能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 能源化工期权 2025-12-04 | 期权品种 | 成交量 | 量变化 | 持仓量 | 仓变化 | 成交量 | 量PCR | 持仓量 | 仓PCR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

研究报告—月报 金融研究院、投资咨询部 报告日期 聚酯板块系列专题报告行情篇 MEG：远期供应宽松的笼罩下，11月下旬期价降至近三 年低位。随着部分装置停车，乙二醇负荷自高位有所 回落。12月油制装置检修增加，乙二醇负荷或仍有小 幅回落预期。海外装置方面，远洋货较为充裕，进口 量或将继续走高。近期乙二醇供需局面有一定好转， 期价下方空间料有限。 短纤&瓶片：短纤开工负荷处于高位区间，库存良性， 现货加工费环比上月有所回落，下游纱厂刚需备货为 主；而瓶片依然是聚酯行业中供需压力最大的环节， 负荷在 8 成附近波动，随着原料成本的上移及需求季 节性回落，瓶片现货加工费有一定的收窄。聚酯负荷 整体韧性，延缓原料端的累库预期。 | | | 2025 年 12 月 3 日 （PTA/MEG/聚酯）： 累库预期延后 PTA：11月整体平衡状态。由于四川能投、英力士均在 12月下才会重启，逸盛宁波也延长检修，供应损失量 明显提升，12月累库预期下降，预计整体宽平衡附近 波动，绝对价格不悲观。 张永鸽 Tel：02552278992 Email：zhangyongge@ftol.com.cn 从业资格号: F0282934 ...

Report Industry Investment Ratings - Propylene: Not clearly rated - Plastic: ☆☆☆ (White stars, indicating short - term balance and poor operability) [1] - Pure Benzene: ☆☆☆ [1] - Styrene: なな☆ - PX: ☆☆☆ [1] - PTA: 女女女 - Ethylene Glycol: 女女女 - Short - fiber: ☆☆☆ [1] - Methanol: ☆☆☆ [1] - Urea: ななな - PVC: ☆☆☆ [1] - Caustic Soda: ななな - Soda Ash: ☆☆☆ [1] - Glass: ☆☆☆ [1] Core Viewpoints - The chemical market shows a complex situation with different products having their own supply - demand relationships and price trends. Some products are in a state of supply - demand balance, while others face supply or demand pressures. Overall, the market is affected by factors such as production capacity, inventory, and downstream demand [2][3][5] Summary According to Related Catalogs Olefins - Polyolefins - Propylene futures fluctuate widely, with good downstream demand and rising offers. Plastic and polypropylene futures oscillate. Polyethylene has limited market drivers and a weakening cost - support. Polypropylene may see a slight increase in production as some maintenance devices restart [2] Pure Benzene - Styrene - Pure benzene futures are in a low - level oscillation, with a slight rebound in East China's spot and rising buying interest in Shandong. There is a downward pressure due to high arrival expectations and falling demand. Styrene futures rise, supported by an improved supply - demand structure [3] Polyester - PX and PTA fall as the impact of the blending market weakens. PX is expected to be strong in the medium - term, while PTA may continue with cost - driven logic. Ethylene glycol has a weak medium - term outlook but limited downward space. Short - fiber has a relatively good long - term supply - demand pattern, while bottle - grade PET has a weakening demand and over - capacity pressure [5] Coal Chemical Industry - Methanol futures oscillate and correct. The port inventory may remain high, and the market may continue to oscillate in a range. Urea futures rise, and production enterprises are destocking. However, the overall supply is still loose, and the downstream chasing sentiment may decline [6] Chlor - alkali - PVC shows an oscillating trend. Export may improve, but domestic demand is weak. Supply pressure may ease, and it is expected to operate in a low - level range. Caustic soda continues to decline due to high supply, low demand, and still - profitable conditions [7] Soda Ash - Glass - Soda ash falls. The industry is destocking, and the supply is expected to oscillate at a high level. The demand for heavy soda is shrinking. Glass futures are weak, with low demand and a need for further cold - repair to drive up prices [8]

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/12/3 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/12/1 | 2025/12/2 | 变动值 | 行情综述 | | | INE原油(元/桶) | 455. 7 | 453.8 | -1.90 | 成交情况: PTA:成本支撑,PTA缓慢去库存中,下游刚需偏稳, | | SC | PTA-SC(元/陣) | 1450. 4 | 1454. 2 | 3.81 | PTA行情小涨。而PTA仓单数量较多,PTA现货基差上涨 之力。 | | | PTA/SC(比价) | 1. 4380 | 1. 4410 | 0. 0030 | | | | CFR中国PX | 849 | 849 | 0 | | | PX | PX-石脑油价差 | 277 | 282 | 5 | | | | PTA主力期 ...

