2025年7月7日 星期一 股债 数据体现我国经济韧性,市场避险情绪缓和,建议股指多头持有。市场利率 盘整,国债走势窄幅反弹,国债多头轻仓持有。 黑色 临汾地区部分停产煤矿将陆续复产,"反内卷"下成材供应有望收缩,盘面 迎来反弹,原料跟涨,关注政策的具体文件落地以及需求跟进情况。 黄金 油粗 美豆种植面积预估仅下调有限,美中西部天气持续改善提振大豆产量前景, 南美大豆丰产持续出口。7月份进口大豆到港约1000万吨,油厂开机率维持高 位,油厂提货量高位,豆粕库存快速攀升,豆粕短期偏震荡。 譯張 CPEC+加大增产力度施压油价,PX持续去库,跟随油价波动;PTA供需预期转 弱,短期跟随成本波动;MEC供需趋弱,盘面承压。 生猪 市场对美联储降息预期下降,最早降息时间可能推至10月,关注本周美联储 会议纪要:大而美法案通过. 加之7月9日贸易关税暂停最后期限临近,特朗 普关税信函增加市场不确定性,避险情绪回升。预计黄金维持高位震荡。 原木 现货市价格偏稳运行,到港量预计环增,供应压力回升,日均出库量维持在6 万方以上,供需矛盾不大,关注原木期货首次交割对原木价格的影响。 橡胶 东南亚产区天气趋于缓和,割胶工作逐步恢 ...

Report Overview - Report Title: Sino-US-South Korea Aromatics Import and Export Pattern Analysis - "Pure Benzene: United in Purpose, Triumph in Futures" Series Report on the Listing of Pure Benzene Futures - Report Date: July 7, 2025 - Analysts: Huang Tianyuan, He Xiaoqin - Contact: Qian Jiayin 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - China's total aromatics imports have declined in recent years, with PX imports decreasing and pure benzene imports increasing. South Korea is a major source of China's pure benzene, PX, and MX imports. - South Korea's aromatics exports are mainly directed to China, the United States, and Taiwan, China. The export volume is relatively stable, with PX being the main export product. - The United States is the world's second-largest aromatics importer. Its imports have been increasing, with significant growth in toluene and xylene imports. South Korea is a major source of the US aromatics imports. 3. Summary by Directory 3.1 China's Aromatics Imports - **Overall Trend**: China's total aromatics imports decreased from 17.9 million tons in 2021 to 15.14 million tons in 2024. PX imports declined rapidly due to increased domestic production, while pure benzene imports increased [2][6]. - **Pure Benzene**: The import dependence of pure benzene in China has remained at around 15%. The import volume increased from 2.09 million tons in 2020 to 4.31 million tons in 2024. South Korea is the largest source of imports, accounting for over half of the total in the first five months of 2025. Southeast Asian countries also contribute about 30% [8][10]. - **PX**: PX is the largest imported aromatic in China, accounting for 62% of the total imports in 2024. The import dependence decreased from 58% in 2018 to 20% in 2024. South Korea and Japan are the main sources of imports [16][18]. - **MX**: China's MX imports are relatively small, with an import dependence of 4.4% in 2024. South Korea, Japan, and Southeast Asian countries are the main sources of imports [20][23]. - **Toluene**: China has shifted from a net importer to a net exporter of toluene since 2022. The main export destinations are Southeast Asia and East Asia, with an average monthly export volume of about 50,000 tons in recent years [26][28]. 3.2 South Korea's Aromatics Export Pattern - **Production and Export Ratio**: South Korea's aromatics production has slightly declined from 2021 to 2024 due to poor production profits. The total export volume has remained stable at 9 - 10 million tons per year, with an export dependence of over 50%. The main export products are PX, followed by pure benzene and MX [32]. - **Export Destinations**: South Korea's aromatics are mainly exported to China, the United States, and Taiwan, China. Exports to China are mainly PX, while exports to the United States are mainly pure benzene and MX [34][43]. 3.3 United States' Aromatics Import Pattern - **Overall Situation**: The United States is the world's second-largest aromatics importer, with imports accounting for about 9 - 10% of the global total. The import volume increased significantly from 2022 to 2024, but has weakened since the second half of 2024. The increase in toluene and xylene imports is more significant [44]. - **Pure Benzene**: The United States is the world's second-largest pure benzene importer, with an import dependence of about 25% in 2024. South Korea is the largest source of imports, accounting for 46%. The import share of other regions, such as Europe and Canada, has increased [49]. - **Toluene and Xylene**: The import of toluene and xylene in the United States has increased rapidly due to the demand for gasoline blending. South Korea is the largest source of toluene imports, and its share has increased from 40% in 2021 to 53% in 2024. The import of xylene has increased even faster, with South Korea accounting for 56% in 2024 [56][57]. - **PX**: The United States' PX imports have increased significantly from 2021 to 2024, driven indirectly by the demand for gasoline blending. Saudi Arabia is the largest source of imports, accounting for 37% in 2024, followed by South Korea with 22% [68].

