Group 1: Market Data - The prices of South China LPG, East China LPG, and Shandong LPG on July 7, 2025, were 4660, 4529, and 4590 respectively [1] - The propane CFR South China was 580, propane CIF Japan was 539, and MB propane spot was 74 on July 7, 2025 [1] - The CP forecast contract price was 560 on July 7, 2025, and the paper import profit was -122, with a daily change of -46 [1] - The main contract basis was 440 on July 7, 2025, with a daily change of -9 [1] Group 2: Market Trends - The PG futures slightly strengthened, and the monthly spread widened. The 08 - 09 spread was 111 [1] - The US - Far East arbitrage window was closed [1] - The cheapest deliverable was East China civil LPG at 4529 [1] - The PP price declined, FEI and CP prices dropped, while the CP discount increased, and the production profit of PP made from FEI and CP rose [1] - The overall futures market was in a weak and volatile state, with a small change in the basis (349) and a slight increase in the August - September spread (97) [1] - The import cost decreased significantly, the FEI offshore discount declined, and the CP propane - butane arrival discount strengthened [1] - The outer - market monthly spread weakened significantly, and the oil - gas ratio increased [1] - The domestic - foreign price difference strengthened, with PG - CP reaching 22.5 (+26.5) and FEI - CP reaching -22.75 (+35) [1] Group 3: Fundamental Analysis - Domestically, port inventory, factory inventory, and external sales volume remained basically flat [1] - PDH operating rate decreased to 65.49% (-5.05pct), with improved profit, and it was expected to increase slightly in the future [1] - The alkylation operating rate remained unchanged, and it was expected to increase due to the planned restart of some devices [1] - Shandong civil LPG price first decreased and then increased (4610), with low domestic gas supply, sufficient arrivals, weak combustion demand, and chemical demand support [1] - East China civil LPG price declined (4529), with a general trading atmosphere, and it was expected to remain weak due to more arrivals and off - season demand [1] - South China civil LPG price fluctuated downward (4660) due to high import cost and weak terminal demand [1]

行业 MEG 日报 日期 2025 年 07 月 08 日 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 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 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（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 研究员：彭婧霖（聚 ...

期 货 研 究 对二甲苯：PTA 新装置投产在即，PX 供需仍 偏紧 PTA：多 PX 空 PTA 止盈，月差反套 MEG：单边震荡市，月差逢低正套 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin@gtht.com PX PTA MEG 基本面数据 来源：CCF，同花顺 iFinD，S&P Global，国泰君安期货研究 【市场概览】 PX：尾盘石脑油价格反弹，8 月 MOPJ 目前估价在 574 美元/吨。今天 PX 价格小幅反弹，一单 8 月亚 洲现货在 851 成交，一单 9 月亚洲现货在 837 成交。尾盘实货 8 月在 849/851 商谈，9 月在 836 有买盘。今 日 PX 估价在 842 美元/吨，较上周五上涨 2 美元。 由于参与者预期三房巷新的 320 万吨/年 PTA 装置将投产，该装置计划于第三季度初投产，市场情绪受 到提振。 "这是目标时间表，但最终取决于试运营是否顺利进行，"一位公司消息人士指出。 | 期货 | PX 主力 | PTA 主力 | MEG 主力 | PF 主力 | SC 主力 | | --- | --- | --- | --- | --- | -- ...

s 疯皮期货 华东标品基差 500 r 300 100 -10QV -300 -500 500 300 100 -100 -300 -500 2019 - 2022 - 2020 2019 -- 2022 - 2019 -- 2022 2021 - 2020 -- 2021 - 2020 -- 2021 2023 2024 2025 2023 - 2024 - 2025 - 2023 · 2024 · 2025 华东非标基差 山东非标基差(+80) 华南非标基差 500 700 - 700 г 300 500 500 100 300 300 100 -1007 100 -300 -100~ -100% -500 -300 -300 2019 2020 2021 2022 2019 - 2022 · 2020 - 2021 - 2021 - 2022 = 2019 · 2020 · 2023 2024 2023 2025 · 2024 - 2025 - 2023 2024 - 2025 BU09-12 BU06-09 BU03-06 500 - 500 - 500 300 - 300 300 100 100 1 ...

行业 沥青日报 日期 2025 年 7 月 8 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： ...

