商 品 研 究 2025 年 6 月 26 日 LPG：现货坚挺，结构走强 | | | LPG 基本面数据 | | | 昨日收盘价 | 日涨幅 | 夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | 期货 | PG2508 | 4,226 | -0.73% | 4,296 | 1.66% | | | PG2509 | 4,139 | -0.89% | 4,179 | 0.97% | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | PG2508 | 126,404 | -49900 | 75,969 | -5499 | | | PG2509 | 28,479 | -8472 | 27,012 | 576 | | 价差 | | 昨日价差 | | 前日价差 | | | | 广州国产气对08合约价差 | 574 | | 543 | | | | 广州进口气对08合约价差 | 644 | | 613 | | | 产业链重要 价格数据 | | 本周 66.2% | | 上周 64.3% | | | | PDH开工率 | | | | | ...

行业 沥青日报 日期 2025 年 6 月 26 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 表1： 行情回顾(元/吨) | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | --- | --- | --- | --- | --- | --- | | BU2509 | ...

行业 聚烯烃日报 日期 2025 年 6 月 26 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 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 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 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：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭 ...

Core Viewpoint - The article highlights the significant reforms and innovations in the bonded fuel supply sector in Shenzhen, which enhance the port's international competitiveness and operational efficiency in providing bonded fuel for international shipping [1][7]. Group 1: Bonded Fuel Supply Innovations - Shenzhen has successfully implemented the "two warehouses combined" reform, which integrates bonded and regulatory functions into a single warehouse, reducing storage costs by approximately 30% and improving operational efficiency [2][7]. - The bonded fuel supply service is crucial for international maritime services and is a key indicator of a port's internationalization and service level [3]. Group 2: LNG Supply Growth - The LNG supply at Yantian Port is projected to reach 300,000 cubic meters in 2024, nearly six times the total for 2023, contributing nearly 700 million yuan in value to the Yantian District [4]. - The establishment of a comprehensive maritime service system for LNG fuel supply in Shenzhen has been recognized and promoted by the National Development and Reform Commission [4]. Group 3: Cross-Border Resource Complementation - The demand for green and clean fuel in international shipping is increasing, necessitating cross-border bonded LNG supply operations to meet this demand [5]. - The successful bonded LNG supply operation between Shenzhen and Zhuhai marks a significant step in utilizing regional resources effectively, enhancing operational safety and efficiency [5]. Group 4: Performance Metrics - In the first five months of the year, the bonded fuel supply volume in Shenzhen reached 288,400 tons, a year-on-year increase of 14.8%, with bonded fuel oil accounting for 188,800 tons and bonded LNG for 99,600 tons [6].

三、市场全天震荡走高，创业板指领涨，沪指再度站上3400点。 一、央行突击降准的牛市！要是美联储降息，上证指数才有可能反转向上。去年九月那波一周涨近千点，就是美联储降息之后的事儿。不过，在今年九月之 前，美联储降息的可能性微乎其微。而且，在这之前，上证指数可能还得再经历一次大幅下跌，才有机会突破前高3674点。 今天上证指数放量大涨，两市成交量达到了9050亿，预计全天能到1.4万亿。上午资金净流入111亿，散户们热情高涨，净流入超过80亿。这要是下午冲高之 后回落，甚至大幅跳水，那可就麻烦了。关键就看最后五分钟，尾盘要是不跳水，这行情才算稳住了。 二、沪指涨1.15%，深成指涨1.68%，创业板指涨2.3%。 个股方面，涨多跌少，全市场有超过4700只个股上涨。A股和港股的上涨，不能光用外围局势缓和来解释。还有一个原因是，美联储释放出了下次会议可能 降息的信号。 这可是个重要的信号转变，也是美联储今年第一次释放可能降息的表述。昨天外围局势那么糟糕，市场就已经按捺不住上涨的冲动了。既然打不下去，那就 只能向上突破了。 几家欢喜、几家愁，大盘久违的出现了带量上攻，强势突破3413-3417的阶段阻力。指数虽然强 ...

Core Viewpoint - Dongying City is the largest petrochemical base in China, with significant advancements in refining and chemical production, aiming for high-quality development through industry transformation and integration [1][2] Group 1: Industry Overview - Dongying City has 304 large-scale petrochemical enterprises, accounting for 27% of the city's industrial enterprises [1] - The city's crude oil processing capacity reaches 68.3 million tons, representing 37.2% of the provincial capacity and 7.1% of the national capacity [1] - In 2024, Dongying is expected to have 10 refining enterprises in the top 500 Chinese companies and 11 in the top 500 private companies, both leading in the province [1] Group 2: Industry Development and Transformation - Local refining enterprises are extending their industrial chains and accelerating transformation, producing not only gasoline and diesel but also basic chemical raw materials like propylene, benzene, and PX, as well as new chemical materials [1] - Lihua Group has established nine industrial chains, including a full chain for PC, ABS, PS, and ASA, becoming a leading enterprise in the propylene industry chain in the province [1] - Fuhai Group has created the only "crude oil-naphtha-PX-PTA" industrial chain in the province, positioning itself as a leader in the aromatics industry chain [1] Group 3: Future Initiatives - Dongying City plans to align with global petrochemical industry trends and integrate into the provincial petrochemical layout, focusing on transformation, chain extension, and resource assurance [2] - The city aims to develop towards refining integration, green low-carbon, and high-end products, leveraging major projects to create a trillion-level high-end chemical industry cluster [2] - The implementation of a "chain leader system" will promote the transition from basic refining to new chemical materials and high-end chemicals [2]

