对二甲苯：趋势偏强，正套 PTA：趋势偏强，正套 MEG：趋势偏强 期 货 研 究 2025 年 08 月 25 日 所 PX PTA MEG 基本面数据 期货 PX 主力 PTA 主力 MEG 主力 PF 主力 SC 主力 昨日收盘价 6966 4868 4474 6614 493.6 涨跌 6958 8 1 0 2.7 涨跌幅 0.11% 0.16% 0.02% 0.00% 0.55% 月差 PX9-1 PTA9-1 MEG9-1 PF9-1 SC9-10 昨日收盘价 138 -20 -54 -58 -6.6 前日收盘价 162 -14 -54 -42 -6.2 涨跌 -24 -6 0 -16 -0.4 现货 PX CFR 中国（美 金/吨） PTA 华东（元/吨） MEG 现货 石脑油 MOPJ Dated 布伦特 (美 金/桶) 昨日价格 857.33 4865 4512 587 68.23 前日价格 852.33 4830 4518 584.5 68.12 涨跌 5 35 -6 2.5 0.1 现货加工费 PX-石脑油价差 PTA 加工费 短纤加工费 瓶片加工费 MOPJ 石脑油-迪 拜原油价差 昨 ...

有色早报 研究中心有色团队 2025/08/14 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/08/07 105 156 72543 20145 -79.96 359.16 46.0 57.0 -65.63 156000 11125 2025/08/08 115 216 81933 21272 -15.62 225.75 46.0 57.0 -69.55 155850 11075 2025/08/11 150 495 81933 23275 -117.15 335.57 45.0 55.0 -83.25 155700 11975 2025/08/12 205 515 81933 26296 84.82 412.33 47.0 54.0 -87.14 155000 11600 2025/08/13 205 651 81933 22800 -39.06 120.83 47.0 54.0 -79.20 155875 11550 变化 0 136 0 -3 ...

Group 1 - The core viewpoint of the news is that the 2025 capital market summer strategy conference hosted by Shenwan Hongyuan gathered significant participation from executives of nearly 500 listed companies and over 2,200 investors, indicating strong interest in market strategies and opportunities [1] Group 2 - Huang Weiping, the chief analyst of bonds at Shenwan Hongyuan, highlighted that the bond market in 2025 will differ from the single-sided bull market of 2024, entering a phase characterized by "low interest rates + interest rate spreads + high volatility," suggesting a need to abandon the single-sided bull market mindset [3] - Huang pointed out two key areas to focus on regarding liquidity in the second half of the year: the timing of the central bank's bond purchases and the alignment of purchase rhythm with supply rhythm, noting that the net supply of government bonds typically peaks in the second half of the year [3] - The potential recovery of government bond purchases is anticipated to coincide with the second wave of net supply peaks within the year, which may lead to substantial buying strength [3] - Huang identified June to August as a favorable window for long positions, as the demand for real economy financing declines and the central bank may resume government bond purchases [3] - The market outlook for the year suggests a shift away from a single-sided bull market perspective, with a focus on high volatility and oscillating market conditions [3] - Opportunities in the current bond market include monitoring the compression of yield spreads between different bond types, such as local government bonds versus national government bonds [3] - In the futures market, strategies include capturing wave opportunities in local government bonds and TL "positive spreads," with a focus on short-duration credit bonds and long-duration local government bonds after July [3]

Group 1 - The core viewpoint indicates that fuel oil futures have risen slightly due to an increase in crude oil prices, with the main contract reported at 2976.00 yuan/ton, up by 1.19% [1] - As of June 9, the Shanghai Futures Exchange reported fuel oil futures warehouse receipts at 28,950 tons, unchanged from the previous trading day, while low-sulfur fuel oil warehouse receipts remained at 1,000 tons [2] - The Venezuelan government is preparing for a 50% increase in fuel prices following Chevron and other oil companies halting operations in the country [2] Group 2 - FGE forecasts that Middle Eastern fuel oil consumption will reach 1.05 million barrels per day from June to December 2025, an increase of 70,000 barrels per day year-on-year [2] - The Asian low-sulfur fuel oil market structure has slightly strengthened due to expectations of tight supply in June, while high-sulfur fuel oil markets remain stable amid peak electricity demand in the Middle East and South Asia [4] - Southwest Futures suggests that rising crude oil prices are likely to drive fuel oil prices upward, despite increasing fuel oil inventories in Singapore due to higher imports [4]

| | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/5/26 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/5/22 | 2025/5/23 | 变动值 | 行情综述 | | | INE原油(元/桶) | 453. 7 | 452. 8 | -0. 90 | 成交情况: PTA:PTA行情上涨,主因是华东一套270万吨PTA装置 | | SC | PTA-SC(元/吨) | 1404. 9 | 1425.5 | 20. 54 | 官宣下周末检修,预估6月上旬PTA再度加速去库存, 现货基差走强,利好市场心态。 | | | PTA/SC(比价) | 1.4261 | 1. 4332 | 0. 0071 | | | | CFR中国PX | 823 | 826 | 3 | | | PX | PX-石脑油价差 | 246 | 266 | 19 | | | | PTA主力期价(元/吨) | 4702 | 4 ...