行业 纯碱、玻璃日报 日期 2026 年 2 月 25 日 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 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 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃、纯碱） 玻璃当日行情： 请阅读正文后的声明 ＃summary＃ 每日报告 一、纯碱、玻璃行情回顾与操作建议 | 表1：纯碱、玻璃期货2月24日交易数据汇总 | | | | | | | | | | --- | -- ...

吴志桥表示，目前伊朗仅有5套甲醇装置正常运行，产量偏低，预计2—3月国内甲醇进口量降幅较大。 数据显示，2025年国内进口甲醇1443万吨，同比增长近7%，其中伊朗甲醇占比较高，占总进口量约 55%，地位关键。随着当地气温升高、天然气供应恢复，伊朗装置若如期复产，将影响我国二季度甲醇 进口；若伊朗局势持续升级，国内甲醇市场或面临结构性短缺。 在吴志桥看来，甲醇作为中间化工品种，上游受煤炭价格影响，下游受烯烃价格牵制。若甲醇价格短期 涨幅过高挤压MTO利润，则需警惕沿海烯烃开工情况。此外，二季度华南1套100万吨/年MTO装置计划 投产（该装置已完成中交，进入生产准备阶段），理论上每年将新增甲醇需求280万~300万吨，值得市 场关注。 吴志桥建议，当前甲醇价格已计价部分地缘溢价，下有煤炭成本支撑、上有MTO利润压制，切勿追涨 杀跌，可结合库存趋势与下游烯烃利润布局低位多单。 节后首个交易日，能源化工期货盘面受节中外围扰动影响，呈现"强能源、弱化工、内部分化"的鲜明 特征。当日，原油价格涨幅超6%，低硫燃料油、丁二烯橡胶价格涨幅均超4%，芳烃系苯乙烯、PX价格 涨幅超3%，与伊朗出口密切相关的甲醇价格涨幅超3% ...

文字早评 2026/02/24 星期二 宏观金融类 股指 【行情资讯】 1、美伊冲突走向愈加悲观，伊朗石油储量为全球第三并控制霍尔木兹海峡，多位分析师预测油价将大 幅上涨； 2、国内 AI 大模型与机器人借春晚实现全民出圈，京东等平台销量数据更是提供了业绩验证； 3、人民币汇率强势升值至 6.89 区间，股债汇三市联动向好，外资回流趋势确立； 4、荣耀将推出首款人形机器人，聚焦消费市场；SK 海力士 DRAM 及 NAND 库存仅剩约 4 周，今年所有客 户的需求都无法得到完全满足。 基差年化比率： IF 当月/下月/当季/隔季：-/9.13%/10.00%/6.60%； IC 当月/下月/当季/隔季：-/3.80%/10.30%/7.40%； IM 当月/下月/当季/隔季：-/2.46%/14.22%/10.51%； IH 当月/下月/当季/隔季：-/6.02%/3.43%/3.89%。 期，据此计算，单日净投放 1135 亿元。 【策略观点】 近日在美伊冲突扰动全球风险偏好、美国关税政策反转释放外需预期的背景下，叠加人民币汇率强势升 值带动外资流入、大模型发布潮与机器人出圈，股指有望先迎来一波偏强表现。 ...

2月17日，远大作物科学（陕西）有限公司原药车间内，工作人员在检消设备。 本报记者 梁少飞摄 2月20日，工人在西安东站安装正立面幕墙。 本报记者 陈志涛摄 春节假期，陕西延长中煤榆林能源化工股份有限公司不停工。图为2月20日拍摄的公司一角。 本报记者 苏欣雨摄 岁序更替，春潮涌动，丙午马年的新春暖意浸润三秦大地。 当千家万户围坐餐桌、共话团圆时，有这样一群建设者，他们坚守在项目工地、生产车间、能源保供一线，抢工期、保供应、抓生产， 不负美好春光。 重点工程加速冲刺 "扫描角度再调5度。盯紧数据，千万不能漏帧。"2月20日，西安东站候车大厅内，"95后"张钊洋盯着扫描仪显示屏，不时提醒操作员。 作为9万平方米天花吊顶施工现场技术负责人，春节假期，张钊洋和团队主动留守，创新运用"分区扫描+数据降噪"技术，逐一校准4万余 块异曲面吊顶板的角度、尺寸，用数字化技术攻克毫米级安装精度难题。 西安东站，这座兼具唐风汉韵与低碳理念的西北特大型综合交通枢纽，正在建设者的手中加速成形。 今年春节是中铁十四局西安东站项目智能风管加工厂负责人齐乃龙在施工一线度过的第三个春节，这一切，只为给车站打造高效智能 的"呼吸系统"。 西安 ...

