5月22日盘中，PTA期货主力合约震荡下行，最低下探至4706.00元。截止发稿，PTA主力合约报4724.00 元，跌幅0.96%。 PTA期货主力跌近1%，对于后市行情如何，相关机构该如何评价？ PTA前期检修装置有重启预期，国内供应小幅增量，聚酯库存仍高，下游采购积极性持续性有待观察。 中长期来看，随着PTA新产能释放，产能过剩压力渐显，价格上行空间或受限。 新湖期货：PTA价格下方支撑较强 上一交易日，PTA现货市场商谈氛围一般，现货基差企稳。贸易商商谈为主，5月货在09升水120~130附 近成交，个别略高，价格商谈区间在4855~4935附近。6月主港在09升水120~140有成交。主流现货基差 在09+126。原料方面，原油下跌，PX收于836美元/吨，PTA现货加工费355元/吨。装置方面，无较大变 化。PTA二季度检修计划仍较为集中，下游聚酯开工坚挺，短期无大幅减产概率。PTA二季度明显去 库，平衡表有较大改善，原料PX亦处在去库期，价格下方支撑较强，关注原油和宏观。 机构 核心观点 西南期货：短期PTA需谨慎对待 供应端方面，嘉通300万吨恢复，山东威联250万吨装置提负，百宏250周内P ...

Core Insights - The article discusses the significant price differences among suppliers of N121 carbon black products, highlighting that these variations reflect individual suppliers' competitive strategies and market positioning, as well as the balance between market demand and supply [2][3] Group 1: Factors Influencing Price Differentiation - The supply chain stages directly impact the pricing of N121 carbon black products, with costs incurred during raw material acquisition, production, transportation, and storage affecting the final price set by suppliers [2] - Different suppliers' understanding of market demand and product quality contributes to price differentiation, as N121 carbon black is utilized across various industries, leading suppliers to adjust specifications and pricing based on specific market needs [2] - The degree of market competition and supply-demand dynamics also play a crucial role in price differentiation, with suppliers adjusting prices based on whether demand exceeds supply or vice versa [3] Group 2: Impact of Price Differentiation on the Market - Price differentiation allows buyers to choose from various suppliers offering competitive prices, potentially enhancing their benefits [3] - It influences the establishment and stability of long-term relationships between buyers and suppliers, as it relates to suppliers' ability to provide reasonable prices and stable supply [3] - Price differentiation encourages suppliers to innovate technologically and improve product quality to enhance competitiveness and market share [3] - It may alter the overall competitive landscape, enabling lower-priced yet stable-quality suppliers to gain more market share, thereby changing market structure [3]

清晨的辽宁大连北良港，一列满载玉米的火车驶入交割库，随着传送带的轰鸣声，成吨的玉米被精准分 装入库。千里之外的山西介休焦煤交割库，起重机正将散装焦煤倾倒进一辆辆敞口货车的车厢。这些忙 碌的场景，勾勒出大商所交割库的日常图景。 交割库不仅是商品流通的枢纽，更是实体产业转型升级的风向标。期货日报记者了解到，多年来大商所 坚持"服务面向实体经济，创新紧跟市场需求"的工作理念，精准捕捉产业变革脉搏，"一品一策"动态优 化交割库布局，构建起覆盖主产区、主销区与贸易枢纽的立体网络。从东北粮仓到山西煤海，从长三角 化工集群到北方新兴炼化基地，交割库布局的每一次调整都折射出中国产业结构的深刻变迁，也彰显了 大商所"因时而动、因势而新"的服务理念。 大商所对玉米期货的精心维护获得了产业高度认可。据相关统计，目前全国100%的大型玉米贸易企 业、85%的饲料养殖前20强企业、70%的深加工前20强企业均通过玉米期货管理价格风险。 从政策市到市场化 玉米交割布局调整织密南北协同网络 玉米产业的变革，是政策与市场交织的缩影。随着2004年国家退出保护价收购政策，玉米市场化程度持 续提升。2008年受金融危机影响，国内外玉米价格波动剧 ...

