需求端，瑞达期货（002961）分析称，新能源车以及储能市场表现旺盛，为下游材料厂订单及排产提供 消费支撑，碳酸锂需求量或将保持高位稳定态势。 展望后市，金瑞期货表示，在枧下窝不复产的前提下，去库格局有望延续，基本面支撑目前锂价高位震 荡，关注上方12万/吨左右的压力。临近月底，市场再度炒作1月下游需求排产，投资者需重点关注，目 前初步预期为环比下降5-8%。 12月23日，国内期市有色金属板块涨跌互现。其中，碳酸锂期货盘面表现偏强，截至发稿主力合约大幅 走高4.42%，报118940.0元/吨。 消息面上，广期所公告，新增碳酸锂、多晶硅期货指定交割厂库，增加碳酸锂交割厂库存放点标准仓单 最大量，增加多晶硅期货指定交割厂库标准仓单最大量，新增多晶硅期货指定质检机构，取消现有碳酸 锂期货指定交割厂库，取消工业硅期货指定交割仓库，取消工业硅期货指定质检机构。 从供应端来看，西南期货指出，碳酸锂产量仍处于高位，显示出锂资源端弹性较大，在碳酸锂价格持续 高位震荡的行情下供应端利润充足，生产积极性较高。 ...

Report Summary 1. Report Industry Investment Ratings No information provided in the given content. 2. Core Views of the Report - **PX**: Short - term sideways market, engage in calendar spread positive arbitrage; go long on PX and short on SC, go long on PX and short on EB. Cost - end factors like eased international trade relations and rebounding crude oil support PX valuation. The recovery of polyester terminal demand and increased operating rates drive up the valuation of the aromatic hydrocarbon - polyester chain [7]. - **PTA**: Eased international trade relations push up valuation through cost factors. Reduce positions in the strategy of going long on PTA and short on SC, hold the strategy of going long on PTA and short on MEG. Supply is decreasing while demand is increasing, maintaining a de - stocking pattern. With the possible loosening of US tariffs on Chinese textiles and high polyester operating rates, the market trend is short - term strong [8]. - **MEG**: Sideways market, implement the strategy of going long on PTA and short on MEG. Supply continues to increase. Although demand expectation improves and de - stocking efforts increase in the second quarter, maintain basis positive arbitrage operations [8]. 3. Summary by Related Catalogs **Fundamental Tracking** - **Price Data**: On May 8, 2025, PX, PTA, MEG, PF, and SC closed at 6404, 4546, 4222, 6290, and 3406 respectively, with daily changes of 1.8%, 1.8%, 0.5%, 1.5%, and 0.2%. The monthly spreads, varietal spreads, and basis also had corresponding changes [3]. - **Inventory Data**: On May 8, 2025, PTA, ethylene glycol, short - fiber, PX, and SC warehouse receipts were 97724, 10389, 2587, 894, and 4644000 respectively, with daily changes of - 1254, 200, unchanged, - 417, and unchanged [3]. **Market Overview** - **PX**: On May 8, PX price rose, with the valuation at 778 dollars/ton, up 10 dollars from the previous day. The 6 - month MOPJ was estimated at 543 dollars/ton CFR [5]. - **PTA**: Some PTA plants in mainland China had planned shutdowns and restarts. By Thursday, the PTA operating rate dropped to 70.3% and was expected to rise above 73% on Friday. A 150 - million - ton PTA plant in Taiwan, China, was scheduled for maintenance in early June [5]. - **MEG**: As of May 8, the overall operating rate of ethylene glycol in mainland China was 68.99% (a 0.56% increase from the previous period), and a 12 - million - ton/year MEG plant in South Korea and a 10 - million - ton/year synthetic - gas - made MEG plant in Shaanxi restarted [5][6]. - **Polyester**: The operating rate of major domestic polyester industrial yarn manufacturers remained stable, with the overall theoretical operating rate at around 72% by Thursday. Since May 1, 2025, the polyester production capacity in mainland China was revised up to 8739 million tons, and the polyester operating rate increased recently. The sales of polyester yarn and direct - spun polyester staple fiber on May 8 were weak [6]. - **Weaving**: After the May Day holiday, the restart of production was better in texturing than in weaving. Due to weak terminal orders, the operating rate was under pressure. In foreign trade, some US orders resumed shipment, and there were new orders from North Africa, Russia, and Europe. In domestic sales, the new order intake declined after the holiday [7]. **Trend Intensity** The trend intensities of p - xylene, PTA, and MEG are all 1 [9].