Group 1 - The provincial government has introduced 32 supportive policy measures aimed at cultivating and strengthening business entities, with a focus on high-impact and targeted initiatives [1] - The measures encourage state-owned enterprises to concentrate quality resources in key sectors such as the "six major industrial clusters" and "three major characteristic industries," aiming to develop a world-class enterprise and several billion-level enterprises by 2030 [1] - The plan includes a target of forming one world-class enterprise, five billion-level enterprises, one five-hundred-million-level enterprise, and seven hundred-million-level enterprises among provincial state-owned enterprises by 2030 [1] Group 2 - The measures aim to enhance the role of private enterprises, with a goal for the private economy to account for approximately 58% of the regional GDP by 2030 [1] - The initiative includes a plan for the annual establishment of over 400 large-scale industrial enterprises and over 300 large-scale service enterprises during the "14th Five-Year Plan" period [2] - By 2030, the number of provincial-level key leading enterprises is expected to exceed 1,200, with a target of 500 new tourism operating entities [2]

如今，"广货北上"浪潮持续深化。从日常消费的烟火气到产业升级的创新力，岭南智造已深度融入内蒙 古的发展肌理，粤蒙合作也从最初的商品流通迈向产业协同、理念相融的新阶段。 日前，内蒙古广东商会会长王鹏翔在接受羊城晚报记者专访时，围绕粤蒙经贸合作、广货北上等话题， 从行业视角出发，分享了诸多见解与思考。 羊城晚报：您如何看待广货在内蒙古的变迁？ 王鹏翔：二十世纪八九十年代，广东的纺织品、日用百货、家具家电率先进入内蒙古市场，解决了"有 没有"的问题，那时广货代表的是"新潮"和"洋气"。现在随着消费升级，广货在内蒙古已经进化为"高品 质"与"智能化"的代名词。从智能手机到新能源汽车，再到高端医疗器械，广东的硬核科技产品正在重 塑内蒙古的消费和生产方式。 羊城晚报：目前有多少广东企业在内蒙古投资？主要分布在哪些行业？ 王鹏翔：据不完全统计，目前，在内蒙古投资兴业的广东籍企业及关联项目超过2000家，实际投资额已 超数千亿元规模，是内蒙古外来投资的重要力量。内蒙古广东商会的会员企业分布广泛，呈现出"传统 产业稳底盘，新兴产业挑大梁"的格局。早期广东商人主要集中在商贸物流、房地产、餐饮服务等领 域。随着两地合作深入，越来越 ...

Group 1: AITO and Autonomous Driving Developments - AITO announced its entry into the UAE market through a partnership with ADM, marking a significant step in its global expansion strategy [1] - AITO's milestone of producing its 1 millionth vehicle in January 2023 highlights its growth trajectory [1] - WeRide and Uber plan to deploy at least 1,200 Robotaxis in Abu Dhabi, Dubai, and Riyadh by 2027, making it the largest Robotaxi project in the MENA region [1] - Baidu's Apollo Go and Uber are set to launch a fully autonomous driving service in Dubai in Q1 2026, marking the first commercial deployment of such technology in a high-standard regulatory market [1] Group 2: Aldar's Financial Performance - Aldar reported a nearly 50% increase in revenue for 2025, with total sales reaching 41 billion AED (approximately 11.2 billion USD), a 21% year-on-year growth [2] - The UAE market contributed 36 billion AED to Aldar's sales, with overseas buyers accounting for 75% of the total [2] - Aldar's board proposed a dividend of 1.6 billion AED, reflecting an 11% increase from the previous year [2] Group 3: Dubai International Airport Projections - Dubai International Airport (DXB) is projected to handle 95.2 million passengers in 2025, a 3.1% increase year-on-year, setting a new record for international passenger traffic [2] - The airport's connectivity will expand to 291 destinations across 110 countries by the end of 2025 [2] Group 4: Abu Dhabi Fund and AI Investments - Abu Dhabi's MGX fund is negotiating to participate in a new funding round for AI company Anthropic, which aims to raise over 20 billion USD, with a potential investment of several hundred million USD [2] - Anthropic's valuation is expected to double to 350 billion USD in this funding round [2] Group 5: Digital Currency and AI Developments - The UAE Central Bank approved the launch of the DDSC stablecoin, which is pegged to the dirham, marking a significant advancement in the country's regulated digital financial system [3] - Robo.ai and DaBoss.AI established a joint venture in the UAE to create an AI data center, focusing on data collection and annotation for AI models [4]

