，作为EIA阶段性修正的平衡项目,可以认为是一次性事件。 作者:肖或(Z0016296) 免责声明: 本报告由东吴期货研究所制作及发布。报告是基于本公司认为可靠的目目前已公开的信息撰写，本公司力求但不保证该信息的准确性和完整性，所表达的意见并不构成对任何人的投资建议， 投资者需自行承担风险。未经本公司事先书面授权，不得对本报告进行任何有悖原意的引用、删节、修改、及用于其它用途。 期市有风险,投资需谨慎! 期货投资咨询业务批准文号:证监许可【2011】1446号 美国商业原油库存/S 美国炼厂开工率/S -2023 - 2024 - 2025 - 2020 - 2021 - 2022 -2020 - 2021 - 2022 - 2023 - 2024 - 2025 % 00 于铺 ...

Core Insights - Despite some warehouse logistics developers in the Guangzhou-Foshan area pausing certain project developments, new projects continue to emerge, including high-standard warehouses built by state-owned platforms and village collectives, as well as rental spaces from e-commerce companies [1] - This increase in quality warehouse supply provides tenants with more options, but also puts pressure on market rents [1] - On the demand side, the warehouse demand from cross-border e-commerce is entering an adjustment period, with a slowdown in expansion speed; simultaneously, the new supply and increased vacancy rates are attracting tenants seeking cost reduction and efficiency improvements to consider relocation [1]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The price of pulp has declined, resulting in insufficient cost support and weak paper prices. The expected trend of offset printing paper next week is generally stable with a slight downward bias [1][7]. Summary by Relevant Catalogs Comprehensive Analysis and Trading Strategy - **Price**: The average tax - inclusive price of 70g offset paper enterprises is 5,028.6 yuan/ton, remaining unchanged from the previous period. The average tax - inclusive price of 157g coated paper enterprises is 5,675.0 yuan/ton, also unchanged from the previous period [5][32]. - **Supply**: Offset paper production is 195,000 tons, a decrease of 6,000 tons or 3.0% from the previous period, with a capacity utilization rate of 54.6%, a decrease of 1.8% from the previous period. Coated paper production is 77,000 tons, an increase of 1,000 tons or 1.3% from the previous period, with a capacity utilization rate of 56.6%, an increase of 0.4% from the previous period [5][13][19]. - **Demand**: The release of publishing tender orders is limited, and sporadic low prices suppress market expectations. The release of autumn publishing orders for offset paper is slow, and social orders are still sluggish. The overall terminal consumption fails to meet expectations, and the downstream printing factory's operating level is not high [5][6]. - **Cost**: The average tax - inclusive spot price of broad - leaf pulp is 4,100 yuan/ton, a decrease of 0.5% from the previous period. The average tax - inclusive spot price of coniferous pulp is 6,079 yuan/ton, a decrease of 1.2% from the previous period. The average tax - inclusive spot price of natural pulp is 5,043 yuan/ton, a decrease of 1.8% from the previous period. The average tax - inclusive spot price of chemimechanical pulp is 3,900 yuan/ton, remaining unchanged from the previous period [5][37]. - **Strategy**: The expected trend of offset printing paper next week is generally stable with a slight downward bias [7]. Core Logic Analysis - **Supply**: The profitability of the offset paper industry is still low, with factory conversion occurring, and the market supply tends to be stable. The profitability of the coated paper industry is relatively stable, and other factories mostly schedule production as planned, with little change in capacity utilization, which remains at a low level [6][19]. - **Demand**: The release of autumn publishing orders for offset paper is slow, social orders are still sluggish, overall terminal consumption fails to meet expectations, the downstream printing factory's operating level is not high, and users' consumption of base paper inventory is slow, with no obvious intention to stock up in large quantities. Under the impact of electronic media, social demand for coated paper is still weak, and users mostly make rigid purchases [6][23]. - **Cost**: Rumors of low foreign prices for broad - leaf pulp are spreading again, intensifying the bearish sentiment among industry players and putting pressure on the pulp market trend. The decline in pulp prices has led to a stable and slightly stronger gross profit margin for coated paper [6][19]. Weekly Data Tracking - **Offset Paper Supply**: The production volume has decreased, and the capacity utilization rate has declined. The profitability of offset paper has improved due to the decline in pulp raw material prices [13]. - **Offset Paper Inventory**: The overall on - site inventory has continued to decline slightly but remains at a high level in recent years. The inventory of offset paper production enterprises has decreased by 0.3% compared to the previous period [14][16]. - **Coated Paper Supply**: The production volume has increased slightly, and the capacity utilization rate has increased slightly. The gross profit margin of coated paper is stable and slightly stronger due to the decline in pulp prices [19]. - **Coated Paper Inventory**: The on - site inventory of coated paper has decreased slightly. The inventory of coated paper production enterprises has decreased by 0.3% compared to the previous period [20][23]. - **Paper Prices**: The average prices of offset paper and coated paper enterprises have remained stable [32]. - **Imported Pulp Prices**: The prices of coniferous pulp, broad - leaf pulp, and natural pulp have declined, while the price of chemimechanical pulp has remained unchanged [37].