黄线全天在下，银行权重今天还参与了护盘，进一步挤压了题材股的生存空间。重组线今天分化严重， 虽然前排综艺天气膜延续强度依旧大，单一字封死，但是保变栅板20厘米的经历回撤超了20个点。再次 阐明一下个人观点，并购重组这个题材概念不同于传统的题材概念，作为属性叠加的逻辑，只能作为锦 上添花，不能做到一锤定音，因为大部分散户是没有渠道或者消息来源，第一时间确认并购重组的强度 的。做跟随的情况下，没有传统题材的逻辑支撑，很容易被存量资金或者说里面已经布局的主力资金迅 速淘汰，但是如果说你的持仓品种没有破5日线趋势，那还是可以考虑适当格局的。 再说抱团股中亿达盘前视频说了，既是抱团核心也是化工的核心，今天走出来整体是非常拧巴的，并且 集成也是地板收场。除抱团高标持续瓦解之外，对于题材的伤害其实是比较明显的，最起码与三峡宏强 龙杰的表现都比较一般，不排除安纳达和永安有高切低的迹象，但也只是内部的表现，更何况红保利尾 盘还逆势回封了，希望明天不要开幕雷击。啊也说过对于抱团股的瓦解大概率不是一步到位，而是反复 震荡，只是个人倾向于有利润的，在这个阶段应该落袋为安为主了。即使接下来有个别品种创业，当下 开仓试错也是在赌自己不是 ...

5月21日，主要指数小幅收涨，个股跌多涨少。3604只个股下跌，1615只个股上涨，84只个股涨停，3只个股跌停。市场热点聚焦固态电池、医 药、电力等板块。 龙虎榜中涉及机构专用席位的个股中，当日净买入额前三为舒泰神、中邮科技、王子新材，分别为6495.59万元、4504.36万元、3711.53万元。 | 市场 V | 代码 名称 | | 景日涨幅 | 当日价格 | 换手率 | 全额 | 净买入 | 机构净买入; | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分 | 603955 大千生态 | 3日 | 5.58% | 39.55 | 15.49% | 23.24Z | 6870.97万 | 1.06 Z | | 包 | 300723 一品红 | 3日 | 6.46% | 50.60 | 5.50% | 23.36亿 | 1078.57万 | 9696.20万 | | 创 | 300204 舒泰神 | | 20.02% | 14.15 | 8.01% | 5.074Z | 1.11亿 | 6495.59万 | | श्रै | 688 ...

Core Viewpoint - The styrene market has experienced a significant price surge, with East China spot prices exceeding 8000 yuan per ton, driven by macroeconomic improvements and supply constraints, but the sustainability of this increase is questioned due to weak cost support and rising resistance from downstream sectors [1][2]. Supply Dynamics - The recent price increase in styrene is attributed to a recovery from previous overly pessimistic market sentiments, bolstered by unexpected progress in US-China trade talks and a rebound in international oil prices, leading to a notable increase in buying interest [2]. - Supply remains tight in major production areas such as East China, Shandong, Hebei, and Northeast China, which supports market sentiment and reduces the risk of significant price drops [3]. Cost Support - The price of pure benzene, a key upstream raw material for styrene, has fluctuated between 6000 and 6300 yuan, with a recent increase of nearly 500 yuan following improvements in international conditions [4]. - Despite a recent rebound, the momentum in the pure benzene market is expected to slow, leading to a narrow trading range, which may weaken its impact on downstream products [4]. Downstream Resistance - The surge in styrene prices has created challenges for downstream industries such as EPS, ABS, and PS, which are struggling with squeezed profits and rising costs [5][6]. - Downstream companies are exhibiting reduced willingness to purchase high-priced styrene due to increased financial pressure, despite potential benefits from improved US-China trade relations [5][6].

甲醇日报 | 2025-05-21 港口基差再度走弱 甲醇观点 市场要闻与重要数据 内地方面：Q5500鄂尔多斯动力煤400元/吨（+0），内蒙煤制甲醇生产利润793元/吨（-5）；内地甲醇价格方面，内 蒙北线2068元/吨（-5），内蒙北线基差412元/吨（+11），内蒙南线2050元/吨（-70）；山东临沂2300元/吨（-20），鲁 南基差244元/吨（-4）；河南2180元/吨（-30），河南基差124元/吨（-14）；河北2255元/吨（+0），河北基差259元/吨 （+16）。隆众内地工厂库存337770吨（+33860），西北工厂库存210800吨（+18800）；隆众内地工厂待发订单273586 吨（+35806），西北工厂待发订单146000吨（+26000）。 港口方面：太仓甲醇2315元/吨（-22），太仓基差59元/吨（-6），CFR中国263美元/吨（-3），华东进口价差10元/吨 （-14），常州甲醇2420元/吨；广东甲醇2345元/吨（-7），广东基差89元/吨（+9）。隆众港口总库存483900吨（-77970）， 江苏港口库存203000吨（-27000），浙江港口库存12 ...