Core Viewpoint - The Jingmen Chemical Circular Industry Park is advancing its "oil-to-special" project, marking a new phase in the optimization and upgrading of the petrochemical industry, which is crucial for regional economic development [1] Group 1: Industry Development - The petrochemical industry is a pillar of the Jingmen Chemical Circular Industry Park, which has successfully attracted 28 downstream enterprises, creating a complete industrial ecosystem from basic raw materials to high-end new materials [2] - The park has implemented a "one enterprise, one policy" approach to optimize land use, reviving six inefficient enterprises and freeing up hundreds of acres for new projects [2] - The park is focusing on technological innovation and supporting enterprises in applying for provincial-level technical transformation projects to upgrade production processes [2] Group 2: Industrial Chain Collaboration - The park is enhancing industrial chain collaboration by attracting Fortune 500 and specialized projects, effectively connecting upstream and downstream enterprises within the carbon one industrial chain [3] - The lithium battery materials industry chain is thriving, with a complete lifecycle resource recycling model established, expected to generate a total output value of 20 billion yuan upon full production [3] - The park has achieved a virtuous cycle of "large projects driving the gathering of supporting enterprises and the development of industrial clusters" [3] Group 3: Quality and Precision in Development - The park emphasizes high-quality development by providing tailored solutions for enterprises facing labor shortages and financing difficulties, fostering collaboration among enterprises [4] - Significant investments are being made in key industries, such as a 1.5 billion yuan expansion of a photoinitiator project, which is expected to add 3.5 billion yuan in output value [4] Group 4: Niche Market Focus - The park adopts a "small but refined" approach, particularly in the waterproof materials industry, where it has attracted leading companies to form a specialized industrial chain expected to exceed 2 billion yuan in total output value [5] Group 5: Talent Development - The park prioritizes talent development by establishing a chemical safety skills training base and forming a talent alliance to integrate resources from universities and leading enterprises [6] - The collaboration with Wuhan University of Engineering aims to create a seamless connection between talent training and industry needs, enhancing the innovation vitality of the biopharmaceutical industry chain [6] - The biopharmaceutical sector has expanded its product matrix to cover 324 varieties across six categories, becoming a key driver of regional economic growth [6]

| 11 1 25 22 111 SOURCE POINT | Un Art Do ITL SOURCE POINT | | --- | --- | | 司 元安期货 | | | 燃料油早报 | | --- | | 研究中心能化团队 2025/07/07 | | --- | | 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/06/30 | 405.86 | 473.81 | -2.53 | 645.87 | -172.06 | 21.11 | 67.95 | | 2025/07/01 | 402.43 | 460.85 | -2.55 | 645.78 | -184.93 | ...