Group 1 - The U.S. has announced a 50% tariff on imported copper, effective from August 1, 2025, which will not impact Indian companies due to India's copper supply shortage [2][4] - India is a copper resource-poor country, with copper exports to the U.S. being only about 10,000 tons, according to the International Copper Association [3] - India's strong demand for copper is driven by initiatives in renewable energy and electric vehicles, mitigating the impact of U.S. tariffs [3] Group 2 - A planning document predicts that copper demand will grow sixfold by 2047, with a plan to add 5 million tons of smelting and refining capacity annually by 2030 [5] - India remains a net importer of copper products, necessitating strategic measures across the entire value chain to meet growing demand [6] - In 2023, India imported 1 million tons of copper concentrate, primarily from a few countries [7] Group 3 - Indonesia is the largest exporter of copper ore and concentrate to India, accounting for approximately 27% of imports, followed by Chile (25%) and Peru (14%) [8] - Together, these four countries (Indonesia, Chile, Peru, and Panama) account for about 75% of India's copper concentrate imports [9]

关注、加星，第一时间接收推送！ 文 | 赵伟、陈达飞、赵宇 联系人 | 赵宇 摘要 美国三大股指集体上涨，美债利率快速回升。 当周，标普500上涨1.6%，道琼斯工业指数上涨2.3%；10Y 美债收益率上行6.0bp至4.4%；美元指数下跌0.3%至96.99，离岸人民币升值至7.1701；WTI原油上涨1.5% 至66.5美元/桶，COMEX黄金上涨1.9%至3332.5美元/盎司。 关税豁免即将到期，警惕关税升级风险。 7月9日，美国进口商品的90天"关税暂停"即将到期。贝森特6月 27日接受采访时表示，约20个谈判进展缓慢的国家将可能被恢复4月2日的初始对等关税税率，只有被认 定"诚意协商"的伙伴才有望继续获得关税豁免延长。 美国6月非农数据强于市场预期，联储7月降息概率下降。 美国6月非农新增就业14.7万人，失业率回落至 4.1%，主要驱动力为州及地方政府就业增加。市场对联储7月降息预期降温，9月降息为基准假设。鲍威 尔在欧洲央行辛特拉论坛上发言，表示关税对通胀效果或在夏天显现。 风险提示 地缘政治冲突升级；美国经济放缓超预期；美联储超预期转"鹰" 报告正文 一、 大类资产&海外事件&数据： （一） ...

中国经济网北京7月10日讯德明利（001309）(001309.SZ)昨晚披露2025年半年度业绩预告显示，报告期内，公司预计 归属于上市公司股东的净利润-8,000万元至-12,000万元，上年同期为38,764.72万元；扣除非经常性损益后的净利 润-8,450万元至-12,450万元，上年同期为36,997.57万元；营业收入为380,000万元至420,000万元，比上年同期增长 74.63%至93.01%。 2022年、2023年、2024年，德明利经营活动产生的现金流量净额分别为-3.31亿元、-10.15亿元、-12.63亿元。 | | 2024 年 | 2023 年 | 本年比上年増减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 4, 772, 546, 275. 05 | 1, 775, 912, 799. 26 | 168. 74% | 1, 190, 656, 505. 59 | | 归属于上市公司股东的 净利润(元) | 350, 553, 740. 48 | 24.998. 465. 34 | 1, 302. 30% ...

聚烯烃日报 | 2025-07-10 裕龙石化三线检修，检修损失量增加 市场分析 价格与基差方面，L主力合约收盘价为7278元/吨（+33），PP主力合约收盘价为7078元/吨（+33），LL华北现货为7180 元/吨（+0），LL华东现货为7270元/吨（+0），PP华东现货为7120元/吨（+0），LL华北基差为-98元/吨（-33），LL 华东基差为-8元/吨（-33）， PP华东基差为42元/吨（-33）。 上游供应方面，PE开工率为79.5%（+3.0%），PP开工率为77.4%（-1.9%）。 生产利润方面，PE油制生产利润为94.8元/吨（-71.4），PP油制生产利润为-295.2元/吨（-71.4），PDH制PP生产利润 为250.4元/吨（-49.8）。 进出口方面，LL进口利润为-109.6元/吨（-10.0），PP进口利润为-634.8元/吨（-10.3），PP出口利润为29.5美元/吨（+1.2）。 下游需求方面，PE下游农膜开工率为12.1%（-0.3%），PE下游包装膜开工率为48.4%（+0.5%），PP下游塑编开工率 为42.2%（-1.0%），PP下游BOPP膜开工率为60 ...