作为巴基斯坦出口创汇与就业保障的核心支柱产业，该国纺织业近期遭遇多重冲击。巴基斯坦纺织委 员会(PTC)12月15日发布警告称，该行业因成本高企、出口乏力已逼近"临界点"，大规模裁员与工厂停 产风险日益凸显；全巴基斯坦纺织厂协会(APTMA)亦于12月17日正式提出天然气税减免诉求，旨在应 对冬季能源供应难题，缓解企业运营压力。 用电成本高与电力供应不稳定给纺织业生产带来经营压力。PTC指出，巴基斯坦纺织企业电价约为每 千瓦时13.2美分，显著高于孟加拉国(10.2美分)、越南(7.0美分)、印度(工业平均水平为9.5美分)等区域 竞争对手，且电力供应稳定性不足。冬季能源需求攀升进一步加剧了行业困境，APTMA在诉求中指 出，巴基斯坦冬季电网频繁出现电压波动、突发断电等问题，敏感纺织设备重启需承担材料损耗与设 备维护成本，单次停产重启损失可达企业月度营收的5%-8%。为此，协会请求政府豁免12月1日至次年 1月31日期间自备发电用天然气税，以降低企业应急能源支出，保障出口订单履约。若该诉求未能落 实，预计冬季将有更多企业因生产中断错失订单，进一步影响该国外汇收入。 税收负担进一步挤压企业盈利空间。巴标准企业所 ...

Dec. 30, 2025 以Ap p l e为例，尽管面临存储器成本上升压力，其高度整合的供应链体系与品牌定价能力，仍能 提供较大的产品线调整弹性。此外，由于Ap p l e有长期且稳定的采购规模、明确产品节奏以及高 度可预期的需求规划，支持其在存储器原厂端取得较优先的合作顺序。 根据Tr e n dFo r c e集邦咨询最新调查，在整体经济复苏力道有限、消费行为趋于保守的背景下， 快速上升的存储器价格正持续侵蚀笔电品牌的获利及定价弹性。因此， Tr endFo r c e 集 邦 咨 询 再度下调2 0 2 6年全球笔电出货预估至年减5 . 4%，降至近1 . 7 3亿台，以反映品牌面对成本压力扩 大，对库存、促销与产品配置采取的保守态度 。 | 2025-2026年全球笔电出货预估 (unit: M pcs) | | --- | | | 2025 | 2026 | | | --- | --- | --- | --- | | | | Revised | Previous | | Shipment | 182.9 | 172.9 | 178.5 | | YOY | 3.6% | -5.4% | -2.4% ...

宏 观 研 究 工企效益数据点评 2025 年 12 月 27 日 利润走弱的两大缘由 ——工业企业效益数据点评（25.11） 事件：12 月 27 日统计局公布 11 月工企效益数据，11 月工企营收累计同比 1.6%、前值 1.8%；利润累计同比 0.1%、前值 1.9%。11 月末，产成品存货同比 4.6%、前值 3.7%。 ⚫ 核心观点：利润继续走低，源自其他损益回落的短期拖累及成本压力等中期约束。 总体：11 月利润同比继续走低，主因其他损益对利润同比的拉动明显回落。11 月工业企 业利润当月同比回落 4.6 个百分点至-13.4%。从影响因素看，利润率对利润增速的拉动明 显回落，背后更多是其他损益项（投资收益、营业税金及附加等杂项支出）等短期指标对 利润同比的拉动较前月下行 9.4 个百分点至-5.1%。成本率、费用率对利润同比的拉动仍 在负数区间，分别较前月回升 0.8、1.2 个百分点至-2.4%、-5.6%。 行业：个别行业的利润走弱对本月利润的拖累大，背后或也与其他收益等短期指标走低有 关。11 月，酒和饮料利润增速大幅回落(-93.4pct 至-90.4%)，单个行业利润拖累整体回 落 ...

【#多家磷酸铁锂厂商回应减产检修# ：上游原材料价格高企致成本压力】《科创板日报》27日讯，近 期，湖南裕能、万润新能、德方纳米、安达科技等多家磷酸铁锂厂商宣布停产检修。其中，万润新能方 面对此回应称："目前公司为部分产线检修，不影响整体订单与出货的正常开展。"头部企业减产系设备 维保，及上游碳酸锂等原材料涨价、下游环节拒接成本传导致多重压力。另有行业协会方面负责人分析 认为，"厂商停产检修，也是没办法的办法。" ...