Event Overview - The 2025 China International Chemical Equipment Expo (ICIF2025) will be held from September 17-19 at the Shanghai New International Expo Center, focusing on fluid transportation solutions in the chemical industry [1][2] - The theme of the expo is "Digital Empowerment for the Future of Chemicals," aiming to attract over 1,000 leading domestic and international companies [1] Scale and Impact - The exhibition area is expected to reach 130,000 square meters, providing more space for exhibitors compared to the previous edition [2] - It is anticipated that over 2,500 chemical companies from around the world will participate, marking a historical high in scale [2] - The event is expected to draw more than 80,000 professional visitors from various countries and regions, including chemical product buyers, distributors, engineers, researchers, and industry analysts [2] Industry Focus Areas - The expo will cover traditional energy and petrochemical products, including crude oil, naphtha, condensate, light hydrocarbons, solvent oils, and more [4] - Emerging energy sectors such as shale gas, LPG, LNG, and coal chemical products will also be highlighted [5][6] - The event will showcase a wide range of inorganic and organic chemical raw materials, including various salts and acids [7][8] - New materials such as high-performance polymers, special materials for aerospace, and chemical engineering products will be presented [9][10] - Fine chemicals including surfactants, catalysts, and specialty chemicals will be featured [11] Technology and Equipment - The expo will display key technologies and equipment for coal chemical and refining processes, supporting the energy and chemical industries [12] - Various essential equipment for chemical production processes, including drying, separation, and filtration devices, will be showcased [13] - Safety and environmental protection technologies, including waste treatment and VOCs management, will be a focus area [15][16] Digitalization and Smart Manufacturing - The event will emphasize smart manufacturing technologies that enhance automation and intelligence in chemical production [19][20] - Innovations in process automation, smart packaging, and industrial internet technologies will be highlighted as future development directions for the industry [20] Exhibition Highlights - The expo will serve as a one-stop platform covering the entire petrochemical industry chain, facilitating efficient connections between upstream and downstream enterprises [21] - It will be held alongside the "China International Rubber Technology Exhibition" and "China International Adhesives and Sealants Exhibition," creating a comprehensive industry experience [21] - The 2025 theme emphasizes new products, technologies, and achievements in the energy and petrochemical sectors, focusing on green, low-carbon, and digital transformation trends [21][22] Value of Participation - The expo provides an excellent opportunity for companies to expand their market reach and connect with potential customers globally [23] - Participation will enhance brand visibility and industry influence through professional product displays and direct customer interactions [24] - Engaging in technical exchanges and forums will allow companies to stay updated on industry trends and innovations, aiding in strategic planning [24]

s 疯皮期货 沥青早报 兔贵 山东标品基差(+80) 500 300 100 -300 -500 华东标品基差 500 - 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 г 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 2025 2023 · 2024 - 2025 - 2023 2024 - 2025 BU09-12 BU06-09 BU03-06 ...

近日，中央农村工作领导小组通报了2024年度中央单位定点帮扶工作成效考核评价情况，中国石化 （600028）再次获得最高等次"好"的评价，这是开展中央单位定点帮扶工作成效考核以来，中国石化连 续第八年获得此评价。 2024年，中国石化深入学习贯彻习近平总书记关于乡村振兴的重要论述，坚持"以教育筑根基、以消费 兴产业、以产业带发展、以党建促振兴"，为高质量助力帮扶地区乡村全面振兴和增进民生福祉贡献了 石化力量。集团公司全年在帮扶县投入资金2.53亿元，派出挂职干部、帮扶干部、志愿者119人，派出 驻村(镇)干部773人，培训帮扶县当地乡村振兴人才8.4万人次，助力帮扶地区经济社会高质量发展。 深化"产业+消费"帮扶，打造高品质农业产业链，积极参加央企消费帮扶系列专题活动，形成"以产带 销、以销定产、产销互促、双向提升"的良性循环，年度采购、帮销金额稳步提升。深化"集团化、立体 式、结对型"教育帮扶模式，65家所属企业结对帮扶59所学校，引进国内名校资源，提升受援学校教学 水平；打造"春蕾加油站""石化助力老校长下乡""院士进课堂""微光计划"等系列教育帮扶品牌，助力帮 扶地区孩子健康成长、全面成才。聚焦帮扶地区 ...