瓶片短纤数据日报 | | | | 国贸期货研究院 | 投资咨询号:Z0017251 2025/12/3 | | --- | --- | --- | --- | --- | | | | | 能源化工研究中心 陈胜 | 从业资格号:F3066728 | | 指标 | 2025/12/1 | 2025/12/2 | 变动值 | | | PTA现货价格 | 4710 | 4720 | 10 | | | | | | | 现货资讯: | | MEG内盘价格 | 3901 | 3882 | -19 | 短纤:涤纶短纤主力期货涨28至6304。现货市 | | PTA收盘价 | 4762 | 4752 | -10 | 场:涤纶短纤生产工厂价格僵持运行,贸易商价 | | MEG收盘价 | 3882 | 3877 | -5 | 格横盘震荡,下游刚需采购,工厂产销一般。 | | 1.4D直纺涤短 | 6415 | 6416 | 1 | 1.56dtex*38mm半光本白(1.4D)涤纶短纤华东市 | | | | | | 场价格在6180-6500现款现汇含税自提,华北市 | | 短纤基差 | 64 | 65 | 1 | 场价格在63 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The prices of various energy - chemical commodities are expected to be volatile. Crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and PVC are all forecasted to have an oscillatory trend in the short - term [1][2][4]. - Although OPEC+ has a more cautious production increase plan, its support for oil prices is limited, and oil prices are expected to fluctuate repeatedly in the short - term [1]. - For fuel oil, in December, the supply of both high - sulfur and low - sulfur fuel oil is expected to be sufficient, and the absolute prices of FU and LU are expected to remain weak [2]. - The supply of asphalt will further decrease in December, with winter storage demand gradually starting, but there is inventory pressure, and the price is expected to oscillate at a low level [2]. - For polyester, the downstream demand is weakening at the end of the year, and the cost of PX is under pressure, so the prices of TA and EG are expected to oscillate [4]. - The rubber market has a situation of weak supply and demand, and the price is expected to remain oscillatory. The price of butadiene rubber is expected to be strong in the short - term and return to normal in the medium - term [4][6]. - Methanol supply will decline slightly in December, and demand will increase. The port inventory is expected to enter the destocking stage, and the price is expected to be oscillatory and slightly strong [6]. - For polyolefins, supply will increase in December while demand will weaken. If the crude oil price remains stable, the price will tend to oscillate at the bottom [7]. - The supply of PVC will increase in December, and demand will weaken. However, due to factors such as the repair of the basis and the removal of export restrictions, the price is expected to oscillate at the bottom [8]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Tuesday, the price of crude oil dropped. WTI 1 - month contract closed down $0.68 to $58.64/barrel, a 1.15% decline; Brent 2 - month contract closed down $0.72 to $62.45/barrel, a 1.14% decline; SC2601 closed at 449.9 yuan/barrel, down 3.4 yuan/barrel, a 0.75% decline. Geopolitically, there were meetings between relevant parties regarding the Russia - Ukraine issue. The oil product export volume of Russia's Black Sea Tuapse Port is expected to increase by 21.4% in December. OPEC+ will conduct annual oil production capacity assessments starting next year [1]. - **Fuel Oil**: On Tuesday, the main contract of fuel oil on the Shanghai Futures Exchange, FU2601, closed down 0.2% at 2469 yuan/ton; the main contract of low - sulfur fuel oil, LU2602, closed up 0.63% at 3035 yuan/ton. The supply of fuel oil in Singapore is expected to remain sufficient in December, and the prices of FU and LU are expected to be weak [2]. - **Asphalt**: On Tuesday, the main contract of asphalt on the Shanghai Futures Exchange, BU2601, closed down 2.41% at 2916 yuan/ton. In November, the supply and demand of asphalt were both weak. In December, supply will further decrease, winter storage demand will start, and there is inventory pressure. The price is expected to oscillate at a low level [2]. - **Polyester**: TA601 closed down 0.21% at 4752 yuan/ton; EG2601 closed down 0.13% at 3877 yuan/ton. A 400,000 - ton/year MEG device in South China will be shut down for