Core Viewpoint - The establishment of the new quality productivity fund in Dazhou, Sichuan, marks a strategic shift from passive acceptance to proactive layout in the central and western regions of China, aiming to link capital with technology, talent, and industrial chains to create a new productivity hub [2][3][4]. Fund Overview - Dazhou's new quality productivity equity investment fund has a total scale of 4 billion yuan (approximately 0.6 billion USD), with an initial subscription of 500 million yuan (approximately 0.07 billion USD) [4]. - The fund will operate under a limited partnership structure, with a maximum duration of ten years, including seven years for investment and three years for exit, with a possible two-year extension [4]. - The fund management must attract social capital, with at least 8% of the total fund coming from external sources [4]. Investment Strategy - The fund focuses on high-value development of local resources such as natural gas, lithium, potassium, and energy, while also targeting seven major industrial ecosystems including energy chemicals, advanced materials, and digital economy [5]. - The fund allows investments in external quality projects, provided they meet strict return requirements, with a return amount not less than 1.2 times the municipal state-owned capital contribution [5]. Incentive Mechanism - The fund has a differentiated return mechanism, offering higher return multipliers for introducing high-value enterprises, such as 1.5 times for specialized small giants and 2 times for unicorns [5][12]. - This multi-layered incentive structure enhances the motivation of fund managers to actively attract high-value enterprises [5]. Governance and Profit Distribution - Management fees are differentiated based on investment types, with a cap of 1% for sub-funds and 1.5% for direct projects, reducing to 1.2% during the exit period [6]. - Performance compensation follows a principle of returning capital before profit sharing, with a set threshold return rate of 6% [6]. Regional Advantages - Dazhou is strategically positioned with the largest natural gas field in Sichuan and significant lithium and potassium resources, transitioning from a resource exporter to a hub for emerging industries [7][8]. - The city is developing a modern industrial system that includes energy chemicals, new materials, and advanced manufacturing, supported by established industrial parks and leading enterprises [8]. Open and Collaborative Approach - The fund emphasizes openness and connectivity, encouraging investments beyond local enterprises to bring in external quality projects and technologies [9]. - Dazhou is enhancing its transportation and openness levels, positioning itself as a hub connecting various economic regions, which is crucial for attracting high-end manufacturing and modern logistics [9]. Future Investment Trends - The investment focus is shifting towards hard technology and the integration of industry, with key areas including advanced manufacturing technologies, energy revolution, and AI applications [13]. - The design of return mechanisms is becoming more sophisticated, with a focus on quality projects rather than merely meeting numerical targets [12]. Exit Strategies - Diverse exit strategies are being developed, moving beyond reliance on IPOs to include mergers, acquisitions, and other methods, reflecting a more mature approach to investment exits [15]. - The fund allows for a three-year exit period with the possibility of extension, acknowledging the importance of respecting industry cycles [15]. Conclusion - Dazhou's proactive approach in establishing the new quality productivity fund serves as a model for local governments, emphasizing the importance of strategic planning, market collaboration, and long-term investment in fostering future industries [16].

Group 1 - The province established 428 new foreign-funded enterprises, with a year-on-year increase of 57.1% in contracted foreign investment, including 25 projects over $30 million; actual foreign investment reached 24.571 billion yuan [1][2] - A total of 38 provincial-level investment promotion activities were held, focusing on key industrial chains such as energy and chemicals, high-end equipment manufacturing, information technology, modern agriculture, and cultural tourism, resulting in 1,137 signed projects with a total investment of 429.448 billion yuan [1][2] - The provincial commerce department plans to establish a key industrial chain project recruitment list by 2025, aiming to attract 4,270 industrial chain investment projects in collaboration with various departments and cities [1] Group 2 - The province's commerce department has explored compiling key country-specific investment guides and established regular communication with overseas business associations and foreign enterprises to enhance investment attraction [2] - The province successfully launched three QFLP funds and organized investment promotion activities in countries like South Korea, Denmark, and the Czech Republic, including a joint event with CITIC Group [2] - The province's commerce department has implemented a mechanism for multinational companies, holding roundtable meetings to enhance service and support for foreign enterprises [3]

Core Viewpoint - The article highlights the successful issuance of a 3 billion yuan technology innovation perpetual corporate bond by Shaanxi Yanchang Petroleum (Group) Co., Ltd., marking a new low in bond issuance rates for the same term in Shaanxi Province [3]. Group 1: Company Overview - Shaanxi Yanchang Petroleum is a large energy and chemical enterprise that integrates the efficient development, comprehensive utilization, and deep transformation of various resources such as oil, natural gas, and coal [3]. - The company is a state-owned enterprise under the Shaanxi Provincial Government and ranks 257th among the Fortune Global 500 companies [3]. Group 2: Bond Issuance Details - The bond issuance has a scale of 30 billion yuan and a term of 5+N years, with a主体评级 (main rating) of AAA and a coupon rate of 1.94% [3]. - This issuance is significant as it reflects the company's differentiated and specialized development path in comprehensive utilization and deep transformation of coal, oil, and gas resources [3]. Group 3: Future Collaboration - Shenwan Hongyuan Securities, as the lead underwriter, aims to deepen its collaboration with Yanchang Petroleum, leveraging capital market expertise to stimulate regional economic growth and support the transformation and upgrading of the energy industry [3].