证监许可【2011】1292号 张晓珍Z0003135 2025年7月7日 星期一 摘要：据大商所公告，根据《大连商品交易所交易规则》等有关规定，现将纯苯期货合约挂盘基准价通知如下： BZ2603合约5900元/吨， BZ2604合约5900元/吨，BZ2605合约5900元/吨，BZ2606合约5900元/吨。本文将分别从纯苯成本端、供应情况及下游苯乙烯情况特点来分析纯 苯期货上市首日可能的走势及交易策略。 1.单边：鉴于纯苯供需面压力较大，且原油中期有重心下移预期，远月03合约5900略升水现货，单边偏空对待； 2.跨期套利：纯苯近端矛盾突出，预计呈Contango结构，反套参与； 3.跨品种套利：苯乙烯利润自身供需边际转弱后利润难维持，EB2603-BZ2603在1170附近而现货价差超过1800，预计03上价差进一步收敛空间 相对有限。 1．下半年原油重心或下移，关注增产落地情况 2．国内复产+持续进口，纯苯库存高位价格承压 国内供应看，2025年纯苯新增产能初步统计超过240万吨，其中下半年待投有镇海炼化、古雷石化、裕龙二期等。从国内供应看，上半年纯苯 利润尚可下国内开工正常波动，二季度因检修集中开 ...

Core Insights - Sinopec (Dalian) Petrochemical Research Institute is recruiting for 11 positions in key areas such as solid-state batteries, petrochemical artificial intelligence, bio-based monomers and materials, and synthetic biology, offering attractive annual salaries ranging from 500,000 to 2,000,000 CNY and 10 million CNY in research startup funding [1]. Group 1: Recruitment Details - The recruitment focuses on experts in synthetic biology, petrochemical engineering plastics, and bio-based monomers and materials [2][3][4]. - Each position requires a PhD, candidates aged between 30-50 years, and a minimum of 10 years of relevant work experience, with flexibility for outstanding candidates [5][5][5]. Group 2: Job Responsibilities and Requirements - Responsibilities include formulating strategic plans for carbon gas bioconversion, developing strain modification and biocatalysis systems, and leading product development and market promotion [5]. - The positions also involve planning the development strategy for special engineering plastics and bio-based materials, with a focus on technology development and market promotion [5][5][5]. Group 3: Compensation and Benefits - The salary range is between 500,000 to 2,000,000 CNY per year, with additional relocation allowances of 1.2 to 5 million CNY for high-level talent [7]. - The company provides 10 million CNY in research startup funding, a well-equipped research team of 3-8 members, and various support for relocation, education, and employment for family members [7]. Group 4: Upcoming Events - The 4th Synthetic Biology and Green Bio-Manufacturing Conference (SynBioCon 2025) will be held from August 20-22, 2025, in Ningbo, Zhejiang, focusing on AI and bio-manufacturing, green chemicals, new materials, future food, agriculture, and beauty raw materials [8]. - The conference aims to explore the development trends in the bio-manufacturing industry and promote the transfer and transformation of scientific achievements [8].

Core Insights - The report predicts that Brent crude oil prices will fluctuate around $65-70 per barrel in the second half of 2025, driven by tight supply and slow demand growth, with potential short-term spikes due to geopolitical factors [4][9] - The petrochemical industry is expected to gradually recover from its bottoming out phase, returning to a normal capacity cycle constrained by credit boundaries, leading to a slow recovery in profitability in 2025 and beyond [4][10] - Investment opportunities are highlighted in high-quality growth stocks, coal chemical equipment investments, and high-dividend sectors, emphasizing a bottom-up investment approach [4][10] Oil Price Trends - Oil prices experienced a two-phase trend in 2025: a decline from $74.64 to $60.23 per barrel (down 19.31%) until May 3, followed by a recovery to $77.01 per barrel (up 27.86%) after May 3 due to seasonal demand and geopolitical tensions [7][25] - The report indicates that global oil supply remains tight, with non-OECD countries contributing to demand growth, which will limit the extent of price declines [9][27] Industry Performance - Global refining capacity is projected to grow by 440,000 barrels per day from 2022 to 2028, with China contributing significantly to this increase [27][33] - The report notes that domestic refined oil demand is nearing its peak, with a decline in consumption due to economic weakness and competition from electric vehicles [39][45] - The petrochemical sector is experiencing a weak recovery, with some chemical products showing improved profitability despite high raw material costs [8][45] Investment Themes - The report emphasizes four main investment themes: 1. Quality growth and leading companies in the industry experiencing volume and price increases [10] 2. Opportunities in high-end materials and technology import substitution [10] 3. Investments related to the upcoming coal chemical investment cycle [10] 4. High dividend yielding state-owned enterprises benefiting from economic recovery [10][11] Recommendations - Key investment targets include leading companies in ethylene production, coal chemical leaders, and high dividend stocks such as China National Offshore Oil Corporation and China Petroleum [11][10] - The report suggests focusing on companies that are positioned to benefit from the recovery in domestic demand and the transition to high-end materials [11][10]