maintenance. The downstream demand is weakening at the end of the year, and the prices of TA and EG are expected to oscillate [4]. - **Rubber**: On Tuesday, the main contract of natural rubber, RU2601, rose 110 yuan/ton to 15360 yuan/ton; the main contract of 20 - number rubber, NR, rose 60 yuan/ton to 12230 yuan/ton; the main contract of butadiene rubber, BR, rose 375 yuan/ton to 10685 yuan/ton. The supply and demand of rubber are both weak, and the price is expected to remain oscillatory. The price of butadiene rubber is expected to be strong in the short - term and return to normal in the medium - term [4][6]. - **Methanol**: On Tuesday, the spot price in Taicang was 2132 yuan/ton. In December, domestic production is expected to decline slightly, and imports will decline from a high level. Demand is expected to increase, and the port inventory is expected to enter the destocking stage. The price is expected to be oscillatory and slightly strong [6]. - **Polyolefins**: On Tuesday, the mainstream price of East China drawing wire was 6320 - 6500 yuan/ton. In December, the supply of polyolefins will increase, demand will weaken, and the price is expected to oscillate at the bottom if the crude oil price remains stable [7]. - **PVC**: On Tuesday, the price of PVC in the East China market was oscillating and slightly strong. In December, supply will increase, demand will weaken, and the price is expected to oscillate at the bottom [7][8]. 3.2 Daily Data Monitoring - The report provides the daily data monitoring of various energy - chemical products, including spot prices, futures prices, basis, basis rates, and the position of the latest basis rate in historical data for multiple energy - chemical products such as crude oil, liquefied petroleum gas, asphalt, fuel oil, etc. on December 3, 2025 [9]. 3.3 Market News - Russian President Putin met with US envoy Witkoff. The US - Ukraine delegation held talks on the "peace plan" proposed by the US, and some progress was made [13]. - The oil product export volume of Russia's Black Sea Tuapse Port is expected to increase to 1.123 million tons in December, a 21.4% increase compared with the initial plan in November. In November, the actual transportation volume decreased by 64.4% compared with the initial plan [13]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: It includes the closing price charts of the main contracts of various energy - chemical products such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, etc., from 2021 to 2025 [15][16][17][21][23][25][29][30]. - **4.2 Main Contract Basis**: It shows the basis charts of the main contracts of various energy - chemical products such as crude oil, fuel oil, low - sulfur fuel oil, etc., from 2021 to 2025 [32][36][37][39][41][42]. - **4.3 Inter - period Contract Spreads**: It presents the spread charts of inter - period contracts of various energy - chemical products such as fuel oil, asphalt, PTA, etc. [45][47][50][53][55][57][59]. - **4.4 Inter - variety Spreads**: It includes the spread and ratio charts of different varieties of energy - chemical products such as crude oil, fuel oil, asphalt, etc. [61][65][67][73]. - **4.5 Production Profits**: It shows the production profit charts of LLDPE and PP [70]. 3.5 Team Member Introduction - The report introduces the members of the energy - chemical research team, including the assistant director and energy - chemical director Zhong Meiyan, crude oil and other analysts Du Bingqin, natural rubber/polyester analyst Di Yilin, and methanol and other analysts Peng Haibo, along with their work experience, achievements, and professional qualifications [75][76][77][78]. 3.6 Contact Information - The company's address is on the 6th floor and Unit 703, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company phone is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [80].