12月20日，荣耀中国区智慧生活业务部部长林林通过社交媒体发文，详细分析了当前电子行业面临的成本压力。 林林还表示，接下来的一年将是各大厂商在业务策略上决定胜负的关键时期。个别厂商的个别产品如果大量滞销，是不排除为 了现金流亏损清货回笼资金的。 这一表态引发了行业内外对电子消费品价格走势及市场竞争格局的广泛关注。在成本压力持续加剧的背景下，厂商如何平衡产 品定价、库存管理与市场策略，将成为影响其未来发展的关键因素。 此外，在文中直言，整个行业的成本趋势非常恶劣，且目前看会持续很久，至少以年记甚至一年半两年。林林进一步指出，如 果确实有刚需，可以考虑早下手，从趋势来看，不是将来的产品会不会降价的问题了，而是之前已经发布的产品会突破发布价 格涨价的问题了。他同时也提到，各种二手机不排除会涨价情况。 ...

中化新网讯12月9日，国际航空运输协会(IATA)发布可持续航空燃料(SAF)产量预估数据。数据显示， 2025年SAF产量预计达190万吨，较2024年的100万吨实现翻倍，但2026年产量增速将显著放缓，将仅增 至240万吨。市场占比方面，2025年、2026年SAF占航空燃油总消耗量分别仅为0.6%、0.8%，占比极 低。 这主要归因于成本压力。当前SAF价格为传统航油的2倍，强制使用地区则高达5倍，且在2025年航空业 使用SAF需额外承担36亿美元成本。另外值得注意的是，190万吨产量较IATA此前的预测数据有所下 调，主要因政策支持不足导致产能未充分释放。 ...

能源化工 纯苯&苯乙烯日报 通惠期货•研发产品系列 2025 年 12 月 12 日 星期五 纯苯现实走弱累库增压，苯乙烯承压回落 一、 日度市场总结 通惠期货研发部 （1）基本面 价格：12 月 11 日苯乙烯主力合约收涨 0.56%，报 6505 元/吨；纯 苯主力合约收涨 0.13%，报 5447 元/吨。 成本：12 月 11 日布油主力收盘 58.5 美元/桶（+0.2 美元/桶）， WTI 原油主力合约收盘 62.2 美元/桶（+0.3 美元/桶），华东纯苯现货报 价 5310 元/吨（+0 元/吨）。 （2）观点 纯苯：国内纯苯短期仍处于强现实压力下，到港集中使港口库存快速累 积，市场对供应端的压力感知持续上升。海外方面，汽油最紧阶段已过 去，但裂解价差修复仍在滞后体现，美日韩价差仍有回调动力，市场关注 韩国货源是否继续向美国分流。下游整体仍处淡季，提货偏弱，苯乙烯在 检修下维持低负荷；CPL 开工降至年内低位；苯酚开工回升，而苯胺、己 二酸延续区间波动。整体来看，纯苯端"累库加速+需求不旺"的结构未 有明显改善，现实偏弱的特征仍将主导短期行情。 苯乙烯：苯乙烯基差依旧坚挺，但基本面偏弱格局未改 ...

2025 年 11 月 17 日 PP：短期不追空，中期趋势仍有压力 张驰 投资咨询从业资格号：Z0011243 zhangchi4@gtht.com 【基本面跟踪】 PP 基本面数据 | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | | PP2601 | 6474 | 0.40% | 308,865 | -6371 | | | | 昨日价差 | | | 前日价差 | | 价 差 | 01合约基差 | -144 | | -160 | | | | 01-05合约价差 | -101 | | -97 | | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 华北 | 6230 - | 6450 | 6200 - | 6450 | | | 华东 | 6330 - | 6580 | 6320 - | 6580 | | | 华南 | 6430 - | 6550 | 6400 - 6550 | | 资料来源：卓创资讯，隆众资讯、国泰君安期货 【现货消息】 国内 PP 市场偏暖 ...

