Report Industry Investment Ratings - All the industries mentioned in the report have a trend strength of 0, indicating a neutral investment rating [7][8][10] Core Views - The report provides a comprehensive analysis of various energy and chemical commodities, including their price trends, supply - demand fundamentals, and market news. It offers investment suggestions and views on the future trends of these commodities [2][7][8] Summaries Based on Related Catalogs PX, PTA, MEG - PX: The trend is strong, squeezing downstream profits. Despite planned polyester factory production cuts, the short - term trend remains strong due to the tight supply expectation [7]. - PTA: Cost support is strong, with a positive upward trend. It is recommended to hold long positions and positive spreads [8]. - MEG: Demand is weakening, and the price is expected to continue to decline. The mid - term trend is still bearish [8]. Rubber - The rubber market is in a wide - range oscillation. Port inventory accumulation suppresses market sentiment, but the human - mixed spot market is expected to strengthen in the long - term [10][12] Synthetic Rubber - It has entered an oscillatory phase. The previous upward trend has slowed down due to the marginal weakening of the overall fundamental data of butadiene and synthetic rubber [15] Asphalt - It shows a narrow - range oscillation, and the spot price in East China is accelerating its decline. The overall supply and demand situation is relatively stable, but there are signs of inventory accumulation [17][28] LLDPE - Spot prices remain weak. Although the futures have rebounded, the market trading atmosphere is still sluggish. The supply - demand pressure caused by high production capacity and weakening demand needs to be concerned [29][30] PP - The PDH profit is compressed again, and the trend is oscillatory and weak. The overall fundamental support at the end of the year is limited, and attention should be paid to the marginal changes of PDH devices [31][32] Caustic Soda - There is a short - term rebound, but the high - yield and high - inventory pattern around the Spring Festival remains. The far - month contract has long - position value, but the upward price elasticity depends on large - scale supply - side maintenance or production cuts [34][35] Pulp - It is oscillating. The spot price is stable, and the demand is weakly rigid. The supply - side port inventory pressure still exists, and it is recommended to pay attention to inventory changes and downstream procurement trends [40][41] Glass - The original sheet price is stable. The overall market trading atmosphere is average, and processing plants purchase raw sheets as needed [43][44] Methanol - It oscillates with support. The port inventory is in a de - stocking pattern, and the macro - situation may drive a short - term rebound, but the upside space is limited [46][48] Urea - It oscillates in the short - term, and the mid - term price center is expected to rise. The enterprise inventory is decreasing, and the demand and cost factors jointly affect the price trend [50][53] Styrene - It oscillates in the short - term. The processing fee is expected to remain at a relatively high level in 2026, but there are risks of negative feedback from downstream product inventories [54][55] Soda Ash - The spot market has little change. The comprehensive supply is decreasing, and downstream enterprises purchase on a "use - as - needed" basis [60] LPG - The market is suppressed by warehouse receipts, and the futures price has declined [62] Propylene - The spot market is weak. Attention should be paid to the inventory changes and the start - up rate of related devices [63] PVC - The short - term rebound space may be limited. The high - yield and high - inventory pattern is difficult to change in the short - term, and large - scale production cut expectations may appear after the 03 contract [71][73] Fuel Oil and Low - Sulfur Fuel Oil - Fuel oil shows a slight decline with increased short - term fluctuations. Low - sulfur fuel oil oscillates in a narrow range, and the price difference between high - and low - sulfur fuels in the overseas spot market is temporarily stable [76] Container Freight Index (European Route) - The near - month contract oscillates, and the far - month contract depends on the progress of the second - stage cease - fire negotiation in Gaza. The supply and demand situation of shipping capacity and freight volume, as well as geopolitical factors, jointly affect the price trend [78][87] Short - Fiber and Bottle Chip - Short - fiber follows the raw material price increase in the short - term, with compressed processing fees. Bottle chips also follow the raw material price increase in the short - term, and the market transaction is fair [92][93] Offset Printing Paper - It is recommended to wait and watch. The market price is stable, and the supply and demand are relatively balanced [95][96] Pure Benzene - It oscillates in the short - term. The inventory is at a high level, and the price is expected to be under pressure in the first quarter of 2026, with a chance of a bottom - rebound in the second quarter [99][100]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 原油： 周二油价重心继续上移，其中WTI 2月合约收盘上涨0.37美元至58.38美元/桶，涨幅0.64%。布伦特2月合 约收盘上涨0.31美元至62.38美元/桶，涨幅0.50%。SC2602以442.3元/桶收盘，上涨0.6元/桶，涨幅为 0.14%。受圣诞假期影响，贝克休斯本周提前三天发布钻机数量报告。数据显示，截至12月23日当周， 作为未来产量先行指标的油气钻机总数增加3座，至545座，但仍较上年同期减少44座，降幅为7.5%。 贝克休斯表示，本周美国石油钻机数增加3座，至409座；天然气钻井数持平于127座。美国商务部经济 分析局公布的首次预估数据显示，今年第三季度美国GDP环比按年率计算增长4.3%，高于第二季度 3.8%的增速和市场预期。美国商务部表示，三季度经济增速加快主要由于消费支出增长提速，以及出 口和政府支出增加。这一数据显著高于市场预期，并提振了信心。地缘方面，据悉，美国将留下被扣押 油轮上的石油，这些石油可能会被出售，也可能用于战略储备。近期市场对于地缘的计价有所上升，油 价重心小幅上移，圣诞假期来临，市场将进入成交 ...