Group 1: Report Information - The reports cover multiple industries including polyolefin, methanol, crude oil, natural rubber, urea, benzene - styrene, glass - soda ash, PVC - caustic soda, and polyester产业链 on December 3, 2025 [1][5][9][10][12][13][14][15][16] Group 2: Industry Price and Spread Changes Polyolefin - Futures prices of L2601, L2605, PP2601, and PP2605 increased on December 2 compared to December 1, with L2601 rising 0.41% to 6831 yuan/ton and PP2601 rising 0.20% to 6410 yuan/ton [2] - Price differences such as L15, LP01, etc. also had corresponding changes, with L15 rising 8.33% [2] Methanol - MA2601 decreased 0.19% to 2132 yuan/ton on December 2 compared to December 1, while MA2605 remained unchanged [5] - Methanol enterprise inventory increased 4.19% to 37.3712%, and methanol port inventory decreased 7.83% to 136.4 million tons [5] Crude Oil - Brent decreased 1.14% to 62.45 dollars/barrel, and WTI decreased 1.15% to 58.64 dollars/barrel on December 2 compared to December 1 [9] Natural Rubber - Yunnan state - owned whole latex (SCRWF) in Shanghai increased 0.34% to 14850 yuan/ton on December 2 compared to December 1 [10] - The basis of whole latex decreased 13.33% to - 510 yuan/ton [10] Urea - Futures prices of different contracts had slight increases or decreases, with the 01 contract increasing 0.72% to 1687 yuan/ton [12] - The difference between the 01 and 05 contracts changed, with an increase of 4 in the difference [12] Benzene - Styrene - Brent crude oil (January) decreased 1.1% to 62.45 dollars/barrel on December 2 compared to December 1, and styrene in East China increased 0.9% to 6680 yuan/ton [13] Glass - Soda Ash - Glass in North China decreased 0.92% to 1080 yuan/ton, and soda ash in North China remained unchanged at 1300 yuan/ton [14] PVC - Caustic Soda - East China calcium carbide - based PVC increased 0.4% to 4510 yuan/ton on December 2 compared to December 1 [15] Polyester Industry Chain - Brent crude oil (February) decreased 1.1% to 62.45 dollars/barrel, and POY150/48 price increased 0.4% to 6485 yuan/ton on December 2 compared to December 1 [16] Group 3: Industry Supply and Demand and Inventory Polyolefin - Polypropylene supply maintenance due to high - level overhauls is expected to recover, and inventory reduction is accelerating but still higher than previous years; polyethylene supply is increasing, and although upstream inventory is decreasing, it is still higher year - on - year [2] Methanol - Inland methanol supply increased with device restarts, and coal - and gas - based profits were weak; port imports are expected to decline significantly in Q1 due to Iranian gas restrictions [5][6] Crude Oil - Under the pressure of OPEC+ continuous production increase and the record - high US crude oil production, the crude oil supply - demand pattern is weak, and inventories of crude oil and refined oil increased according to API data [9] Natural Rubber - Supply is expected to increase during the seasonal peak production period, and inventory is accumulating, while demand from semi - steel and full - steel tire markets is weak [10] Urea - Domestic urea daily production increased 1.19% to 20.34 million tons on November 27 compared to November 28, and urea plant inventory decreased 5.10% to 136.39 million tons [12] Benzene - Styrene - Pure benzene supply is sufficient with device restarts and expected imports, and demand support is limited; styrene supply is expected to be stable, and demand support is also limited, but the inventory accumulation expectation is not obvious in December [13] Glass - Soda Ash - Soda ash production decreased due to device overhauls but recently recovered, and glass factory inventory decreased slightly; real - estate data shows mixed trends with new construction area decreasing and completion area increasing [14] PVC - Caustic Soda - Caustic soda supply is abundant, and demand support is weak; PVC supply pressure remains, and demand is in the off - season, but export orders are relatively good [15] Polyester Industry Chain - PX supply is expected to be better in the medium - term, and PTA supply decreased more than expected, while demand support is stronger than expected; MEG inventory accumulation