Core Insights - The report highlights a structural divergence in the prices of major production materials, with 23 out of 49 materials experiencing price increases, while 24 saw declines, indicating a mixed market environment [1][2][3] - Key price increases are observed in upstream coal and non-ferrous metals, particularly copper and aluminum, driven by replenishment demand and cost support [1][2] - Conversely, significant price drops are noted in agricultural products and certain chemicals, reflecting weak downstream consumption and excess supply pressures [1][2] Price Tracking of Major Production Materials - As of October 2025, coal prices have slightly rebounded to 670-680 RMB/ton, while WTI crude oil has decreased to 57 USD/barrel [3] - Non-ferrous metals, including copper and aluminum, have shown strong performance, with copper prices reaching 86,430 RMB/ton and aluminum prices exceeding 21,000 RMB/ton [1][3] - The chemical sector exhibits notable price differentiation, with sulfuric acid prices surging over 700 RMB/ton, while other chemical products like plastics and fertilizers continue to decline [1][2][3] Year-on-Year Price Changes - Year-on-year comparisons reveal that coal prices have decreased by approximately 10%-25%, with the decline rate narrowing, indicating a marginal improvement in supply-demand dynamics [2] - Agricultural products, particularly live pigs, have seen a significant price drop of around 37%, negatively impacting the overall agricultural sector [2] - The non-ferrous metals sector has shown resilience, with electrolytic copper and aluminum prices increasing by 17.4% and 7.3% respectively, reflecting strong international metal market conditions and domestic demand recovery [2] Industry Price Trends - The report indicates that industries such as new energy, new materials, and high-end equipment are experiencing high material price levels and ongoing cost pressures, while traditional sectors like textiles and construction are facing low output prices due to weak downstream demand [4] - Profit margins remain robust in sectors like new energy vehicles and high-end manufacturing, while industries such as chemical fibers and construction materials are under pressure due to high input costs and weak output [4]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $809 million, with core revenue down 10% year-over-year, primarily due to lower volumes in North America and Europe [10][11] - Adjusted EBITDA was $44 million, or 5.5% of sales, reflecting a decline of about $38 million from the prior year, driven by price-cost pressures and unfavorable volume [12][13] - Negative free cash flow was reported for the quarter, with net debt leverage increasing to 7.4 times due to lower year-over-year EBITDA [11][12] Business Line Data and Key Metrics Changes - North America revenue declined 19% year-over-year, with adjusted EBITDA dropping to $38 million from $75 million in the same quarter last year, primarily due to lower volumes and operational inefficiencies [14][15] - Europe saw a 2% increase in revenue year-over-year, with adjusted EBITDA remaining roughly flat at $16 million, as productivity improvements offset lower volumes [15] Market Data and Key Metrics Changes - The market environment has deteriorated, with new construction and repair and remodel activity weakening further, particularly in Canada where housing starts are down more than 40% year-over-year [18] - Full-year demand for windows and doors in North America is now expected to decline in the high single digits, while demand for doors in Europe is anticipated to decrease in mid-single digits [19] Company Strategy and Development Direction - The company is undergoing a strategic review of its European business to strengthen its balance sheet and sharpen its strategic focus [6][8] - A headcount reduction of approximately 11% in North America is planned to align the cost structure with current market demand [6][27] - The company is simplifying its product portfolio by reducing approximately 30% of its SKUs to improve service levels and operational efficiency [36][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing price-cost headwinds and inflation in labor and materials, which have created short-term margin pressure [5][10] - The outlook for Q4 2025 has been adjusted to reflect a more typical seasonal pattern, with expectations of continued negative price-cost dynamics and soft market conditions [20][21] - Management remains focused on improving execution and strengthening operations to capture growth as market conditions improve [8][28] Other Important Information - The company maintains a strong liquidity position with approximately $100 million in cash and $400 million of revolver availability, with no debt maturities until December 2027 [8] - The annualized impact of tariffs on the business is estimated to be around $45 million, with some pushback on tariff-related pricing actions from larger customers [16][17] Q&A Session Summary Question: Share losses and recovery path - Management noted significant share loss last year with a Midwest retailer, which impacted Q3 results, and highlighted ongoing pricing challenges in North America [35] Question: Update on productivity and cost-saving efforts - Management expects about $150 million in savings from transformation initiatives, with roughly half rolling forward into 2026 [39][40] Question: Drivers of EBITDA expectations drop - The decline in EBITDA expectations is attributed to softer market conditions, operational challenges, and a failure to capture expected market share gains [51][52] Question: Contribution of Europe to full-year EBITDA guide - Approximately half of the consolidated EBITDA is expected to come from Europe, with improvements noted despite challenges in North America [55] Question: Liquidity and potential actions - Management confirmed no plans to draw on the revolver in Q4 and is exploring selective sale leaseback actions to enhance liquidity [64][65] Question: Sales trends and market dynamics - Management indicated that recent interest rate relief has not significantly impacted sales, with cautious consumer behavior continuing to affect demand [81]