智通财经6月25日电，香港交易所信息显示，贝莱德在中国石油化工股份的持股比例于06月19日从 6.87%升至7.14%。 ...

| 品种 | 核心观点 | 主要逻辑及价格区间 | | --- | --- | --- | | | | 伊以冲突缓和，油价挤出地缘溢价。上周末美国下场对伊朗核设施进行轰 | | 原油 | 偏弱 | 炸，伊朗扬言封锁霍尔木兹海峡，当地时间 23 日，特朗普宣布，以色列 | | | | 和伊朗已同意全面停火，油价大幅回落。当前油价重回供需基本面定价， | | | | 走势震荡偏弱。策略：轻仓试空并购买看涨期权保护。SC【500-530】 | | | | 地缘缓和，成本端大幅下降，液化气承压。特朗普宣布，以色列和伊朗已 | | LPG | 偏弱 | 同意全面停火，成本端油价大幅回落；下游化工需求继续回升，PDH、烷 | | | | 基化、MTBE 开工率上升；库存端利好，港口库存连续下降。策略：成本 | | | | 端利空，可轻仓试空。PG【4150-4250】 | | L | | 地缘降温，社库大幅去化，淡季继续补库意愿不足，华北基差为 90（环比 | | | 空头延续 | +144）。本周检修力度增加，预计产量继续下降。需求淡季，下游补库力 | | | | 度放缓，关注后续库存去化力度。策略：反弹偏空。L【72 ...

石油沥青日报 | 2025-06-25 盘面大幅回调，现货市场趋于谨慎 市场分析 1、6月24日沥青期货下午盘收盘行情：主力BU2509合约下午收盘价3580元/吨，较昨日结算价下跌189元/吨，跌幅 5.01%；持仓269578手，环比下降41754手，成交460577手，环比上涨143526手。 2、卓创资讯重交沥青现货结算价：东北，3980—4086元/吨；山东，3730—4030元/吨；华南，3650—3750元/吨； 华东，3700—3800元/吨。 随着伊朗和以色列双方均宣布正式停火，中东局势显著缓和，前期由于地缘冲突攀升的原油溢价也迅速回落，已 基本抹去这轮冲突爆发以来的涨幅，并带动包括沥青在内的能源板块期货整体下跌。现货方面，昨日华北、山东 以及川渝地区沥青现货价格均有所下跌，西北以及华东地区沥青现货价格小涨，其余地区沥青现货价格以持稳为 主。就沥青自身基本面而言，整体供需两弱格局延续，库存维持低位。由于沥青刚性需求较为疲软，情绪仍较为 谨慎，整体市场驱动不足。 策略 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The geopolitical premium has significantly declined, and the crude oil and fuel oil markets may re - enter the fundamental - driven stage if there are no new variables. The energy sector has fallen sharply due to the easing of the Middle East situation [1]. - The high - sulfur fuel oil market has support despite weak spot demand, as power - generation demand in the Middle East and Egypt is expected to increase in summer, and China's import and refinery demand may rise [1]. - The short - term supply pressure of low - sulfur fuel oil is limited, and downstream demand is good, but there is a lack of continuous upward momentum as domestic refinery production is expected to recover [2]. - The strategy for both high - sulfur and low - sulfur fuel oil is to be oscillating and slightly bullish, with attention on the development of the Iran - Israel conflict situation [3]. 3. Summary by Related Catalogs Market Analysis - **Price Movements**: The night - session of the main contract of SHFE fuel oil futures closed down 6.05% at 3,012 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed down 3.5% at 3,691 yuan/ton [1]. - **Geopolitical Impact**: After Iran and Israel declared a cease - fire, the crude oil premium caused by the geopolitical conflict has rapidly declined, and the energy sector has fallen significantly [1]. - **High - Sulfur Fuel Oil**: The monthly spread structure has weakened, indicating sufficient spot supply. However, with the approaching summer, power - generation demand in the Middle East and Egypt is increasing. Egypt may import more LNG and high - sulfur fuel oil, and Saudi Arabia's imports are rising. In June, China's high - sulfur fuel oil arrivals may increase, and the consumption tax deduction ratio may be adjusted, which could boost refinery demand [1]. - **Low - Sulfur Fuel Oil**: Short - term supply pressure is limited, with low domestic production in May. Singapore's May bunker sales increased significantly, supporting the market. But domestic refinery production is expected to recover after the maintenance season, and the market lacks continuous upward drivers [2]. Strategy - **High - Sulfur Fuel Oil**: Oscillating and slightly bullish, pay attention to the development of the Iran - Israel conflict situation [3]. - **Low - Sulfur Fuel Oil**: Oscillating and slightly bullish, pay attention to the development of the Iran - Israel conflict situation [3]. - **Cross - Variety**: No strategy provided [3]. - **Cross - Period**: No strategy provided [3]. - **Spot - Futures**: No strategy provided [3]. - **Options**: No strategy provided [3].