1. Report Title and Date - The report is titled "LPG: Warehouse Receipts Weighing on Futures, Propylene: Spot Market Weak" and is dated December 24, 2025 [1][2] 2. Core View - The LPG futures market is being pressured by warehouse receipts, leading to a decline in the futures price. The propylene spot market is operating weakly. [1][2] 3. Fundamental Data 3.1 Futures Prices - PG2601 closed at 4,185 with a daily decline of 2.22% and a night - session close of 4,184 with a decline of 0.02%. - PG2602 closed at 4,031 with a daily decline of 2.28% and a night - session close of 4,070 with an increase of 0.97%. - PL2601 closed at 5,924 with a daily increase of 0.65% and a night - session close of 5,945 with an increase of 0.35%. - PL2602 closed at 5,641 with a daily decline of 0.72% and a night - session close of 5,661 with an increase of 0.35%. - PL2603 closed at 5,632 with a daily decline of 0.27% and a night - session close of 5,652 with an increase of 0.36%. [2] 3.2 Trading Volume and Open Interest - PG2601 had a trading volume of 7,907 (an increase of 210 from the previous day) and an open interest of 5,015 (a decrease of 2,887 from the previous day). - PG2602 had a trading volume of 118,968 (an increase of 40,066 from the previous day) and an open interest of 74,858 (a decrease of 10,633 from the previous day). - PL2601 had a trading volume of 220 (a decrease of 81 from the previous day) and an open interest of 1,101 (a decrease of 76 from the previous day). - PL2602 had a trading volume of 10,773 (a decrease of 10,842 from the previous day) and an open interest of 7,902 (an increase of 89 from the previous day). - PL2603 had a trading volume of 25,172 (a decrease of 17,260 from the previous day) and an open interest of 18,284. [2] 3.3 Price Spreads - The spread between Guangzhou domestic gas and the PG01 contract was 295 (previous day: 200). - The spread between Guangzhou imported gas and the PG01 contract was 375 (previous day: 250). - The spread between Shandong propylene and the PL01 contract was - 114 (previous day: 4). - The spread between East China propylene and the PL01 contract was - 74 (previous day: 39). - The spread between South China propylene and the PL01 contract was - 99 (previous day: - 11). [2] 3.4 Industry Chain Data - The PDH operating rate this week was 75.0% (last week: 72.9%). - The MTBE operating rate was 68.9% (previous: 69.8%). - The alkylation operating rate was 36.8% (previous: 39.5%). [2] 4. Trend Intensity - The trend intensity for LPG is 0, and for propylene is also 0, indicating a neutral outlook. [6] 5. Market News 5.1 CP Paper Goods Prices - On December 23, 2025, the January CP paper goods price for propane was 509 USD/ton, up 3 USD/ton from the previous trading day; the price for butane was 501 USD/ton, up 5 USD/ton from the previous trading day. The February CP paper goods price for propane was 502 USD/ton, up 2 USD/ton from the previous trading day. [7] 5.2 Domestic PDH Plant Maintenance Plans - Multiple PDH plants have ongoing or planned maintenance, including those of Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., with some maintenance start - times dating back to 2023 and some end - times still undetermined. [8] 5.3 Domestic LPG Plant Maintenance Plans - Several LPG plants, such as Rizhao (China National Offshore) and Shenchi Chemical, have maintenance plans with different start and end times and loss volumes. [9]

