Core Viewpoint - Baofeng Group is launching significant projects in Ningdong, with a total investment of 31 billion yuan, aimed at enhancing industrial output and employment opportunities in the region [3]. Group 1: Project Overview - The projects include Baofeng's energy storage anode, cathode, and electrolyte plants, as well as the fourth phase of the olefin new materials project, which will generate an annual industrial output value of 49 billion yuan and create nearly 10,000 jobs [3]. - The new energy storage projects involve an investment of 10.5 billion yuan, with a production capacity of 250,000 tons of lithium iron phosphate anode materials, 150,000 tons of artificial graphite cathode materials, and 170,000 tons of electrolyte materials upon reaching full capacity [7]. - The fourth phase of the olefin new materials project represents an investment of 20.5 billion yuan, focusing on coal-to-olefin production with advanced technology and equipment entirely developed domestically [8]. Group 2: Strategic Importance - Baofeng Group aims to strengthen its core business and enhance industrial structure optimization, contributing to the development of a new energy system and supporting the construction of a national comprehensive demonstration area for new energy [7][8]. - The company reported a net profit of 6.338 billion yuan for 2024, a year-on-year increase of 12.16%, and a net profit of 2.437 billion yuan for the first quarter of 2025, with a growth rate of 71.49% [10]. - The projects are expected to drive the upgrade of traditional industries and the rise of emerging sectors, creating a dual-driven pattern for high-quality development in Ningdong [10].

期货研究报告|聚烯烃周报 2025-04-27 埃克森美孚投产，新装置持续放量 研究院 化工组 研究员 梁宗泰 020-83901031 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 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： 下游需求方面，聚烯烃下游开工率维持下行，地膜季节性旺季结束，五一假期前，终端 工厂订单维持刚需采购为主。 ■ 策略 证监许可【2011】1289 号 策略摘要 惠州埃克森美孚一期 50 LLDPE 装置、48 万吨/年 PP 装置与 47.5 万吨/年 PP 装置成功投 产，预计未来新装置持续放量，PE 供应维持偏高，而 ...

Report Industry Investment Rating - All the analyzed energy and chemical products are rated as "volatile" [1][3][4][7][9] Core Viewpoints of the Report - The oil market is affected by the US's inconsistent policies and OPEC+ internal disputes, and the market is in a state of repeated operation [1] - The low - sulfur fuel oil market is supported by reduced arbitrage shipments, while the high - sulfur fuel oil market pressure eases with the approaching summer demand [1][3] - The asphalt production profit has recovered, and the refinery's production enthusiasm has improved, but the actual consumption has not increased significantly [3] - Polyester product prices mainly follow the cost - end, and the price of ethylene glycol is expected to run in a low - range [3][4] - The rubber price is expected to be volatile and weak due to the approaching holiday production cut of downstream tire factories and cautious terminal orders [4][7] - The methanol supply is high, and the future supply - demand may be loose [7] - The polyolefin market is affected by tariff policies, with supply pressure easing and demand weakening [7][9] - The PVC market's supply and demand will both weaken marginally, and the price is expected to be volatile [9] Summary by Relevant Catalogs 1. Research Views - **Crude Oil**: On Thursday, WTI 6 - month contract rose 0.52 dollars to 62.79 dollars/barrel (0.84% increase), Brent 6 - month contract rose 0.43 dollars to 66.55 dollars/barrel (0.65% increase), and SC2506 closed at 495.4 yuan/barrel (1.00% increase). The US's inconsistent policies and OPEC+ internal disputes make the market volatile [1] - **Fuel Oil**: On Thursday, FU2507 fell 1.12% to 2998 yuan/ton, and LU2506 fell 0.86% to 3446 yuan/ton. The low - sulfur market is supported by reduced shipments, and the high - sulfur market pressure eases with approaching summer demand [1][3] - **Asphalt**: On Thursday, BU2506 rose 0.38% to 3406 yuan/ton. This week, the shipment of domestic asphalt enterprises increased by 20.4% week - on - week, and the utilization rate of modified asphalt production capacity increased. The production profit has recovered, but the actual consumption has not increased significantly [3] - **Polyester**: TA509 fell 0.86% to 4370 yuan/ton, EG2509 fell 1.67% to 4179 yuan/ton. The production load of polyester and ethylene glycol has changed, and product prices mainly follow the cost - end [3][4] - **Rubber**: On Thursday, RU2509 rose 40 yuan/ton to 14735 yuan/ton, NR fell 130 yuan/ton to 12400 yuan/ton, and BR fell 60 yuan/ton to 11235 yuan/ton. The downstream tire factories are expected to cut production before the holiday, and the rubber price is expected to be volatile and weak [4][7] - **Methanol**: The supply is high, and the future supply - demand may be loose due to device maintenance and increased future arrivals [7] - **Polyolefin**: The price of polypropylene and polyethylene has changed. The refinery's maintenance increases, but the demand weakens due to tariff policies [7][9] - **Polyvinyl Chloride**: The market price is slightly adjusted. The supply and demand will both weaken marginally, and the price is expected to be volatile [9] 2. Daily Data Monitoring - The report provides the spot price, futures price, basis, basis rate, and their changes of various energy and chemical products on April 24 and 23, 2025, including crude oil, liquefied petroleum gas, asphalt, etc [10] 3. Market News - The third - round of US - Iran nuclear negotiations this week may lead to Iran's crude oil return, but the new US sanctions on Iran limit the oil price increase. Kazakhstan will prioritize national interests over OPEC+ quotas [12] - The Bank of England Governor believes that the concern about the US dollar losing its reserve currency status is "excessive" [12] 4. Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, etc [14][15][18] - **4.2 Main Contract Basis**: It shows the basis charts of main contracts of various products, such as crude oil, fuel oil, etc [29][31][35] - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of different contracts of various products, like fuel oil, asphalt, etc [45][47][50] - **4.4 Inter - variety Spreads**: It presents the spread and ratio charts between different varieties, such as crude oil internal and external spreads, fuel oil high - low sulfur spreads, etc [60][62][64] - **4.5 Production Profits**: The report shows the cash - flow and profit charts of ethylene - made ethylene glycol, PP production, etc [69][70][72] 5. Team Member Introduction - The report introduces the members of the energy and chemical research team, including their positions, educational backgrounds, honors, and research areas [74][75][76]