2025年05月21日 期货研究 商 品 研 究 商 品 研 究 2025 年 05 月 21 日 国泰君安期货商品研究晨报-能源化工 观点与策略 | 橡胶：宽幅震荡 | 2 | | --- | --- | | 合成橡胶：丁二烯回调，震荡承压 | 4 | | 沥青：区间震荡，观望为上 | 6 | | LLDPE：短期震荡，后期仍有压力 | 8 | | PP：价格小跌，成交一般 | 10 | | 烧碱：反弹难持续 | 11 | | 纸浆：震荡运行 | 13 | | 玻璃：原片价格平稳 | 15 | | 甲醇：震荡承压 | 16 | | 尿素：高位震荡 | 18 | | 苯乙烯：短期震荡 | 20 | | 纯碱：现货市场变化不大 | 21 | | LPG：短期支撑走强，关注内盘反弹 | 22 | | PVC：后期仍有压力 | 25 | | 燃料油：日盘小幅上涨，短期转入调整走势 | 27 | | 低硫燃料油：夜盘继续转弱，外盘高低硫价差小幅回弹 | 27 | | 集运指数（欧线）：高位震荡，6-8反套减仓止盈；10-12反套持有 | 28 | | 短纤：短期震荡，成本支撑偏弱 | 31 | | 瓶片：短期震荡，成 ...

值得关注的是，4月VC/PE机构并购退出活跃度上升。本月并购退出事件共有34笔，涉及金额为12.09亿 元人民币。例如，华海清科股份有限公司收购芯嵛半导体（上海）有限公司6.67%的股权，中小海望 （上海）私募基金合伙企业（有限合伙）成功退出，回笼资金约0.82亿元人民币，账面回报倍数为4.08 倍，内部收益率为100.16%；广州万宝集团有限公司收购广州森宝电器股份有限公司11.20%的股权，广 州市中小企业发展基金有限公司成功退出，回笼资金约0.27亿元人民币，账面回报倍数为1.35倍，内部 收益率为5.05%。 业内人士指出，4月并购市场虽在数量上有所下降，但在金额上仍保持增长态势，显示出市场在结构调 整中的活力。VC/PE机构并购退出活跃度的上升，也为资本市场注入了新的活力，推动了相关行业的发 展。未来，随着经济的持续发展和市场环境的不断优化，中国并购市场有望继续保持稳定发展态势。 （文章来源：新华财经） 从并购交易类型来看，本月共发生148笔境内并购，占并购案例总数的92.5%，其中披露金额的案例79 笔，总金额为529.69亿元人民币；跨境并购共发生12笔，其中披露金额的案例8笔，总金额为32.0 ...

Core Viewpoint - The acquisition of Cangzhou Xuyang by Binhai Energy is essentially a capital maneuver by the actual controller Yang Xuegang, allowing him to inject assets into the company while avoiding the shell listing regulations [1][6][17]. Group 1: Acquisition Details - Binhai Energy announced plans to acquire 100% of Cangzhou Xuyang from several entities controlled by Yang Xuegang, including Xuyang Group and Xuyang Coal Chemical [1]. - The acquisition is structured to avoid the shell listing regulations, as it occurs just after the 36-month period following Yang Xuegang's acquisition of control over Binhai Energy [6][8]. - Cangzhou Xuyang's projected total assets and revenue for 2024 are 138.32 billion and 103.11 billion respectively, significantly exceeding Binhai Energy's corresponding figures of 12.79 billion and 4.93 billion [6][8]. Group 2: Financial Performance - Binhai Energy has faced continuous losses from 2020 to 2024, indicating its status as a "shell" company [6][7]. - Cangzhou Xuyang, on the other hand, is projected to generate revenues of 92.76 billion and 103.11 billion in 2023 and 2024, respectively, with net profits of 3.48 billion and 2.38 billion [8][17]. - The financial performance of Cangzhou Xuyang is crucial for Binhai Energy's turnaround, as it will significantly enhance the latter's asset base and revenue generation capabilities [8][17]. Group 3: Market Reactions - Following the announcement of the acquisition, Binhai Energy's stock price surged, while the stock of the parent company, China Xuyang Group, experienced a decline, reflecting investor sentiment regarding the valuation of both entities [17]. - The market's reaction indicates a potential reassessment of the investment value of China Xuyang Group, particularly as it may face a "hollowing out" effect due to the separation of Cangzhou Xuyang's profitable assets [17].