Core Viewpoint - The production of soda ash (sodium carbonate) in Ningxia Hui Autonomous Region has experienced a significant decline in May 2025, with a year-on-year decrease of 14.9%, indicating a notable downturn in the industry [1]. Group 1: May 2025 Production Data - The soda ash production in May 2025 reached 28,000 tons, reflecting a year-on-year decline of 14.9% [1]. - The growth rate compared to the same period last year decreased by 24.7 percentage points [1]. - The production accounted for 0.9% of the national output of 3,166,000 tons during the same period [1]. Group 2: January to May 2025 Production Data - The total soda ash production from January to May 2025 was 177,000 tons, showing a year-on-year decrease of 3.0% [1]. - The growth rate for this period was 13.7 percentage points lower than the previous year [1]. - This production represented 1.1% of the national total of 16,602,000 tons for the same timeframe [1].

Core Insights - The petroleum coke production in Ningxia Hui Autonomous Region reached 110,000 tons in the first four months of 2025, marking a significant increase of 143.3% compared to the same period in 2024 [1] - In April 2025 alone, the production was 31,000 tons, reflecting a growth of 174.4% year-on-year, which is substantially higher than the national growth rates [2] Group 1: Production Data - The cumulative petroleum coke production from January to April 2025 in Ningxia accounted for 1.0% of the national total production of 10,499,000 tons [1] - The April 2025 production represented 1.3% of the national total production of 2,435,000 tons for that month [2] Group 2: Growth Comparison - The growth rate of petroleum coke production in Ningxia for the first four months of 2025 exceeded the previous year's rate by 146.6 percentage points [1] - The April 2025 production growth rate was 180.6 percentage points higher than the same month in 2024 [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The fundamentals of international crude oil are better than those of PTA, with effective support from rigid demand. PX has a solid bottom support due to its low inventory, but its future profitability depends on unexpected factors. PTA is expected to increase in supply, with a weakening market sentiment and a difficult - to - change situation of near - strong and far - weak. The polyester industry chain is driven by fundamentals, with weakening supply - demand expectations leading to price drops. PTA has some support when polyester does not significantly reduce production, but may become relatively weak if polyester production cuts expand. The profit distribution of the industrial chain is tilted towards raw materials. Polyester bottle - chip supply is expected to be tight, and the market has increased buying enthusiasm. The polyester industry chain is expected to see PX, PTA, and PR oscillate, following cost fluctuations [2] Summary by Relevant Catalogs Price Information - **Upstream**: On July 9, 2025, the futures settlement price of WTI crude oil was $68.38 per barrel, up 0.07%; Brent crude oil was $70.19 per barrel, up 0.06%; the spot price of naphtha (CFR Japan) was $598.25 per ton, up 2.00%; the spot price of xylene (isomeric grade, FOB Korea) was $724.00 per ton, up 0.63%; the spot price of PX (CFR China Main Port) was $850.00 per ton, up 0.32% [1] - **PTA**: The closing price of CZCE TA's main contract was 4,718 yuan per ton, up 0.17%; the settlement price was 4,714 yuan per ton, up 0.08%. The closing price of the near - month contract was 4,762 yuan per ton, down 0.33%; the settlement price was 4,770 yuan per ton, down 0.33%. The domestic spot price of PTA was 4,748 yuan per ton, down 1.04%; the CCFEI price index of domestic PTA was 4,755 yuan per ton, down 1.04%; the CCFEI price index of foreign PTA was $638.00 per ton, up 0.47%. The near - far month spread was 56 yuan per ton, down 20 yuan; the basis was 37 yuan per ton, down 58 yuan [1] - **PX**: The closing price of CZCE PX's main contract was 6,724 yuan per ton, up 0.42%; the settlement price was 6,716 yuan per ton, up 0.30%. The