商 品 研 究 2025 年 12 月 24 日 LLDPE：转产及个别煤化工降负，现货仍偏弱 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 期货反弹，市场交投气氛延续疲软，上游、期现贸易商为完成年度销售目标，随行低报为主。下游工厂 谨慎观望，成交气氛清淡。需求边际转弱下产业持货意愿差，基差再度走弱，仓单暂停去化。中东、美国报 盘量级减少价格升水国内，内外价差倒挂，中东、美国船期因周转有延误，预计 26 年 Q1 到港或多。 【市场状况分析】 原料端原油价格震荡，单体环节弱稳，PE 乙烯、乙烷供应利润有所压缩。PE 盘面低位震荡，近端下游 农膜有转弱，包装膜行业刚需维持，但近期下跌后中下游持货意愿转弱，上游年底让价出货，厂库小幅去化， 基差偏弱。供应端，广西石化逐步开车，12 月目前检修计划中性，部分 FD 转产及内蒙装置降负，中期仍需 关注存量高产能和需求转弱带来的供需压力。 【趋势强度】 LLDPE 趋势强度：0 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 | LLDPE 基本面数据 | | | ...

| 业期现日报 | 投资咨询业务资格:证监许可 【2011】1292号 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 壬洋辉 | Z0019938 | 2025年12月24日 | | | | | | | | | | | 田阳 | 12月23日 | 12月22日 | 张跌幅 | 张跃 | | | | | | | | | 8320 | 8320 | 0 | 0.00% | 现价 | 江苏一级 | Y2605 | 7994 | 8002 | -8 | -0.10% | 期价 | | 甚差 | Y2605 | 326 | 318 | 8 | 2.52% | 现货墓差报价 | 江苏5月 | 05 + 500 | 05 +500 | 0 | ﺗ | | 28264 | 仓单 | 26264 | 2000 | 7.61% | 标相温 | | | | | | | | 12月23日 | 12月22日 | 张跌幅 | 涨跌 | 8370 | 8270 | 100 | 1.21% | ...

CONTENTS 目 录 交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年12月24日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 1、基本面：昨日PTA期货震荡收涨，现货市场商谈氛围一般，现货基差走弱，贸易商商谈为主，少量聚酯工厂递盘。12月货在 主流在01贴水17成交，个别在01贴水18，价格商谈区间在4905~5000。1月货下主流在05贴水75成交，个别在05贴水73成交。今 日主流现货基差在01-17。中性 5、主力持仓：净多 多增 偏多 6、预期：近期PTA装置变动较少，供需格局预期尚可，期货盘面则跟随成本端大幅上行，预计短期内PTA现货价格跟随成本端震 荡运行，现货基差区间波动。关注油价走势及下游负荷。 2、基差：现货4955，05合约基差-127，盘面升水 中性 ...

Core Viewpoint - The article discusses the development and significance of polyester futures in China, highlighting how the Zhengzhou Commodity Exchange (ZCE) has established a comprehensive risk management system for the polyester industry, enhancing its stability and international pricing influence [5][11][15]. Industry Overview - Polyester is a crucial commodity in China, providing 70% of textile raw materials and widely used in packaging, with a long industrial chain and broad relevance to daily life [5]. - The ZCE has developed a full-chain futures tool system covering paraxylene (PX), PTA, short fibers, and bottle-grade PET, which supports the stable development of the polyester industry [10]. Risk Management Tools - The ZCE has focused on addressing industry pain points by constructing a robust polyester futures market, which began with the launch of PTA futures in December 2006 [6][12]. - In 2019, the ZCE introduced PTA options, followed by short fiber futures in 2020, and recently added PX futures and options in 2023, completing the risk management framework for the polyester supply chain [7][9][10]. Price Discovery and Market Impact - Polyester futures have become a stabilizing tool for enterprises, allowing them to manage risks associated with price fluctuations in raw materials and end products [12]. - The pricing of nearly 100% of PTA spot trades is now based on "futures price + premium/discount," indicating the significant role of futures in price discovery [11]. Internationalization and Influence - The ZCE is actively working to enhance the international influence of "Chinese prices" in the polyester sector by allowing foreign investors to participate in trading and hosting international forums [13][14]. - Since the opening of PTA futures to foreign traders, the price has been integrated into international trade agreements, improving negotiation efficiency and solidifying supply chain relationships [15]. Future Directions - The ZCE aims to continue refining existing products, expanding international cooperation, and enhancing regulatory measures to support the manufacturing sector and contribute to high-quality industrial development in China [15].

每经AI快讯，12月23日，沪镍期货主力合约涨幅由7%回落至1%，报123950元/吨。 （文章来源：每日经济新闻） ...

Group 1 - The main futures contracts for gold and silver in Shanghai experienced price increases, with gold rising by 0.79% to 1016 CNY per gram and silver increasing by 3.06% to 16786 CNY per kilogram [1]

转自：证券时报 人民财讯12月23日电，沪镍期货主力合约涨超5%。 转自：证券时报 人民财讯12月23日电，沪镍期货主力合约涨超5%。 ...