光大期货能化商品日报 光大期货能化商品日报（2025 年 4 月 24 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周三油价重心下移，其中 WTI 新换 6 月合约收盘下跌 1.40 美元 | | | | 至 62.27 美元/桶，跌幅 2.18%。布伦特 6 月合约收盘下跌 1.32 美 | | | | 元至 66.12 美元/桶，跌幅 1.96%。SC2506 以 487.4 元/桶收盘，下 | | | | 跌 11.2 元/桶，跌幅为 2.25%。OPEC+的多个成员国将在 6 月会 | | | | 议上提议扩大增产。这一决定正值该组织内部围绕产量配额合规 | | | | 性爆发争端。哈萨克斯坦能源部长明确表示将"国家利益置于 | | | | OPEC+之上"，该国因持续超配额生产已引发其他成员国不满。 | | | 原油 | 伊朗外交部发布的一份声明表示，美方继续对伊朗实施制裁是霸 | 震荡 | | | 凌和非法行为，与美方试图对话的行为相悖，表明美国缺乏谈判 | | | | 的诚意。美国政府利用制裁对其他国家施加政治压力，违反了联 | | | ...

首席点评： 原油反弹，黄金回落 特朗普称或将"大幅降低"对华关税，中国外交部：打，奉陪到底；谈，大门敞开。中国外交部发言人郭 嘉昆强调，如果美方真的想通过对话谈判解决问题，就应该停止威胁讹诈，在平等、尊重、互惠的基础 上同中方对话。一边说要同中方达成协议，一边不断搞极限施压，这不是同中方打交道的正确方式，也 是行不通的。美国 4 月 Markit 综合 PMI 超预期下降创 16 个月新低，信心挫、价格涨，制造业 PMI 不 降反升好于预期。数据表明， 4 月美国商业活动增长降至 16 个月低点，对未来一年商业前景的预期也 下降至自疫情以来最低之一；商品和服务的销售价格上涨幅度为一年多来最大，尤其是制造品价格大幅 上涨，与关税有关。就业指数低迷。 重点品种：原油、贵金属、橡胶 原油 ： SC 夜盘回落 2.25% 。有消息援引哈萨克新任命的能源部长的话说，在决定石油产量水平时， 哈萨克斯坦将优先考虑国家利益，而非欧佩克及其减产同盟国的利益。他还表示，该国未能减少三大产 油项目的石油产量，因为这些项目为海外巨头控制。路透社援引三位熟悉欧佩克及其减产同盟国会谈的 消息人士的话说，一些成员国将建议该集团在 6 月份 ...