closing price of the near - month contract was 6,890 yuan per ton, up 0.32%; the settlement price was 6,890 yuan per ton, up 0.32%. The domestic spot price of PX was 6,736 yuan per ton, unchanged; the spot price of PX (CFR China Taiwan) was $850.00 per ton, up 0.24%; the spot price of PX (FOB Korea) was $825.00 per ton, up 0.24%. The PXN spread was $251.75 per ton, down 3.48%; the PX - MX spread was $126.00 per ton, down 1.43%; the basis was 12 yuan per ton, down 28 yuan [1] - **PR**: The closing price of CZCE PR's main contract was 5,880 yuan per ton, up 0.24%; the settlement price was 5,874 yuan per ton, up 0.07%. The closing price of the near - month contract was 5,920 yuan per ton, down 0.03%; the settlement price was 5,920 yuan per ton, down 0.03%. The market price of polyester bottle - chip in the East China market was 5,945 yuan per ton, unchanged; in the South China market, it was 6,000 yuan per ton, unchanged. The basis in the East China market was 65 yuan per ton, down 14 yuan; in the South China market, it was 120 yuan per ton, down 14 yuan [1] - **Downstream**: On July 9, 2025, the CCFEI price index of polyester DTY was 8,700 yuan per ton, down 0.57%; the CCFEI price index of polyester POY was 7,150 yuan per ton, unchanged; the CCFEI price index of polyester FDY68D was 7,000 yuan per ton, unchanged; the CCFEI price index of polyester FDY150D was 7,000 yuan per ton, unchanged; the CCFEI price index of polyester staple fiber was 6,680 yuan per ton, down 0.30%; the CCFEI price index of polyester chip was 5,825 yuan per ton, unchanged; the CCFEI price index of bottle - grade chip was 5,945 yuan per ton, unchanged [2] Operating Conditions - The operating rate of PX in the polyester industrial chain was 78.98%, unchanged; the PTA industrial chain load rate of PTA factories was 80.59%, unchanged; the PTA industrial chain load rate of polyester factories was 86.87%, down 0.43%; the PTA industrial chain load rate of bottle - chip factories was not available, compared with 71.93% previously; the PTA industrial chain load rate of Jiangsu and Zhejiang looms was 61.22%, unchanged [1] Production and Sales - On July 9, 2025, the sales rate of polyester filament was 43.00%, up 9.00%; the sales rate of polyester staple fiber was 61.00%, up 16.00%; the sales rate of polyester chip was 49.00%, up 1.00% [1] Device Information - Dongying United's 2.5 - million - ton PTA device was under maintenance from June 28 for 40 - 45 days; Yisheng New Materials' 3.3 - million - ton PTA device reduced its load by about 50% around June 15 and has now returned to normal; Yisheng Hainan's 2 - million - ton PTA device is expected to undergo technical transformation for 3 months starting from August 1 [2] Important Information - OPEC+ actual production increase was weaker than policy expectations, EIA lowered the US crude oil production forecast, and the reduction of US API crude oil inventory supported oil prices. PTA will put into operation new devices in the third quarter, which is misaligned with PX in time. PX inventory is at a historical low, and its bottom support is strong. The downstream polyester factories have further reduced production, and the PTA supply is expected to increase, with a weakening market sentiment. The absolute value of PTA inventory is decreasing, but the relative value is at a five - year high. The polyester factories' actual maintenance in July led to a significant decrease in operation compared to June. The polyester industrial chain is driven by fundamentals, and the weakening supply - demand expectations led to price drops [2] Trading Strategy - PTA is weakly consolidating, with the TA2509 contract closing at 4,718 yuan per ton (up 0.17%), and the daily trading volume of 867,400 lots; PX price is consolidating, with the PX2509 contract closing at 6,724 yuan per ton (up 0.42%), and the daily trading volume of 177,100 lots; PR follows cost fluctuations, with the 2509 contract closing at 5,880 yuan per ton (up 0.17%), and the daily trading volume of 41,600 lots. It is expected that PX, PTA, and PR will oscillate [2]

