liangzongtai@htfc.com 从业资格号：F3056198 投资咨询号：Z0015616 陈莉 020-83901135 cl@htfc.com 从业资格号：F0233775 投资咨询号：Z0000421 期货研究报告|纯苯专题 2025-06-29 纯苯期货及基础知识 研究院化工组 研究员 梁宗泰 020-83901031 联系人 杨露露 0755-82790795 yanglulu@htfc.com 从业资格号：F03128371 吴硕琮 020-83901158 wushuocong@htfc.com 从业资格号：F03119179 刘启展 020-83901049 liuqizhan@htfc.com 从业资格号：F03140168 投资咨询业务资格： 证监许可【2011】1289 号 摘要 华泰期货纯苯上市专题系列之一：纯苯期货及基础知识，首先是介绍纯苯的期货与期 权合约、期货交割品级、交割及仓单相关事项、限仓手数等内容。然后是介绍纯苯的 基础知识，介绍纯苯的物理性质、化学性质，以及重点介绍纯苯的生产工艺。纯苯属 危险化学品，易燃，蒸汽与空气可形成爆炸性混合物，遇明火、高热能引起燃烧爆 ...

Group 1 - The core viewpoint indicates that the PTA market is expected to continue its upward trend due to tightening supply and improving demand dynamics, driven by seasonal factors and inventory reductions [1][4]. - Recent data shows that the overall PTA operating rate in China has dropped to 70.3%, significantly lower than the same period in the past three years, with multiple major manufacturers undergoing maintenance [2]. - The polyester sector has seen an unexpected increase in operating rates, reaching 94.2%, which is a new high for the year, alleviating previous concerns about low demand [3]. Group 2 - The social inventory of PTA has been decreasing, with the turnover days dropping to 13.36 days, indicating a continuous destocking trend [2]. - The upcoming summer season in Europe and the U.S. is expected to boost gasoline consumption, which may positively impact the aromatics market, particularly in the context of PTA and PX production [4]. - The overall supply of PTA is anticipated to remain tight in May, providing strong support for price increases, as the polyester industry shows robust production and sales performance [4].