Core Viewpoint - The listing of pure benzene futures and options on the Dalian Commodity Exchange is expected to invigorate China's aromatic hydrocarbon industry, providing new avenues for risk management and enhancing the industry's overall efficiency and global competitiveness [1] Group 1: Industry Overview - Pure benzene is a key raw material in the aromatic hydrocarbon industry, linking upstream petroleum and coal resources to downstream synthetic resins, fibers, and rubber [1] - The introduction of pure benzene futures and options is seen as a significant step towards transitioning from "extensive competition" to "refined management" within the industry [1] - The expected increase in pure benzene imports, projected at 430 million tons in 2024 and over 550 million tons in 2025, highlights the growing demand outpacing supply [2] Group 2: Trade Dynamics - Trade companies face structural challenges in the pure benzene market, with pricing heavily reliant on imported spot transactions and the Platts Korea FOB price as a benchmark [2][3] - The volatility in pure benzene prices, with a daily price fluctuation range of 7105 to 9650 yuan/ton in 2024, poses significant risks for trade enterprises [3][7] - The lack of standardized futures tools has led traders to rely on less effective OTC derivatives for risk hedging, which often suffer from liquidity and credit risks [3][4] Group 3: Production Challenges - The production sector is experiencing mismatched expansion rates, with domestic pure benzene capacity expected to grow by 5.5% to 25.4 million tons in 2024, while production growth slows to 9.9% [6][7] - Price volatility has surged, with average prices rising from 3927 yuan/ton in 2020 to 8446 yuan/ton in 2024, reflecting a 115% increase [7] - The introduction of futures and options is anticipated to provide essential risk management tools for production companies, allowing for more proactive and refined management of price fluctuations [8][9] Group 4: Future Expectations - Companies express optimism about the potential of pure benzene futures and options to enhance risk management efficiency and improve resource allocation within the aromatic hydrocarbon industry [11] - The establishment of a mature and efficient derivatives market is expected to elevate China's influence in the global pure benzene market, fostering a more transparent pricing mechanism [9][11] - Companies are preparing to actively engage with the new futures and options tools to optimize their operational strategies and enhance market competitiveness [10][11]

Meeting Information - The first extraordinary general meeting of shareholders for 2025 will be held on August 21, 2025, at 9:00 AM [1] - The meeting will utilize a combination of on-site and online voting methods through the Shanghai Stock Exchange's online voting system [1][2] - The location for the on-site meeting is the Swissotel Beijing Hong Kong Macau Center, located at No. 2 Chaoyangmen North Street, Dongcheng District, Beijing [1] Voting Procedures - A-share shareholders can participate in voting either on-site or through the online voting system during specified trading hours on the meeting day [1][2] - The online voting will be available from 9:15 AM to 3:00 PM on August 21, 2025 [1][2] - Shareholders with multiple accounts can aggregate their voting rights across all accounts for the same class of ordinary shares [3] Meeting Agenda - The meeting will review proposals that have been approved by the company's board of directors during the seventh meeting of the ninth board on July 6, 2025 [2] - The proposals will be disclosed in detail on the Shanghai Stock Exchange's website prior to the meeting [2] Attendance Requirements - Shareholders or their authorized agents must present identification to attend the meeting [4] - A-share shareholders must be registered in the company's shareholder register by the end of business on July 22, 2025, to be eligible to attend [4] Additional Information - Shareholders wishing to attend the meeting must confirm their attendance by submitting a reply slip by August 1, 2025 [5] - The company will not cover travel and accommodation expenses for attending shareholders [5]

Core Viewpoint - The approval of propylene futures and options by the China Securities Regulatory Commission marks a significant step in enhancing the carbon three industrial chain, providing essential risk management tools for industry players and promoting high-quality development in the sector [1][2][3]. Group 1: Industry Overview - China is a major producer and consumer of propylene, with a projected apparent consumption of 55.36 million tons in 2024, including domestic supply of approximately 53.41 million tons, imports of 2.02 million tons, and exports of 0.07 million tons [2]. - Propylene serves as a core raw material in petrochemicals, with upstream sources including crude oil, coal, and propane, and downstream applications spanning polypropylene, propylene oxide, and other derivatives used in packaging, automotive, home appliances, and medical sectors [2][3]. Group 2: Market Development - The introduction of propylene futures and options is expected to fill the product gap in the carbon three industrial chain, enhancing the risk management capabilities for upstream and downstream enterprises [2][3]. - The futures and options will provide effective tools for inventory hedging and processing margin hedging, contributing to the healthy development of the national propylene industry chain [3]. Group 3: Contract Specifications - The proposed trading unit for propylene futures contracts is set at 20 tons per hand, aligning with the transportation habits in the industry, as pressure trucks and ships typically handle loads in multiples of 20 tons [4]. - The delivery date for contracts will be the 13th trading day of the delivery month, utilizing a physical delivery method, which is consistent with the continuous production and sales characteristics of the propylene industry [4]. Group 4: Future Outlook - The Zhengzhou Commodity Exchange is committed to ensuring a smooth launch of propylene futures and options, alongside ongoing market cultivation activities to enhance enterprise risk management strategies [5]. - With the addition of propylene futures and options, the total number of futures and options in China's market will rise to 152, indicating a growing diversity in available financial instruments [5].