Supply and Demand - Domestic PX operating rates decreased to 81% (-2.8%), while Asian PX operating rates increased to 74.1% (+1.1%) [2] - PTA operating rates rose to 78.2% (+0.5%) [3] Price Trends - On July 9, Asian PX prices increased by $3/ton to $850/ton, equivalent to RMB 7009/ton [1] - The current spot market for PX is under pressure due to limited downstream polyester consumption and insufficient supply-side support [1] Market Outlook - PX supply-demand expectations remain tight due to new PTA production forecasts, while oil prices are expected to trend strong in the short term [4] - Strategies suggest a short-term long position for PX around 6600 [4]

能源化工研究团队 研究员：李捷,CFA（原油燃料 油） 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 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 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 行业 PTA 日报 日期 2025 年 07 月 10 日 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 ...

行业 原油日报 日期 2025 年 7 月 10 日 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 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 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：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅碳市场） 研究员 ...

行业 沥青日报 日期 2025 年 7 月 10 日 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 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 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：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员 ...

同比增长：2.6% 增速较上一年同期变化：高38.5个百分点 据统计，2025年4月安徽省规模以上工业企业石油焦产量与上年同期相比增长了2.6%，达2.1万吨，增速 较上一年同期高38.5个百分点，增速较同期全国高11.5个百分点，约占同期全国规模以上企业石油焦产 量243.5万吨的比重为0.9%。 详见下图： 图1：安徽省石油焦产量分月（当月值）统计图 摘要：【图】2025年1-4月安徽省石油焦产量统计分析 2025年4月石油焦产量统计： 石油焦产量：2.1 万吨 石油焦产量：8.4 万吨 同比增长：13.7% 增速较上一年同期变化：高49.0个百分点 据统计，2025年1－4月，安徽省规模以上工业企业石油焦产量与上年同期相比增长了13.7%，达8.4万 吨，增速较上一年同期高49.0个百分点，增速较同期全国高19.3个百分点，约占同期全国规模以上企业 石油焦产量1049.9万吨的比重为0.8%。详见下图： 图2：安徽省石油焦产量分月（累计值）统计图 2025年1-4月石油焦产量统计： 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提 ...

Core Viewpoint - The liquid paraffin market in China is expected to grow from approximately 1.834 billion yuan in 2024 to 2.039 billion yuan in 2025, driven by increasing demand in skincare, cosmetics, lubricants, and preservatives, alongside a shift towards greener and more specialized products due to stricter environmental regulations and evolving consumer preferences [1][17]. Industry Overview - Liquid paraffin, also known as white oil, is derived from kerosene or diesel fractions and is characterized by its chemical stability and inertness, making it essential in various applications such as lubricants, cosmetics, pharmaceuticals, and food packaging [3][17]. - The industry is witnessing a transition towards green, high-end, and specialized products, with technological innovations and market demands driving growth [1][17]. Market Size and Growth - The Chinese liquid paraffin market is projected to reach approximately 1.834 billion yuan in 2024, with an expected increase to 2.039 billion yuan in 2025 [1][17]. - The skincare industry is a significant growth driver, with the market size for skincare products in China estimated at around 295.9 billion yuan in 2024, reflecting a year-on-year growth of 5.01% [14]. Import and Export Dynamics - In 2024, China imported 138,000 tons of liquid paraffin and heavy liquid paraffin, marking a year-on-year increase of 32.83%, with an import value of 1 billion yuan, up 23.93% [19]. - Exports of liquid paraffin and heavy liquid paraffin saw a significant decline, with only 750 tons exported in 2024, a drop of 93.12% year-on-year, attributed to weak international demand and increased trade barriers [19]. Industry Policies - The Chinese government is focusing on sustainable development in the paraffin industry, implementing policies to reduce environmental pollution and enhance resource efficiency [8]. - Recent guidelines aim to support the digital transformation of the petrochemical industry, promoting advanced technologies and improving management levels [8]. Industry Chain Structure - The liquid paraffin industry chain consists of upstream raw materials (primarily petroleum), midstream processing (distillation and cracking), and downstream applications in pharmaceuticals, cosmetics, and industrial products [11][13]. Key Companies - Major players in the liquid paraffin market include China Petroleum, China Petrochemical, and various regional refineries such as Fushun Petrochemical and Daqing Petrochemical, which are involved in the production and supply of liquid paraffin [22][24][25][27].

Core Viewpoint - The launch of the China Securities Commodity Index Company's first sector-based commodity futures index series, the China Securities Energy and Chemical Industry Futures Index Series, aims to objectively reflect the price trends and industrial cycle changes of China's energy and chemical industry, which accounts for over 40% of the global market [1][2]. Group 1: Index Characteristics - The series includes three specific indices: the China Securities Energy and Chemical Industry Futures Price/Index, the China Securities Energy Chemical Finished Product Futures Price/Index, and the China Securities Organic Chemical Product Futures Price/Index [2]. - The indices are based on domestic listed futures varieties, covering important products from both the futures and spot markets, thus providing a comprehensive view of the energy and chemical industry chain [2][3]. - The series focuses on different segments of the industry chain and selects mature products in the futures market, offering reliable market dynamics for enterprises and investors to hedge against price volatility [2][4]. Group 2: Impact on Enterprises - The index design balances macroeconomic commonalities and microeconomic characteristics, aiding production companies in planning production and sales strategies based on market supply and demand trends [3][4]. - The series is expected to enhance the pricing power of Chinese commodities in the global market, filling the gap in pricing benchmarks for the industry chain [4][9]. - The index's comprehensive coverage allows for better price signals, enabling companies to manage production and procurement more effectively [6][7]. Group 3: Market Dynamics - The correlation and hedging efficiency of six energy and chemical futures varieties have remained above 90% from 2021 to 2024, indicating the importance of the pricing mechanism for upstream and downstream enterprises [5]. - The index provides a more intuitive and macro price signal, facilitating smoother cooperation between suppliers and buyers in the commodity market [6][7]. - The index's introduction is seen as a significant step towards a more systematic and diversified commodity futures market in China, enhancing the overall risk management capabilities of the industry [4][9][10].