in December is expected to narrow, but supply pressure remains [16] Group 4: Industry Core Views and Strategies Polyolefin - The fundamentals show a pattern of increasing supply and weak demand, with cost support and inventory pressure coexisting [2] Methanol - Inland supply increases, and port imports are expected to decline, with winter fuel demand providing support [6] Crude Oil - International oil prices are expected to continue range - bound, with Brent likely to fluctuate between 60 - 65 dollars/barrel in the short - term [9] Natural Rubber - The market is expected to maintain range - bound consolidation, with rubber prices expected to operate between 15000 - 15500 yuan/ton [10] Urea - No specific overall view and strategy are clearly stated in the provided text [12] Benzene - Styrene - For pure benzene, short - term BZ2603 is recommended to be short on rebounds; for styrene, short - term EB01 is recommended to be treated as wide - range fluctuations [13] Glass - Soda Ash - Soda ash is expected to be in a bottom - range fluctuation, and glass is expected to face pressure in the medium - and long - term, with the 01 contract having pressure in December [14] PVC - Caustic Soda - Caustic soda prices are expected to be weak, and PVC is expected to continue the bottom - weakening pattern [15] Polyester Industry Chain - PX is recommended to pay attention to the pressure around 7000 yuan/ton in the short - term; PTA is expected to be in a high - level range - bound in the short - term; MEG is expected to be in a range - bound in December; short - fiber follows raw material fluctuations, and processing fees are recommended to be shorted on highs; bottle - chip processing fees are expected to be squeezed [16]

光大期货能化商品日报 光大期货能化商品日报（2025 年 12 月 2 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一油价重心上移，其中 WTI 1 月合约收盘上涨 0.77 美元至 59.32 | | | | 美元/桶，涨幅 1.32%。布伦特 2 月合约收盘上涨 0.79 美元至 63.17 | | | | 美元/桶，涨幅 1.27%。SC2601 以 453.6 元/桶收盘，上涨 0.2 元/ | | | | 桶，涨幅为 0.04%。OPEC 发表声明，OPEC 和非 OPEC 产油国 | | | | 中的 8 个主要产油国决定，维持 11 月初制定的产量计划，在 2026 | | | | 年一季度暂停增产。沙特阿拉伯、俄罗斯、伊拉克、阿拉伯联合 | | | | 酋长国、科威特、哈萨克斯坦、阿尔及利亚和阿曼的代表当天举 | | | | 行线上会议，讨论国际石油市场形势及前景。声明称，由于季节 | | | 原油 | 性因素，上述国家决定在 2026 年 1 月、2 月和 3 月暂停增产步 | 震荡 | | | 伐，产量与 2025 年 12 月保 ...

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views Polyolefins - The fundamentals of LLDPE and PP show a pattern of increasing supply and weak demand, with both cost support and inventory pressure coexisting [2]. Methanol - The supply of inland methanol increases with the restart of devices, but the profits of coal - and gas - based production are weak. The traditional downstream demand has a slight increase, and the winter fuel demand provides support. In ports, the reduction of imports due to Iranian gas restrictions strengthens the de - stocking expectation and supports prices [6]. Natural Rubber - The supply is expected to increase seasonally, and the inventory continues to accumulate. The terminal demand improvement is weak. The market is expected to fluctuate within the range of 15000 - 15500 [9]. Crude Oil - Geopolitical risks support oil prices in the short term, but the continuous increase in OPEC+ production and the record - high US crude oil production put pressure on the supply - demand pattern. Oil prices are expected to fluctuate within a range, with Brent crude oil likely to trade between 60 - 65 dollars per barrel [11]. Polyester Industry Chain - PX: The medium - term supply - demand expectation is good, but the short - term valuation drive is limited. - PTA: The supply - demand is expected to tighten in December but be relatively loose in Q1. The absolute price is relatively firm in the short term, but the rebound space is limited. - Ethylene glycol: It is expected to fluctuate within a range in December. - Short - fiber: The short - term price support is strong, but the absolute price drive is limited, and the processing fee is likely to be compressed. - Bottle - chip: The supply - demand is in a loose pattern, and the processing fee is expected to be squeezed [14]. Pure Benzene and Styrene - Pure benzene: The supply - demand is expected to be weak, and the price is under upward pressure. - Styrene: The supply - demand is in a tight - balance state, but the upward drive is insufficient [15]. Glass and Soda Ash - Soda ash: The supply - demand pattern is still bearish, and it is expected to fluctuate at the bottom. - Glass: The short - term spot market is strong, but the 01 contract may face pressure later [16]. PVC and Caustic Soda - Caustic soda: The demand is weak, and the price is expected to run weakly. - PVC: The supply - demand is in an oversupply pattern, and the price is expected to continue the bottom - range fluctuation [17]. LPG No overall view was provided in the LPG report, but price, inventory, and开工率 data were presented [18]. 3. Summaries by Related Catalogs Polyolefins - **Prices**: L2601, L2605, PP2601, and PP2605 had different price changes on December 1st compared to November 28th. Spot prices of some products also changed, with the price of华东PP拉丝现货 increasing by 0.32% and华北LLDPE现货 increasing by 0.30% [2]. - **Inventory**: PE and PP inventories decreased, with PE企业库存 decreasing by 9.80% and PP企业库存 decreasing by 8.00% [2]. - **开工率**: PE装置开工率 increased by 2.17%, while PP装置开工率 decreased by 0.18% [2]. Methanol - **Prices**: MA2601 and MA2605 prices changed slightly on December 1st compared to November 28th. Spot prices of some regions also had minor changes [5]. - **Inventory**: Methanol企业库存 increased by 4.19%, while甲醇港口库存 decreased by 7.83% [5]. - **开工率**: Some upstream and downstream开工率 of methanol changed, with the上游 - domestic企业开工率 decreasing by 0.67% and the下游 -外采MTO装置开工率 decreasing by 0.78% [6]. Natural Rubber - **Prices**: The price of云南国营全乳胶(SCRWF) in Shanghai decreased by 1.33%, and the price of泰标混合胶 increased by 0.34% [9]. - **Production and Consumption**: The production of some countries in September changed, with Thailand's production decreasing by 5.45%. The domestic tire production and export in October decreased [9]. - **Inventory**: The保税区库存 increased by 2.74% [9]. Crude Oil - **Prices**: Brent, WTI, and SC prices all increased on December 1st compared to November 28th [11]. - **Spreads**: Some price spreads such as Brent M1 - M3 and WTI M1 - M3 changed [11]. - **Refined Oil**: The prices and spreads of refined oil products also had different changes [11]. Polyester Industry Chain - **Prices**: Upstream prices such as Brent crude oil and CFR日本石脑油 changed. Downstream polyester product prices also had various changes, with POY150/48价格 decreasing by 0.1% [14]. - **Spreads**: PX - related spreads and PTA - related spreads changed, such as PX -原油 increasing by 1.9% [14]. - **开工率**: The开工率 of various links in the polyester industry chain changed, with the亚洲PX开工率 decreasing by 1.3% [14]. Pure Benzene and Styrene - **Prices**: Pure benzene and styrene prices changed, with纯苯华东现货 decreasing by 0.6% and苯乙烯华东现货 decreasing by 0.2% [15]. - **Spreads**: Related spreads such as EB - BZ现货价差 increased by 1.6% [15]. - **Inventory and开工率**: Pure benzene and styrene inventories and开工率 changed, with纯苯江苏港口库存 increasing by 36.6% and苯乙烯开工率 decreasing by 2.4% [15]. Glass and Soda Ash - **Prices**: Glass and soda ash prices in different regions and futures prices changed, with the华东报价 of glass increasing by 0.84% and the纯碱2605 increasing by 0.68% [16]. - **Supply and Demand**: The开工率 and production of soda ash decreased, and the浮法日熔量 and光伏日熔量 also decreased [16]. - **Inventory**: Glass and soda ash inventories decreased, with the玻璃厂库 decreasing by 1.49% and the纯碱厂库 decreasing by 3.47% [16]. PVC and Caustic Soda - **Prices**: The prices of PVC and caustic soda changed, with山东32%液碱折自价 decreasing by 2.7% [17]. - **Supply and Demand**: The开工率 of the chlor - alkali industry and downstream industries changed, with the烧碱行业开工率 decreasing by 0.7% [17]. - **Inventory**: The inventories of PVC and caustic soda changed, with the液碱华东厂库库存 increasing by 6.0% [17]. LPG - **Prices**: LPG futures and spot prices changed, with the主力 PG2601 decreasing by 1.59% and the华南现货(民用气) increasing by 1.81% [18]. - **Inventory**: LPG inventories decreased, with theLPG炼厂库容比 decreasing by 7.70% [18]. - **开工率**: The开工率 of upstream and downstream industries changed, with the上游 -主营炼厂开工率 decreasing by 1.26% [18].

能源化工期权 2025-12-02 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...