【现货消息】 期 货 研 究 2026 年 02 月 25 日 短纤：成本上抬基本面支撑，短期偏强 20260225 瓶片：成本上抬基本面支撑，短期偏强 20260225 钱嘉寅 投资咨询从业资格号：Z0023476 qianjiayin@gtht.com 【基本面跟踪】 | | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 短纤2604 | 6790 | 6628 | 162 | PF04-05 | 10 | 8 | 2 | | PF | 短纤2605 | 6780 | 6620 | 160 | PF05-06 | 12 | 8 | ব | | | 短纤2606 | 6768 | 6612 | 156 | PF主力基差 | -70 | -58 | -12 | | | 短纤主力持仓量 | 92633 | 111838 | -19205 | 短纤华东现货价格 | 6.720 | 6.570 | 150 | | | 短纤主力成交量 | 147328 昨日 | 153222 ...

1. Report Industry Investment Rating - The report views the market as volatile due to weak fundamental support from the decline in crude oil prices [2] 2. Core View of the Report - The report provides price data and changes of various energy - chemical products from December 23 to December 24, 2025, and analyzes the market situation of PP powder and related products. It points out that the PP powder market price continued to decline, the main PP futures rebounded slightly after the decline, the downstream was cautious in entering the market, and the trading atmosphere was difficult to improve [1] 3. Summary by Relevant Catalog 3.1 Upstream - Brent thermal coal price rose from 62.07701 to 62.38694, with a change of 0.31 - 7 - Methanol (East China) price rose from 2132 to 2155, with an increase of 23 - Propane (imported in South China) price rose from 577 to 584, with an increase of 7 - Propylene (imported) price decreased from 5917 to 5913, with a decrease of 4 - Propylene (Shandong) price decreased from 5810 to 5705, with a decrease of 105 - Propylene (East China) price remained unchanged at 5850 [1] 3.2 Spot - PP powder (Shandong) price rose from 5980 to 6000, with an increase of 20 - PP powder (East China) price remained unchanged at 6130 - PP拉丝 (North China) price decreased from 6040 to 6020, with a decrease of 20 - PP拉丝 (East China) price rose from 6150 to 6180, with an increase of 30 - PP主力 price rose from 6158 to 6278, with an increase of 120 - PP拉丝基差 (East China) decreased from - 8 to - 98, with a decrease of - 90 - PP油制拉丝 (East China) price remained unchanged at 6550 - Low - melt copolymer (East China) price remained unchanged at 6800 - High - melt fiber (East China) price remained unchanged at 800 - PP Southeast Asia CIF price remained unchanged at 6930.91 [1] 3.3 Others - The number of warehouse receipts increased from 10772 to 11935, with an increase of 1163 - The proportion of wire drawing decreased from 30.29% to 28.94%, with a decrease of 1.35% - The proportion of homopolymer injection molding decreased from 16.13% to 1.67%, with a decrease of 14.46% - The proportion of co - injection molding increased from - 3.01% to 21.94%, with an increase of 18.93% - The proportion of fiber production increased from 7.54% to 7.71%, with an increase of 0.17% - The proportion of BOPP decreased from 3.77% to 3.36%, with a decrease of - 0.41% - The proportion of pipes increased from 0.91% to 1.45%, with an increase of 0.54% - The parking proportion increased from 0.71% to 15.57%, with an increase of 16.28% [2]

Group 1: Report Overview - Research variety: Crude oil [1] - Report cycle: Weekly [1] - Report date: June 22, 2025 [1] - Researcher: He Ning, Qualification No.: F0238922; Investment consulting certificate No.: Z0001219 [1] Group 2: Core Views - From June 16 - 22, 2025, Brent crude oil futures fluctuated upward with a weekly increase of 2.5%, reaching a nearly 5 - month high of $79.04 per barrel. Geopolitical risks were the core driving factor, and the summer demand peak season and OPEC+ supply strategy adjustment also supported the price. The market showed dual characteristics of "risk - premium dominance and fundamental support" [3] Group 3: Futures Market Overview - From June 16 - 20, 2025, the Brent crude oil futures August contract closed at $77.32 per barrel last Friday with a weekly amplitude of 3.43%. The WTI crude oil futures August contract closed at $74.04 per barrel with a gain of 3.51%. The main crude oil contract SC2512 on the Shanghai International Energy Exchange reported 566.6 yuan per barrel, with a maximum of 582.9 yuan per barrel, a minimum of 508.3 yuan per barrel, and a weekly increase of 8.82% [3] Group 4: Spot Market Analysis - The spot premium in the Middle East continued, and Dubai crude oil was at a premium of about $2 per barrel compared to Brent futures [5]