供需宽松叠加地缘政治扰动，25H1油价震荡下行 2025H1，需求预期下行叠加OPEC+持续加速增产，油价整体震荡下行，但地缘政治事件使油价波动较为剧 烈。2025年1月，美国对俄罗斯石油行业实施大规模制裁，推动油价上涨，2-3月俄乌和谈预期使油价下行，4 月以来，贸易冲突加剧叠加OPEC+持续推动增产计划，油价中枢不断下行，6月伊以短期冲突使油价快速上涨 后回落。截至2025年6月30日，布伦特、WTI原油分别报收66.63、64.97美元/桶，较年初分别-11.0%、-9.6%。 俄乌冲突长期化叠加伊以停火存隐忧，地缘政治风险仍将扰动油价 特别申明： 点击注册小程序 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 查看完整报告 报告摘要 原油需求预期疲软，"三桶油"以自身确定性应对外部不确定性 2025H1，受贸易冲突和 ...

Group 1: Steel Industry - The Ministry of Industry and Information Technology revised the "Steel Industry Normative Conditions" in February 2025, which is expected to help restore profitability in the steel sector to historical average levels [3] - The steel sector is undergoing a two-tier evaluation system for "standard enterprises" and "leading standard enterprises," aligning with the broader policy goal of better adapting supply-side to demand changes [3] Group 2: Non-ferrous Metals - The price of electric carbon has risen for the first time in five months, and the price of electrolytic cobalt has reached a one-month high, indicating a positive outlook for the metal new materials sector [4] - Lithium prices have dropped to around 60,000 yuan/ton, with potential for accelerated capacity exit; companies with cost advantages and resource expansion in the lithium sector are recommended for attention [4] - The export ban on cobalt from the Democratic Republic of Congo has been extended for three months, and tungsten prices remain at their highest since 2013 [4] Group 3: Oil and Chemical Industry - In H1 2025, the oil market experienced significant volatility due to geopolitical events and OPEC+ production increases, leading to a downward trend in oil prices [5] - As of June 30, 2025, Brent and WTI crude oil prices were reported at $66.63 and $64.97 per barrel, reflecting declines of 11.0% and 9.6% respectively since the beginning of the year [5] Group 4: Construction and Building Materials - The scarcity of orbital frequency is driving competition, and the construction of low-orbit satellite constellations in China is entering an accelerated phase [6] - Shanghai Port has strategically positioned itself in the satellite energy system sector, having supported the launch of 15 satellites and over 40 sets in orbit, which is expected to benefit from the rapid development of low-orbit satellites [6] Group 5: Agriculture, Forestry, Animal Husbandry, and Fishery - In May, the number of pigs slaughtered increased, maintaining a micro-profit level for the industry [7] - As of July 4, the average price of external three-bred pigs was 15.35 yuan/kg, up 4.28% week-on-week, while the average price of 15 kg piglets was 31.33 yuan/kg, down 0.85% week-on-week [7] Group 6: Renewable Energy and Public Utilities - The "anti-involution" policy will be a key focus for government work in Q3 2025, with an emphasis on price strategies to combat deflation and assist local governments in debt reduction [6] - The market is closely watching whether outdated production capacity can exit quickly, with expectations for demand in H2 2025 or 2026 [6] Group 7: Automotive Industry - Wuxi Zhenhua has exceeded expectations in core customer orders, driven by both stamping and electroplating, leading to stable growth in performance [8] - Xiaomi's first SUV, the YU7, achieved over 289,000 pre-orders within one hour of its launch, indicating strong product and brand power [8] - Wuxi Zhenhua has established a stable partnership with Xiaomi, with the automotive sector expected to contribute significantly to the company's revenue [8]