光大期货能化商品日报 光大期货能化商品日报（2025 年 4 月 22 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一油价重心下挫，其中 WTI 5 月合约收盘下跌 1.60 美元至 63.08 | | | | 美元/桶，跌幅 2.47%。布伦特 6 月合约收盘下跌 1.70 美元至 66.26 | | | | 美元/桶，跌幅 2.50%。SC2506 以 487.2 元/桶收盘，下跌 2.3 元/ | | | | 桶，跌幅为 0.47%。美伊会谈相对积极，直接影响是伊朗原油不会 | | | | 退出市场。伊朗外交部发言人巴加埃在德黑兰举行的每周新闻发 | | | | 布会上表示，伊朗同美国谈判的目的始终是实际终止对伊制裁。 | | | | 且适逢复活节假期，市场的流动性也较低，这可能会加剧价格波 | | | 原油 | 动。市场越来越担心贸易战旷日持久将拖累能源需求，能源股与 | 震荡 | | | 原油价格一道下跌。标普 500 能源指数下跌 3.3%，市场弥漫着避 | | | | 险情绪，美联储独立性的不确定性增加。俄罗斯经济部在其 2025 | ...

行业 聚烯烃日报 日期 2025 年 4 月 22 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员： ...

请务必阅读正文之后的免责声明部分 投资要点 证券研究报告 基础化工周报：聚氨酯价格继续承压 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工研究助理：周少玟 执业证书编号：S0600123070007 联系方式：zhoushm@dwzq.com.cn 2025年04月20日 2 ◼ 【聚氨酯板块】本周纯MDI/聚合MDI/TDI行业均价为17140/14330/10653元/吨，环比分别-350/- 1240/-915元/吨，纯MDI/聚合MDI/TDI行业毛利分别为3688/2066/-910元/吨，环比分别-164/- 929/-733元/吨。 ◼ 【油煤气烯烃板块】①本周乙烷/丙烷/动力煤/石脑油均价分别为1234/4521/540/4061元/吨，环比分 别-132/+509/+0/+209元/吨。②本周聚乙烯均价为7918元/吨，环比-97元/吨，乙烷裂解/CTO/石脑 油裂解制聚乙烯理论利润分别为1268/1889/182元/吨，环比分别+80/-63/-215元/吨。③本周聚丙烯 均价为7200元/吨，环 ...

/ 朝如日报 投资咨询业务资格:证监许可【2011】129 2025年4月18日 | 期货收盘价 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 4月17日 | 4月16日 | 涨跌 | 涨跌幅 | 单位 | | 01合约 | 1718 | 1731 | -13 | -0.75% | | | 05合约 | 1768 | 1789 | -21 | -1.17% | 元/吨 | | 09合约 | 1755 | 1767 | -12 | -0.68% | | | 甲醇主力合约 | 2238 | 6362 | -131 | -5.53% | | | 期货合约价差 | | | | | | | 价差 | 4月17日 | 4月16日 | 张跃 | 涨跌幅 | 单位 | | 01合约-05合约 | -50 | -58 | 8 | 13.79% | | | 05合约-09合约 | 13 | 22 | -d | -40.91% | 元/吨 | | 09合约-01合约 | 37 | 36 | 1 | 2.78% | | | UR-MA主力合约 | -520 | -6 ...

烯烃产业期现日报 投资咨询业务资格:证监许可【2011】1292号 2025年4月17日 张晓珍 Z0003135 PE PP价格及价差 | 品种 | 4月16日 | 4月15日 | 涨跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | L2505 收盘价 | 7281 | 7336 | -22 | -0.75% | | | L2509 收盘价 | 7131 | 7191 | -60 | -0.83% | | | PP2505 收盘价 PP2509 收盘价 | 7189 7098 | 7212 7124 | -23 -26 | -0.32% -0.36% | | | 12505-2509 | 150 | 145 | 5 | 3.45% | 元/吨 | | PP2505-2509 | 91 | 88 | 3 | 3.41% | | | 华东PP拉丝现货 | 7200 | 7250 | -50 | -0.69% | | | 农ICDPE膜和现货 | 7350 | 7390 | -40 | -0.54% | | | 华北 L05基差 | 70 | 50 | ...